Topkey Corp
Topkey Corporation, together with its subsidiaries, produces, processes, sells, and trades in sporting goods in Asia, Europe, America, and internationally. It operates through Sports Products, Aviation and Medical Products, and Others segments. The company offers glass and carbon fiber products; composite materials; glasses; vehicle and bike components; and water gage and HRNT products. It also p… Read more
Topkey Corp (4536) - Net Assets
Latest net assets as of September 2025: NT$9.41 Billion TWD
Based on the latest financial reports, Topkey Corp (4536) has net assets worth NT$9.41 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$13.63 Billion) and total liabilities (NT$4.22 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$9.41 Billion |
| % of Total Assets | 69.02% |
| Annual Growth Rate | 11.51% |
| 5-Year Change | 71.92% |
| 10-Year Change | 86.17% |
| Growth Volatility | 16.14 |
Topkey Corp - Net Assets Trend (2009–2024)
This chart illustrates how Topkey Corp's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Topkey Corp (2009–2024)
The table below shows the annual net assets of Topkey Corp from 2009 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$9.61 Billion | +13.81% |
| 2023-12-31 | NT$8.44 Billion | +3.96% |
| 2022-12-31 | NT$8.12 Billion | +35.61% |
| 2021-12-31 | NT$5.99 Billion | +7.15% |
| 2020-12-31 | NT$5.59 Billion | +2.95% |
| 2019-12-31 | NT$5.43 Billion | +3.15% |
| 2018-12-31 | NT$5.26 Billion | +10.40% |
| 2017-12-31 | NT$4.77 Billion | -6.67% |
| 2016-12-31 | NT$5.11 Billion | -1.04% |
| 2015-12-31 | NT$5.16 Billion | +3.43% |
| 2014-12-31 | NT$4.99 Billion | +8.35% |
| 2013-12-31 | NT$4.61 Billion | +56.22% |
| 2012-12-31 | NT$2.95 Billion | +0.50% |
| 2011-12-31 | NT$2.93 Billion | +30.60% |
| 2010-12-31 | NT$2.25 Billion | +19.81% |
| 2009-12-31 | NT$1.87 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Topkey Corp'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 1531.1% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$5.26 Billion | 57.08% |
| Common Stock | NT$908.20 Million | 9.86% |
| Other Components | NT$3.04 Billion | 33.05% |
| Total Equity | NT$9.21 Billion | 100.00% |
Topkey Corp Competitors by Market Cap
The table below lists competitors of Topkey Corp ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Shenzhen Fluence Technology PLC
SHE:300647
|
$304.00 Million |
|
Wereldhav B-Sicafi
BR:WEHB
|
$304.03 Million |
|
Nippon Sheet Glass Company Limited
PINK:NPSGF
|
$304.08 Million |
|
ECOVE Environment Corp
TWO:6803
|
$304.13 Million |
|
Shandong Yabo Technology Co Ltd
SHE:002323
|
$303.78 Million |
|
Liuzhou Iron & Steel Co Ltd
SHG:601003
|
$303.74 Million |
|
Verano Holdings Corp Ordinary Shares - Class A (Sub Voting)
NEO:VRNO
|
$303.72 Million |
|
ATEX Resources Inc
PINK:ECRTF
|
$303.71 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Topkey Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 8,033,479,000 to 9,207,119,000, a change of 1,173,640,000 (14.6%).
- Net income of 1,712,809,000 contributed positively to equity growth.
- Dividend payments of 771,970,000 reduced retained earnings.
- Other comprehensive income decreased equity by 1,024,675,000.
- Other factors increased equity by 1,257,476,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$1.71 Billion | +18.6% |
| Dividends Paid | NT$771.97 Million | -8.38% |
| Other Comprehensive Income | NT$-1.02 Billion | -11.13% |
| Other Changes | NT$1.26 Billion | +13.66% |
| Total Change | NT$- | 14.61% |
Book Value vs Market Value Analysis
This analysis compares Topkey Corp'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: 1.54x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 7.52x to 1.54x 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$20.67 | NT$155.50 | x |
| 2010-12-31 | NT$24.17 | NT$155.50 | x |
| 2011-12-31 | NT$31.54 | NT$155.50 | x |
| 2012-12-31 | NT$33.13 | NT$155.50 | x |
| 2013-12-31 | NT$51.39 | NT$155.50 | x |
| 2014-12-31 | NT$51.09 | NT$155.50 | x |
| 2015-12-31 | NT$52.93 | NT$155.50 | x |
| 2016-12-31 | NT$52.12 | NT$155.50 | x |
| 2017-12-31 | NT$49.87 | NT$155.50 | x |
| 2018-12-31 | NT$55.43 | NT$155.50 | x |
| 2019-12-31 | NT$57.76 | NT$155.50 | x |
| 2020-12-31 | NT$58.55 | NT$155.50 | x |
| 2021-12-31 | NT$62.05 | NT$155.50 | x |
| 2022-12-31 | NT$83.76 | NT$155.50 | x |
| 2023-12-31 | NT$87.92 | NT$155.50 | x |
| 2024-12-31 | NT$100.79 | NT$155.50 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Topkey Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 18.60%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 18.07%
- • Asset Turnover: 0.59x
- • Equity Multiplier: 1.76x
- Recent ROE (18.60%) is above the historical average (15.39%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2009 | 0.56% | 0.24% | 0.97x | 2.40x | NT$-161.46 Million |
| 2010 | 19.94% | 7.27% | 1.11x | 2.47x | NT$198.90 Million |
| 2011 | 19.36% | 8.62% | 0.97x | 2.31x | NT$244.82 Million |
| 2012 | 16.41% | 7.20% | 1.03x | 2.21x | NT$176.20 Million |
| 2013 | 12.19% | 8.75% | 0.87x | 1.60x | NT$95.24 Million |
| 2014 | 11.84% | 8.40% | 0.83x | 1.70x | NT$85.53 Million |
| 2015 | 12.67% | 9.19% | 0.82x | 1.69x | NT$128.75 Million |
| 2016 | 16.40% | 12.53% | 0.72x | 1.83x | NT$304.04 Million |
| 2017 | 10.63% | 7.65% | 0.68x | 2.05x | NT$28.54 Million |
| 2018 | 16.71% | 11.43% | 0.75x | 1.94x | NT$339.25 Million |
| 2019 | 16.45% | 11.98% | 0.73x | 1.87x | NT$339.33 Million |
| 2020 | 12.73% | 9.39% | 0.71x | 1.91x | NT$145.57 Million |
| 2021 | 14.70% | 9.57% | 0.77x | 1.99x | NT$266.07 Million |
| 2022 | 29.51% | 20.61% | 0.68x | 2.12x | NT$1.49 Billion |
| 2023 | 17.62% | 15.27% | 0.68x | 1.71x | NT$612.03 Million |
| 2024 | 18.60% | 18.07% | 0.59x | 1.76x | NT$792.10 Million |
Industry Comparison
This section compares Topkey Corp's net assets metrics with peer companies in the Leisure industry.
Industry Context
- Industry: Leisure
- Average net assets among peers: $2,488,254,556
- Average return on equity (ROE) among peers: 7.22%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Topkey Corp (4536) | NT$9.41 Billion | 0.56% | 0.45x | $303.96 Million |
| Trk Corp (1432) | $1.97 Billion | -7.22% | 0.59x | $33.01 Million |
| Rexon Industrial Corp Ltd (1515) | $3.82 Billion | 8.08% | 1.41x | $101.35 Million |
| Sun Race Sturmey-Archer Inc (1526) | $1.43 Billion | 27.02% | 1.03x | $22.48 Million |
| Chi Hua Fitness Co Ltd (1593) | $898.86 Million | 13.38% | 0.22x | $28.89 Million |
| Dyaco International Inc (1598) | $4.06 Billion | -2.33% | 1.94x | $63.81 Million |
| Johnson Health Tech Co Ltd (1736) | $1.87 Billion | 30.80% | 1.42x | $342.33 Million |
| World Fitness Services Ltd (2762) | $2.59 Billion | 11.73% | 5.80x | $21.34K |
| Brogent Technologies (5263) | $4.00 Billion | 1.84% | 0.36x | $130.25 Million |
| Janfusun Fancyworld (5701) | $1.76 Billion | -18.34% | 1.24x | $8.94 Million |