ArrowArtboardCreated with Sketch.Title ChevronCrossEye IconFacebook IconIcon FacebookGoogle Plus IconLayer 1InstagramCreated with Sketch.Linkedin IconIcon LinkedinShapeCreated with Sketch.Icon Mail ContactPath LayerIcon MailMenu BurgerIcon Opinion QuotePositive ArrowIcon PrintRSS IconIcon SearchSite TitleTitle ChevronTwitter IconIcon TwitterYoutube Icon
Consumer Durables

Giant Manufacturing Co., Ltd.

  • 131.50 TWD
  • +0.50
  • +0.38%
  • Taiwan
    Aug 15, 2018
  • Ticker
  • Prev. close
  • Market cap (TWD)
  • Market cap (USD)
  • Shares

Company Background

Taiwan's Giant Manufacturing is the world's largest bicycle manufacturer. Under the Giant brand, it offers a variety of models to customers worldwide, from high-end racing bikes to inexpensive models for everyday use.

Chairman Liu King, who was previously in the eel-breeding business, founded the company in 1972. Giant expanded early on by making bikes for Schwinn of the U.S. To survive the fierce competition among domestic rivals, the company launched its own brand of bikes in 1981.

Being a latecomer to the industry, the company had to work hard to break into Europe, a major bicycle market. Giant established a subsidiary in the Netherlands in 1986 and hired renowned local industry experts to help with research and development.

The company demonstrated its technological savvy by helping pioneer the use of carbon fiber in mass-produced bicycles.

Its main production sites are at its headquarters in Taichung, Taiwan, and in Kunshan, in the Chinese province of Jiangsu. The brand is now globally recognized for its high-end bikes.

Giant pours much of its resources into marketing. It typically spends the equivalent of about 8% of its annual group sales on sponsoring major international bike races, including the Tour de France.

Business Summary

Giant Manufacturing Co., Ltd. engages in the manufacture and sale of bicycles and related spare parts. Its products include mountain, children, folding, electric, off-road riding, and racing bicycles. The company was founded by Chin Piao Liu on October 27, 1972 and is headquartered in Taichung, Taiwan.

Financial Highlights

Dec 2017 TWDUSD
Gross Profit10,547.05M346.68M
Operating income2,949.92M96.96M
Income before tax2,902.44M95.40M
Net income2,054.26M67.52M
Diluted EPS5.450.17
Dividends Per Share3.500.11
Total Assets47,787.93M1,605.85M
Total liabilities26,780.34M899.92M
Total equity19,619.51M659.29M
Operating cash flow3,029.33M99.57M
Currency in TWDCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 54,391.85M 60,045.29M 60,417.62M 57,220.91M 55,211.77M
Gross Profit 11,253.65M 13,018.12M 12,912.99M 11,385.29M 10,547.05M
Operating income 4,149.31M 4,923.21M 4,855.95M 3,802.06M 2,949.92M
Income before tax 4,505.21M 5,576.70M 5,083.23M 4,337.02M 2,902.44M
Net income 3,504.72M 4,112.12M 3,843.47M 3,065.36M 2,054.26M
EBITDA 5,133.36M 5,976.94M 5,895.77M 4,954.80M 4,181.73M
Diluted EPS 9.34 10.96 10.20 8.13 5.45
Dividends Per Share 6 6.60 6.20 5 3.50
Total Assets 40,500.74M 45,174.40M 45,953.46M 46,373.61M 47,787.93M
Total liabilities 22,931.13M 25,632.67M 24,789.25M 25,878.16M 26,780.34M
Total equity 17,387.21M 19,377.77M 20,356.75M 20,443.63M 19,619.51M
Operating cash flow 5,465.74M 3,655.31M 3,221.06M 1,636.28M 3,029.33M
 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 1,832.53M 1,981.48M 1,902.67M 1,774.24M 1,814.82M
Gross Profit 379.15M 429.59M 406.65M 353.02M 346.68M
Operating income 139.79M 162.46M 152.92M 117.89M 96.96M
Income before tax 151.78M 184.03M 160.08M 134.47M 95.40M
Net income 118.07M 135.69M 121.03M 95.04M 67.52M
EBITDA 172.94M 197.23M 185.67M 153.63M 137.45M
Diluted EPS 0.31 0.36 0.32 0.25 0.17
Dividends Per Share 0.20 0.21 0.19 0.15 0.11
Total Assets 1,358.92M 1,429.47M 1,399.01M 1,438.87M 1,605.85M
Total liabilities 769.41M 811.10M 754.68M 802.94M 899.92M
Total equity 583.39M 613.18M 619.74M 634.32M 659.29M
Operating cash flow 184.14M 120.62M 101.43M 50.73M 99.57M

Valuation Measures

Dec 2017
Operating margin5.34%
Profit margin3.72%

Key executives

  • Chief Executive Officer, Director & GM: Yung Chang Liu
  • Chief Financial Officer: Pi Yu Wang
  • Vice President & General Manager-Taiwan Factory: Ching Hsin Yan
  • Head-Accounting Department: Chia Chieh Liu


  • Schroder Investment Management (Hong Kong) Ltd. (8.4%)
  • First State Investment Management (UK) Ltd. (6.7%)
  • TU HSIU CHEN (4.4%)
  • LIU CHIN PIAO (3.6%)
  • LIU YUNG CHANG (3.5%)
  • The Vanguard Group, Inc. (2.6%)
  • Hui Te Industry Co. Ltd. (2.4%)
  • Saudi Arabian Monetary Agency (Investment Management) (1.8%)
  • BlackRock Fund Advisors (1.8%)
  • TU LIU YUEH CHIAO (1.5%)

Contact Details

Related Companies

  • Chieh An Te Investment Co., Ltd.
  • Giant Polska SP zoo
  • Giant France
  • Hodaka Corp.
  • Yarborough International Ltd.
  • Gaiwin BV
  • Giant Taiwan Co. Ltd.
  • Chu Han Technology Co. Ltd.
  • Merdeka International Ltd.
  • Darzins Holdings Ltd.
  • Growood Investment Ltd.


  • Dorel Industries Inc. Class B
Last Updated on 15 Aug, 2018

You have {{numberReadArticles}} FREE ARTICLE{{numberReadArticles-plural}} left this month

Subscribe to get unlimited access to all articles.

Get unlimited access
NAR site on phone, device, tablet

You have {{numberReadArticles}} FREE ARTICLE{{numberReadArticles-plural}} left this month

Subscribe to get unlimited access to all articles.

3 months for $9

Get unlimited access
NAR site on phone, device, tablet

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media