Automotive lighting products maker TYC Brother Industrial Co (堤維西) said it plans to tap into the Indonesian market next quarter as part of its strategy to expand its presence in Southeast Asia.
The firm has begun collaborating with distributors in Indonesia and plans to establish sales channels in the next few months, a company official said yesterday.
The Tainan-based company said it has secured large orders from Honda Motor Co’s Indonesia unit to supply automotive lighting products next year as its first step in acquiring business opportunities in the country’s original-equipment manufacturing market.
TYC is also seeking business partners in other ASEAN members, including the Philippines, Myanmar and Malaysia, to expand its regional footprint, it said.
“The company hopes to grab a larger share of ASEAN’s growing automotive components market,” TYC chairman Wu Chun-chi (吳俊佶) said at an annual shareholders’ meeting on Thursday.
The projects in Southeast Asia are likely to make significant contributions to revenue next year, Wu said, without providing a sales target.
As for the Chinese market, TYC said it would invest NT$1 billion (US$32.89 million) in automotive lighting research and development over the next five years for its Chinese clients in the aftermarket segment.
Supported by robust growth in the Chinese auto market, TYC said revenue of its Chinese subsidiary is forecast to grow by more than 5 percent annually this year.
Shareholders on Thursday approved a proposal to distribute a record-high cash dividend of NT$2 per share, which translated into a yield of 6.09 percent based on its closing price of NT$32.85 in Taipei trading yesterday.
TYC last year reported NT$987 million in net profit, soaring 30.04 percent annually, partly on the back of contributions from its Chinese joint venture Varroc TYC Auto Lamps Co (大茂偉瑞柯).
Earnings per share were NT$3.17, greater than NT$2.43 in 2015 and the highest level in 13 years, company data showed.
Revenue last year increased 6.08 percent annually to NT$15.96 billion, with the US accounting for nearly 45 percent of sales, while sales in Europe and Taiwan contributed 20 percent and 10 percent respectively, the data showed.
Gross margin last year increased from 21.94 percent to 23.05 percent, the data showed.
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