Polytex (4429-TW), Taiwan's leading manufacturer of functional moisture-permeable and waterproof fabrics, recently held a pre-listing corporate briefing on October 14th. The company officially went public at a price of NT$40 per share, becoming the first specialized firm in Taiwan focused on high-performance moisture management and waterproof fabric technology. This milestone marks a significant step forward for the company as it expands its presence in both domestic and international markets.
In the first half of this year, Polytex experienced strong growth driven by increased demand for high-margin products such as protective clothing, outdoor gear, and medical materials. As a result, the after-tax net profit per share reached NT$2.89, nearly matching the full-year profit projection. The company’s leadership noted that the off-season has not been weak this year, with government subsidies further boosting performance. They now estimate the full-year after-tax net profit per share to be around NT$5.
With a paid-in capital of NT$244 million, Polytex reported revenue of NT$517 million in the first half of the year, along with an after-tax net profit of NT$70.61 million, translating to a solid NT$2.89 per share. The company also achieved a gross margin of 22%, reflecting efficient operations and strong product demand. Even during the off-season, monthly revenue remained robust, reaching NT$71.36 million in August—up 51.61% year-over-year. From January to August, total revenue hit NT$644 million, representing a 19.23% annual increase.
Founded in 1999, Polytex was the first company in Taiwan to develop wet micro-porous coating and bonding technologies. Its advanced wet coating process is considered industry-leading, with moisture permeability comparable to Japan’s TorayEntrantGII and even rivaling Gore-Tex in terms of softness and processing performance. The company’s primary clients include top global outdoor brands such as The North Face, Columbia, Helly Hansen, Patagonia, and Jack Wolfskin.
Currently, ECFA-related stocks are gaining traction in the market. Polytex benefits from both the ECFA framework and the appreciation of the Japanese yen, which enhances the value of its moisture-permeable and waterproof processing services. This has made the company more profitable, especially in the second half of the year. After years of quiet development, the textile sector is now entering a decade of growth. Analysts predict that Polytex could see a 30% to 50% growth over the next three years, making it an undervalued stock at its current P/E ratio. There are even speculations about a potential listing of a new cabinet or investment vehicle, which could trigger a wave of investor interest.
Recent data from the Japan Chemical Fiber Association (JCFA) indicates a decline in Japan’s chemical fiber output in 2009, marking the lowest level in history. Total production fell by 6% compared to the previous year, with nylon and polyester production dropping by 34% and 33%, respectively. However, global demand for chemical fibers is expected to grow, with projections showing consumption reaching 53.95 million tons by 2015—an increase of 24% from 2008 levels. China and India are expected to lead this growth, signaling long-term opportunities for companies like Polytex in the evolving global market.
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