Thac Ba Hydropower JSC (TBC) - Net Assets
Based on the latest financial reports, Thac Ba Hydropower JSC (TBC) has net assets worth ₫1.48 Trillion VND (≈ $56.05 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 (₫1.65 Trillion ≈ $62.81 Million USD) and total liabilities (₫178.14 Billion ≈ $6.77 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 TBC asset resilience ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ₫1.48 Trillion |
| % of Total Assets | 89.23% |
| Annual Growth Rate | 4.3% |
| 5-Year Change | 21.36% |
| 10-Year Change | N/A |
| Growth Volatility | 5.59 |
Thac Ba Hydropower JSC - Net Assets Trend (2019–2025)
This chart illustrates how Thac Ba Hydropower JSC's net assets have evolved over time, based on quarterly financial data. Also explore TBC total assets for the complete picture of this company's asset base.
Annual Net Assets for Thac Ba Hydropower JSC (2019–2025)
The table below shows the annual net assets of Thac Ba Hydropower JSC from 2019 to 2025. For live valuation and market cap data, see TBC market cap.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | ₫1.48 Trillion ≈ $56.05 Million |
+8.08% |
| 2024-12-31 | ₫1.36 Trillion ≈ $51.86 Million |
+1.92% |
| 2023-12-31 | ₫1.34 Trillion ≈ $50.88 Million |
-2.56% |
| 2022-12-31 | ₫1.37 Trillion ≈ $52.22 Million |
+13.07% |
| 2021-12-31 | ₫1.22 Trillion ≈ $46.18 Million |
-1.40% |
| 2020-12-31 | ₫1.23 Trillion ≈ $46.84 Million |
+7.61% |
| 2019-12-31 | ₫1.15 Trillion ≈ $43.52 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Thac Ba Hydropower JSC'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 32.4% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ₫231.12 Billion | 19.78% |
| Other Components | ₫937.06 Billion | 80.22% |
| Total Equity | ₫1.17 Trillion | 100.00% |
Thac Ba Hydropower JSC Competitors by Market Cap
The table below lists competitors of Thac Ba Hydropower JSC ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
CHANJET INFO.TECHN.-H-YC1
F:C7D
|
$80.70 Million |
|
Bilici Yatirim Sanayi ve Ticaret AS
IS:BLCYT
|
$80.72 Million |
|
BQE Water Inc
V:BQE
|
$80.76 Million |
|
Asiana IDT Inc
KO:267850
|
$80.79 Million |
|
Canterbury Park Holding Corporation
NASDAQ:CPHC
|
$80.67 Million |
|
Future Vision II Acquisition Corporation Ordinary shares
NASDAQ:FVN
|
$80.57 Million |
|
Columbus Acquisition Corp Ordinary Shares
NASDAQ:COLA
|
$80.56 Million |
|
Gascogne SA
PA:ALBI
|
$80.55 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Thac Ba Hydropower JSC's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,076,065,537,460 to 1,168,177,388,185, a change of 92,111,850,725 (8.6%).
- Net income of 192,191,085,535 contributed positively to equity growth.
- Dividend payments of 180,123,772,927 reduced retained earnings.
- Other factors increased equity by 80,044,538,117.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ₫192.19 Billion | +16.45% |
| Dividends Paid | ₫180.12 Billion | -15.42% |
| Other Changes | ₫80.04 Billion | +6.85% |
| Total Change | ₫- | 8.56% |
Book Value vs Market Value Analysis
This analysis compares Thac Ba Hydropower JSC'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: 1.82x
- 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 2.17x to 1.82x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2019-12-31 | ₫15382.76 | ₫33450.00 | x |
| 2020-12-31 | ₫16170.50 | ₫33450.00 | x |
| 2021-12-31 | ₫15254.80 | ₫33450.00 | x |
| 2022-12-31 | ₫17284.83 | ₫33450.00 | x |
| 2023-12-31 | ₫16701.46 | ₫33450.00 | x |
| 2024-12-31 | ₫16945.91 | ₫33450.00 | x |
| 2025-12-31 | ₫18396.49 | ₫33450.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Thac Ba Hydropower JSC 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): 16.45%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 34.15%
- • Asset Turnover: 0.34x
- • Equity Multiplier: 1.42x
- Recent ROE (16.45%) is below the historical average (17.48%), 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 | 12.97% | 42.68% | 0.18x | 1.68x | ₫29.06 Billion |
| 2020 | 17.62% | 33.95% | 0.33x | 1.56x | ₫78.27 Billion |
| 2021 | 17.41% | 34.04% | 0.31x | 1.62x | ₫71.74 Billion |
| 2022 | 29.51% | 44.61% | 0.46x | 1.45x | ₫214.15 Billion |
| 2023 | 11.85% | 29.17% | 0.28x | 1.45x | ₫19.65 Billion |
| 2024 | 16.54% | 33.05% | 0.35x | 1.41x | ₫70.42 Billion |
| 2025 | 16.45% | 34.15% | 0.34x | 1.42x | ₫75.37 Billion |
Industry Comparison
This section compares Thac Ba Hydropower JSC's net assets metrics with peer companies in the Utilities - Independent Power Producers industry.
Industry Context
- Industry: Utilities - Independent Power Producers
- Average net assets among peers: $14,351,872,061,802
- Average return on equity (ROE) among peers: 11.70%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Thac Ba Hydropower JSC (TBC) | ₫1.48 Trillion | 12.97% | 0.12x | $80.70 Million |
| Petrovietnam Power Corp (POW) | $37.08 Trillion | 6.31% | 1.39x | $1.63 Billion |
| Pha Lai Thermal Power JSC (PPC) | $4.47 Trillion | 3.80% | 0.17x | $120.47 Million |
| Thac Mo Hydropower JSC (TMP) | $1.50 Trillion | 24.99% | 0.18x | $131.91 Million |
About Thac Ba Hydropower JSC
Thac Ba Hydropower Joint Stock Company, together with its subsidiaries, engages in the production and trading of electricity in Vietnam. The company operates the Thac Ba hydropower plant. It is involved in the management, operation, repair, maintenance, overhaul, and renovation of hydraulic and architectural works, and equipment of hydropower plants and transformer stations; and testing and calib… Read more