​Diapers are Nan Liu’s major growth driver. Changes in China diaper market share among brands have been slightly favorable for Nan Liu, but price competition between brands has likely had a negative impact. We now deem price competition among brands another factor behind price-cuts by clients, other than the impact of lower raw material costs on pricing.
We project Nan Liu’s gross profit to rise only 7% YoY this year, despite likely mid-teen digit growth YoY in overall volume; tightening capacity may limit growth in 2017F.
NAN LIU ENTERPRISE CO., LTD is a Taiwan-based company principally engaged in the research, development, production and sales of non-woven products. The Company's main products include water needle non-woven fabrics, water needle wood pulp composite fabrics, dustless wipes, household wipes, floor mops, hot air and hot pressed non-woven fabrics, baby wipes, facial masks, make-up removers, emulsions and liquid care products. The Company distributes its products in domestic market and to overseas markets, such as mainland China, the rest areas of Asia and Japan.
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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