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Consumer Durables

Giant Manufacturing Co., Ltd.

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 2019 TWDUSD
Revenue63,449.53M2,052.53M
Gross Profit12,793.81M413.86M
Operating income4,732.28M153.08M
Income before tax4,815.44M155.77M
Net income3,374.63M109.16M
EBITDA6,384.04M206.51M
Diluted EPS8.950.28
Dividends Per Share4.600.14
Total Assets59,030.15M1,969.18M
Total liabilities34,899.17M1,164.19M
Total equity21,843.08M728.66M
Operating cash flow2,055.53M66.49M
Currency in TWDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 60,417.62M 57,220.91M 55,211.77M 60,239.41M 63,449.53M
Gross Profit 12,912.99M 11,385.29M 10,547.05M 11,893.69M 12,793.81M
Operating income 4,855.95M 3,802.06M 2,949.92M 3,903.54M 4,732.28M
Income before tax 5,083.23M 4,337.02M 2,902.44M 4,240.22M 4,815.44M
Net income 3,843.47M 3,065.36M 2,054.26M 2,863.90M 3,374.63M
EBITDA 5,895.77M 4,954.80M 4,181.73M 5,224.02M 6,384.04M
Diluted EPS 10.20 8.13 5.45 7.58 8.95
Dividends Per Share 6.20 5 3.50 4.60 4.60
Total Assets 45,953.46M 46,373.61M 47,787.93M 52,635.23M 59,030.15M
Total liabilities 24,789.25M 25,878.16M 26,780.34M 30,366.30M 34,899.17M
Total equity 20,356.75M 20,443.63M 19,619.51M 20,806.03M 21,843.08M
Operating cash flow 3,221.06M 1,636.28M 3,029.33M 2,487.77M 2,055.53M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 1,902.67M 1,774.24M 1,814.82M 1,997.69M 2,052.53M
Gross Profit 406.65M 353.02M 346.68M 394.42M 413.86M
Operating income 152.92M 117.89M 96.96M 129.45M 153.08M
Income before tax 160.08M 134.47M 95.40M 140.61M 155.77M
Net income 121.03M 95.04M 67.52M 94.97M 109.16M
EBITDA 185.67M 153.63M 137.45M 173.24M 206.51M
Diluted EPS 0.32 0.25 0.17 0.25 0.28
Dividends Per Share 0.19 0.15 0.11 0.15 0.14
Total Assets 1,399.01M 1,438.87M 1,605.85M 1,712.43M 1,969.18M
Total liabilities 754.68M 802.94M 899.92M 987.93M 1,164.19M
Total equity 619.74M 634.32M 659.29M 676.90M 728.66M
Operating cash flow 101.43M 50.73M 99.57M 82.50M 66.49M

Valuation Measures

Dec 2019
PER23.67
ROA6.04%
ROE15.82%
Operating margin7.45%
Profit margin5.31%

Key executives

  • Chief Executive Officer, Director & GM: Yung Chang Liu
  • Chief Financial Officer: Pi Yu Wang
  • Global Head-Research & Development: Sheng Chang Chang
  • Vice President & General Manager-Taiwan Factory: Ching Hsin Yan
  • Global Head-Sales: Kam Hoi Koo

Shareholders

  • The Hongkong & Shanghai Banking Corp. Ltd. (Private Bank HK) (4.6%)
  • TU HSIU CHEN (4.6%)
  • LIU CHIN PIAO (3.6%)
  • LIU YUNG CHANG (3.5%)
  • The Vanguard Group, Inc. (2.8%)
  • Cathay Life Insurance Co., Ltd. (Invt Port) (2.1%)
  • TU LIU YUEH CHIAO (2.1%)
  • LIU FAMILY /GIANT MANUFACTURING/ (2.0%)
  • BlackRock Fund Advisors (1.8%)
  • CHIU TA WEI (1.7%)

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.

Competitors

  • Dorel Industries Inc. Class B
  • Darfon Electronics Corp
Last Updated on 20 Oct, 2020

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