TSEC Corp (6443) - Net Assets

Latest as of September 2025: NT$5.86 Billion TWD ≈ $184.68 Million USD

Based on the latest financial reports, TSEC Corp (6443) has net assets worth NT$5.86 Billion TWD (≈ $184.68 Million USD) 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 ≈ $288.52 Million USD) and total liabilities (NT$3.30 Billion ≈ $103.84 Million 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 asset resilience ratio of TSEC Corp to evaluate the company's liquid asset resilience ratio.

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. Also explore 6443 current and non-current assets for the complete picture of this company's asset base.

Annual Net Assets for TSEC Corp (2012–2024)

The table below shows the annual net assets of TSEC Corp from 2012 to 2024. For live valuation and market cap data, see TSEC Corp stock valuation.

Year	Net Assets	Change
2024-12-31	NT$6.83 Billion ≈ $215.30 Million	-10.66%
2023-12-31	NT$7.65 Billion ≈ $240.99 Million	+24.36%
2022-12-31	NT$6.15 Billion ≈ $193.78 Million	+19.91%
2021-12-31	NT$5.13 Billion ≈ $161.61 Million	+7.35%
2020-12-31	NT$4.78 Billion ≈ $150.54 Million	+47.95%
2019-12-31	NT$3.23 Billion ≈ $101.75 Million	+8.96%
2018-12-31	NT$2.96 Billion ≈ $93.39 Million	-31.30%
2017-12-31	NT$4.31 Billion ≈ $135.94 Million	-7.60%
2016-12-31	NT$4.67 Billion ≈ $147.13 Million	+25.22%
2015-12-31	NT$3.73 Billion ≈ $117.50 Million	+23.43%
2014-12-31	NT$3.02 Billion ≈ $95.20 Million	+13.51%
2013-12-31	NT$2.66 Billion ≈ $83.86 Million	+11.30%
2012-12-31	NT$2.39 Billion ≈ $75.35 Million	--

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
VP Bank AG F:3VFN	$571.19 Million
Fujian Minfa Aluminium Co Ltd SHE:002578	$571.38 Million
Civmec Ltd AU:CVL	$571.54 Million
Oxford Industries Inc NYSE:OXM	$572.04 Million
Henan Taloph Pharmaceutical Stock Co Ltd SHG:600222	$571.05 Million
Anhui Wanyi Science and Technology Co Ltd SHG:688600	$570.86 Million
Beijing Andawell Science & Technology Co Ltd Class A SHE:300719	$570.67 Million
Caina Technology Co. Ltd. SHE:301122	$570.64 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: 2.65x
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 4.04x to 2.65x 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$35.35	x
2013-12-31	NT$12.01	NT$35.35	x
2014-12-31	NT$13.26	NT$35.35	x
2015-12-31	NT$15.66	NT$35.35	x
2016-12-31	NT$16.45	NT$35.35	x
2017-12-31	NT$13.49	NT$35.35	x
2018-12-31	NT$8.94	NT$35.35	x
2019-12-31	NT$9.15	NT$35.35	x
2020-12-31	NT$12.16	NT$35.35	x
2021-12-31	NT$11.31	NT$35.35	x
2022-12-31	NT$13.20	NT$35.35	x
2023-12-31	NT$14.75	NT$35.35	x
2024-12-31	NT$13.32	NT$35.35	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: $5,287,059,625
Average return on equity (ROE) among peers: 1.67%

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	$571.11 Million
Gigastorage Corp (2406)	$5.85 Billion	13.57%	0.25x	$337.74 Million
United Renewable Energy Co Ltd (3576)	$5.51 Billion	15.10%	0.99x	$820.01 Million
Danen Technology Corp (3686)	$5.01 Billion	-10.72%	0.10x	$41.45 Million
Gigasolar Materials (3691)	$5.36 Billion	3.53%	1.30x	$341.59 Million
Hsinjing Holding Co Ltd (3713)	$668.40 Million	-3.17%	3.10x	$41.21 Million
Tainergy Tech Co Ltd (4934)	$1.88 Billion	-4.81%	1.40x	$112.71 Million
Motech Industries Co Ltd (6244)	$14.52 Billion	-4.39%	1.31x	$334.11 Million
ANJI Technology Co. Ltd (6477)	$3.50 Billion	4.27%	1.25x	$130.26 Million

About TSEC Corp

TW:6443 Taiwan Solar

Market Cap

$571.11 Million

NT$18.13 Billion TWD

Market Cap Rank

#11848 Global

#405 in Taiwan

Share Price

NT$35.35

Change (1 day)

+0.00%

52-Week Range

NT$11.95 - NT$52.30

All Time High

NT$52.30