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Taiwanese apparel contract manufacturer producing casual and denim clothing for global fashion retailers.
Taiwanese apparel contract manufacturer producing casual and denim clothing for global fashion retailers.
Is paid per garment made to a retailer's design, so it carries no brand risk but depends on a few large buyers and on keeping its factories full. Production sits mainly outside Taiwan, largely in Southeast Asia, which suits buyers moving orders away from China.
In one line: An apparel-focused peer to footwear's Pou Chen.
Moat: narrow (scale, customer qualification). Large-scale, low-cost apparel production embedded with major US/Japan retailers.
Headquarters: Taipei, Taiwan · Employees: 38,264
Size Makalot Industrial (1477.TW) is a Taiwan Consumer Discretionary company (Apparel/Footwear) with a market value of $1.59B, the 194th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$213.00 on 6 Nov 2026.
Performance Over six months the shares gained 0.9%, against -2.1% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 2.2% over the last twelve months (peer median +7.6%); the operating margin is 14.0% (peer median 9.0%).
Valuation It trades at 12.8× forward earnings against a peer median of 13.7× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 27.9 points above its cost of capital (5.0% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$34.5B | NT$34.4B | NT$35.5B | NT$32.5B | NT$32.1B |
| Revenue growth | — | -3% | +9% | +1% | — |
| Gross profit | NT$8.67B | NT$8.44B | NT$8.88B | NT$8.26B | NT$8.14B |
| EBITDA | NT$5.48B | NT$5.29B | NT$5.86B | NT$5.39B | NT$4.99B |
| Net income | NT$3.74B | NT$3.61B | NT$4.11B | NT$3.99B | NT$3.51B |
| Free cash flow | NT$2.16B | NT$3.36B | NT$3.42B | NT$4.49B | NT$4.57B |
| Capital expenditure | NT$462M | NT$727M | NT$850M | NT$548M | NT$423M |
| Total debt | NT$2.38B | NT$2.36B | NT$1.50B | NT$1.71B | NT$2.22B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Makalot Industrial 1477.TW | $1.59B | +1% | -2% | 14% | 12.8× | -8.0% |
| Eclat Textile 1476.TW | $2.88B | +3% | 0% | 20% | 13.7× | -8.9% |
| Shenzhou Intl 2313.HK | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1477.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.8% | +3.3% | 8th highest of 21 |
| 6-month return | +0.9% | -2.1% | 8th highest of 21 |
| Distance from 52-week high | -38.1% | -27.4% | 6th lowest of 21 |
| Revenue growth (TTM) | -2.2% | +7.6% | 3rd lowest of 21 |
| Operating margin | 14.0% | 9.0% | 5th highest of 21 |
| Forward P/E | 12.8× | 13.7× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -8.0% | -3.5% | 6th least demanding of 17 |
| Growth delivered (Del g) | +6.7% | +7.5% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | -14.6 pp | -12.1 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | +27.9 pp | +3.8 pp | 2nd highest of 21 |
| EV / EBITDA | 9.3× | 8.2× | 8th most expensive of 18 |
| Net debt / EBITDA | -0.3× | -0.6× | 8th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Makalot Industrial 1477.TW | Taiwan | $1.59B | +1% | -2% | 14% | 12.8× | -8.0% | +6.7% |
| Misto 081660.KS | South Korea | $1.51B | -5% | +8% | 13% | 6.4× | -13.9% | +7.4% |
| JNBY Design 3306.HK | Hong Kong | $1.47B | +7% | +12% | 20% | 9.4× | -7.4% | +6.9% |
| Stella International 1836.HK | Hong Kong | $1.47B | -10% | +2% | 8% | 11.8× | -9.5% | +6.8% |
| Wolverine World Wide WWW | United States | $1.75B | +28% | +7% | 9% | 12.1× | 9.1% | +0.9% |
| YoungoneHoldings 009970.KS | South Korea | $1.42B | -11% | +14% | 15% | 6.5× | n/a | n/a |
| F&F 383220.KS | South Korea | $1.80B | -3% | +7% | 25% | 5.1× | n/a | n/a |
| New Wave NEWA-B.ST | Sweden | $1.36B | +4% | +9% | 11% | 14.4× | n/a | n/a |
| G-III Apparel GIII | United States | $1.35B | -1% | -9% | 8% | 13.0× | -9.5% | +7.5% |
| Vestis VSTS | United States | $1.88B | +54% | 0% | 4% | 20.0× | 15.8% | +1.3% |
| 361 Degrees International 1361.HK | Hong Kong | $1.34B | -11% | +13% | 14% | 6.1× | -20.3% | +16.0% |
| Pearl Global Industries PGIL.NS | India | $1.31B | +51% | +14% | 8% | 36.9× | 25.0% | +27.5% |
| Goldwin 8111.T | Japan | $1.93B | -1% | +4% | 18% | 12.7× | -6.3% | +8.7% |
| Xtep International 1368.HK | Hong Kong | $1.27B | -16% | +10% | 10% | 7.7× | -10.3% | +10.8% |
| Tayho Advanced Materials 002254.SZ | China | $1.26B | -13% | +6% | -2% | 70.6× | 10.1% | +8.1% |
| Salvatore Ferragamo SFER.MI | Italy | $1.22B | -19% | -2% | 3% | 202.8× | 22.5% | +2.2% |
| Feng Tay Enterprise 9910.TW | Taiwan | $2.08B | 0% | -4% | 7% | 15.0× | -5.9% | +3.9% |
| Wacoal 3591.T | Japan | $1.21B | -21% | +2% | -1% | 36.5× | 35.7% | +2.4% |
| Toread 300005.SZ | China | $1.21B | -45% | +22% | -1% | 60.7× | n/a | n/a |
| Mizuno 8022.T | Japan | $2.10B | +27% | +10% | 9% | 15.9× | 4.9% | +11.5% |
| Lancy 002612.SZ | China | $1.19B | +11% | +9% | 10% | 22.4× | -1.2% | +15.9% |