EPS of New Best Industrial Expected to Reach NT$3 Thanks to Large Projects of Car Manufacturers

New Best Industrial Co., Ltd. is a professional wire manufacturer. Its businesses include wires and EP pipes & tubes. Its downstream wire customers in Taiwan are fastener factories (55% of them use wires to satisfy automotive demand). In addition, as high as 72% of its products produced in its Suzhou-based factory are used for automotive applications. In the 2nd half of 2015, facilities for manufacturing wires of large diameters will be introduced into its Taiwan-based factory for soliciting more orders for automotive, machine, and steel structure wires. The revenue generated from the production of automotive products in both the Suzhou and Taiwan factories will represent over 60% of New Best’s revenue. New Best can be thus considered a company that pays most of its attention to the development of automotive parts.

 

Customers that use New Best’s automotive parts are all affiliated fastener suppliers of well-known European and Japanese car manufacturers. New Best, following San Shing Fastech, Sumeeko, and QST International, has become the 4th Taiwanese steel products company that successfully expanded its business to the automotive sector. The current price per share of San Shang, Sumeeko, or Boltun is around NT$100, and their price/earnings ratios have all reached 15-20 times the standard par (compared to New Best’s 7-8 times the standard par). Following the success and increasing share price of San Shing or QST, the share price of New Best currently landing at NT$20-22 can be also expected to increase further again.

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