TSEC Corp
TSEC Corporation designs, manufactures, constructs, and sells solar cells, modules, and power plants in Asia, Europe, and internationally. The company operates through Solar Module and Other segments. It is involved in the sale of solar related products; energy storage system of regulation reserve; rental of solar power generating equipment; sale of self-generated electricity, and provision of en… Read more
TSEC Corp (6443) - Net Assets
Latest net assets as of September 2025: NT$5.86 Billion TWD
Based on the latest financial reports, TSEC Corp (6443) has net assets worth NT$5.86 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$9.16 Billion) and total liabilities (NT$3.30 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$5.86 Billion |
| % of Total Assets | 64.01% |
| Annual Growth Rate | 9.14% |
| 5-Year Change | 43.01% |
| 10-Year Change | 83.23% |
| Growth Volatility | 19.6 |
TSEC Corp - Net Assets Trend (2012–2024)
This chart illustrates how TSEC 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 TSEC Corp (2012–2024)
The table below shows the annual net assets of TSEC Corp from 2012 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$6.83 Billion | -10.66% |
| 2023-12-31 | NT$7.65 Billion | +24.36% |
| 2022-12-31 | NT$6.15 Billion | +19.91% |
| 2021-12-31 | NT$5.13 Billion | +7.35% |
| 2020-12-31 | NT$4.78 Billion | +47.95% |
| 2019-12-31 | NT$3.23 Billion | +8.96% |
| 2018-12-31 | NT$2.96 Billion | -31.30% |
| 2017-12-31 | NT$4.31 Billion | -7.60% |
| 2016-12-31 | NT$4.67 Billion | +25.22% |
| 2015-12-31 | NT$3.73 Billion | +23.43% |
| 2014-12-31 | NT$3.02 Billion | +13.51% |
| 2013-12-31 | NT$2.66 Billion | +11.30% |
| 2012-12-31 | NT$2.39 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to TSEC 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 122237100000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | NT$5.13 Billion | 75.07% |
| Other Comprehensive Income | NT$-170.51 Million | -2.50% |
| Other Components | NT$2.21 Billion | 32.39% |
| Total Equity | NT$6.83 Billion | 100.00% |
TSEC Corp Competitors by Market Cap
The table below lists competitors of TSEC Corp ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Changzhou Qianhong Biopharma Co Ltd
SHE:002550
|
$739.78 Million |
|
Blacksky Technology Inc
NYSE:BKSY
|
$739.86 Million |
|
Laobaixing Pharmacy
SHG:603883
|
$739.96 Million |
|
Cellcom Israel Ltd
PINK:CELJF
|
$740.08 Million |
|
Sunway Construction Group Bhd
KLSE:5263
|
$739.13 Million |
|
Guangzhou SiE Consulting Co Ltd
SHE:300687
|
$739.02 Million |
|
Lakshmi Machine Works Limited
NSE:LAXMIMACH
|
$738.84 Million |
|
Standard Motor Products Inc
NYSE:SMP
|
$738.49 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in TSEC Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 7,646,034,000 to 6,830,700,000, a change of -815,334,000 (-10.7%).
- Net loss of 600,253,000 reduced equity.
- Dividend payments of 215,477,000 reduced retained earnings.
- Other comprehensive income decreased equity by 535,454,999.
- Other factors increased equity by 535,850,999.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$-600.25 Million | -8.79% |
| Dividends Paid | NT$215.48 Million | -3.15% |
| Other Comprehensive Income | NT$-535.45 Million | -7.84% |
| Other Changes | NT$535.85 Million | +7.84% |
| Total Change | NT$- | -10.66% |
Book Value vs Market Value Analysis
This analysis compares TSEC 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: 3.92x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 5.96x to 3.92x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2012-12-31 | NT$8.76 | NT$52.20 | x |
| 2013-12-31 | NT$12.01 | NT$52.20 | x |
| 2014-12-31 | NT$13.26 | NT$52.20 | x |
| 2015-12-31 | NT$15.66 | NT$52.20 | x |
| 2016-12-31 | NT$16.45 | NT$52.20 | x |
| 2017-12-31 | NT$13.49 | NT$52.20 | x |
| 2018-12-31 | NT$8.94 | NT$52.20 | x |
| 2019-12-31 | NT$9.15 | NT$52.20 | x |
| 2020-12-31 | NT$12.16 | NT$52.20 | x |
| 2021-12-31 | NT$11.31 | NT$52.20 | x |
| 2022-12-31 | NT$13.20 | NT$52.20 | x |
| 2023-12-31 | NT$14.75 | NT$52.20 | x |
| 2024-12-31 | NT$13.32 | NT$52.20 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently TSEC Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -8.79%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -13.29%
- • Asset Turnover: 0.44x
- • Equity Multiplier: 1.51x
- Recent ROE (-8.79%) is below the historical average (-6.20%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2012 | -29.42% | -29.58% | 0.38x | 2.65x | NT$-938.46 Million |
| 2013 | 10.11% | 5.46% | 0.75x | 2.48x | NT$2.97 Million |
| 2014 | 5.72% | 2.72% | 0.91x | 2.32x | NT$-127.87 Million |
| 2015 | 4.71% | 2.41% | 0.95x | 2.05x | NT$-193.17 Million |
| 2016 | 0.28% | 0.17% | 0.83x | 2.03x | NT$-444.31 Million |
| 2017 | -22.91% | -14.33% | 0.65x | 2.47x | NT$-1.37 Billion |
| 2018 | -39.02% | -30.19% | 0.46x | 2.80x | NT$-1.45 Billion |
| 2019 | -6.22% | -4.51% | 0.57x | 2.43x | NT$-522.86 Million |
| 2020 | -5.99% | -6.16% | 0.49x | 1.98x | NT$-760.53 Million |
| 2021 | 0.90% | 0.75% | 0.60x | 1.99x | NT$-466.63 Million |
| 2022 | 3.08% | 2.11% | 0.80x | 1.84x | NT$-425.42 Million |
| 2023 | 6.90% | 6.38% | 0.68x | 1.58x | NT$-237.34 Million |
| 2024 | -8.79% | -13.29% | 0.44x | 1.51x | NT$-1.28 Billion |
Industry Comparison
This section compares TSEC Corp's net assets metrics with peer companies in the Solar industry.
Industry Context
- Industry: Solar
- Average net assets among peers: $5,821,299,000
- Average return on equity (ROE) among peers: -3.46%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| TSEC Corp (6443) | NT$5.86 Billion | -29.42% | 0.56x | $739.29 Million |
| Gigastorage Corp (2406) | $7.34 Billion | -3.73% | 1.01x | $214.24 Million |
| United Renewable Energy Co Ltd (3576) | $13.11 Billion | -29.67% | 1.19x | $980.87 Million |
| Danen Technology Corp (3686) | $4.78 Billion | -6.85% | 0.63x | $38.94 Million |
| Gigasolar Materials (3691) | $5.22 Billion | -18.27% | 2.15x | $145.51 Million |
| Hsinjing Holding Co Ltd (3713) | $620.93 Million | 5.41% | 1.46x | $29.24 Million |
| Hengs Technology Co., Ltd. (4582) | $1.07 Billion | 22.10% | 1.42x | $38.01 Million |
| Tainergy Tech Co Ltd (4934) | $4.47 Billion | 3.92% | 0.60x | $89.09 Million |
| Win Win Precision Technology Co., Ltd. (4949) | $1.55 Billion | -5.81% | 0.28x | $19.71K |
| Motech Industries Co Ltd (6244) | $14.23 Billion | 1.77% | 1.09x | $191.85 Million |