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Consumer Non-Durables

Pou Chen Corp.

Company Background

Pou Chen is a holding company that controls a massive contract shoemaking empire, servicing international brands including Nike, Adidas and Puma. It operates factories in China, Vietnam and Indonesia. The company also distributes major international casualwear brands in Taiwan and China.

The company was founded in 1969 by C.J. Tsai in the central Taiwanese farming county of Changhua. It started out making rubber shoes for export, and first became a contract manufacturer in 1979 when it made shoes for Adidas.

In recent years, Pou Chen has transformed itself into a holding company by transferring shoe production to the Hong Kong-listed subsidiary Yue Yuen Industrial (Holdings) in 2002 and the distribution business to its subsidiary Pou Sheng International Holdings in 2008.

Chief Executive Patty Tsai is the daughter of C.J. She obtained a bachelor's degree in economics with a concentration in finance from the Wharton School of the University of Pennsylvania in 2002, and joined the family business in the same year. She was appointed CEO in 2012.

Business Summary

Pou Chen Corp. engages in the manufacture and sale of athletic and casual footwear. It focuses on footwear, sports apparel, and sports accessories such as sports bag, backpacks, luggage, and travel accessories. Its products include sports shoes, leather shoes, plastic shoes, rubber shoes, cloth shoes, and plastic foam boards. It also engaged in manufacture and sale of cotton. rayon. rayon. synthetic fiber, and blended knit. The company was founded on September 4, 1969 and is headquartered in Taichung, Taiwan.

Financial Highlights

Dec 2021 TWDUSD
Revenue239,884.40M8,588.19M
Gross Profit47,839.01M1,712.70M
Operating income2,495.21M89.33M
Income before tax6,179.44M221.23M
Net income14,439.30M516.94M
EBITDA19,246.66M689.05M
Diluted EPS4.880.17
Dividends Per Share1.500.05
Total Assets366,890.82M13,260.95M
Total liabilities159,394.07M5,761.16M
Total equity139,432.95M5,039.68M
Operating cash flow14,552.87M521.01M
Currency in TWDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 278,631.87M 293,316.08M 313,156.58M 249,954.31M 239,884.40M
Gross Profit 68,983.81M 70,826.70M 70,265.54M 44,540.21M 47,839.01M
Operating income 17,068.09M 13,823.68M 13,972.51M -2,089.74M 2,495.21M
Income before tax 19,034.30M 14,500.34M 14,107.45M -1,936.36M 6,179.44M
Net income 12,921.60M 10,708.64M 11,828.60M 4,840.18M 14,439.30M
EBITDA 26,476.72M 24,223.83M 29,675.08M 14,494.56M 19,246.66M
Diluted EPS 4.37 3.62 4.00 1.63 4.88
Dividends Per Share 2 1.50 1.25 0.50 1.50
Total Assets 301,904.43M 304,262.41M 363,056.33M 368,914.55M 366,890.82M
Total liabilities 143,524.48M 152,064.70M 173,187.30M 167,671.35M 159,394.07M
Total equity 83,615.37M 77,863.39M 117,408.93M 134,109.45M 139,432.95M
Operating cash flow 20,702.64M 12,541.31M 27,168.07M 26,109.45M 14,552.87M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 9,158.68M 9,727.12M 10,130.35M 8,488.99M 8,588.19M
Gross Profit 2,267.51M 2,348.79M 2,273.03M 1,512.68M 1,712.70M
Operating income 561.03M 458.42M 451.99M -70.97M 89.33M
Income before tax 625.66M 480.86M 456.36M -65.76M 221.23M
Net income 424.73M 355.12M 382.64M 164.38M 516.94M
EBITDA 870.29M 803.32M 959.96M 492.26M 689.05M
Diluted EPS 0.14 0.12 0.12 0.05 0.17
Dividends Per Share 0.06 0.04 0.04 0.01 0.05
Total Assets 10,145.15M 9,898.89M 12,111.16M 13,129.56M 13,260.95M
Total liabilities 4,822.97M 4,947.28M 5,777.33M 5,967.37M 5,761.16M
Total equity 2,809.79M 2,533.21M 3,916.63M 4,772.91M 5,039.68M
Operating cash flow 680.49M 415.90M 878.86M 886.73M 521.01M

Valuation Measures

Dec 2021
PER6.76
ROA3.92%
ROE10.55%
Operating margin1.04%
Profit margin6.01%

Key executives

  • Chairman & General Manager-Administration: Lu Min Chan
  • General Manager & Director: Chin Chu Lu
  • Operations Director: Chien-Teng Sun
  • Head-Finance & Assistant Deputy GM: Ya Fen Chang
  • Vice President: Nai Yung Tsai

Shareholders

  • TSAI CHI JUI (15.5%)
  • The Vanguard Group, Inc. (2.8%)
  • BlackRock Fund Advisors (1.9%)
  • Norges Bank Investment Management (1.5%)
  • HUANG SHU MAN (1.4%)
  • Fubon Asset Management Co., Ltd. (0.8%)
  • Dimensional Fund Advisors LP (0.8%)
  • SHIH CHING I (0.7%)
  • Geode Capital Management LLC (0.6%)
  • Charles Schwab Investment Management, Inc. (0.5%)

Contact Details

  • Website:http://www.pouchen.com
  • Address: No. 600 Taiwan Boulevard Section 4, Xitun District, Taichung, 407 64, Taiwan
  • Phone: +886.4.2461.5678

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Competitors

  • HWASEUNG ENTERPRISE Co., Ltd.
  • Eagle Nice (International) Holdings Ltd.
Last Updated on 4 Oct, 2022

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