Wed, Oct 02, 2013 - Page 13 News List

Sanitar set to debut on main bourse

By Camaron Kao  /  Staff reporter

Sanitar Co Ltd (凱撒衛浴), which makes sanitary ware under the Caesar brand, is set to debut its shares on the main board on Oct. 24 with an initial public offering price of NT$25 per share.

The company plans to raise NT$202.5 million (US$6.85 million) by issuing 8.1 million common shares.

“Raising money is not the main reason for us to go public,” Tony Hsiao (蕭俊祥), chairman and general manager of the company, said at the sideline of an investors’ conference yesterday.

“We want to increase the credibility of our brand and show that our financial statements are sound,” Hsiao said.

Sanitar, the third-largest sanitary ware supplier in Taiwan after Hocheng Corp (合成) and TOTO Ltd, reported NT$1.44 billion in revenue last year.

Sales in Taiwan accounted for 63 percent of last year’s total, while those in Vietnam, where Sanitar is the second-largest sanitary ware distributor, accounted for 36 percent.

In the January-to-August period, the company posted NT$1.08 billion in revenue, up 18.55 percent from NT$909.69 million a year ago, after its new factory in Vietnam became operational in the first quarter, the company said.

Hsiao expects revenue to see sequential growth next quarter on rising utilization and the approach of the high season.

The fourth quarter is traditionally the peak season for the company because many offices and homes renovate their sanitary equipment then, Hsiao said.

The company’s new factory in Vietnam is capable of producing 640,000 units of sanitary ware a year.

Overall, the company has a total capacity of making 1.6 million units of sanitary ware a year.

During the first six months of the year, the company reported profit of NT$74.44 million, or NT$1.15 per share, up 102 percent from NT$36.86 million, or NT$0.57 per share, a year ago, according to its filing to the stock exchange.

Currently listed on the Emerging Stock Market, the company’s shares rose 4.86 percent to NT$36.49 yesterday.

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