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Consumer Durables

Giant Manufacturing Co., Ltd.

  • 227.00 TWD
  • -1.50
  • -0.66%
  • Taiwan
    May 22, 2019
  • Ticker
    TAI(9921)
  • Prev. close
    228.50
  • Market cap (TWD)
    85,702.26M
  • Market cap (USD)
    2,716.74M
  • Shares
    375.06M

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 2018 TWDUSD
Revenue60,239.41M1,997.69M
Gross Profit11,893.69M394.42M
Operating income3,903.54M129.45M
Income before tax4,240.22M140.61M
Net income2,863.90M94.97M
EBITDA5,224.02M173.24M
Diluted EPS7.580.25
Dividends Per Share4.600.15
Total Assets52,635.23M1,712.43M
Total liabilities30,366.30M987.93M
Total equity20,806.03M676.90M
Operating cash flow2,487.77M82.50M
Currency in TWDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 60,045.29M 60,417.62M 57,220.91M 55,211.77M 60,239.41M
Gross Profit 13,018.12M 12,912.99M 11,385.29M 10,547.05M 11,893.69M
Operating income 4,923.21M 4,855.95M 3,802.06M 2,949.92M 3,903.54M
Income before tax 5,576.70M 5,083.23M 4,337.02M 2,902.44M 4,240.22M
Net income 4,112.12M 3,843.47M 3,065.36M 2,054.26M 2,863.90M
EBITDA 5,976.94M 5,895.77M 4,954.80M 4,181.73M 5,224.02M
Diluted EPS 10.96 10.20 8.13 5.45 7.58
Dividends Per Share 6.60 6.20 5 3.50 4.60
Total Assets 45,174.40M 45,953.46M 46,373.61M 47,787.93M 52,635.23M
Total liabilities 25,632.67M 24,789.25M 25,878.16M 26,780.34M 30,366.30M
Total equity 19,377.77M 20,356.75M 20,443.63M 19,619.51M 20,806.03M
Operating cash flow 3,655.31M 3,221.06M 1,636.28M 3,029.33M 2,487.77M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 1,981.48M 1,902.67M 1,774.24M 1,814.82M 1,997.69M
Gross Profit 429.59M 406.65M 353.02M 346.68M 394.42M
Operating income 162.46M 152.92M 117.89M 96.96M 129.45M
Income before tax 184.03M 160.08M 134.47M 95.40M 140.61M
Net income 135.69M 121.03M 95.04M 67.52M 94.97M
EBITDA 197.23M 185.67M 153.63M 137.45M 173.24M
Diluted EPS 0.36 0.32 0.25 0.17 0.25
Dividends Per Share 0.21 0.19 0.15 0.11 0.15
Total Assets 1,429.47M 1,399.01M 1,438.87M 1,605.85M 1,712.43M
Total liabilities 811.10M 754.68M 802.94M 899.92M 987.93M
Total equity 613.18M 619.74M 634.32M 659.29M 676.90M
Operating cash flow 120.62M 101.43M 50.73M 99.57M 82.50M

Valuation Measures

Dec 2018
PER18.92
ROA5.70%
ROE14.16%
Operating margin6.48%
Profit margin4.75%

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

Shareholders

  • Colonial First State Asset Management (Australia) Ltd. (6.5%)
  • The Hongkong & Shanghai Banking Corp. Ltd. (Private Bank HK) (4.6%)
  • TU HSIU CHEN (4.4%)
  • LIU CHIN PIAO (3.6%)
  • LIU YUNG CHANG (3.5%)
  • The Vanguard Group, Inc. (2.8%)
  • Schroder Investment Management (Hong Kong) Ltd. (2.6%)
  • RBC Global Asset Management (UK) Ltd. (2.3%)
  • Hui Te Industry Co. Ltd. (2.2%)
  • BlackRock Fund Advisors (2.2%)

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
Last Updated on 22 May, 2019

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