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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 2018 TWDUSD
Revenue185,986.56M6,167.79M
Gross Profit27,347.48M906.91M
Operating income14,154.25M469.39M
Income before tax14,188.74M470.53M
Net income10,025.53M332.47M
EBITDA22,157.13M734.78M
Diluted EPS18.330.60
Dividends Per Share120.39
Total Assets229,385.70M7,462.85M
Total liabilities171,149.74M5,568.19M
Total equity49,335.72M1,605.09M
Operating cash flow10,730.97M355.86M
Currency in TWDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 160,204.50M 160,579.76M 174,508.84M 179,200.54M 185,986.56M
Gross Profit 20,301.00M 21,176.93M 23,322.19M 25,543.06M 27,347.48M
Operating income 9,025.99M 9,120.54M 12,077.99M 12,709.99M 14,154.25M
Income before tax 10,192.66M 10,742.62M 12,079.91M 12,727.75M 14,188.74M
Net income 9,196.73M 9,776.59M 10,740.03M 10,115.60M 10,025.53M
EBITDA 17,622.56M 18,049.42M 20,415.75M 20,590.74M 22,157.13M
Diluted EPS 16.83 17.89 19.65 18.50 18.33
Dividends Per Share 10.50 12 12 12 12
Total Assets 149,173.76M 163,632.31M 179,176.61M 206,593.48M 229,385.70M
Total liabilities 108,086.14M 117,855.35M 128,597.52M 151,717.33M 171,149.74M
Total equity 35,396.50M 39,364.13M 43,106.24M 46,655.30M 49,335.72M
Operating cash flow 9,077.57M 16,045.49M 14,503.74M 16,262.05M 10,730.97M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 5,286.71M 5,056.98M 5,410.99M 5,890.35M 6,167.79M
Gross Profit 669.92M 666.90M 723.15M 839.60M 906.91M
Operating income 297.85M 287.22M 374.50M 417.77M 469.39M
Income before tax 336.35M 338.30M 374.56M 418.36M 470.53M
Net income 303.49M 307.88M 333.01M 332.50M 332.47M
EBITDA 581.54M 568.41M 633.03M 676.82M 734.78M
Diluted EPS 0.55 0.56 0.60 0.60 0.60
Dividends Per Share 0.34 0.37 0.37 0.39 0.39
Total Assets 4,720.38M 4,981.65M 5,559.48M 6,942.33M 7,462.85M
Total liabilities 3,420.23M 3,588.00M 3,990.11M 5,098.28M 5,568.19M
Total equity 1,120.07M 1,198.40M 1,337.49M 1,567.79M 1,605.09M
Operating cash flow 299.55M 505.30M 449.71M 534.53M 355.86M

Valuation Measures

Dec 2018
PER13.91
ROA4.59%
ROE20.88%
Operating margin7.61%
Profit margin5.39%

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

  • Ho Yu Investment Co. Ltd. (8.8%)
  • Toyota Motor Corp. (8.1%)
  • Li Gang Enterprise Co. Ltd. (7.2%)
  • Jin Yuan Shan Investment Co., Ltd. (6.6%)
  • Cheng Sun Trading Co. Ltd. (4.4%)
  • Shen Rong Investment Co. Ltd. (3.1%)
  • Zhi Geng Development Co. Ltd. (2.5%)
  • Yuan To Investment Co. Ltd. (2.5%)
  • Ming Yi Investment Co. Ltd. (2.4%)
  • LI YUNG JAN /HOTAI/ (2.4%)

Contact Details

Related Companies

  • Ho-Jan Investment Co., Ltd.
  • Eastern Motor Co., Ltd.
  • China Gravure Industries, Inc.
  • Hozhi Motor Co. Ltd.
  • He-zan Investment Corp.
  • Ho Tai Development Co., Ltd.
  • Hotai Leasing Corp.
  • Hotai Finance Co., Ltd.
  • Ho Chih Motor Co. Ltd.
  • Shanghai Ho Yu Investment Co. Ltd.
  • Chang Yuan Motor Co. Ltd.

Competitors

  • Bayerische Motoren Werke AG
  • Yulon Motor Co.,Ltd
  • Daimler AG
  • Volkswagen AG Pref
  • China Motor Corporation
  • Honda Motor Co., Ltd.
  • Hyundai Motor Company
  • Mazda Motor Corp.
Last Updated on 13 Dec, 2019

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