Mercuries & Associates Holding Ltd (2905) - Net Assets
Based on the latest financial reports, Mercuries & Associates Holding Ltd (2905) has net assets worth NT$122.72 Billion TWD (≈ $3.87 Billion USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (NT$1.62 Trillion ≈ $50.96 Billion USD) and total liabilities (NT$1.49 Trillion ≈ $47.09 Billion USD). 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. Check Mercuries & Associates Holding Ltd (2905) tangible equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$122.72 Billion |
| % of Total Assets | 7.59% |
| Annual Growth Rate | 12.06% |
| 5-Year Change | 81.86% |
| 10-Year Change | 155.89% |
| Growth Volatility | 38.34 |
Mercuries & Associates Holding Ltd - Net Assets Trend (2000–2025)
This chart illustrates how Mercuries & Associates Holding Ltd's net assets have evolved over time, based on quarterly financial data. See how many days can Mercuries & Associates Holding Ltd fund operations to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Mercuries & Associates Holding Ltd (2000–2025)
The table below shows the annual net assets of Mercuries & Associates Holding Ltd from 2000 to 2025. For live valuation and market cap data, see Mercuries & Associates Holding Ltd market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | NT$85.89 Billion ≈ $2.71 Billion |
+71.16% |
| 2024-12-31 | NT$50.18 Billion ≈ $1.58 Billion |
+3.87% |
| 2023-12-31 | NT$48.31 Billion ≈ $1.52 Billion |
+52.55% |
| 2022-12-31 | NT$31.67 Billion ≈ $997.77 Million |
-32.94% |
| 2021-12-31 | NT$47.23 Billion ≈ $1.49 Billion |
+0.88% |
| 2020-12-31 | NT$46.81 Billion ≈ $1.47 Billion |
+6.76% |
| 2019-12-31 | NT$43.85 Billion ≈ $1.38 Billion |
+52.15% |
| 2018-12-31 | NT$28.82 Billion ≈ $908.02 Million |
-29.45% |
| 2017-12-31 | NT$40.85 Billion ≈ $1.29 Billion |
+21.72% |
| 2016-12-31 | NT$33.56 Billion ≈ $1.06 Billion |
+17.02% |
| 2015-12-31 | NT$28.68 Billion ≈ $903.58 Million |
+3.07% |
| 2014-12-31 | NT$27.83 Billion ≈ $876.65 Million |
+18.09% |
| 2013-12-31 | NT$23.56 Billion ≈ $742.34 Million |
-10.88% |
| 2012-12-31 | NT$26.44 Billion ≈ $832.92 Million |
+113.91% |
| 2011-12-31 | NT$12.36 Billion ≈ $389.37 Million |
-30.15% |
| 2010-12-31 | NT$17.69 Billion ≈ $557.42 Million |
+72.36% |
| 2009-12-31 | NT$10.27 Billion ≈ $323.41 Million |
+31.33% |
| 2008-12-31 | NT$7.82 Billion ≈ $246.26 Million |
-45.71% |
| 2007-12-31 | NT$14.40 Billion ≈ $453.59 Million |
+7.18% |
| 2006-12-31 | NT$13.43 Billion ≈ $423.21 Million |
+12.26% |
| 2005-12-31 | NT$11.97 Billion ≈ $376.98 Million |
+79.91% |
| 2004-12-31 | NT$6.65 Billion ≈ $209.54 Million |
+2.07% |
| 2003-12-31 | NT$6.52 Billion ≈ $205.30 Million |
+2.39% |
| 2002-12-31 | NT$6.36 Billion ≈ $200.51 Million |
-13.42% |
| 2001-12-31 | NT$7.35 Billion ≈ $231.58 Million |
+47.29% |
| 2000-12-31 | NT$4.99 Billion ≈ $157.24 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Mercuries & Associates Holding 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 494.5% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$3.86 Billion | 7.31% |
| Common Stock | NT$11.10 Billion | 21.06% |
| Other Comprehensive Income | NT$37.42 Billion | 70.98% |
| Other Components | NT$341.26 Million | 0.65% |
| Total Equity | NT$52.72 Billion | 100.00% |
Mercuries & Associates Holding Ltd Competitors by Market Cap
The table below lists competitors of Mercuries & Associates Holding Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Comp SA
WAR:CMP
|
$502.82 Million |
|
Sinotherapeutics Inc. A
SHG:688247
|
$502.84 Million |
|
Dayang Enterprise Holdings Bhd
KLSE:5141
|
$502.87 Million |
|
BlackRock MIT II
NYSE:BLE
|
$503.04 Million |
|
Soft-World International
TWO:5478
|
$502.72 Million |
|
NOTE AB
ST:NOTE
|
$502.63 Million |
|
Lem Holding SA
SW:LEHN
|
$502.61 Million |
|
Daou Data Corp
KQ:032190
|
$502.50 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Mercuries & Associates Holding Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 16,660,481,000 to 52,722,416,000, a change of 36,061,935,000 (216.5%).
- Net income of 755,071,000 contributed positively to equity growth.
- Dividend payments of 657,199,000 reduced retained earnings.
- Share repurchases of 161,315,000 reduced equity.
- New share issuances of 792,728,000 increased equity.
- Other comprehensive income increased equity by 37,422,025,000.
- Other factors decreased equity by 2,089,375,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$755.07 Million | +1.43% |
| Dividends Paid | NT$657.20 Million | -1.25% |
| Share Repurchases | NT$161.31 Million | -0.31% |
| Share Issuances | NT$792.73 Million | +1.5% |
| Other Comprehensive Income | NT$37.42 Billion | +70.98% |
| Other Changes | NT$-2.09 Billion | -3.96% |
| Total Change | NT$- | 216.45% |
Book Value vs Market Value Analysis
This analysis compares Mercuries & Associates Holding 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: 0.31x
- 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 1.98x to 0.31x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-12-31 | NT$7.66 | NT$15.15 | x |
| 2005-12-31 | NT$6.90 | NT$15.15 | x |
| 2006-12-31 | NT$8.41 | NT$15.15 | x |
| 2007-12-31 | NT$8.46 | NT$15.15 | x |
| 2008-12-31 | NT$5.78 | NT$15.15 | x |
| 2009-12-31 | NT$9.23 | NT$15.15 | x |
| 2010-12-31 | NT$11.08 | NT$15.15 | x |
| 2011-12-31 | NT$8.37 | NT$15.15 | x |
| 2012-12-31 | NT$14.05 | NT$15.15 | x |
| 2013-12-31 | NT$12.00 | NT$15.15 | x |
| 2014-12-31 | NT$13.79 | NT$15.15 | x |
| 2015-12-31 | NT$13.39 | NT$15.15 | x |
| 2016-12-31 | NT$16.27 | NT$15.15 | x |
| 2017-12-31 | NT$19.51 | NT$15.15 | x |
| 2018-12-31 | NT$15.53 | NT$15.15 | x |
| 2019-12-31 | NT$21.29 | NT$15.15 | x |
| 2020-12-31 | NT$22.36 | NT$15.15 | x |
| 2021-12-31 | NT$19.89 | NT$15.15 | x |
| 2022-12-31 | NT$11.50 | NT$15.15 | x |
| 2023-12-31 | NT$21.71 | NT$15.15 | x |
| 2024-12-31 | NT$15.43 | NT$15.15 | x |
| 2025-12-31 | NT$49.19 | NT$15.15 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Mercuries & Associates Holding 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): 1.43%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 0.48%
- • Asset Turnover: 0.09x
- • Equity Multiplier: 32.06x
- Recent ROE (1.43%) is below the historical average (5.88%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2001 | 32.67% | 31.31% | 0.46x | 2.29x | NT$1.67 Billion |
| 2002 | 5.47% | 7.18% | 0.30x | 2.52x | NT$-288.34 Million |
| 2003 | 7.84% | 10.05% | 0.31x | 2.50x | NT$-140.55 Million |
| 2004 | 3.71% | 1.16% | 1.22x | 2.62x | NT$-418.13 Million |
| 2005 | -7.07% | -1.05% | 0.52x | 12.90x | NT$-1.02 Billion |
| 2006 | 10.35% | 1.68% | 0.47x | 13.02x | NT$25.58 Million |
| 2007 | 6.99% | 0.99% | 0.46x | 15.32x | NT$-222.28 Million |
| 2008 | 3.40% | 0.31% | 0.51x | 21.83x | NT$-329.66 Million |
| 2009 | 9.79% | 10.12% | 0.06x | 17.48x | NT$-16.48 Million |
| 2010 | 12.01% | 1.04% | 0.23x | 49.81x | NT$187.62 Million |
| 2011 | 15.09% | 1.05% | 0.20x | 72.06x | NT$367.32 Million |
| 2012 | 8.28% | 0.70% | 0.23x | 50.40x | NT$-209.60 Million |
| 2013 | 8.85% | 0.62% | 0.21x | 69.10x | NT$-119.45 Million |
| 2014 | 10.55% | 0.74% | 0.21x | 68.66x | NT$65.89 Million |
| 2015 | 12.72% | 0.83% | 0.20x | 75.82x | NT$315.32 Million |
| 2016 | 14.52% | 1.06% | 0.20x | 68.61x | NT$637.58 Million |
| 2017 | 9.70% | 0.79% | 0.19x | 63.40x | NT$-50.65 Million |
| 2018 | 2.47% | 0.17% | 0.17x | 86.48x | NT$-1.01 Billion |
| 2019 | 16.78% | 1.51% | 0.18x | 62.39x | NT$1.39 Billion |
| 2020 | 7.12% | 0.77% | 0.13x | 69.56x | NT$-565.23 Million |
| 2021 | 9.59% | 1.14% | 0.12x | 72.36x | NT$-81.82 Million |
| 2022 | -50.02% | -3.45% | 0.10x | 146.01x | NT$-6.11 Billion |
| 2023 | -14.25% | -1.80% | 0.10x | 76.98x | NT$-4.89 Billion |
| 2024 | 9.11% | 0.93% | 0.10x | 99.51x | NT$-148.52 Million |
| 2025 | 1.43% | 0.48% | 0.09x | 32.06x | NT$-4.52 Billion |
Industry Comparison
This section compares Mercuries & Associates Holding Ltd's net assets metrics with peer companies in the Insurance - Life industry.
Industry Context
- Industry: Insurance - Life
- Average net assets among peers: $450,897,008,875
- Average return on equity (ROE) among peers: 7.72%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Mercuries & Associates Holding Ltd (2905) | NT$122.72 Billion | 32.67% | 12.18x | $502.74 Million |
| Mercuries Life Insurance Co Ltd (2867) | $16.94 Billion | 1.83% | 25.48x | $1.62 Billion |
| Fubon Financial Holding Co Ltd (2881) | $167.80 Billion | 5.01% | 9.28x | $59.42 Billion |
| Fubon Financial Holding Co Ltd Pref (2881A) | $776.78 Billion | 11.62% | 10.90x | $20.60 Billion |
| Fubon Financial Holding Co Ltd Pref B (2881B) | $983.84 Billion | 14.69% | 9.67x | $20.18 Billion |
| Cathay Financial Holding Co Ltd (2882) | $904.78 Billion | 8.24% | 11.10x | $53.38 Billion |
| Cathay Financial Holding Co Ltd Pref A (2882A) | $529.29 Billion | 9.72% | 16.43x | $24.45 Billion |
| China Development Financial Holding Corp (2883) | $134.53 Billion | 0.10% | 0.50x | $16.28 Billion |
| Shin Kong Financial Holding Co Ltd (2888) | $93.22 Billion | 10.53% | 23.78x | $6.58 Billion |
About Mercuries & Associates Holding Ltd
Mercuries & Associates Holding, Ltd., an investment holding company, engages in the life insurance, consumer goods and catering retail, pharmaceuticals, and information services businesses. It offers personal insurance business, footwear, shoes, and accessories, backpacks and cloths, computer machine, raw materials, processing of active pharmaceutical ingredients (APIs) and intermediate, videotap… Read more