YHI International rolls further into China
(2003-06-29)

YHI International rolls further into China

BETTING on a boom in China's auto market, YHI International is aggressively expanding its manufacturing capacity there.

And through an initial public offer (IPO) of its shares, which closes at noon on Tuesday, it is inviting investors to ride along with it.

  • Tyres: Yokohama and YHI Holdings - the investment holding company of the Tay family which has a controlling stake in YHI International - have jointly set up a tyre-manufacturing plant in Hangzhou.

    The plant will produce 350,000 tyres in the second half of this year and 700,000 tyres during the whole of next year for YHI International to sell in China.

    It is the first such partnership for Yokohama worldwide.

  • Alloy wheels: In Shanghai, the YHI plant for alloy wheels will soon have another production line - its fourth.

    Three lines are operating at almost full capacity.

    YHI's plant in Taiwan is also operating at almost full capacity with a single line. The total output of about a million wheels is exported to Europe and other parts of the world.

    Next year, YHI intends to expand its Shanghai plant to produce wheels for China. That will help boost YHI's turnover and profit in North-east Asia, which comprises the markets of China, Hong Kong, Taiwan and Macau.

    Last year, that region contributed $65 million in YHI's turnover, up from $46 million two years ago.

    The region's contribution of net profit shot up from $183,000 to $4.6 million in the same period.

    YHI's IPO at 50 cents a share translates into a price-earnings ratio of 10 based on the company's net profit of $11.4 million last year and the total number of its post-IPO shares.

      
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    The Straits Times
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