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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 2021 TWDUSD
Gross Profit18,692.87M669.23M
Operating income8,709.28M311.80M
Income before tax8,735.40M312.73M
Net income5,930.07M212.30M
Diluted EPS15.720.56
Dividends Per Share100.35
Total Assets77,199.43M2,790.30M
Total liabilities47,546.34M1,718.52M
Total equity27,475.81M993.08M
Operating cash flow-5,134.16M-183.81M
Currency in TWDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 55,211.77M 60,239.41M 63,449.53M 70,010.84M 81,839.87M
Gross Profit 10,547.05M 11,893.69M 12,793.81M 15,235.56M 18,692.87M
Operating income 2,949.92M 3,903.54M 4,732.28M 6,858.27M 8,709.28M
Income before tax 2,902.44M 4,240.22M 4,815.44M 6,843.42M 8,735.40M
Net income 2,054.26M 2,863.90M 3,374.63M 4,948.95M 5,930.07M
EBITDA 4,181.73M 5,224.02M 6,384.04M 8,627.76M 10,655.70M
Diluted EPS 5.45 7.58 8.95 13.11 15.72
Dividends Per Share 3.50 4.60 4.60 8 10
Total Assets 47,787.93M 52,635.23M 59,030.15M 62,501.78M 77,199.43M
Total liabilities 26,780.34M 30,366.30M 34,899.17M 35,540.93M 47,546.34M
Total equity 19,619.51M 20,806.03M 21,843.08M 25,173.29M 27,475.81M
Operating cash flow 3,029.33M 2,487.77M 2,055.53M 10,844.89M -5,134.16M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,814.82M 1,997.69M 2,052.53M 2,377.72M 2,929.98M
Gross Profit 346.68M 394.42M 413.86M 517.43M 669.23M
Operating income 96.96M 129.45M 153.08M 232.92M 311.80M
Income before tax 95.40M 140.61M 155.77M 232.41M 312.73M
Net income 67.52M 94.97M 109.16M 168.07M 212.30M
EBITDA 137.45M 173.24M 206.51M 293.01M 381.48M
Diluted EPS 0.17 0.25 0.28 0.44 0.56
Dividends Per Share 0.11 0.15 0.14 0.27 0.35
Total Assets 1,605.85M 1,712.43M 1,969.18M 2,224.42M 2,790.30M
Total liabilities 899.92M 987.93M 1,164.19M 1,264.89M 1,718.52M
Total equity 659.29M 676.90M 728.66M 895.91M 993.08M
Operating cash flow 99.57M 82.50M 66.49M 368.31M -183.81M

Valuation Measures

Dec 2021
Operating margin10.64%
Profit margin7.24%

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


  • LIU CHIN PIAO (3.6%)
  • LIU YUNG CHANG (3.5%)
  • TU HSIU CHEN (3.3%)
  • The Vanguard Group, Inc. (2.5%)
  • Schroder Investment Management Ltd. (2.5%)
  • BlackRock Fund Advisors (1.8%)
  • CHIU TA WEI (1.7%)
  • JPMorgan Asset Management (Asia Pacific) Ltd. (1.2%)
  • YANG HUAI CHING (1.2%)
  • BNP Paribas Asset Management France SAS (1.2%)

Contact Details

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    Last Updated on 4 Oct, 2022

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