Strong H Machinery Technology Co Inc (強信), which makes industrial machine parts, expects its expanded presence in Southeast Asia to boost sales growth in the coming quarters.
Strong H mainly distributes industrial sewing machine knives in China, but the company plans to reach more overseas customers this year, president and chairman Chi Ping-hsin (綦秉信) said at a listing ceremony in Taipei on Friday.
The demand for industrial sewing machines in Southeast Asia is expected to grow significantly after global apparel makers move production, especially to Vietnam and Cambodia, Chi said.
Eyeing strong market potential in the long term, the company is considering building a new plant in Southeast Asia, he said.
Revenue from Southeast Asia makes up nearly 25 percent of the firm’s total revenue, while China and Europe account for 69 percent and 2 percent respectively, company data showed.
Strong H’s major brand customers include Japan-based Brother Industries Ltd and Germany-headquartered PFAFF Industrial, data showed.
Aside from its collaborations with global brands, the company said it aims to raise revenue contribution of its after-sales sewing machine parts this year, as the demand for those components is less likely to be dragged down by the volatility of business cycles.
Strong H has also ventured into research and development of automated equipment, including robot arms and heat-treatment machines, as it works to diversify its product portfolio.
Strong H, which made its debut on the Taiwan Stock Exchange on Friday last week, saw its shares soar 15.3 percent to close at NT$39.8, compared with its initial public offering price of NT$34.5.
Strong H raised NT$72.5 million (US$2.4 million) through the issue of 7.25 million new shares.
In the first quarter of this year, the company saw its net profit grow 5 percent annually from NT$44.1 million to NT$46.2 million, while operating income rose 48.7 percent from NT$67.5 million to NT$70.8 million, with earnings per share rising from NT$0.76 to NT$0.8.
Sales over the period rose 9.7 percent from NT$268.3 million to NT$294.4 million, a company filing with the Taiwan Stock Exchange showed.
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