Horizon Securities Co Ltd (6015) - Net Assets
Based on the latest financial reports, Horizon Securities Co Ltd (6015) has net assets worth NT$5.34 Billion TWD (≈ $168.19 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$15.85 Billion ≈ $499.48 Million USD) and total liabilities (NT$10.52 Billion ≈ $331.29 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 Horizon Securities Co Ltd asset resilience ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$5.34 Billion |
| % of Total Assets | 33.67% |
| Annual Growth Rate | 2.08% |
| 5-Year Change | 30.78% |
| 10-Year Change | 13.55% |
| Growth Volatility | 16.35 |
Horizon Securities Co Ltd - Net Assets Trend (2009–2024)
This chart illustrates how Horizon Securities Co Ltd's net assets have evolved over time, based on quarterly financial data. Also explore 6015 total asset value for the complete picture of this company's asset base.
Annual Net Assets for Horizon Securities Co Ltd (2009–2024)
The table below shows the annual net assets of Horizon Securities Co Ltd from 2009 to 2024. For live valuation and market cap data, see Horizon Securities Co Ltd (6015) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$5.44 Billion ≈ $171.38 Million |
+14.84% |
| 2023-12-31 | NT$4.74 Billion ≈ $149.24 Million |
+4.47% |
| 2022-12-31 | NT$4.53 Billion ≈ $142.85 Million |
-14.91% |
| 2021-12-31 | NT$5.33 Billion ≈ $167.88 Million |
+28.11% |
| 2020-12-31 | NT$4.16 Billion ≈ $131.04 Million |
+6.66% |
| 2019-12-31 | NT$3.90 Billion ≈ $122.86 Million |
+1.27% |
| 2018-12-31 | NT$3.85 Billion ≈ $121.32 Million |
-12.88% |
| 2017-12-31 | NT$4.42 Billion ≈ $139.25 Million |
+0.87% |
| 2016-12-31 | NT$4.38 Billion ≈ $138.05 Million |
-8.53% |
| 2015-12-31 | NT$4.79 Billion ≈ $150.93 Million |
-4.43% |
| 2014-12-31 | NT$5.01 Billion ≈ $157.93 Million |
+1.16% |
| 2013-12-31 | NT$4.96 Billion ≈ $156.12 Million |
-12.53% |
| 2012-12-31 | NT$5.66 Billion ≈ $178.48 Million |
+48.34% |
| 2011-12-31 | NT$3.82 Billion ≈ $120.31 Million |
-9.23% |
| 2010-12-31 | NT$4.21 Billion ≈ $132.55 Million |
+5.35% |
| 2009-12-31 | NT$3.99 Billion ≈ $125.82 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Horizon Securities Co 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 74880600000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$394.19 Million | 7.25% |
| Other Components | NT$5.05 Billion | 92.75% |
| Total Equity | NT$5.44 Billion | 100.00% |
Horizon Securities Co Ltd Competitors by Market Cap
The table below lists competitors of Horizon Securities Co Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Muramoto Electron (Thailand) Public Company Limited
BK:METCO
|
$175.22 Million |
|
MPC Münchmeyer Petersen Capital AG
F:MPCK
|
$175.25 Million |
|
1911 Gold Corp
V:AUMB
|
$175.26 Million |
|
Laguna Resorts & Hotels Public Company Limited
BK:LRH
|
$175.34 Million |
|
Kolibri Global Energy Inc
TO:KEI
|
$175.08 Million |
|
Hind Rectifiers Limited
NSE:HIRECT
|
$175.00 Million |
|
Aplicaciones y Tratamiento de Sistemas S.A.
MC:ATSI
|
$175.00 Million |
|
Daehan Flour Mills Co Ltd
KO:001130
|
$174.98 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Horizon Securities Co Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 4,736,803,000 to 5,439,624,000, a change of 702,821,000 (14.8%).
- Net income of 337,458,000 contributed positively to equity growth.
- Dividend payments of 87,813,000 reduced retained earnings.
- Other comprehensive income decreased equity by 702,569,000.
- Other factors increased equity by 1,155,745,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$337.46 Million | +6.2% |
| Dividends Paid | NT$87.81 Million | -1.61% |
| Other Comprehensive Income | NT$-702.57 Million | -12.92% |
| Other Changes | NT$1.16 Billion | +21.25% |
| Total Change | NT$- | 14.84% |
Book Value vs Market Value Analysis
This analysis compares Horizon Securities Co 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: 1.02x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 1.62x to 1.02x 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$8.76 | NT$14.20 | x |
| 2010-12-31 | NT$8.73 | NT$14.20 | x |
| 2011-12-31 | NT$7.89 | NT$14.20 | x |
| 2012-12-31 | NT$11.65 | NT$14.20 | x |
| 2013-12-31 | NT$10.52 | NT$14.20 | x |
| 2014-12-31 | NT$11.07 | NT$14.20 | x |
| 2015-12-31 | NT$10.59 | NT$14.20 | x |
| 2016-12-31 | NT$10.16 | NT$14.20 | x |
| 2017-12-31 | NT$11.15 | NT$14.20 | x |
| 2018-12-31 | NT$9.89 | NT$14.20 | x |
| 2019-12-31 | NT$10.42 | NT$14.20 | x |
| 2020-12-31 | NT$11.67 | NT$14.20 | x |
| 2021-12-31 | NT$14.25 | NT$14.20 | x |
| 2022-12-31 | NT$12.91 | NT$14.20 | x |
| 2023-12-31 | NT$12.13 | NT$14.20 | x |
| 2024-12-31 | NT$13.88 | NT$14.20 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Horizon Securities Co Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 6.20%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 18.75%
- • Asset Turnover: 0.13x
- • Equity Multiplier: 2.58x
- Recent ROE (6.20%) is above the historical average (3.76%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2009 | 6.83% | 0.26% | 10.53x | 2.49x | NT$-126.57 Million |
| 2010 | 0.34% | 0.01% | 10.50x | 2.20x | NT$-406.33 Million |
| 2011 | -13.19% | -62.84% | 0.07x | 2.85x | NT$-885.49 Million |
| 2012 | 31.06% | 2.48% | 6.01x | 2.08x | NT$1.19 Billion |
| 2013 | 5.42% | 0.46% | 4.89x | 2.41x | NT$-226.88 Million |
| 2014 | 3.41% | 0.42% | 2.97x | 2.71x | NT$-330.32 Million |
| 2015 | -5.32% | -0.40% | 5.72x | 2.35x | NT$-733.89 Million |
| 2016 | -3.74% | -0.26% | 6.59x | 2.19x | NT$-601.88 Million |
| 2017 | 4.81% | 0.41% | 4.48x | 2.60x | NT$-229.59 Million |
| 2018 | -11.45% | -39.97% | 0.10x | 3.01x | NT$-826.08 Million |
| 2019 | 3.61% | 15.80% | 0.08x | 2.96x | NT$-249.13 Million |
| 2020 | 9.97% | 29.98% | 0.08x | 4.06x | NT$-1.22 Million |
| 2021 | 23.26% | 40.82% | 0.18x | 3.10x | NT$706.41 Million |
| 2022 | -4.86% | -20.22% | 0.11x | 2.23x | NT$-673.59 Million |
| 2023 | 3.80% | 14.72% | 0.08x | 3.27x | NT$-293.88 Million |
| 2024 | 6.20% | 18.75% | 0.13x | 2.58x | NT$-206.50 Million |
Industry Comparison
This section compares Horizon Securities Co Ltd's net assets metrics with peer companies in the Capital Markets industry.
Industry Context
- Industry: Capital Markets
- Average net assets among peers: $17,381,381,222
- Average return on equity (ROE) among peers: 5.36%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Horizon Securities Co Ltd (6015) | NT$5.34 Billion | 6.83% | 1.97x | $175.18 Million |
| China Bills Finance Corp (2820) | $22.39 Billion | 7.19% | 8.27x | $710.82 Million |
| President Securities Corp (2855) | $29.81 Billion | 2.45% | 2.18x | $1.80 Billion |
| IBF Financial Holdings Co Ltd (2889) | $32.30 Billion | 4.18% | 5.78x | $1.66 Billion |
| Concord International Securities Co Ltd (5864) | $3.12 Billion | 9.62% | 0.15x | $408.09 Million |
| Capital Securities Corp (6005) | $32.20 Billion | 6.29% | 1.60x | $1.92 Billion |
| Concord Securities Co Ltd (6016) | $7.76 Billion | 3.04% | 3.38x | $420.73 Million |
| Tachan Securities Co Ltd (6020) | $3.67 Billion | -0.04% | 0.23x | $153.05 Million |
| Good Finance Securities Co Ltd (6021) | $5.76 Billion | 1.84% | 1.63x | $325.28 Million |
| Yuanta Futures Co Ltd (6023) | $19.44 Billion | 13.66% | 8.50x | $1.00 Billion |
About Horizon Securities Co Ltd
Horizon Securities Co., Ltd., an integrated securities firm, provides financial services in Taiwan. It is involved in stock brokerage, proprietary trading, underwriting, future trading, and securities lending transactions. The company was incorporated in 1961 and is based in Taipei, Taiwan.