Tze Shin International Co Ltd
Tze Shin International Co., Ltd. operates as a transportation company in Taiwan. The company offers transport services, such as container and truck transportation, terminal, petrochemical, damage goods transportation, and bulk logistics. It is also involved in the development and planning for construction of factories, shopping malls, and residential buildings. The company was formerly known as T… Read more
Tze Shin International Co Ltd (2611) - Net Assets
Latest net assets as of September 2025: NT$2.86 Billion TWD
Based on the latest financial reports, Tze Shin International Co Ltd (2611) has net assets worth NT$2.86 Billion TWD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (NT$4.13 Billion) and total liabilities (NT$1.27 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$2.86 Billion |
| % of Total Assets | 69.17% |
| Annual Growth Rate | 1.74% |
| 5-Year Change | 16.48% |
| 10-Year Change | 14.14% |
| Growth Volatility | 9.27 |
Tze Shin International Co Ltd - Net Assets Trend (2002–2024)
This chart illustrates how Tze Shin International Co Ltd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Tze Shin International Co Ltd (2002–2024)
The table below shows the annual net assets of Tze Shin International Co Ltd from 2002 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$3.17 Billion | -2.04% |
| 2023-12-31 | NT$3.24 Billion | +19.34% |
| 2022-12-31 | NT$2.71 Billion | -17.03% |
| 2021-12-31 | NT$3.27 Billion | +20.10% |
| 2020-12-31 | NT$2.72 Billion | +1.04% |
| 2019-12-31 | NT$2.70 Billion | -4.64% |
| 2018-12-31 | NT$2.83 Billion | +1.22% |
| 2017-12-31 | NT$2.79 Billion | +3.06% |
| 2016-12-31 | NT$2.71 Billion | -2.52% |
| 2015-12-31 | NT$2.78 Billion | -4.59% |
| 2014-12-31 | NT$2.91 Billion | -3.65% |
| 2013-12-31 | NT$3.02 Billion | +1.78% |
| 2012-12-31 | NT$2.97 Billion | +22.59% |
| 2011-12-31 | NT$2.42 Billion | -7.01% |
| 2010-12-31 | NT$2.61 Billion | +0.88% |
| 2009-12-31 | NT$2.58 Billion | +3.18% |
| 2008-12-31 | NT$2.50 Billion | -8.51% |
| 2007-12-31 | NT$2.74 Billion | +9.56% |
| 2006-12-31 | NT$2.50 Billion | +5.12% |
| 2005-12-31 | NT$2.38 Billion | +8.96% |
| 2004-12-31 | NT$2.18 Billion | -0.43% |
| 2003-12-31 | NT$2.19 Billion | +0.99% |
| 2002-12-31 | NT$2.17 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Tze Shin International Co Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 112.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$493.81 Million | 16.64% |
| Common Stock | NT$1.89 Billion | 63.70% |
| Other Comprehensive Income | NT$542.99 Million | 18.30% |
| Other Components | NT$40.40 Million | 1.36% |
| Total Equity | NT$2.97 Billion | 100.00% |
Tze Shin International Co Ltd Competitors by Market Cap
The table below lists competitors of Tze Shin International Co Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
TaiRx, Inc.
TWO:6580
|
$49.39 Million |
|
Mostostal Zabrze - Holding SA
WAR:MSZ
|
$49.40 Million |
|
Data Image Corporation
TW:3168
|
$49.41 Million |
|
ITM Semiconductor Co. Ltd
KQ:084850
|
$49.42 Million |
|
209640
KQ:209640
|
$49.39 Million |
|
Nanoform Finland Plc
HE:NANOFH
|
$49.39 Million |
|
ONEJOON Co. Ltd.
KQ:382840
|
$49.37 Million |
|
Rising Dragon Acquisition Corp.
NASDAQ:RDACU
|
$49.36 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Tze Shin International Co Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 3,001,080,000 to 2,967,214,000, a change of -33,866,000 (-1.1%).
- Net income of 310,373,000 contributed positively to equity growth.
- Dividend payments of 434,705,000 reduced retained earnings.
- Other comprehensive income increased equity by 394,878,000.
- Other factors decreased equity by 304,412,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$310.37 Million | +10.46% |
| Dividends Paid | NT$434.70 Million | -14.65% |
| Other Comprehensive Income | NT$394.88 Million | +13.31% |
| Other Changes | NT$-304.41 Million | -10.26% |
| Total Change | NT$- | -1.13% |
Book Value vs Market Value Analysis
This analysis compares Tze Shin International Co Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.95x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 1.43x to 0.95x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2009-12-31 | NT$10.44 | NT$14.95 | x |
| 2010-12-31 | NT$10.45 | NT$14.95 | x |
| 2011-12-31 | NT$8.56 | NT$14.95 | x |
| 2012-12-31 | NT$11.38 | NT$14.95 | x |
| 2013-12-31 | NT$13.14 | NT$14.95 | x |
| 2014-12-31 | NT$12.89 | NT$14.95 | x |
| 2015-12-31 | NT$12.67 | NT$14.95 | x |
| 2016-12-31 | NT$12.19 | NT$14.95 | x |
| 2017-12-31 | NT$12.88 | NT$14.95 | x |
| 2018-12-31 | NT$13.13 | NT$14.95 | x |
| 2019-12-31 | NT$12.58 | NT$14.95 | x |
| 2020-12-31 | NT$13.16 | NT$14.95 | x |
| 2021-12-31 | NT$16.02 | NT$14.95 | x |
| 2022-12-31 | NT$13.09 | NT$14.95 | x |
| 2023-12-31 | NT$15.85 | NT$14.95 | x |
| 2024-12-31 | NT$15.67 | NT$14.95 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Tze Shin International Co Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 10.46%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 45.17%
- • Asset Turnover: 0.16x
- • Equity Multiplier: 1.49x
- Recent ROE (10.46%) is above the historical average (3.61%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2002 | 6.76% | 5.99% | 0.85x | 1.33x | NT$-70.31 Million |
| 2003 | 4.07% | 3.52% | 0.70x | 1.65x | NT$-129.83 Million |
| 2006 | 8.76% | 10.21% | 0.31x | 2.80x | NT$-28.82 Million |
| 2007 | 4.69% | 6.62% | 0.26x | 2.70x | NT$-119.15 Million |
| 2008 | 0.50% | 0.63% | 0.29x | 2.76x | NT$-192.46 Million |
| 2009 | 0.35% | 0.44% | 0.32x | 2.48x | NT$-212.50 Million |
| 2010 | 0.50% | 0.68% | 0.33x | 2.21x | NT$-209.35 Million |
| 2011 | -6.46% | -9.24% | 0.27x | 2.55x | NT$-330.66 Million |
| 2012 | 33.74% | 23.11% | 0.83x | 1.76x | NT$621.53 Million |
| 2013 | 0.78% | 1.33% | 0.33x | 1.78x | NT$-247.70 Million |
| 2014 | 2.69% | 4.84% | 0.30x | 1.88x | NT$-189.70 Million |
| 2015 | 1.44% | 2.61% | 0.30x | 1.83x | NT$-212.15 Million |
| 2016 | -2.72% | -5.38% | 0.27x | 1.85x | NT$-307.94 Million |
| 2017 | 0.40% | 0.97% | 0.23x | 1.74x | NT$-242.18 Million |
| 2018 | 2.01% | 5.50% | 0.22x | 1.68x | NT$-205.54 Million |
| 2019 | -4.93% | -13.31% | 0.19x | 1.92x | NT$-363.71 Million |
| 2020 | -2.43% | -10.07% | 0.13x | 1.80x | NT$-312.01 Million |
| 2021 | 9.61% | 36.78% | 0.19x | 1.40x | NT$-11.82 Million |
| 2022 | -9.91% | -33.59% | 0.20x | 1.45x | NT$-492.51 Million |
| 2023 | 15.59% | 75.80% | 0.15x | 1.40x | NT$167.86 Million |
| 2024 | 10.46% | 45.17% | 0.16x | 1.49x | NT$13.65 Million |
Industry Comparison
This section compares Tze Shin International Co Ltd's net assets metrics with peer companies in the Marine Shipping industry.
Industry Context
- Industry: Marine Shipping
- Average net assets among peers: $20,684,548,437
- Average return on equity (ROE) among peers: 9.21%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Tze Shin International Co Ltd (2611) | NT$2.86 Billion | 6.76% | 0.45x | $49.39 Million |
| Evergreen Marine Corp Taiwan Ltd (2603) | $70.22 Billion | 21.60% | 0.85x | $11.43 Billion |
| Sincere Navigation Corp (2605) | $14.65 Billion | 14.36% | 0.77x | $451.14 Million |
| U-Ming Marine Transport Corp (2606) | $23.18 Billion | 3.79% | 1.62x | $907.57 Million |
| Yang Ming Marine Transport Corp (2609) | $36.70 Billion | 0.14% | 2.79x | $4.18 Billion |
| China Container Terminal Corp (2613) | $906.02 Million | 3.67% | 3.42x | $55.33 Million |
| Wan Hai Lines Ltd (2615) | $34.18 Billion | 7.44% | 1.24x | $3.69 Billion |
| Taiwan Navigation Co Ltd (2617) | $3.75 Billion | 4.56% | 0.51x | $217.02 Million |
| Wisdom Marine Lines Co Ltd (2637) | $1.26 Billion | 23.34% | 1.37x | $830.08 Million |
| Franbo Lines (2641) | $1.32 Billion | 4.00% | 1.46x | $142.71 Million |