Hoasen Group (HSG) - Net Assets
Based on the latest financial reports, Hoasen Group (HSG) has net assets worth ₫11.38 Trillion VND (≈ $432.23 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (₫21.06 Trillion ≈ $800.09 Million USD) and total liabilities (₫9.68 Trillion ≈ $367.86 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 Hoasen Group (HSG) liquid assets ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ₫11.38 Trillion |
| % of Total Assets | 54.02% |
| Annual Growth Rate | 12.92% |
| 5-Year Change | 4.68% |
| 10-Year Change | N/A |
| Growth Volatility | 23.25 |
Hoasen Group - Net Assets Trend (2019–2025)
This chart illustrates how Hoasen Group's net assets have evolved over time, based on quarterly financial data. Also explore balance sheet size of Hoasen Group for the complete picture of this company's asset base.
Annual Net Assets for Hoasen Group (2019–2025)
The table below shows the annual net assets of Hoasen Group from 2019 to 2025. For live valuation and market cap data, see Hoasen Group (HSG) total market value.
| Year | Net Assets | Change |
|---|---|---|
| 2025-09-30 | ₫11.34 Trillion ≈ $430.80 Million |
+3.91% |
| 2024-09-30 | ₫10.91 Trillion ≈ $414.60 Million |
+1.23% |
| 2023-09-30 | ₫10.78 Trillion ≈ $409.58 Million |
-0.95% |
| 2022-09-30 | ₫10.88 Trillion ≈ $413.51 Million |
+0.48% |
| 2021-09-30 | ₫10.83 Trillion ≈ $411.54 Million |
+64.35% |
| 2020-09-30 | ₫6.59 Trillion ≈ $250.41 Million |
+20.53% |
| 2019-09-30 | ₫5.47 Trillion ≈ $207.76 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Hoasen Group'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 381.1% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (September 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ₫4.91 Trillion | 43.39% |
| Other Components | ₫6.41 Trillion | 56.61% |
| Total Equity | ₫11.32 Trillion | 100.00% |
Hoasen Group Competitors by Market Cap
The table below lists competitors of Hoasen Group ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Wanxiang Doneed Co Ltd
SHG:600371
|
$376.33 Million |
|
Guangzhou Improve Med Instrument
SHE:300030
|
$376.43 Million |
|
Huida Sanitary Ware Co Ltd
SHG:603385
|
$376.55 Million |
|
Transcom Inc
TW:5222
|
$376.79 Million |
|
Hes Technology Group
SHE:002963
|
$376.24 Million |
|
Fanli Digital Technology Co Ltd
SHG:600228
|
$376.20 Million |
|
Zhejiang East Crystal Electronic Co Ltd
SHE:002199
|
$376.18 Million |
|
Fujian Jinsen Forestry Co Ltd
SHE:002679
|
$376.03 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Hoasen Group's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 10,896,245,708,937 to 11,322,622,586,977, a change of 426,376,878,040 (3.9%).
- Net income of 735,018,776,205 contributed positively to equity growth.
- Dividend payments of 310,104,306,500 reduced retained earnings.
- New share issuances of 27,890,000,000 increased equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ₫735.02 Billion | +6.49% |
| Dividends Paid | ₫310.10 Billion | -2.74% |
| Share Issuances | ₫27.89 Billion | +0.25% |
| Other Changes | ₫-26.43 Billion | -0.23% |
| Total Change | ₫- | 3.91% |
Book Value vs Market Value Analysis
This analysis compares Hoasen Group'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: 0.87x
- 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 1.76x to 0.87x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2019-09-30 | ₫9038.16 | ₫15950.00 | x |
| 2020-09-30 | ₫10899.64 | ₫15950.00 | x |
| 2021-09-30 | ₫17732.59 | ₫15950.00 | x |
| 2022-09-30 | ₫17642.18 | ₫15950.00 | x |
| 2023-09-30 | ₫17474.64 | ₫15950.00 | x |
| 2024-09-30 | ₫17689.22 | ₫15950.00 | x |
| 2025-09-30 | ₫18233.41 | ₫15950.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Hoasen Group 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): 6.49%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 2.01%
- • Asset Turnover: 1.93x
- • Equity Multiplier: 1.67x
- Recent ROE (6.49%) is below the historical average (11.12%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2019 | 6.62% | 1.29% | 1.63x | 3.15x | ₫-184.72 Billion |
| 2020 | 17.52% | 4.19% | 1.55x | 2.70x | ₫494.92 Billion |
| 2021 | 39.88% | 8.85% | 1.83x | 2.46x | ₫3.23 Trillion |
| 2022 | 2.31% | 0.51% | 2.92x | 1.57x | ₫-835.41 Billion |
| 2023 | 0.28% | 0.09% | 1.82x | 1.61x | ₫-1.05 Trillion |
| 2024 | 4.72% | 1.31% | 2.01x | 1.80x | ₫-574.99 Billion |
| 2025 | 6.49% | 2.01% | 1.93x | 1.67x | ₫-397.24 Billion |
Industry Comparison
This section compares Hoasen Group's net assets metrics with peer companies in the Steel industry.
Industry Context
- Industry: Steel
- Average net assets among peers: $32,545,596,440,294
- Average return on equity (ROE) among peers: 15.21%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Hoasen Group (HSG) | ₫11.38 Trillion | 6.62% | 0.85x | $376.32 Million |
| Hoa Phat Group JSC (HPG) | $59.22 Trillion | 22.71% | 1.22x | $8.09 Billion |
| Nam Kim Steel JSC (NKG) | $5.87 Trillion | 7.72% | 1.30x | $244.02 Million |
About Hoasen Group
Hoa Sen Group, together with its subsidiaries, engages in the manufacturing and trading steel sheet in Vietnam and internationally. The company is involved in the production of galvanized, pre-painted galvanized, aluminum-zinc alloy coated, and other alloy coated steel sheets, as well as steel and galvanized purlins; black, galvanized, and other alloy coated steel pipes; and galvanized meshes, wi… Read more