GCS Holdings (4991) - Net Assets
Based on the latest financial reports, GCS Holdings (4991) has net assets worth NT$2.98 Billion TWD (≈ $93.93 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$3.50 Billion ≈ $110.35 Million USD) and total liabilities (NT$521.28 Million ≈ $16.42 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 how strategically is GCS Holdings's equity deployed to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$2.98 Billion |
| % of Total Assets | 85.12% |
| Annual Growth Rate | 16.82% |
| 5-Year Change | -14.34% |
| 10-Year Change | 83.83% |
| Growth Volatility | 27.98 |
GCS Holdings - Net Assets Trend (2010–2024)
This chart illustrates how GCS Holdings's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see GCS Holdings market capitalisation.
Annual Net Assets for GCS Holdings (2010–2024)
The table below shows the annual net assets of GCS Holdings from 2010 to 2024. Also explore 4991 net asset momentum to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$3.02 Billion ≈ $95.19 Million |
+1.23% |
| 2023-12-31 | NT$2.98 Billion ≈ $94.03 Million |
-19.35% |
| 2022-12-31 | NT$3.70 Billion ≈ $116.59 Million |
-17.75% |
| 2021-12-31 | NT$4.50 Billion ≈ $141.75 Million |
+27.56% |
| 2020-12-31 | NT$3.53 Billion ≈ $111.12 Million |
0.00% |
| 2019-12-31 | NT$3.53 Billion ≈ $111.12 Million |
+17.07% |
| 2018-12-31 | NT$3.01 Billion ≈ $94.92 Million |
+18.73% |
| 2017-12-31 | NT$2.54 Billion ≈ $79.95 Million |
+22.64% |
| 2016-12-31 | NT$2.07 Billion ≈ $65.19 Million |
+25.89% |
| 2015-12-31 | NT$1.64 Billion ≈ $51.78 Million |
+35.40% |
| 2014-12-31 | NT$1.21 Billion ≈ $38.24 Million |
+58.23% |
| 2013-12-31 | NT$767.15 Million ≈ $24.17 Million |
+21.21% |
| 2012-12-31 | NT$632.89 Million ≈ $19.94 Million |
-2.79% |
| 2011-12-31 | NT$651.08 Million ≈ $20.51 Million |
+90.06% |
| 2010-12-31 | NT$342.57 Million ≈ $10.79 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to GCS Holdings'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 2156.8% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | NT$3.26 Billion | 107.84% |
| Total Equity | NT$3.02 Billion | 100.00% |
GCS Holdings Competitors by Market Cap
The table below lists competitors of GCS Holdings ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Kfin Technologies Limited
NSE:KFINTECH
|
$1.66 Billion |
|
Rigol Technologies Co. Ltd. A
SHG:688337
|
$1.66 Billion |
|
Yusys Technologies Co Ltd Class A
SHE:300674
|
$1.66 Billion |
|
ASBISc Enterprises PLC
WAR:ASB
|
$1.66 Billion |
|
Charter Hall Long Wale REIT
AU:CLW
|
$1.66 Billion |
|
Guangdong Rongtai Industry Co Ltd
SHG:600589
|
$1.66 Billion |
|
SJM HOLDINGS UNSP.ADR/4
F:3MG1
|
$1.66 Billion |
|
NCAB Group
ST:NCAB
|
$1.66 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in GCS Holdings's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 2,984,610,000 to 3,021,396,000, a change of 36,786,000 (1.2%).
- Net loss of 236,986,000 reduced equity.
- New share issuances of 29,229,000 increased equity.
- Other comprehensive income decreased equity by 136,498,000.
- Other factors increased equity by 381,041,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$-236.99 Million | -7.84% |
| Share Issuances | NT$29.23 Million | +0.97% |
| Other Comprehensive Income | NT$-136.50 Million | -4.52% |
| Other Changes | NT$381.04 Million | +12.61% |
| Total Change | NT$- | 1.23% |
Book Value vs Market Value Analysis
This analysis compares GCS Holdings'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: 17.23x
- 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 66.24x to 17.23x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2010-12-31 | NT$7.00 | NT$463.50 | x |
| 2011-12-31 | NT$11.87 | NT$463.50 | x |
| 2012-12-31 | NT$10.87 | NT$463.50 | x |
| 2013-12-31 | NT$14.15 | NT$463.50 | x |
| 2014-12-31 | NT$19.16 | NT$463.50 | x |
| 2015-12-31 | NT$21.78 | NT$463.50 | x |
| 2016-12-31 | NT$25.86 | NT$463.50 | x |
| 2017-12-31 | NT$33.65 | NT$463.50 | x |
| 2018-12-31 | NT$37.09 | NT$463.50 | x |
| 2019-12-31 | NT$39.42 | NT$463.50 | x |
| 2020-12-31 | NT$39.59 | NT$463.50 | x |
| 2021-12-31 | NT$49.98 | NT$463.50 | x |
| 2022-12-31 | NT$33.60 | NT$463.50 | x |
| 2023-12-31 | NT$27.04 | NT$463.50 | x |
| 2024-12-31 | NT$26.90 | NT$463.50 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently GCS Holdings utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -7.84%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -13.54%
- • Asset Turnover: 0.50x
- • Equity Multiplier: 1.16x
- Recent ROE (-7.84%) is below the historical average (2.35%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2010 | 3.36% | 49.25% | 0.06x | 1.19x | NT$-22.74 Million |
| 2011 | 10.41% | 7.38% | 1.22x | 1.15x | NT$2.64 Million |
| 2012 | 1.39% | 1.08% | 1.16x | 1.11x | NT$-54.49 Million |
| 2013 | 14.54% | 10.64% | 1.09x | 1.26x | NT$34.80 Million |
| 2014 | 13.75% | 12.33% | 0.94x | 1.19x | NT$45.47 Million |
| 2015 | 16.81% | 16.64% | 0.63x | 1.61x | NT$111.90 Million |
| 2016 | 14.01% | 15.93% | 0.63x | 1.40x | NT$82.96 Million |
| 2017 | 14.07% | 18.54% | 0.65x | 1.17x | NT$103.29 Million |
| 2018 | 10.67% | 16.41% | 0.57x | 1.13x | NT$20.10 Million |
| 2019 | 7.60% | 14.98% | 0.46x | 1.11x | NT$-84.55 Million |
| 2020 | -3.23% | -7.69% | 0.38x | 1.11x | NT$-466.63 Million |
| 2021 | -8.41% | -30.63% | 0.25x | 1.09x | NT$-828.42 Million |
| 2022 | -25.39% | -70.45% | 0.30x | 1.22x | NT$-1.31 Billion |
| 2023 | -26.54% | -58.66% | 0.38x | 1.20x | NT$-1.09 Billion |
| 2024 | -7.84% | -13.54% | 0.50x | 1.16x | NT$-539.13 Million |
Industry Comparison
This section compares GCS Holdings's net assets metrics with peer companies in the Semiconductor Equipment & Materials industry.
Industry Context
- Industry: Semiconductor Equipment & Materials
- Average net assets among peers: $5,611,868,900
- Average return on equity (ROE) among peers: 8.02%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| GCS Holdings (4991) | NT$2.98 Billion | 3.36% | 0.17x | $1.66 Billion |
| Rectron Ltd (2302) | $1.62 Billion | 1.59% | 0.32x | $241.28 Million |
| Taiwan Mask Corp (2338) | $4.07 Billion | -11.60% | 4.11x | $411.09 Million |
| SDI Corp (2351) | $5.40 Billion | 13.48% | 0.87x | $1.26 Billion |
| Lingsen Precision Industries Ltd (2369) | $4.59 Billion | 3.80% | 0.55x | $368.66 Million |
| Greatek Electronics Inc (2441) | $20.83 Billion | 22.10% | 0.27x | $2.22 Billion |
| Visual Photonics Epitaxy Co Ltd (2455) | $2.90 Billion | 18.35% | 0.49x | $3.23 Billion |
| Pan Jit International Inc (2481) | $7.23 Billion | -4.69% | 1.73x | $2.10 Billion |
| Ampoc Far-East Co Ltd (2493) | $3.15 Billion | 21.99% | 0.40x | $1.08 Billion |
| Episil-Precision Inc (3016) | $1.03 Billion | -1.42% | 0.12x | $1.45 Billion |
| Zenitron Corp (3028) | $5.29 Billion | 16.58% | 3.12x | $513.86 Million |
About GCS Holdings
GCS Holdings, Inc., together with its subsidiaries, manufactures and sells compound semiconductor wafer and foundry related services in China, the United States, Taiwan, and internationally. It also researches, develops, manufactures, and sells optoelectronics technology products and optical chips, as well as grants royalty rights for intellectual property. The company engages in the wholesaling … Read more