Mustang Industrial
Mustang Industrial Corp. engages in the manufacture and sale of progressive die molds and stamping products in Taiwan. The company offers shielding frame and cover assemblies for tuners; metal stamped frames and covers for signal shielding; and large-sized metal stamping products, which include cover and chassis of set-top boxes and satellite receivers. It also provides middle size stamping parts… Read more
Mustang Industrial (5460) - Net Assets
Latest net assets as of September 2025: NT$710.62 Million TWD
Based on the latest financial reports, Mustang Industrial (5460) has net assets worth NT$710.62 Million 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$789.14 Million) and total liabilities (NT$78.52 Million). 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$710.62 Million |
| % of Total Assets | 90.05% |
| Annual Growth Rate | -3.24% |
| 5-Year Change | -5.42% |
| 10-Year Change | N/A |
| Growth Volatility | 3.9 |
Mustang Industrial - Net Assets Trend (2017–2024)
This chart illustrates how Mustang Industrial's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Mustang Industrial (2017–2024)
The table below shows the annual net assets of Mustang Industrial from 2017 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$735.08 Million | +3.43% |
| 2023-12-31 | NT$710.67 Million | -2.59% |
| 2022-12-31 | NT$729.53 Million | -1.93% |
| 2021-12-31 | NT$743.86 Million | -4.29% |
| 2020-12-31 | NT$777.18 Million | -4.26% |
| 2019-12-31 | NT$811.79 Million | -10.71% |
| 2018-12-31 | NT$909.16 Million | -1.82% |
| 2017-12-31 | NT$926.02 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Mustang Industrial'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 102.5% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | NT$740.36 Million | 100.72% |
| Total Equity | NT$735.08 Million | 100.00% |
Mustang Industrial Competitors by Market Cap
The table below lists competitors of Mustang Industrial ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Chang Ho Fibre Corp
TW:1468
|
$17.05 Million |
|
Zhong An Group Limited
F:35Z
|
$17.05 Million |
|
NTF Intergroup (Thailand) Public Company Limited
BK:NTF
|
$17.05 Million |
|
Sangsin Brake
KO:041650
|
$17.06 Million |
|
KMH Hitech Co. Ltd
KQ:052900
|
$17.04 Million |
|
Aadi Bioscience Inc
NASDAQ:AADI
|
$17.03 Million |
|
Duro Felguera
MC:MDF
|
$17.03 Million |
|
ODTech Co. Ltd
KQ:080520
|
$17.03 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Mustang Industrial's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 710,673,000 to 735,075,000, a change of 24,402,000 (3.4%).
- Net income of 13,201,000 contributed positively to equity growth.
- Other factors increased equity by 11,201,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$13.20 Million | +1.8% |
| Other Changes | NT$11.20 Million | +1.52% |
| Total Change | NT$- | 3.43% |
Book Value vs Market Value Analysis
This analysis compares Mustang Industrial'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: 1.16x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has increased from 0.96x to 1.16x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-12-31 | NT$15.12 | NT$14.55 | x |
| 2018-12-31 | NT$14.85 | NT$14.55 | x |
| 2019-12-31 | NT$13.26 | NT$14.55 | x |
| 2020-12-31 | NT$12.66 | NT$14.55 | x |
| 2021-12-31 | NT$12.31 | NT$14.55 | x |
| 2022-12-31 | NT$12.41 | NT$14.55 | x |
| 2023-12-31 | NT$12.09 | NT$14.55 | x |
| 2024-12-31 | NT$12.51 | NT$14.55 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Mustang Industrial utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 1.80%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 4.77%
- • Asset Turnover: 0.33x
- • Equity Multiplier: 1.13x
- Recent ROE (1.80%) is above the historical average (1.20%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2017 | 3.57% | 3.93% | 0.70x | 1.29x | NT$-59.53 Million |
| 2018 | 2.37% | 2.49% | 0.71x | 1.33x | NT$-69.38 Million |
| 2019 | 6.05% | 5.95% | 0.79x | 1.29x | NT$-32.09 Million |
| 2020 | 0.14% | 0.17% | 0.65x | 1.22x | NT$-76.65 Million |
| 2021 | 0.06% | 0.09% | 0.56x | 1.19x | NT$-73.94 Million |
| 2022 | -2.73% | -5.16% | 0.46x | 1.16x | NT$-92.89 Million |
| 2023 | -1.69% | -3.35% | 0.44x | 1.14x | NT$-83.06 Million |
| 2024 | 1.80% | 4.77% | 0.33x | 1.13x | NT$-60.31 Million |
Industry Comparison
This section compares Mustang Industrial's net assets metrics with peer companies in the Metal Fabrication industry.
Industry Context
- Industry: Metal Fabrication
- Average net assets among peers: $3,188,127,500
- Average return on equity (ROE) among peers: 3.24%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Mustang Industrial (5460) | NT$710.62 Million | 3.57% | 0.11x | $17.04 Million |
| Sun Rise E&T Corporation (1343) | $412.47 Million | 0.73% | 0.69x | $22.15 Million |
| Lee Chi Enterprises Co Ltd (1517) | $2.41 Billion | 6.15% | 0.28x | $48.28 Million |
| China Metal Products Co Ltd (1532) | $3.84 Billion | 19.44% | 3.50x | $161.98 Million |
| Bin Chuan Enterprise Co Ltd (1569) | $3.24 Billion | 12.17% | 1.18x | $144.71 Million |
| China Fineblanking Technology Co Ltd (1586) | $1.54 Billion | 2.80% | 1.77x | $49.06 Million |
| Yeong Guan Energy Technology Group Co Ltd (1589) | $2.60 Billion | 3.01% | 1.48x | $15.38 Million |
| Solar Applied Materials Technology (1785) | $12.99 Billion | 8.35% | 1.04x | $1.07 Billion |
| Chia Yi Steel Co Ltd (2067) | $296.62 Million | -41.63% | 5.31x | $4.93 Million |
| CX Technology Corp (2415) | $1.78 Billion | 10.39% | 1.04x | $47.22 Million |
| Catcher Technology Co Ltd (2474) | $2.77 Billion | 10.99% | 0.15x | $2.91 Billion |