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Consumer Durables

Hotai Motor Co., Ltd.

Company Background

Hotai Motor is the Taiwanese distributor for the Japanese auto giant Toyota Motor, selling Toyota vehicles, Lexus cars, and Hino Motors' trucks. It also sells used Toyota cars and runs an auto leasing service. Its affiliate Kuozui, a joint venture with Toyota, makes some Toyota models locally.

Hotai was founded as a trading company in 1947 by the Taiwanese tycoon Huang Lieh-ho, who also founded the food conglomerate Wei-Chuan. Hotai became a listed company in 1997.

Huang Lieh-ho's son, Huang Nan-kuang, is the company's current chairman. Huang Nan-kuang has a master's degree from Missouri State University and began his career at Wei-Chuan at its U.S. unit. He returned to Taiwan in 2009 to become Hotai's vice chairman, and was appointed chairman in 2010 following his father's death.

Business Summary

Hotai Motor Co., Ltd. engages in the distribution, assembly, and trading of vehicle and components including chassis and vehicle parts. Its business scopes include car leasing, vehicle installment payment, property insurance, vehicle air-conditioner, and spare parts business. Its Car Leasing business provides branded car leasing services. Its Property Insurance business offers fire, vehicle, goods transportation, construction, liability, injury, and health insurance services. Its Vehicle Air-Conditioner business supplies air-conditioner for buses and trucks. Its Spare Parts business covers vehicle spare parts and equipment. Its products consist of luxury, passenger, and commercial vehicles. The company was founded by Lieh Huo Huang on September 1, 1947 and is headquartered in Taipei, Taiwan.

Financial Highlights

Dec 2021 TWDUSD
Revenue243,771.25M8,727.35M
Gross Profit39,794.75M1,424.70M
Operating income23,754.93M850.45M
Income before tax22,963.18M822.11M
Net income16,210.75M580.36M
EBITDA34,471.64M1,234.13M
Diluted EPS29.651.06
Dividends Per Share200.71
Total Assets349,612.78M12,636.45M
Total liabilities255,146.81M9,222.06M
Total equity73,770.85M2,666.38M
Operating cash flow-1,614.66M-57.80M
Currency in TWDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 179,200.54M 185,346.87M 211,886.83M 229,192.19M 243,771.25M
Gross Profit 25,543.06M 28,548.57M 31,925.82M 34,624.30M 39,794.75M
Operating income 12,709.99M 15,355.34M 17,576.54M 20,365.79M 23,754.93M
Income before tax 12,727.75M 14,188.74M 16,219.77M 19,590.09M 22,963.18M
Net income 10,115.60M 10,025.53M 11,768.81M 13,848.87M 16,210.75M
EBITDA 20,590.74M 23,358.22M 26,510.50M 30,023.86M 34,471.64M
Diluted EPS 18.50 18.33 21.53 25.34 29.65
Dividends Per Share 12 12 14 17 20
Total Assets 206,593.48M 229,385.70M 255,534.05M 290,490.53M 349,612.78M
Total liabilities 151,717.33M 171,149.74M 179,925.42M 206,605.19M 255,146.81M
Total equity 46,655.30M 49,335.72M 58,586.43M 65,477.70M 73,770.85M
Operating cash flow 16,262.05M 10,730.97M 16,707.77M 14,015.70M -1,614.66M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 5,890.35M 6,146.58M 6,854.35M 7,783.86M 8,727.35M
Gross Profit 839.60M 946.74M 1,032.77M 1,175.91M 1,424.70M
Operating income 417.77M 509.22M 568.58M 691.66M 850.45M
Income before tax 418.36M 470.53M 524.69M 665.32M 822.11M
Net income 332.50M 332.47M 380.71M 470.33M 580.36M
EBITDA 676.82M 774.61M 857.59M 1,019.67M 1,234.13M
Diluted EPS 0.60 0.60 0.69 0.86 1.06
Dividends Per Share 0.39 0.39 0.45 0.57 0.71
Total Assets 6,942.33M 7,462.85M 8,524.33M 10,338.47M 12,636.45M
Total liabilities 5,098.28M 5,568.19M 6,002.11M 7,353.02M 9,222.06M
Total equity 1,567.79M 1,605.09M 1,954.37M 2,330.33M 2,666.38M
Operating cash flow 534.53M 355.86M 540.48M 476.00M -57.80M

Valuation Measures

Dec 2021
PER20.68
ROA5.06%
ROE23.28%
Operating margin9.74%
Profit margin6.64%

Key executives

  • General Manager & Director: Chun Hsing Su
  • Head-Finance: Chun Chien Yue
  • Deputy General Manager: Chien Chou Chen
  • Director & Deputy General Manager: Issei Naganuma
  • Head-Accounting: Ting Ju Chen

Shareholders

  • Toyota Motor Corp. (8.1%)
  • Li Gang Enterprise Co. Ltd. (7.4%)
  • Jin Yuan Shan Investment Co., Ltd. (6.6%)
  • Cheng Sun Trading Co. Ltd. (4.4%)
  • Shen Rong Investment Co. Ltd. (3.1%)
  • Yuan To Investment Co. Ltd. (2.6%)
  • Zhi Geng Development Co. Ltd. (2.5%)
  • Tai Zhang Investment Co. Ltd. (2.2%)
  • Hino Motors, Ltd. (2.0%)
  • The Vanguard Group, Inc. (1.8%)

Contact Details

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Competitors

  • Volkswagen AG Pref
  • Yulon Motor Co.,Ltd
  • Bayerische Motoren Werke AG
  • China Motor Corporation
  • Honda Motor Co., Ltd.
  • Hyundai Motor Company
  • Mazda Motor Corp.
  • Mercedes-Benz Group AG
Last Updated on 4 Oct, 2022

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