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, electric bicycles, and related spare parts. It operates through the following segments: Bicycle, Materials, and Others. The company was founded by Chin Piao Liu on October 27, 1972 and is headquartered in Taichung, Taiwan.

Financial Highlights

Dec 2022	TWD	USD
Revenue	92,043.67M	3,087.37M
Gross Profit	19,584.35M	656.90M
Operating income	7,914.43M	265.46M
Income before tax	8,732.21M	292.89M
Net income	5,843.87M	196.01M
EBITDA	10,058.43M	337.38M
Diluted EPS	15.13	0.50
Dividends Per Share	7.80	0.26
Total Assets	93,534.77M	3,043.21M
Total liabilities	57,634.89M	1,875.18M
Total equity	33,355.79M	1,085.25M
Operating cash flow	444.67M	14.91M
	Currency in TWD	Currency in USD

Historical Data

TWD | USD

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022
Revenue	60,239.41M	63,449.53M	70,010.84M	81,839.87M	92,043.67M
Gross Profit	11,893.69M	12,793.81M	15,235.56M	18,692.87M	19,584.35M
Operating income	3,903.54M	4,732.28M	6,858.27M	8,709.28M	7,914.43M
Income before tax	4,240.22M	4,815.44M	6,843.42M	8,735.40M	8,732.21M
Net income	2,863.90M	3,374.63M	4,948.95M	5,930.07M	5,843.87M
EBITDA	5,224.02M	6,384.04M	8,627.76M	10,655.70M	10,058.43M
Diluted EPS	7.52	8.88	13.01	15.60	15.13
Dividends Per Share	4.56	4.56	7.93	9.92	7.80
Total Assets	52,635.23M	59,030.15M	62,501.78M	77,199.43M	93,534.77M
Total liabilities	30,366.30M	34,899.17M	35,540.93M	47,546.34M	57,634.89M
Total equity	20,806.03M	21,843.08M	25,173.29M	27,475.81M	33,355.79M
Operating cash flow	2,487.77M	2,055.53M	10,844.89M	-5,134.16M	444.67M

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022
Revenue	1,997.69M	2,052.53M	2,377.72M	2,929.98M	3,087.37M
Gross Profit	394.42M	413.86M	517.43M	669.23M	656.90M
Operating income	129.45M	153.08M	232.92M	311.80M	265.46M
Income before tax	140.61M	155.77M	232.41M	312.73M	292.89M
Net income	94.97M	109.16M	168.07M	212.30M	196.01M
EBITDA	173.24M	206.51M	293.01M	381.48M	337.38M
Diluted EPS	0.24	0.28	0.44	0.55	0.50
Dividends Per Share	0.15	0.14	0.26	0.35	0.26
Total Assets	1,712.43M	1,969.18M	2,224.42M	2,790.30M	3,043.21M
Total liabilities	987.93M	1,164.19M	1,264.89M	1,718.52M	1,875.18M
Total equity	676.90M	728.66M	895.91M	993.08M	1,085.25M
Operating cash flow	82.50M	66.49M	368.31M	-183.81M	14.91M

Valuation Measures

Dec 2022
PER	12.92
ROA	6.84%
ROE	19.21%
Operating margin	8.59%
Profit margin	6.34%

Management

Chief Executive Officer, Director & GM: Yung Chang Liu
Global Chief-Finance: Pi Yu Wang
Global Head-Research & Development: Sheng Chang Chang
Director & Vice President: Ta Peng Chiu
Vice President & General Manager-Taiwan Factory: Ching Hsin Yan

Shareholders

TU HSIU CHEN (5.3%)
LIU YUNG CHANG (4.1%)
The Vanguard Group, Inc. (3.1%)
Schroder Investment Management Ltd. (2.9%)
BlackRock Fund Advisors (1.8%)
LIU CHIN PIAO (1.7%)
CHIU TA WEI (1.7%)
YANG HUAI CHING (1.5%)
Norges Bank Investment Management (1.1%)
CHIU TA PENG (1.1%)

Contact Details

Website:http://www.giant-bicycles.com
Address: No. 997 & 999, Dongda Road, Section 1, Xitun District, Taichung, 407 63, Taiwan
Phone: +886.4.24609099

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Competitors

Joy Kie Corp. Ltd. Class A
Transart Graphics Co., Ltd. (Taiwan)

Last Updated on 21 Sep, 2023