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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 2020 TWDUSD
Revenue70,010.84M2,377.72M
Gross Profit15,235.56M517.43M
Operating income6,858.27M232.92M
Income before tax6,843.42M232.41M
Net income4,948.95M168.07M
EBITDA8,627.76M293.01M
Diluted EPS13.110.44
Dividends Per Share80.27
Total Assets62,501.78M2,224.42M
Total liabilities35,540.93M1,264.89M
Total equity25,173.29M895.91M
Operating cash flow10,844.89M368.31M
Currency in TWDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 57,220.91M 55,211.77M 60,239.41M 63,449.53M 70,010.84M
Gross Profit 11,385.29M 10,547.05M 11,893.69M 12,793.81M 15,235.56M
Operating income 3,802.06M 2,949.92M 3,903.54M 4,732.28M 6,858.27M
Income before tax 4,337.02M 2,902.44M 4,240.22M 4,815.44M 6,843.42M
Net income 3,065.36M 2,054.26M 2,863.90M 3,374.63M 4,948.95M
EBITDA 4,954.80M 4,181.73M 5,224.02M 6,384.04M 8,627.76M
Diluted EPS 8.13 5.45 7.58 8.95 13.11
Dividends Per Share 5 3.50 4.60 4.60 8
Total Assets 46,373.61M 47,787.93M 52,635.23M 59,030.15M 62,501.78M
Total liabilities 25,878.16M 26,780.34M 30,366.30M 34,899.17M 35,540.93M
Total equity 20,443.63M 19,619.51M 20,806.03M 21,843.08M 25,173.29M
Operating cash flow 1,636.28M 3,029.33M 2,487.77M 2,055.53M 10,844.89M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 1,774.24M 1,814.82M 1,997.69M 2,052.53M 2,377.72M
Gross Profit 353.02M 346.68M 394.42M 413.86M 517.43M
Operating income 117.89M 96.96M 129.45M 153.08M 232.92M
Income before tax 134.47M 95.40M 140.61M 155.77M 232.41M
Net income 95.04M 67.52M 94.97M 109.16M 168.07M
EBITDA 153.63M 137.45M 173.24M 206.51M 293.01M
Diluted EPS 0.25 0.17 0.25 0.28 0.44
Dividends Per Share 0.15 0.11 0.15 0.14 0.27
Total Assets 1,438.87M 1,605.85M 1,712.43M 1,969.18M 2,224.42M
Total liabilities 802.94M 899.92M 987.93M 1,164.19M 1,264.89M
Total equity 634.32M 659.29M 676.90M 728.66M 895.91M
Operating cash flow 50.73M 99.57M 82.50M 66.49M 368.31M

Valuation Measures

Dec 2020
PER20.84
ROA8.14%
ROE21.05%
Operating margin9.79%
Profit margin7.06%

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. (2.4%)
  • Cathay Life Insurance Co., Ltd. (Invt Port) (2.1%)
  • BlackRock Fund Advisors (2.1%)
  • TU LIU YUEH CHIAO (2.1%)
  • LIU FAMILY /GIANT MANUFACTURING/ (2.0%)
  • CHIU TA WEI (1.7%)

Contact Details

Related Companies

  • Chieh An Te Investment Co., Ltd.
  • Giant Polska SP zoo
  • Giant France SARL
  • 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 13 May, 2021

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