San Far Property Ltd
San Far Property Limited engages in the development and sale of residential and building properties in Taiwan. The company leases real estate properties; and undertakes civil and building works. It also engages in the production, publication, and import and export trading activities, as well as produces CDs and DVDs. In addition, the company involved in various music, media and information softwa… Read more
San Far Property Ltd (9946) - Net Assets
Latest net assets as of September 2025: NT$6.16 Billion TWD
Based on the latest financial reports, San Far Property Ltd (9946) has net assets worth NT$6.16 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$17.60 Billion) and total liabilities (NT$11.44 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$6.16 Billion |
| % of Total Assets | 35.02% |
| Annual Growth Rate | 16.23% |
| 5-Year Change | 2.57% |
| 10-Year Change | 44.7% |
| Growth Volatility | 30.29 |
San Far Property Ltd - Net Assets Trend (2002–2024)
This chart illustrates how San Far Property Ltd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for San Far Property Ltd (2002–2024)
The table below shows the annual net assets of San Far Property Ltd from 2002 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$6.71 Billion | +3.54% |
| 2023-12-31 | NT$6.48 Billion | +0.36% |
| 2022-12-31 | NT$6.46 Billion | -1.36% |
| 2021-12-31 | NT$6.54 Billion | +0.06% |
| 2020-12-31 | NT$6.54 Billion | -2.50% |
| 2019-12-31 | NT$6.71 Billion | +29.17% |
| 2018-12-31 | NT$5.19 Billion | +3.80% |
| 2017-12-31 | NT$5.00 Billion | +5.60% |
| 2016-12-31 | NT$4.74 Billion | +2.20% |
| 2015-12-31 | NT$4.64 Billion | +39.29% |
| 2014-12-31 | NT$3.33 Billion | -12.06% |
| 2013-12-31 | NT$3.78 Billion | +11.19% |
| 2012-12-31 | NT$3.40 Billion | +51.34% |
| 2011-12-31 | NT$2.25 Billion | +98.85% |
| 2010-12-31 | NT$1.13 Billion | +83.31% |
| 2009-12-31 | NT$617.00 Million | +69.06% |
| 2008-12-31 | NT$364.96 Million | +38.60% |
| 2007-12-31 | NT$263.32 Million | -9.88% |
| 2006-12-31 | NT$292.19 Million | +2.36% |
| 2005-12-31 | NT$285.46 Million | +4.01% |
| 2004-12-31 | NT$274.45 Million | +7.14% |
| 2003-12-31 | NT$256.17 Million | +4.57% |
| 2002-12-31 | NT$244.98 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to San Far Property 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 14832.6% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$3.20 Billion | 47.64% |
| Common Stock | NT$3.27 Billion | 48.68% |
| Other Comprehensive Income | NT$211.43 Million | 3.15% |
| Other Components | NT$35.74 Million | 0.53% |
| Total Equity | NT$6.71 Billion | 100.00% |
San Far Property Ltd Competitors by Market Cap
The table below lists competitors of San Far Property Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Amway (Malaysia) Holdings Bhd
KLSE:6351
|
$79.45 Million |
|
Hanpin Electron Co Ltd
TW:2488
|
$79.48 Million |
|
Mu Global Holding Limited
PINK:MUGH
|
$79.49 Million |
|
Mount Gibson Iron Ltd
PINK:MTGRF
|
$79.49 Million |
|
Mogotes Metals Inc.
V:MOG
|
$79.38 Million |
|
Greenheart Gold Inc.
V:GHRT
|
$79.38 Million |
|
FFD Financial Corp
PINK:FFDF
|
$79.32 Million |
|
Daihan Pharmaceutical Co.Ltd
KQ:023910
|
$79.31 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in San Far Property Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 6,478,870,000 to 6,708,279,000, a change of 229,409,000 (3.5%).
- Net income of 375,316,000 contributed positively to equity growth.
- Dividend payments of 228,588,000 reduced retained earnings.
- Other comprehensive income increased equity by 82,550,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$375.32 Million | +5.59% |
| Dividends Paid | NT$228.59 Million | -3.41% |
| Other Comprehensive Income | NT$82.55 Million | +1.23% |
| Other Changes | NT$131.00K | +0.0% |
| Total Change | NT$- | 3.54% |
Book Value vs Market Value Analysis
This analysis compares San Far Property 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: 0.89x
- 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 3.24x to 0.89x 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$5.67 | NT$18.35 | x |
| 2010-12-31 | NT$10.60 | NT$18.35 | x |
| 2011-12-31 | NT$12.33 | NT$18.35 | x |
| 2012-12-31 | NT$12.19 | NT$18.35 | x |
| 2013-12-31 | NT$10.94 | NT$18.35 | x |
| 2014-12-31 | NT$9.87 | NT$18.35 | x |
| 2015-12-31 | NT$12.41 | NT$18.35 | x |
| 2016-12-31 | NT$13.50 | NT$18.35 | x |
| 2017-12-31 | NT$14.33 | NT$18.35 | x |
| 2018-12-31 | NT$14.87 | NT$18.35 | x |
| 2019-12-31 | NT$19.21 | NT$18.35 | x |
| 2020-12-31 | NT$19.38 | NT$18.35 | x |
| 2021-12-31 | NT$19.90 | NT$18.35 | x |
| 2022-12-31 | NT$19.76 | NT$18.35 | x |
| 2023-12-31 | NT$19.83 | NT$18.35 | x |
| 2024-12-31 | NT$20.53 | NT$18.35 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently San Far Property Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 5.59%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 18.48%
- • Asset Turnover: 0.12x
- • Equity Multiplier: 2.46x
- Recent ROE (5.59%) is below the historical average (9.53%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2002 | 7.86% | 7.05% | 0.92x | 1.21x | NT$-5.24 Million |
| 2003 | 9.61% | 6.85% | 1.06x | 1.32x | NT$-1.00 Million |
| 2004 | 12.92% | 8.18% | 1.21x | 1.30x | NT$8.02 Million |
| 2005 | 0.04% | 0.03% | 0.92x | 1.43x | NT$-28.43 Million |
| 2009 | 2.66% | 3.04% | 0.43x | 2.03x | NT$-45.29 Million |
| 2010 | 7.90% | 14.96% | 0.13x | 3.92x | NT$-23.73 Million |
| 2011 | 14.55% | 22.25% | 0.21x | 3.15x | NT$102.44 Million |
| 2012 | 19.58% | 23.87% | 0.28x | 2.89x | NT$326.12 Million |
| 2013 | 35.95% | 24.78% | 0.54x | 2.70x | NT$982.02 Million |
| 2014 | 1.31% | 6.82% | 0.05x | 3.73x | NT$-289.08 Million |
| 2015 | 16.08% | 14.87% | 0.45x | 2.39x | NT$282.05 Million |
| 2016 | 8.49% | 14.91% | 0.26x | 2.15x | NT$-71.35 Million |
| 2017 | 7.92% | 23.96% | 0.15x | 2.21x | NT$-104.31 Million |
| 2018 | 6.67% | 22.06% | 0.13x | 2.24x | NT$-172.69 Million |
| 2019 | 23.68% | 31.27% | 0.44x | 1.72x | NT$917.47 Million |
| 2020 | 2.80% | 12.27% | 0.14x | 1.66x | NT$-471.06 Million |
| 2021 | 3.40% | 12.95% | 0.11x | 2.34x | NT$-432.18 Million |
| 2022 | 2.16% | 6.14% | 0.15x | 2.40x | NT$-505.91 Million |
| 2023 | 1.37% | 9.23% | 0.06x | 2.43x | NT$-559.03 Million |
| 2024 | 5.59% | 18.48% | 0.12x | 2.46x | NT$-295.51 Million |
Industry Comparison
This section compares San Far Property Ltd's net assets metrics with peer companies in the Real Estate - Diversified industry.
Industry Context
- Industry: Real Estate - Diversified
- Average net assets among peers: $6,525,614,600
- Average return on equity (ROE) among peers: 3.21%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| San Far Property Ltd (9946) | NT$6.16 Billion | 7.86% | 1.86x | $79.44 Million |
| SanDi Properties Co Ltd (1438) | $281.86 Million | -43.04% | 2.86x | $49.25 Million |
| Kindom Construction Corp (2520) | $7.46 Billion | 2.99% | 1.14x | $362.82 Million |
| Huang Hsiang Construction Corp (2545) | $12.23 Billion | 15.50% | 3.15x | $145.77 Million |
| Rich Development Co Ltd (5512) | $10.56 Billion | 11.83% | 1.67x | $120.75 Million |
| Full Wang International Development Co Ltd (6219) | $2.10 Billion | 28.76% | 5.31x | $22.47 Million |