China Bills Finance (TPE:2820) Scaled Net Operating Assets: 0.11 (As of Dec. 2025)

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TPE:2820 China Bills Finance Corp TPE:2820
62 GF Score
Price NT$16.65
GF Value NT$24.44
Valuation Significantly Undervalued
! 2 Warning Signs
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What is China Bills Finance Scaled Net Operating Assets?

China Bills Finance TPE:2820 62 Scaled Net Operating Assets is 0.11 as of Dec. 2025. GuruFocus rates TPE:2820 with a GF Score™ of 62/100 and a GF Value™ of NT$24.44 (Significantly Undervalued). The stock has 2 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

China Bills Finance's operating assets for the quarter that ended in Dec. 2025 was NT$264,753 Mil. China Bills Finance's operating liabilities for the quarter that ended in Dec. 2025 was NT$237,260 Mil. China Bills Finance's Total Assets for the quarter that ended in Sep. 2025 was NT$256,988 Mil. Therefore, China Bills Finance's scaled net operating assets (SNOA) for the quarter that ended in Dec. 2025 was 0.11.

TPE:2820
62GF Score
China Bills Finance Corp TPE:2820
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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China Bills Finance Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

China Bills Finance's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(264753.217-237260.176)/252726.909
=0.11

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=265121.855 - 368.638
=264753.217

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=237291.407 - 31.231 - 0
=237260.176

China Bills Finance's Scaled Net Operating Assets (SNOA) for the quarter that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Dec. 2025 )
=(Operating Assets (Q: Dec. 2025 )-Operating Liabilities (Q: Dec. 2025 ))/Total Assets (Q: Sep. 2025 )
=(264753.217-237260.176)/256988.267
=0.11

where

Operating Assets(Q: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=265121.855 - 368.638
=264753.217

Operating Liabilities(Q: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=237291.407 - 31.231 - 0
=237260.176

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.11 mean?
China Bills Finance (TPE:2820) has a Scaled Net Operating Assets of 0.11 as of Dec. 2025. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on China Bills Finance and its competitors.
Is China Bills Finance's Scaled Net Operating Assets too high?
China Bills Finance's current Scaled Net Operating Assets is 0.11. Overall, China Bills Finance has a GF Score™ of 62/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does China Bills Finance's Scaled Net Operating Assets compare to MS and GS?
China Bills Finance's Scaled Net Operating Assets of 0.11 can be compared against companies in the Capital Markets industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Capital Markets company?
A good Scaled Net Operating Assets depends on the Capital Markets industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on China Bills Finance and its competitors. China Bills Finance's current Scaled Net Operating Assets is 0.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Bills Finance stock overvalued right now?
Based on GuruFocus' analysis, China Bills Finance (TPE:2820) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$24.44, compared to a current price of NT$16.65 — trading 31.9% below its estimated fair value. The current Scaled Net Operating Assets is 0.11. China Bills Finance's overall GF Score™ is 62/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For China Bills Finance (TPE:2820), the current Scaled Net Operating Assets is 0.11 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is China Bills Finance (TPE:2820) Overvalued in 2026?

Based on GuruFocus' analysis, China Bills Finance stock appears to be undervalued. The current stock price of NT$16.65 is trading 31.9% below its estimated GF Value™ of NT$24.44. GuruFocus considers China Bills Finance to be Significantly Undervalued.

Key valuation signals for TPE:2820:

  • Scaled Net Operating Assets: 0.11
  • GF Value™: NT$24.44 vs. price of NT$16.65 (31.9% below fair value)
  • GF Score™: 62/100 with 2 warning signs

No single metric tells the full story. See the TPE:2820 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

China Bills Finance Business Description

Address Tiding Boulevard, 4th Floor, No. 99, Sec. 2, Neihu District, Taipei, TWN, 11493
China Bills Finance Corp focuses on corporate financing and fixed-income commodities. The company's business activities consist of certifying and underwriting of short-term bills and bank debentures; brokering or undertaking proprietary trading of short-term bills, bank debentures, government and corporate bonds, and foreign bonds; guaranteeing short-term bills; providing financial consulting services to enterprises; processing interbank call loans; equity investments; fixed-income security trading; (h) foreign-currency bills investment; and doing other businesses as authorized by relevant authorities. Its business is concentrated in Taiwan.
62GF Score

Get the complete analysis for TPE:2820

Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

NT$16.65
Price
NT$24.44
GF Value