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World's largest bicycle manufacturer, making bikes under its own Giant and Liv brands plus OEM contracts.
World's largest bicycle manufacturer, making bikes under its own Giant and Liv brands plus OEM contracts.
Sells own-brand bikes through independent dealers, which earns it a retail markup beyond contract manufacturing, while OEM work uses the same factories to build bikes for other labels. Production sits in Taiwan, China and Europe, close to its largest sales regions.
Moat: narrow (scale, brand, distribution). Global manufacturing scale and dealer network built over decades support the Giant/Liv brands.
Headquarters: Taichung, Taiwan · Founded: 1972
Size Giant Manufacturing (9921.TW) is a Taiwan Consumer Discretionary company (Motor Vehicles) with a market value of $1.06B, the 264th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$89.70 on 6 Nov 2026.
Performance Over six months the shares gained 29.4%, against -17.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 2nd highest of 19 in its peer set.
Growth Revenue fell 14.7% over the last twelve months (peer median +9.6%); the operating margin is 1.8% (peer median 4.1%).
Valuation It trades at 18.1× forward earnings against a peer median of 12.6× (3rd most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.8 points below its cost of capital (5.0% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$56.8B | NT$60.3B | NT$71.3B | NT$77.0B | NT$92.0B |
| Revenue growth | — | -15% | -7% | -16% | — |
| Gross profit | NT$10.9B | NT$10.5B | NT$12.2B | NT$15.6B | NT$19.6B |
| EBITDA | NT$3.56B | NT$3.64B | NT$4.39B | NT$7.13B | NT$10.1B |
| Net income | NT$601M | NT$723M | NT$1.26B | NT$3.40B | NT$5.84B |
| Free cash flow | NT$6.59B | NT$9.53B | NT$10.4B | NT$9.06B | -NT$2.20B |
| Capital expenditure | NT$1.66B | NT$1.81B | NT$2.52B | NT$2.31B | NT$2.70B |
| Total debt | NT$16.7B | NT$15.0B | NT$24.0B | NT$29.0B | NT$33.1B |
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 |
|---|---|---|---|---|---|---|
| Giant Manufacturing 9921.TW | $1.06B | +29% | -15% | 2% | 18.1× | 1.3% |
| Merida Industry 9914.TW | $573M | +9% | -16% | 6% | 11.5× | -4.9% |
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 | 9921.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.7% | -1.3% | 9th highest of 20 |
| 6-month return | +29.4% | -17.0% | 2nd highest of 19 |
| Distance from 52-week high | -21.0% | -38.3% | 4th highest of 20 |
| Revenue growth (TTM) | -14.7% | +9.6% | 2nd lowest of 20 |
| Operating margin | 1.8% | 4.1% | 9th lowest of 20 |
| Forward P/E | 18.1× | 12.6× | 3rd most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 1.3% | 3.7% | 4th least demanding of 12 |
| Growth delivered (Del g) | -3.0% | +3.8% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | +4.2 pp | +1.4 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | -2.8 pp | -2.6 pp | 10th lowest of 20 |
| EV / EBITDA | 9.7× | 12.7× | 3rd cheapest of 9 |
| Net debt / EBITDA | -1.1× | 1.2× | 2nd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Giant Manufacturing 9921.TW | Taiwan | $1.06B | +29% | -15% | 2% | 18.1× | 1.3% | -3.0% |
| Aerosun 600501.SS | China | $1.10B | -28% | +10% | -5% | n/a | n/a | n/a |
| Tianrun Industry Technology 002283.SZ | China | $1.14B | -39% | +31% | 9% | 16.0× | 6.1% | -1.7% |
| Brilliance China Automotive 1114.HK | Hong Kong | $1.15B | -40% | +18% | -30% | 6.0× | n/a | n/a |
| Xiamen King Long Motor 600686.SS | China | $967M | -42% | -3% | 2% | 9.1× | -1.1% | +12.0% |
| Tianjin FUJI-TA Bicycle Industrial 603468.SS | China | $1.19B | n/a | +3% | 8% | n/a | 13.5% | +4.9% |
| Breton Technology 1333.HK | Hong Kong | $915M | +5% | +16% | -24% | n/a | n/a | n/a |
| Shanghai New Power Automotive Technology 600841.SS | China | $914M | -39% | +15% | -5% | 19.5× | 2.1% | -23.6% |
| Zhejiang Qianjiang Motorcycle 000913.SZ | China | $896M | -16% | 0% | 2% | 17.2× | n/a | n/a |
| Olectra Greentech OLECTRA.NS | India | $891M | -19% | +38% | 12% | 23.7× | n/a | n/a |
| Lucid LCID | United States | $1.30B | -48% | +67% | -259% | n/a | n/a | n/a |
| Guangdong Lvtong New Energy Electric Vehicle Tech 301322.SZ | China | $869M | +5% | +63% | -3% | n/a | n/a | n/a |
| China Motor 2204.TW | Taiwan | $867M | -4% | +6% | 4% | 8.4× | 3.7% | +0.8% |
| Aebi Schmidt AEBI | United States | $867M | -3% | +49% | 6% | 11.3× | 11.9% | n/a |
| Piaggio & C PIA.MI | Italy | $862M | +24% | -5% | 7% | 17.0× | 2.6% | +2.7% |
| Yulon Motor 2201.TW | Taiwan | $860M | -1% | -8% | 8% | 12.6× | 14.9% | -2.6% |
| Zhongtong Bus 000957.SZ | China | $857M | -18% | +6% | 6% | 11.6× | -16.1% | +10.7% |
| SML Mahindra SMLMAH.NS | India | $806M | +35% | +22% | 7% | n/a | 23.6% | +36.9% |
| Kuen Tong Technology 7965.TWO | Taiwan | $796M | n/a | n/a | n/a | n/a | n/a | n/a |
| Sanyang Motor 2206.TW | Taiwan | $1.43B | +8% | -3% | 8% | n/a | 1.2% | +9.0% |
| Haima Automobile 000572.SZ | China | $792M | -43% | -48% | -27% | n/a | n/a | n/a |