AIDC to Go Listed ; NAFCO in the Limelight

Aerospace Industrial Development Corporation (AIDC) will go public in the second half year, and as aerospace concept stock is gradually popularize, National Aerospace Fasteners Corporation (NAFCO) comes in to the limelight with its profit growth in Q1 and its stock price soars. NAFCO's aerospace fasteners have acquired GE Aircraft Engine certificate, making itself the only GEAE-certified aerospace fastener maker in Pan-Asia. Later on it further acquired IHI and Snecma certificates.

 

Currently NAFCO's aerospace fasteners account for 70-80% of total revenue, and industrial and automotive fasteners account for 20-30%. The company mainly produces nickel alloy steel fasteners applied in new plane production and maintenance. Its profit margin is higher than that of peers' because crossed a higher threshold in the aerospace industry.

 

In terms of corporate finance, NAFCO's Q1 revenue reaches NTD 348 million (up 26.09% quarterly), with profit margin at 37.56%, net profit after tax at NTD 600 million (up 93.5% quarterly, second highest quarter in history), and EPS at NTD 1.43 (single-quarter record high). NAFCO's utilization rate is near 90% and close to full capacity. To satisfy the demand from aerospace clients, NAFCO's third plant has been built in June last year, with half the capacity of plant 1 and 2 in combination. Capital has been invested in additional machinery and in production certification. As the aerospace industry remain optimistic and market share is high, it will be necessary to set up a new plant 3 years later.

 

The company indicated in an annual shareholder's meeting that automated equipment for engine bolts (new product), CNC parts, and Airframe Nut has been introduced to improve production efficiency. NAFCO will also combine optical technology with advanced planning and scheduling (APS) to improve production and sales performance.

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