TSEC Corp (6443) - Net Assets
Based on the latest financial reports, TSEC Corp (6443) has net assets worth NT$3.54 Billion TWD (≈ $111.67 Million 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$6.35 Billion ≈ $200.16 Million USD) and total liabilities (NT$2.81 Billion ≈ $88.49 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. Also explore TSEC Corp (6443) total assets for the complete picture of this company's asset base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$3.54 Billion |
| % of Total Assets | 55.79% |
| Annual Growth Rate | 3.29% |
| 5-Year Change | -29.0% |
| 10-Year Change | -22.01% |
| Growth Volatility | 24.31 |
TSEC Corp - Net Assets Trend (2012–2025)
This chart illustrates how TSEC Corp's net assets have evolved over time, based on quarterly financial data. Check 6443 goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Annual Net Assets for TSEC Corp (2012–2025)
The table below shows the annual net assets of TSEC Corp from 2012 to 2025. For live valuation and market cap data, see TSEC Corp market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | NT$3.64 Billion ≈ $114.74 Million |
-46.70% |
| 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 |
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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 decreased by 180256100000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | NT$5.13 Billion | 140.91% |
| Other Comprehensive Income | NT$514.21 Million | 14.13% |
| Other Components | NT$1.36 Billion | 37.41% |
| Total Equity | NT$3.64 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 |
|---|---|
|
Duni AB
ST:DUNI
|
$403.11 Million |
|
Ovid Therapeutics Inc
NASDAQ:OVID
|
$403.18 Million |
|
PT Temas Tbk
JK:TMAS
|
$403.21 Million |
|
Nathans Famous Inc
NASDAQ:NATH
|
$403.30 Million |
|
Ege Profil Ticaret ve Sanayi AS
IS:EGPRO
|
$403.06 Million |
|
Bumble Inc
NASDAQ:BMBL
|
$403.03 Million |
|
Shanghai Haishun New Pharmaceutical Packaging Co Ltd
SHE:300501
|
$403.00 Million |
|
Shandong Polymer Biochemicals Co Ltd
SHE:002476
|
$403.00 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in TSEC Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 6,830,700,000 to 3,639,154,000, a change of -3,191,546,000 (-46.7%).
- Net loss of 3,199,455,000 reduced equity.
- Other comprehensive income increased equity by 684,722,998.
- Other factors decreased equity by 676,813,998.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$-3.20 Billion | -87.92% |
| Other Comprehensive Income | NT$684.72 Million | +18.82% |
| Other Changes | NT$-676.81 Million | -18.6% |
| Total Change | NT$- | -46.72% |
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: 3.52x
- 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 increased from 2.85x to 3.52x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2012-12-31 | NT$8.76 | NT$24.95 | x |
| 2013-12-31 | NT$12.01 | NT$24.95 | x |
| 2014-12-31 | NT$13.26 | NT$24.95 | x |
| 2015-12-31 | NT$15.66 | NT$24.95 | x |
| 2016-12-31 | NT$16.45 | NT$24.95 | x |
| 2017-12-31 | NT$13.49 | NT$24.95 | x |
| 2018-12-31 | NT$8.94 | NT$24.95 | x |
| 2019-12-31 | NT$9.15 | NT$24.95 | x |
| 2020-12-31 | NT$12.16 | NT$24.95 | x |
| 2021-12-31 | NT$11.31 | NT$24.95 | x |
| 2022-12-31 | NT$13.20 | NT$24.95 | x |
| 2023-12-31 | NT$14.75 | NT$24.95 | x |
| 2024-12-31 | NT$13.32 | NT$24.95 | x |
| 2025-12-31 | NT$7.10 | NT$24.95 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently TSEC Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -87.92%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -175.28%
- • Asset Turnover: 0.28x
- • Equity Multiplier: 1.82x
- Recent ROE (-87.92%) is below the historical average (-12.04%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2012 | -29.42% | -29.58% | 0.38x | 2.65x | NT$-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 |
| 2025 | -87.92% | -175.28% | 0.28x | 1.82x | NT$-3.56 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: $6,945,999,375
- Average return on equity (ROE) among peers: -32.27%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| TSEC Corp (6443) | NT$3.54 Billion | -29.42% | 0.79x | $403.09 Million |
| Gigastorage Corp (2406) | $8.95 Billion | -3.89% | 0.67x | $341.61 Million |
| United Renewable Energy Co Ltd (3576) | $21.48 Billion | -26.85% | 1.20x | $853.33 Million |
| Danen Technology Corp (3686) | $1.14 Billion | -162.69% | 0.23x | $34.46 Million |
| Gigasolar Materials (3691) | $5.22 Billion | -18.27% | 2.15x | $319.88 Million |
| Hsinjing Holding Co Ltd (3713) | $620.93 Million | 5.41% | 1.46x | $41.63 Million |
| Tainergy Tech Co Ltd (4934) | $2.65 Billion | -54.82% | 1.58x | $101.01 Million |
| Motech Industries Co Ltd (6244) | $13.11 Billion | -8.05% | 1.08x | $281.68 Million |
| ANJI Technology Co. Ltd (6477) | $2.40 Billion | 11.00% | 1.22x | $138.64 Million |
About TSEC Corp
TSEC Corporation engages in the research and development, production, and sales of solar cells and modules 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… Read more