Golden Friends (4506) - Net Assets
Based on the latest financial reports, Golden Friends (4506) has net assets worth NT$5.27 Billion TWD (≈ $165.91 Million USD) as of June 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (NT$10.85 Billion ≈ $341.99 Million USD) and total liabilities (NT$5.59 Billion ≈ $176.08 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 4506 tangible net assets ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$5.27 Billion |
| % of Total Assets | 48.51% |
| Annual Growth Rate | 3.75% |
| 5-Year Change | 23.78% |
| 10-Year Change | 60.2% |
| Growth Volatility | 3.15 |
Golden Friends - Net Assets Trend (2009–2024)
This chart illustrates how Golden Friends's net assets have evolved over time, based on quarterly financial data. See 4506 days of operational coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Golden Friends (2009–2024)
The table below shows the annual net assets of Golden Friends from 2009 to 2024. For live valuation and market cap data, see Golden Friends market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$5.52 Billion ≈ $173.81 Million |
+5.64% |
| 2023-12-31 | NT$5.22 Billion ≈ $164.54 Million |
+5.62% |
| 2022-12-31 | NT$4.94 Billion ≈ $155.78 Million |
+4.48% |
| 2021-12-31 | NT$4.73 Billion ≈ $149.10 Million |
+6.19% |
| 2020-12-31 | NT$4.46 Billion ≈ $140.42 Million |
+4.87% |
| 2019-12-31 | NT$4.25 Billion ≈ $133.89 Million |
+5.25% |
| 2018-12-31 | NT$4.04 Billion ≈ $127.21 Million |
+2.58% |
| 2017-12-31 | NT$3.94 Billion ≈ $124.01 Million |
+5.75% |
| 2016-12-31 | NT$3.72 Billion ≈ $117.28 Million |
+8.09% |
| 2015-12-31 | NT$3.44 Billion ≈ $108.50 Million |
+0.33% |
| 2014-12-31 | NT$3.43 Billion ≈ $108.14 Million |
+3.90% |
| 2013-12-31 | NT$3.30 Billion ≈ $104.08 Million |
+5.98% |
| 2012-12-31 | NT$3.12 Billion ≈ $98.21 Million |
-5.31% |
| 2011-12-31 | NT$3.29 Billion ≈ $103.72 Million |
+2.35% |
| 2010-12-31 | NT$3.22 Billion ≈ $101.34 Million |
+1.22% |
| 2009-12-31 | NT$3.18 Billion ≈ $100.11 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Golden Friends'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 458.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$2.17 Billion | 39.39% |
| Other Components | NT$3.34 Billion | 60.61% |
| Total Equity | NT$5.52 Billion | 100.00% |
Golden Friends Competitors by Market Cap
The table below lists competitors of Golden Friends ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
SS Innovations International Inc. Common Stock
NASDAQ:SSII
|
$658.43 Million |
|
Hubei Sanxia New Building Materials Co Ltd
SHG:600293
|
$658.69 Million |
|
Corporación Actinver S. A. B. de C. V
MX:ACTINVRB
|
$658.71 Million |
|
SEC Electric Mach Co Ltd
SHG:603988
|
$658.74 Million |
|
Ningbo Homelink Eco-iTech Co. Ltd.
SHE:301193
|
$658.04 Million |
|
AGF Management Limited
F:A3J
|
$657.84 Million |
|
Ningxia Qinglong Pipes Industry Co Ltd
SHE:002457
|
$657.82 Million |
|
Bloomin Brands Inc
NASDAQ:BLMN
|
$657.52 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Golden Friends's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 5,222,667,000 to 5,517,151,000, a change of 294,484,000 (5.6%).
- Net income of 988,559,000 contributed positively to equity growth.
- Dividend payments of 708,048,000 reduced retained earnings.
- Other comprehensive income decreased equity by 1,411,515,000.
- Other factors increased equity by 1,425,488,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$988.56 Million | +17.92% |
| Dividends Paid | NT$708.05 Million | -12.83% |
| Other Comprehensive Income | NT$-1.41 Billion | -25.58% |
| Other Changes | NT$1.43 Billion | +25.84% |
| Total Change | NT$- | 5.64% |
Book Value vs Market Value Analysis
This analysis compares Golden Friends'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: 3.79x
- 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 7.32x to 3.79x 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$16.12 | NT$118.00 | x |
| 2010-12-31 | NT$16.32 | NT$118.00 | x |
| 2011-12-31 | NT$16.69 | NT$118.00 | x |
| 2012-12-31 | NT$15.81 | NT$118.00 | x |
| 2013-12-31 | NT$16.79 | NT$118.00 | x |
| 2014-12-31 | NT$17.45 | NT$118.00 | x |
| 2015-12-31 | NT$17.50 | NT$118.00 | x |
| 2016-12-31 | NT$18.92 | NT$118.00 | x |
| 2017-12-31 | NT$20.83 | NT$118.00 | x |
| 2018-12-31 | NT$22.80 | NT$118.00 | x |
| 2019-12-31 | NT$24.00 | NT$118.00 | x |
| 2020-12-31 | NT$25.16 | NT$118.00 | x |
| 2021-12-31 | NT$26.72 | NT$118.00 | x |
| 2022-12-31 | NT$27.92 | NT$118.00 | x |
| 2023-12-31 | NT$29.49 | NT$118.00 | x |
| 2024-12-31 | NT$31.17 | NT$118.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Golden Friends utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 17.92%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 18.02%
- • Asset Turnover: 0.53x
- • Equity Multiplier: 1.87x
- Recent ROE (17.92%) is above the historical average (13.45%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2009 | 3.40% | 3.67% | 0.57x | 1.61x | NT$-209.16 Million |
| 2010 | 6.44% | 6.57% | 0.61x | 1.62x | NT$-114.14 Million |
| 2011 | 7.30% | 7.58% | 0.59x | 1.63x | NT$-88.48 Million |
| 2012 | 9.48% | 8.04% | 0.67x | 1.75x | NT$-16.24 Million |
| 2013 | 9.39% | 8.55% | 0.62x | 1.76x | NT$-20.26 Million |
| 2014 | 10.43% | 9.74% | 0.59x | 1.83x | NT$14.83 Million |
| 2015 | 14.13% | 11.98% | 0.60x | 1.98x | NT$142.16 Million |
| 2016 | 16.76% | 14.88% | 0.68x | 1.67x | NT$251.45 Million |
| 2017 | 21.10% | 19.39% | 0.71x | 1.54x | NT$436.92 Million |
| 2018 | 15.91% | 15.12% | 0.60x | 1.75x | NT$238.74 Million |
| 2019 | 15.98% | 15.87% | 0.60x | 1.69x | NT$254.33 Million |
| 2020 | 16.28% | 16.52% | 0.57x | 1.73x | NT$279.99 Million |
| 2021 | 16.44% | 16.89% | 0.55x | 1.78x | NT$304.66 Million |
| 2022 | 17.15% | 17.89% | 0.53x | 1.83x | NT$353.41 Million |
| 2023 | 17.14% | 16.99% | 0.56x | 1.79x | NT$372.85 Million |
| 2024 | 17.92% | 18.02% | 0.53x | 1.87x | NT$436.84 Million |
Industry Comparison
This section compares Golden Friends's net assets metrics with peer companies in the Specialty Industrial Machinery industry.
Industry Context
- Industry: Specialty Industrial Machinery
- Average net assets among peers: $8,475,870,800
- Average return on equity (ROE) among peers: 8.42%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Golden Friends (4506) | NT$5.27 Billion | 3.40% | 1.06x | $658.07 Million |
| TECO Electric & Machinery Co Ltd (1504) | $38.74 Billion | 7.18% | 0.82x | $5.07 Billion |
| Chung-Hsin Electric & Machinery Mfg Corp (1513) | $13.37 Billion | 18.21% | 2.12x | $2.68 Billion |
| Anderson Industrial Corp (1528) | $1.60 Billion | 1.06% | 1.03x | $152.81 Million |
| Awea Mechantronic Co Ltd (1530) | $3.13 Billion | 10.64% | 1.48x | $91.05 Million |
| Kaulin Mfg (1531) | $3.64 Billion | 0.82% | 0.20x | $74.30 Million |
| Chiu Ting Machinery Co Ltd (1539) | $793.16 Million | 0.00% | 1.10x | $32.44 Million |
| Roundtop Machinery Industries Co Ltd (1540) | $1.29 Billion | -0.28% | 0.18x | $59.38 Million |
| Sinmag Equipment (1580) | $3.37 Billion | 18.47% | 0.35x | $192.75 Million |
| Goodway Machine Corp (1583) | $8.41 Billion | 14.92% | 0.77x | $174.40 Million |
| Airtac International Group (1590) | $10.41 Billion | 13.14% | 1.06x | $8.32 Billion |
About Golden Friends
GFC. LTD., together with its subsidiaries, manufactures and sells elevators, escalators, and generators in Taiwan. It offers passenger, high speed, and condo/home elevators, as well as escalators/moving walks and pneumatic vacuum elevators. The company is also involved in manufacture and sale of elevators and parts; sale of vacuum pneumatic shuttle; and trading in diesel generators. The company w… Read more