Taiwan Paiho (TWSE: 9938 TT) is the world’s largest touch fastener tape maker (1.3m km/yr, >10% market share) with applications in apparel, shoes, diapers, car seats etc. All top 20 global athletic shoe brands, inc Nike, Adidas, Reebok, Sketchers, UnderArmor are customers and Paiho has forged long-term “spec-in” partnerships with them. Its broad product offering, protected by over 110 patents including Trihook, E-Lock, HookBall, Black Swan Strap, and fast delivery enabled Paiho to command higher prices and maintain steady gross margin of around 30%. Established in 1979, Taiwan Paiho is listed in Jan 2001 and has over 4,800 employees It owns a majority 51.5% stake in China-focused spinoff Paiho Shih (8404 TT, MV $198m) which contributes around 39% to group sales and was listed in 2010. Paiho has a Pan-Asia production network in Taiwan, China (Dongguan, Wuxi), Vietnam, Indonesia with plants located close to its major brand clients to provide rapid delivery and quality service.
What Makes It a Wide-Moat Business?
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