St Shine Optical (GreTai: 1565 TT) is the fifth largest contact lens manufacturer in the world and the #1 global ODM (Original Design Manufacturer) company. St Shine has its own brand Ticon sold in Taiwan with a market share of 30%, #2 behind Johnson & Johnson, and contributes 25% of group’s sales. 75% of St Shine’s revenue come from the ODM business. The majority of the ODM customers are in Japan which account for over 50% of the total ODM business. Specialty lens (mainly color lens) contributed around 50% of the group revenue (FY13; 55% in 1Q14). The company is listed in Mar 2004 and has 3,030 employees.

What Makes It a Wide-Moat Business?

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