Let’s be curious and inspired by what Asian leaders of Hidden Champions have to say about business and life

Dominik Fruth

Häfele Group
General Director –
Singapore, Malaysia, Vietnam

“We’re like the intel of the industry, the hidden champions. You don’t see us so much in front but we make things happen. “Our CEO once said that a furniture would only be a stack of wood without the fittings. So that means the fittings are what makes it work. We put all that functionality inside the furniture. So we don’t sell furniture.” 


(Häfele Group is a German family enterprise with its head office in Nagold, Germany. Häfele is the leading international manufacturer and supplier of furniture fittings and architectural hardware, with subsidiaries in 150 countries. Häfele’s furniture fittings (hinges, drawer systems, handles, connectors, ambient lighting), architectural hardware (door hardware and electronic locking systems), and other related fittings are specifically designed for the furniture, building, and hardware supply industries. Häfele manufactures a diverse range of products from ironing boards to door closers. Its turnover is over Euro 1.2 billion in 2015.)

Satoshi Suzuki

POLA Orbis (TSE: 4927)

“I think that people are absolutely necessary for organizations. I wish a strange person would get stranger and get inspired by or inspire other employees. Do you know a story about imported eels from Korea? It seems that the survival rate of eel will increase if several piranhas are put alongside them. Because a tension is born, the eel tries to survive. Is it therefore essential to have people or entities like Piranha who are indispensable to the company?”


“I feel that it is nonsensical that everyone is doing the same thing. If you do anything, you should run on a different track instead of racing on the same track. Our strategic viewpoint of “what competitors do not do” is one of our evaluation axes. If other companies are doing it successfully, we do not want to imitate it and compete there, and it is not only about competing with oneself, but also wanting to create a unique piece of work.”

Akio Nitori

Nitori Holdings (TSE: 9843)

“Yeah, I’m handling all kinds of material from the raising of threads to production, logistics, sales, etc. Quality home fashion products such as expensive curtains can be produced at an affordable price for consumer. Nitori has consistently worked on planning, designing, manufacturing, quality control, logistics and sales, and now 90% of our products are called PB (Independent Projected Item). As a result, we have created a unique way to reduce costs and increase profit margins, and to change to products that respond quickly to market needs.”

Satoru Matsuzaki

Ryohin Keikaku (TSE:7453)

“Until now, we had stocked more or less the same selection of merchandise anywhere in the world. But going forward, we know we need to select items suited to the specific needs of each region’s lifestyle. For example, the water bottles designed for the Japanese market tend to be too small for the Chinese market. The same goes for rice cookers. Even if product development is done in Japan, we need to reflect the views of our Chinese employees. We are building a structure where that kind of input is reflected into product creation.”

(Muji, the Japanese lifestyle-goods retailer operated by Ryohin Keikaku, has achieved a business milestone in July 2017 in which its overseas Muji stores exceeded the number of those in Japan. With its expansion, Muji has begun to tailor its offerings — from cleaning and washing products to kitchenware — to better suit local needs.)

Chihito Kusabiraki

Weathernews (TSE:4825)

“We are keen to launch more satellites in the future. The motivation for space-based observation of sea ice came in 2003 after an inquiry from a client about Arctic routes. A captain from Taiwanese shipping company Evergreen Marine asked Weathernews’ founder Hiroyoshi Ishibashi, now-deceased, if he had any ideas about how to navigate through the Arctic. It was around the time that people in the shipping industry were talking about melting Arctic ice opening new shipping routes. We had never thought of sending a satellite into space. At that time launching a satellite would have cost at least 10 billion yen. But Masaya Yamamoto, chief technology officer of Weathernews and the holder of a PhD in engineering, suggested it could be possible with only several hundreds of millions of yen if the team had a clear vision and stuck to its goal. Without that innovative idea, we would not be where we are today. We’ve just started.”

(The world’s largest provider of ocean weather data, Weathernews, successfully launched its own microsatellite on 14 July 2017, making it the first weather company to have its own satellite.)

Ray Malone

AMA Group (ASX: AMA)

“The market, the stock exchange are fairweather friends once you are making money for them they like you. I think the biggest accolade someone can do is to back you. If they invest in you, whilst they want a return, they are trusting you and you can’t let down their trust.”


“I see no signs of demand for AMA Group’s services lessening. They are always going to have smashes, all this stuff about electric cars and blah blah, but in Australia with the tyranny of distance and the funds we have to put into infrastructure, it’s never going to be an issue. People are buying more cars not less.”

(AMA Group is now Australia’s biggest crash repair company. It provides services to the wholesale vehicle aftercare and accessories market including crash repair businesses, auto-electrical businesses and bullbar manufacturers. Ray Malone is a finalist in this year’s EY Entrepreneur Of The Year awards.   The business turned over $264 million in 2015/2016 and has approximately 85 sites across Australia. It has thrived as a consolidator in Australia’s fragmented $7 billion crash repair industry. AMA’s larger scale has brought better clout in buying parts for vehicle repairs, while the transparency of an ASX listing means big insurance companies are more comfortable with dealing with a large group with solid corporate governance.)

Dig Howitt

Cochlear (ASX: COH)

“When you’re under 5% market penetration there is only one way to go and that is up. We have the right strategy and our business generates significant cash, so we can reinvest in those strategies to drive growth. Our mission is to help people hear and be heard, and we want to keep going as far and for as long as we can to increase penetration and build awareness.”

Andrew Barkla

IDP Education (ASX: IEL)

“In FY17 we defined a vision to build the world’s leading platform and connected community to guide international students through their study journey to achieve their learning and career goals. To enable this vision, this year we invested significantly in building a network of brands, platforms and data to give us unparalleled insights into the behaviours and needs of customers. Looking to FY18, our focus is on the global roll-out of a new digital platform to underpin our digital transformation. We are setting out to build the world’s most definitive database and connected international student community. The compelling rationale for this investment in technology infrastructure and innovation is the consolidation of our global data into one comprehensive view of international students’ behaviours and needs. Our aim is to enable our expert education advisors to connect with students much earlier in their decision-making journey and continue that relationship as the student moves from their home country to their study country, and then beyond into employment. IDP Education’s customers access our services at life-changing junctures. Our goal is to support more students, and provide them greater choices and opportunities to realize their global ambitions.”

Piyush Kumar

IDP Education (ASX: IEL)
Country Director of India

“IDP seeks to provide a platform to aspiring students to come and have a face-to-face interaction with the university representatives and get answers to all their queries related to studying in Australia. Over 40 Australian institutions are participating in the fair. It is a free platform for all students to gauge their prospects, apply directly to the institution of their choice and get first-hand information on courses, scholarships. Australian education has always attracted Indian students for its quality. The availability of post-study work opportunities also helps on making it even more attractive for students. Also, 20 out of 34 Australian universities feature in the world’s top 400.”

Peter Wilson

Reece Ltd (ASX: REH)

“It’s been an exciting year for us, with the highest sales ever in our company’s history as well as the highest customer satisfaction, as measured by a Net Promoter Score of +64. An important project this year was the relaunch of The Reece Way, the Group’s set of 10 values. The values are very important to our organization and our people. They are an important input to our culture and our success as an organization.”


“We launched maX to our customers so they can conduct all their business with us at their own convenience, from browsing products, to account management through to tracking delivery. It’s really important to make business as easy as possible for our customers. Product reliability is critical to our customers’ businesses. Being able to deliver what they need, when they need it is therefore critical to ours.”

Aram Mirkazemi

Altium Ltd (ASX: ALU)

“If the world is going to design millions of new IoT devices over the next decade, then it needs a new style of design software. These devices won’t come from the CAD world. Their tools are unapproachable, they feel old, and they were made for a different reason — made for professional, trained, and experienced engineers.”


“The win is ours to be had now. Using a cricket analogy … we don’t have to try and take a wicket with every ball, we just need to maintain our double-digit growth and keep expanding our margin profitability. Altium is realistically close to being able to get to a position where it will be for PCB design what Adobe Photoshop is for picture editing.”

“The acquisition of Upverter represents a significant step in the evolution of Altium’s cloud strategy to serve the needs of future electronic designers. Together, Altium and Upverter will leverage the power of traditional CAD systems with the lightness and intuitive qualities that are inherent to web-based solutions to form the foundation for a unified, end-to-end cloud-based platform for the design and realization of electronic products. Combining Upverter with Altium’s recent acquisition of Octopart and Ciiva will bring the collaborative power of the cloud to assist the new generation of product designers with the discovery, design and manufacturing of electronic circuits needed in the creation of smart connected products.”

Robert Wu

The Eslite Spectrum (GTSM:2926)
Founding Chairman

“I would like to open a space with personality and soul that people can share knowledge, host art, literature and music activities, and really enjoy reading. … It should be a spiritual retreat and cannot be classified as a traditional bookstore nor a conventional shopping mall.”

“I was diagnosed with a congenital cardiovascular disease and it was dangerous to have an operation for it back then. This forced me to think about the meaning of life. I proposed humanitarianism, culture, art, creativity and life as the concepts for Eslite. It is a refinement of love, charity and beauty that supports my life.” – Robert Wu wrote in an article published on the CEIBS Business Review in 2014.

(Robert Wu (吳清友), chairman and founder of Eslite Corp (誠品), one of the largest retail bookstore chains in Taiwan, died of heart failure at the age of 66 on 18 July 2017. Robert’s successor and daughter Mercy Wu made clear in a recent book about the company’s philosophy that standing pat is not an option: “It’s more realistic that we have to make progress, move forward and find some new approaches and business models and to expand new markets.”)

Scott Shainman

Getac Technology (TSEC: 3005)
President North America

“Getac continues to set new standards for product development, especially for those working in the field and in extreme environments,” explains, president of Getac. “With the introduction of the A140, customers will now have access to the largest fully rugged tablet we have ever produced. Whether public safety or field operations, the ability to quickly see more data on the screen is exactly what our customers have been looking for. Advanced security features, incredibly fast performance and an awesome outdoor viewable screen make the A140 one of our most exciting launches.”


(Getac is currently the second-largest ruggedized IPC brand worldwide, behind only Panasonic. Getac is currently the largest automotive seat belt shaft supplier worldwide with a market share of 40%. The company has also been pushing to manufacture electronic control system and wiper component products and the components have already received certifications from clients. Getac has three major product lines: ruggedized IPCs, which contributes around 42% of the overall revenues currently; chassis components, 50%; and aerospace components, 8%.)

James Hwang

Getac Technology (TSEC: 3005)

神基2016年全年合併營收約新台幣204億元,年增率約11%,在全球強固型工業電腦市占率近20. 這樣的成績,來自於神基10年前一場果斷的「大撤退」。代價,是必須放掉一年約380億元的筆電代工營收;收穫,是營業毛利率從「毛三到四」攀升至25%,並從二線代工廠搖身一變成為全球第二大強固型電腦品牌。離場要有膽識,進場你就要有勇氣。要把占公司不到1%營收的強固型產品,發展成公司品牌。拒留後路,無視大客戶跳腳, 即便1/3員工離職,也不回頭.。改革時最主要的工作就是不能讓內部有員工心存僥倖,這也是企業變革中最難的一個環節。如果不強迫,沒人願離開舒適圈。


神基設計的產品只要一故障,不用等客戶報修,系統會自動通報,而工程師隔天就會立刻出現在前線支援。對方直問: 真有這功能嗎?我告訴他:等8個月後再來,我會秀給你看。同時也把8個月後的會議時間當場敲定,為自己再次留下爭取訂單機會。花了快10年,神基爬上全球強固型電腦品牌市占第二名的位置,美國警政軍方使用的電腦,有1/3來自神基,歐系車廠中,也大多是神基客戶。當你真的有餘裕的時候,禁得起萬一的時候,我覺得這時候也許是better timing

Zhang Yong

Yihai (SEHK: 1579)

“In Haidilao, managers are evaluated by levels of customer satisfaction and staff morale, rather than primarily on restaurant revenue. We rarely hire from outside. Just because you have a degree from Harvard or from Peking University, we won’t give you any special favour. When I watch the waiters, I know they’re thinking about how they want to replace me. At Haidilao, wages start low, but rise rapidly for top performers. By treating employees well, it inspires a real level of loyalty.”


“McDonald’s, Coca-Cola and Starbucks are all a reflection of American culture. As the Chinese economy grows and the world starts to put more focus on China, I believe there’s a chance for Chinese restaurants.”

(China’s spicy hotpot billionaire Zhang Yong opened his first restaurant with just four tables in 1994. Today, Haidilao has 196 outlets in 60 Chinese cities as well as more in Los Angeles, Tokyo, Singapore, and Seoul. Zhang Yong has a 68% stake in closely held Sichuan Haidilao Catering and 63% stake in Hai Di Lao Holdings along with a 36% stake in publicly traded Yihai International, a food distribution and seasoning manufacturer for Haidilao, whose products are also sold in China by Wal-Mart, Carrefour and other retailers.)

Sunny Lo Hoi-Kwong

Café de Coral (SEHK: 341)

“First you define the problem. Then you set a hypothesis and look at each stage of the process. There will always be challenges, but the way we meet the challenges are how we differentiate ourselves from other people. As a big corporation, you have more power, but what matters is how you use your muscles. The responsibility is huge, but we will not go against our initial mission, to make everyone – customers, staff and shareholders – happy.”

(The first Café de Coral was opened in Causeway Bay in 1969 by Victor Lo Tang-seong, who wanted to introduce burgers to the city. He developed the concept of selling Chinese fast food in a restaurant setting, and the rest is history. This willingness to experiment, at risk of failure, has characterized the company. In 1986, Café de Coral Group became the first Hong Kong restaurant business to go public, on the local stock exchange, with an initial share price offering of HK$1.18 while its stock trades at about HK$25 today.

Sunny Lo reflected that there were many initiatives launched by Café de Coral over the years. Not all have been successful, but Sunny believes the process of trial and error has been essential to innovation. A graduate of Stanford University in the US, with a degree in chemical engineering, Sunny was working in Europe when he received a long letter from his father, which he keeps to this day. Although his father did not explicitly ask him to return home, the letter describing his dilemma – a shortage of helping hands – was enough to convince him.)

Lam Leung-Tim

Forward Winsome Industries (Private)
Chairman and Influential Toy Industrialist

“I started out lacking three things in life: money, business experience and technical know-how. I only had a fighting spirit, diligence and a humble heart. I built up the kingdom from nothing… I promised myself that the income from new toys will have a good share returned to society to help people. I hope younger generations will learn from me how to fight through difficult times… Fowind would go on to take up big manufacturing projects from American toy-making giants Hallmark and Hasbro, most notably producing GI Joe and Transformers toys that were high in demand, earning me the nickname “Father of Transformers” in mainland China. My partnership with Hasbro exemplifies the honesty that underscores my business style. When Hasbro had first approached me with the idea of producing GI Joe dolls, I turned the US company down because I felt Fowind was still new and didn’t have the capacity to fulfil orders. I told Hasbro that I’m too small for them. My factory is so small, I don’t want to let them down. My truthfulness earned Hasbro’s trust, and they eventually returned with several project opportunities for Fowind. I count my work ethic and perseverance as key factors behind my success.”


“In my world, I only have friends, I have no enemies. You have to forget about the mischiefs and hatred to create harmony, make peace between people… I sleep very well at night, I keep an open mind. I never get angry. If you scold me, I swallow it, and I never scold people. It is this carefree attitude that has enabled me to stay fit and passionate about my work even in my 90s. I’m still so healthy and so active, work until you cannot work, this is a spirit that not many people can stick to.”

Manish Choksi

Asian Paints (NSE: ASIANPAINT)
President – International Business Unit, IT, Supply Chain & Chemicals

“We believe that in every interaction with the customer, she tries to tell us a little about herself. By leveraging advanced web analytics and personalization technology, these websites understand the online behavior to position the right content and offers to the consumer in line with their preferences. In the home décor space, having the right visual look goes a long way in helping the customer make the right choice. In order to address this customer need, Asian Paints has invested in 3-D visualization technology for the ‘Asian Paints Homes Stores’ and for the kitchen business. This empowers the Asian Paints consultants to create an intuitive visual model within a short period of time thereby not only reducing the consulting time but also nudges the consumer to complete the buying journey. Visualizing a home is an immersive experience. Our Signature stores inspire people to fully stamp their personality on their living space. Similarly, the evolution of our Ezycolour consultancy service, offered at consumers’ homes aims to inspire change. Our efforts culminate at one point, the point where customers see their perfect home, and Asian Paints is an integral part of it. We have strived to offer relevant and contextual interactions to our customers by identifying their needs at different stages in the décor cycle.”


“We have made significant progress around creating Next Generation Omni Channel experience for our dealer community. This will allow a seamless experience for Asian Paints dealers across voice, web and mobile channels. Thanks to the e-commerce wave, Asian Paints dealers expect a similar experience when they interact with us through the digital medium. We have launched a comprehensive mobile app for our dealers. The app has now become a very popular channel of interaction for the dealers. We have gone beyond and extended the eco-systems for our contractor community who play a key role in delivering beautiful homes. Today a contractor can engage with our customers and us through an easy to use the mobile app. We are extending our digital eco-system even our AIDs which play an advisory role for our customers.”


“If you don’t take customers on a digital journey you are paving the way to a parallel ecosystem which would be tough to manage and extremely expensive to sustain. So, disrupting your own ecosystem and embarking on a journey that marries the digital channels with the physical world, is the way forward. When it comes to digital, small beginnings lead to big transformations.”

Varun Berry

Britannia Industries (NSE: BRITANNIA)
Managing Director

“We would like 40% of our turnover to come from rural markets within two years, rural markets now account for 30% of the company’s turnover. Britannia’s continued focus on enhancing direct reach, coupled with our rural agenda has helped us drive growth and sustain momentum even during difficult times.”

Sanjiv Bajaj

Bajaj Finserv (NSE: BAJAFINSV)
Managing Director

“There was risk because financial services were new to me. But there was excitement because I was building something new. We may never build the largest financial-services business in India, but we can build excellence. When you sell a sporty motorcycle, the customer can touch the petrol tank, kick the tires and hear the whir of the engine. There’s an appeal on the product for which the person is willing to pay a premium and take it home. That’s not the case with loans and insurance. That’s why Bajaj has tied up with 40,000 retailers selling everything from modular kitchens and mattresses to mobile phones. The financing options bring in fresh buyers.”


The challenge in any organization is in stagnation of ideas or poor execution, both of which comes back to people. How do we align and keep our top 500 people motivated and fully equipped and accountable?”

Sandeep Kulhalli

Titan Co (NSE: TITAN)
Senior Vice-President, Retail and Marketing

“Earlier people were buying from small jewellers as they were not asking for PAN card or accepting cash. With the government restrictions, they don’t see any benefit in buying from small jewellers.”


“India is blessed with consumers who still have a strong affinity to gold and diamonds and the social fabric is still around weddings,” he said. “As long as these factors remain, consumption in India will not be an issue.”

Raamdeo Agrawal & Motilal Oswal 

Motilal Oswal Financial Services (BSE:532892)

How was the start with Motilal Oswal? What were the initial challenges?

Raamdeo Agrawal (RA): Every company has a genesis. This had equity at its heart. Our earlier visiting card said we have to help people make money in the stock markets. This was in 1987 and that was our mission statement. [But] money-making is not that easy. Now, if we make money for someone, the client will see to it that we [MOFSL] also benefit. We kept on improving the returns for our clients. We did this through a process of accumulating knowledge. We studied money-making in the stock market from [following iconic investor Warren] Buffett and also our wealth creation study which is a report on India’s fastest and the biggest value creating companies. We wanted to answer how to make money faster and better in the stock market and use that skill to make money for others. We started as a broking company. [For that] there is no entry barrier and no capital requirement. And it is a seller’s market. During that time, there was a shortage of quality brokerage houses. It was all traditional business. There were no professionals then. Two chartered accountants starting a broking house was unheard of. It was revolutionary in 1987.

You were a strict taskmaster. We have heard stories of you walking on the research floor and grilling analysts on quarterly results and company strategies.

RA: Those stories are absolutely true. I do that even now. We were known to keep our analysts on their toes all the time during our broking days. Today we do that in the AMC business. I sit with my AMC team on the same floor. That way I remain on my toes and they remain on theirs.        

How do you get into new businesses?

RA: At the board level, we have decided that there will be no more new businesses. Those that we have invested in, we will exit from them if they don’t work. In the last three years, we have not got into anything new. Moti loves to get into new businesses, but I have told him that I won’t come for the board meeting if you start anything new. We have decided ourselves that we will grow vertically, not horizontally.   The point was to do something meaningful. Money was not the motive. How do you bring in excellence and what is the aspiration? It takes around seven years to build a robust business. We might look great in the HFC business after three years, but that’s not how we look at it. To build a good business, you need to build strong roots and that takes time. In AMC, we struggled for the first five years. From 2013 onwards, we did well. Now, in the last two years, we have tasted success.   

What were your learnings from Buffett’s Berkshire Hathaway?

RA: Moti has different learnings. Mine was how to conduct the business. For me, what really matters is the recruitment of people and the ethics in the business. What is a good business? What is the importance of growth and of market cap? How do you look at dividend policy?

MO: My biggest learning was how to look at capital allocation.

How do you hire people?

MO: We have created a good cultural environment here. We give respect to our people and that is the reason they last with us for a long time. We give them ownership of the business. We are delegating our responsibilities. We don’t have operating responsibilities, but we are here every morning. We have an entrepreneurship culture and partnership culture. We believe in empowerment. We gave shares of ASPIRE, our HFC, to everybody—from those at the bottom to the top employees of MOFSL.

Dilip Piramal

VIP Industries (NSE: VIPIND)
Founder and MD

There have been a lot of new branding initiatives in several of VIP’s brands. Is your strategy working well?

Many of our initiatives in recent years are coming to fruition. Our biggest success has been Skybags. It was launched in 2011 for the hyper markets, with a high volume and low margins strategy. Our advertising campaigns also worked well, led by brand ambassadors such as actors John Abraham and Varun Dhawan. Skybags has become as large a brand—in terms of popularity—as the flagship VIP brand. [It contributed 28 percent of sales in FY17]. We are focused on advertising to promote Skybags further. Our advertising budget is about 6 percent of sales.

What is your strategy to cope with competition, particularly Samsonite? It has acquired US-based online retailer eBags.

I don’t want to talk about Samsonite’s strategies. It has Tumi, which is in a different space [luxury] while eBags is a distribution channel; it may not help Samsonite particularly.

We are working well in the area of digital sales, and it will continue to grow; currently only about 1 percent of our sales comes through online channels. We do not see digital sales as a threat to our retail on-ground presence. Digital sales are a threat to retailers, not the manufacturer. That is where the value of the brand comes in… consumers are willing to pay 30-40 percent more for a branded product.

Ping Cheng

Delta Electronics (TWSE: 2308)

“To respond to fast-changing market demands, smart manufacturing has become an inevitable trend as well as a new business opportunity. As a leading manufacturer of electronic components and parts, Delta actively applies its own products and the expertise gained at its factories to integrate IoT, big data analytics, and cloud-based technology platforms. Through the integration of software with automation equipment, Delta has developed smart machines, smart production, and smart logistics that enable quick changeover for flexible smart manufacturing. For the future, Delta intends to build complete automation systems and smart production lines for its clients.”


Delta’s smart manufacturing is built mainly on a manufacturing execution system (MES) that extends development productivity, provides a monitoring and management platform for quality and equipment maintenance, and connects with the cloud and other related software or hardware. Its capacity, quality, and efficiency for changeover improve when connected to smart logistics. Besides integrating the complete manufacturing process, from ordering, material requests, material delivery, production, direct-to-stock, to shipment and pickup, it also raises efficiency significantly, for example:

A Delta production factory for networking products introduced a smart logistics system to improve the operational efficiency of its sales, production management, procurement, and storage and transportation, decreasing the demand for manpower by 25%;

A customized production line for Delta’s industrial automation products applied small-volume large-variety production, shortening the changeover time by up to 83%;

A smart manufacturing model line for Delta’s power supplies is connected with 6 workstations made of 30 SCARA industrial robots, which reduces the demand for direct manpower by up to 60%;

A Delta production line for passive components uses SCARA robots for unmanned production to achieve a daily capacity of up to 24,000 cases while decreasing direct manpower by 90%.

Shinkichi Suzuki

Kawakin Holdings (TSE:5614)

“Our philosophy and mission is to be a business entity that improves the lives and social infrastructures of the world. We are not only a profit driven company, and we take great pride in our work. At Kawakin, we are very focused on the safety that goes along with our products. We want to make sure that houses, buildings and overall infrastructure will stand firm in case of an earthquake, while remaining in excellent shape for the many years to come. Our objective is to create a safer world today, for tomorrow. I feel very proud of it when I think that people are using our products every day.  I believe we are “hidden heroes,” invisible to the public’s eye but contributing to their safety and daily lives”.

“Our company started during WW2 as a casting provider for the military. We produced parts for tanks in the Kawaguchi area; a region very famous for manufacturing steel products 60 or 70 years ago. During the first 10 years, our focus was on steel production, but the first Tokyo Olympics in 1964 resulted in a construction boom for bridges, roads and railway. This created an increased demand for casting products, which we had been manufacturing since our foundation. For over 40 years, the government’s budget in construction had been rising, and that is why many bridges were built. The increase in construction stopped with the Kobe earthquake in 1995. At that time, the bearings installed were not strong enough to withhold natural disaster, and the strong earthquake created dramatical damages and consequences to the country’s infrastructure. This catastrophe opened a new focus for our activity.”


“Bearings were usually made of steel, but after the Kobe earthquake, we started changing the bearing material from steel only to rubber, which is more flexible and absorbs the vibrations. This was a significant shift for us as we were a steel company and not a rubber one, so this was a great challenge for Kawakin. However, we understood the need to adapt to the changes and decided to start producing rubber bearings as well. This combination of materials complemented our expertise by integrating both technologies to our portfolio.

As time went on, we greatly diversified our product offering. Today, our material division produces cast steel and iron products that are used across industries, such as shipbuilding and automobile manufacturing. We also manufacture precision castings that abide to the highest global standards. Through precision casting, we can achieve higher levels of product sophistication. Our roll-shaped steel parts are used for robots, always satisfying our clients’ needs. Furthermore, we are also specialized in infrastructural components, with a special focus on anti-seismic parts used for bridges and other social infrastructures. Our industrial machinery division offers a wide range of hydraulic equipment, mainly for construction machinery; but also advanced injection molding machines for rubber and plastic, a technology adopted across various industries.”


“Kawakin’s competitiveness comes from its integration of specialized companies. To fill in the gap between what we can do, what our customers expect and what added-value we can create, we have invested time, money and human capital in R&D. Our main competitive advantage is our extensive and diverse product portfolio. When you look at our product line-ups, you can find comprehensive solutions with different kinds of oil dampers and steel / rubber bearings combined with steel parts, for all of which we have technologies. We are the only anti-seismic product supplier that can offer such a range of products. We can adapt to all kinds of structures, from bridges to buildings, including schools, hospitals and factories. The ability to offer to our customers so many different components makes us a one-stop shop. Instead of establishing business partnerships with separate companies, Kawakin’s customers can rely on us as a sole provider for all products needed.”

Cheng Ming Chin

Flexium Interconnect (TSEC:6269)

“The vision of Flexium Interconnect is to become a global leader in providing flexible board module solutions. In terms of the technical developments of the company, it includes two main fields of FPC and FPCA, covering the technologies of materials, circuit design, manufacturing techniques, module tests, high-frequency wireless, automatic equipment etc. Since technologies are continuously improved and realized, with great appreciation on the efforts of all employees and cooperating vendors, the new FPC plant in Kaohsiung for roll-to-roll fine circuits of 25/25 um automatic production line will officially be in operation at the second half of this year. The long term development of FPCA in China is also expected to be realized with the focus on high efficiency of production such that the human-machine integrated automatic production lines will officially be in mass production at the second half of the year in order to readily satisfy the customer demands with local services. With the increasing popularity of Internet of Things, its implication in the market after ten years is expected to be multiple growths of the market of smartphones. Therefore, the application of flexible boards is not limited to such field only, and the demands for flexible boards by the vehicle electronics, artificial intelligence and medical industry are also expected to increase in the future. Flexium Interconnect, Inc. has already planned and invested resources and manpower in the research and development of technologies related to high frequency, wireless charging and finger print recognition in order to establish the long-term development competition advantages of the company.”

Morris Chang

Taiwan Semiconductor Manufacturing Company (TSEC:2330)

“TSMC’s growth is propelled by our ability to earn a premium to the overall semiconductor industry’s growth by being a trusted provider of technology and capacity to the world logic IC industry. This position allowed us to participate actively in the growth of the faster-growing segments, such as the strong demand from 4G+ smartphones in the China market, the replacement and upgrade of Gaming, and the emergence of AI (Artificial Intelligence) in 2016. These applications require the use of technologies over a wide spectrum, and TSMC holds a leading position over this spectrum. Our strong position in technology leadership and our commitment to invest in both R&D and in Capex are what enabled us to continually gain foundry market segment share. We made significant advances in leading-edge process technologies in 2016. Revenue from 16-nanometer grew more than five-fold in 2016 and reached above 20% of total wafer revenue.”


“Entering our fourth decade, TSMC has advanced into the forefront of semiconductor technology and has grown to become the world’ s largest wafer capacity provider for logic ICs. TSMC’ s innovative foundry business model has flourished and placed us at the center of a comprehensive ecosystem of IC designers, IP providers, and equipment suppliers with unmatched ability to unleash innovation. ICs manufactured by TSMC formed the backbone of information technology today. As silicon becomes pervasive and computing is ubiquitous, the intelligent future requires continued advancement and innovation in semiconductor process technologies. As our technology development collecting pace, we now can provide our customers the most competitive leading-edge technology to develop their product. Combined with their innovative algorithm, customized architecture and strength in designs, our customers are able to provide the most competitive products in the applications where they were not used to compete before. Through our customers, we are expanding our footprint into the global high performance computing market as well. TSMC has evolved over the last three decades, but our core values of integrity, commitment, innovation, and customer trust remain unchanged. We remain committed to creating value and generating strong returns to shareholders who have placed their trust with us. As we carry our heritage of excellence forward into an exciting future, we look forward to prospering together with our shareholders.”

Hai Ing-Jiunn

Delta Electronics (TSEC: 2308)

“Founded on the core value to pursue technology advancement and continuous innovation, Delta has been the global leader in switching power supply, brushless DC fan, thermal management and miniaturized component businesses along with the prosperity of IT, communications and consumer electronics industries. With our efforts and rich experiences from past decades to enhance the business platforms Delta has built for technology development and operations excellence, we are able to gauge market trends and provide customers with new products to address their needs in new areas such as automotive electronics, electric cars, medical care, cloud applications, data analytics, and smart home requirements.”


“Our in-house Delta Smart Manufacturing (DSM) solutions will become one of the most powerful tools for Delta to help its customers adapt to the inevitable requirements for high mix low volume local manufacturing requirements in the future. Besides industrial automation, Delta is the world’s number one telecom power provider with state-of-the-art technologies and complete product offerings to serve customers all over the world. We are also highly recognized in UPS (uninterruptible power systems), data center solutions, renewable energies as well as electric vehicles charging solutions. With our relentless dedication to Delta’s corporate mission of providing clean, innovative and energy efficient solutions for a better tomorrow, we have full confidence in our capabilities in energy management businesses from which we will build up to become another cornerstone to Delta’s enduring business growth.”


“As buildings are interconnected with our everyday life and has tremendous potential for energy saving and business opportunities, Delta established a new business team years ago to focus on building energy management and energy conservation technologies in addition to constructing green buildings since ten years ago. Last year Delta acquired two wellknown building automation companies, Delta Controls headquartered in Canada and LOYTEC from Austria, to enhance our capabilities and competitiveness in building automation business. By integrating the unique technologies, product portfolio and channel coverage among three of us to create synergies in HVAC, lighting, energy monitoring/management and building automation management systems, we aim to make future buildings greener and more intelligent to provide a better living environment for us all.”

Lo Chih-Hsien

President Chain Store (TSEC:2912)

“PCSC has continued to develop the CITY CAFE brand by improving coffee quality and flavor. Through brand management, related merchandise, and barista training, CITY CAFE revenue remains on an upward trajectory. In addition, PCSC has repositioned two private brands, iseLect and UNIDESIGN, as premium food, beverage, and daily necessities to meet changing consumer tastes and trends. Furthermore, leveraging strategic partnerships and group resources, some 7-ELEVEN stores now feature products from MUJI, Mister Donut, freshly baked bread, and quality imported goods to satisfy the wide-ranging needs of consumers from different areas and demographics. Through our ubiquitous network of brick and mortar locations, PCSC is actively strengthening our digital services. By upgrading ibon kiosks and launching the ibon app, PCSC has created a digital service platform to provide customers with a variety of convenient, timesaving services. In addition, the all-in-one icasH card can now be used for public transit and a variety of retail locations, all the while users earn bonus points on the OPENPOINT platform. In addition to 7-ELEVEN Taiwan, PCSC has also expanded into other retail businesses both locally and overseas. As of the end of 2016, PCSC operates a total of 9,693 stores, an increase of 819 over the previous year. Overseas, Philippines 7-ELEVEN grew to 1,900 stores in 2016. In addition to strengthening our in-store offerings, consumers of leading online shopping platforms can also pick up their orders from our stores, creating a business model combining both the virtual and real worlds. Expanding to 1,200 stores in Eastern China, Shanghai Starbucks’ total revenue topped RMB 5 billion. In Taiwan, Starbucks introduced the all-new My Starbucks Rewards ™ loyalty card system that provides our customers with a variety of benefits to improve their experience. President Drugstore Business Corp. (COSMED) continued store renovations, while in-store beauty consultants and pharmacists offer professional advice to create a unique shopping experience. To meet rapidly expanding e-commerce logistics, distribution, and storage needs, Wisdom Distribution Service Corp’s third phase plant came online in 2016. Through warehouse integration and concurrent software and hardware improvements, we have increased logistical efficiency.”

Liu Ke Cheng

Advantech (TSEC:2395)

“Our Vision for IoT Advantech has been looking at Internet of Things (IoT) opportunities since 2010, in addition to our foundation in embedded systems and industrial PC segments. We position ourselves as “The Accelerator of the Intelligent Planet”. However, given the complexity of the IoT ecosystem, we believe the broad-based penetration of end-user demands and applications will happen in the next 10 to 15 years, but not today. Since 2016, Advantech has gradually experienced rising demand in industrial IoT and factory applications. Looking forward, in addition to more comprehensive internet infrastructure development, the support and acceleration from industrial companies (like GE, Schneider, Honeywell, Siemens, etc.) and service providers (like Microsoft, Amazon, and Google) are the essential catalysts of the IoT industry. Advantech recognizes three waves of growth in the IoT industry. The first wave happened in 2010 and will gradually mature in 2020. The major beneficiaries are IoT device providers, such as fabless houses. The second wave began in 2015~2016 and is expected to yield results in 2019~2020. The second wave should mature in 2025, at which time a third wave of IoT growth will begin. Advantech foresees that companies with the capability to provide hardware and software integration services will be the major beneficiaries during the second wave of IoT growth. In the future, Advantech will strengthen its role as an accelerator of the intelligent planet, facilitating system integrators’ activities in each vertical market, providing differentiated customer service, and forming cross-sector alliance and vertical market ecosystems.”

Wang Chien-Hung

Feng Tay Enterprise (TSEC:9910)

“我們的經營願景是「培育一群認同工作理念、家人支持、以公司為榮的職工;塑造以研發與品 質為中心思想的企業文化;成為穩定獲得合理利潤的百年製造業者;並不斷地關心環境保護,盡 力回饋社區」,經營團隊將持續透過技術創新、製程改善、機器自動化與升級、精實管理等措施, 來提高經營績效並促成願景的實現。”

You Shan-Quan

Cub Elecparts (TSEC:2231)

我們的產品銷售長期以來均係以外銷為主,因此對於模具開發的時效 性、產品製作品質要求及交期準確性,均採用高標準的規範來自我要求,也因此對於 強化研發人員的產品設計能力、模具設計及開發能力、機電整合能力,一直保持著兢兢業業的態度,不斷的要求提升,也不斷補進相關技術領域的優秀人才,提高公司本身的研發能量。此外也因應我們的產品的多樣化,特別需要針對模具的投資開發上更加謹慎,透過銷售的實際情形分析,選定熱銷的產品或是具有潛力的機型,作重點的開發與維護,以保持高度的競爭優勢。

“公司向來對於外部競爭環境之變遷、法規及總體經營環境的改變,透過健全及有效 的內部控制制度,穩健踏實的走過每一次的景氣循環週期。唯有制度化的經營,才可以 帶領公司走向永續經營的發展。此外公司也不斷的延攬各領域優秀的人材,強化公司的 人力資源,以因應瞬息萬變的外部因素,彈性調整公司的發展步伐,朝既定的目標前進。”

Tsao Ter-Fung

Standard Foods (TSEC:1227)
Chairman & CEO

“With the rise of health awareness and regimen trend in consumers, we will continuously promote products with equal emphasis on health, nutrition, and high quality and release new products that meet different consumer demands. Serving customers sincerely and getting closer to consumer needs and feelings to maintain brand coherence. Increasing product exposure with creative and flexible marketing strategies and omni-channel, to raise sales performance and increase market share.”


“In an era of global competition, both domestic and international food manufacturers compete for shares of the limited domestic food consumer market, and the development of cross-border e-commerce and social networking sites brings not only opportunities but challenges. Building and maintaining a brand has diverged from traditional ways whereas brand identification to consumers changes rapidly with new emerging brands or daily news. In this hypercompetitive environment, Standard Foods consistently provides our consumers with safe and nutritious products with our unchanged rigorous attitude. We are keen to develop innovative and highly value-added products coping with the competitive and constantly changing market. We will continuously improve consumer communication and enhance brand image, so as to win consumer support among competitors and became a market-leading brand.”

Chen Wei

Silergy (TSEC:6415)
Chairman & GM

“本公司將持續進行高效能高整合與創新應用的研發、落實產品化設計,不斷創新持續於終端應用產品更新既有產品規格,同時開發擴充新產品線。未來公司亦將繼續沿用虛擬垂直整合型的模式-Virtual IDM的模式,以公司專有製程提供長期技術上的優勢,並投入更高階技術研發以強化技術優勢,以節能和智能為目標,不斷更新產品和研發先進技術,開發更高效率,體積更小,週邊元器件更少的類比IC產品,增強感測和智慧功能,提供客戶完整且具高附加價值的的產品應用與技術服務,期能維持以領先的優勢技術,於終端應用市場提供更多高性能要求且更完整多元之應用方案,以繼續深化本公司在核心競爭力的領先地位。”

Wu Hui-Feng

Ennoconn (TSEC:6414)

“樺漢自國內投資走向海外策略聯盟,由台灣邁向國際,透過股權投資,相繼與德國法蘭克福上市公司 S&T AG 及 Kontron AG 等國際業者成為重要策略合作夥伴, 攜手歐洲二大工業電腦業者,持續於工業自動化、網路安全、雲端通訊、大數據、手持終 端等 IoT 領域之產品發展,藉由技術、產品、產業知識及市場交流,提供更完整的軟硬體 銷售及整體系統規劃服務。 樺漢集合工業電腦專業與鴻海集團全球資源支持,整合旗下子公司「南京亞士德」、 「沅聖科技」、「瑞祺電通」、「樺鼎精密」、「樺應智能」、「樺賦科技」、「樺緯物 聯」、「AIS Technology」之產品互補優勢,融合國際級工業電腦業者-嵌入式運算平台 技術先驅「Kontron」、資訊系統軟硬體整合及終端應用服務提供者「S&T」相關經驗, 除強化既有產品外,亦將產業應用與地區市場觸角延伸至全球,匯集菁英人才,共享技術 資源,於工業控制、機器人、智能電網、網路安全、智慧零售、娛樂、金融、車聯網領域, 以軟硬體整合加上跨產業平台之系統規劃,針對目標市場中領先業者進行接觸與推廣,方 能於相關產業領域中掀起跟進風潮,帶動市場需求,此外,亦同步拓展「SHARP」、 「Kontron」、「Thecus」品牌及通路,多元布局,深耕市場,以發揮人才、技術、產品 及品牌合縱連橫之最大效益,交織出最綿密的市場藍圖。”

Ken Hsu

Chicony (TSEC:2385)

“Keyboard, NB camera modules, Sports DV, IP Cam, NB and gaming console power supply are Chicony’s No.1 global market share products. Since IoT will be the future technology industry trend, Chicony has aggressively developing Non-PC product lines such as drones, smart car, smart home, or smart buildings in advance. In 2017, although the global economy is gradually recover from downside, and high-end electronic products market may be boosted by increasing demands of developed countries, fast-changing technology industry still cause heavy pressures to electronic components manufacturers in Taiwan. Sooner or later, the economic advantages of Taiwan may be replaced by China. Chicony is facing tough challenges like other Taiwan technology companies. However, our experienced management team members have strong confidence to raise up revenue growth rate yearly. By integrating Chicony group resources, Chicony not only continuously keeps cultivating advanced keyboard, digital image, and power supply products, but also aggressively devotes to develop other Non-PC and niche products like drones, VR, smart car, and smart home products.”


“We are following the principles of “No Quality, No sales” and “Integrity” which claimed by Vice Chairman & CEO M.K. Lin, Chicony would devote to continuous operation and bring the best contribution to shareholders, employees, and society.”

Chris Lin

Chairman & President

“信驊科技深信企業的成功與成 長 需仰 賴企 業、社 會 及環 境 配合 並 善盡 社 會責 任。 去年 正 式上 線 全新 企業 社 會責 任 網站,詳實 揭 露信 驊 科技 在社 會 公益、綠 色環 保 以及 利 害關 係 人方 面的 努 力。我 們期 望 為客 戶 提供 最 適切 的 SoC 系統 解 決方 案, 優質客戶服務;並且持續投注資源強化公司研發,以發揮技術核心優勢。在設計 研發 過 程中,透 過 綠 色設 計 概念 以 及簡 化產 品 結構 等 方式 來持 續 維護 地 球環 境,為綠色永續盡一份心力。此外,我們力求在股東、員工、社會、客戶以及供應商 等所有利益關係人之間建立良好關係,達成各方利益平衡。對於公司治理,落實 董事會、企業專業經理人、監察人等各個角色,強調 營運透明,重視股東及員工 之權益。”

Chen Jian-Zao

Poya (GTSM: 5940)

“In terms of the business operation, Poya introduces 5th generation stores to upgrade the image of market position and to activate the selling place with the spirits of “Beauty, Trendy, Color” since 2016. In addition to creating brand value, Poya will also focus on product quality. With the core value of offering high CP ratio products (Cost-Performance Ratio), Poya can raise the satisfaction level of the customers. As there is the trend of consuming fair-priced and fashion products, Poya will irregularly offer promotion and hold activities to reward our customers. We hope to intensify the positive feeling in fair-price for our customers, and provide great fun when they make the purchase. Moreover, Poya will keep providing better services, tracing the consuming behaviors of the members periodically, and maintaining the permanent value of the customers.”

Lin En-Zhou

Largan Precision (TSEC: 3008)

“大立光電仍將秉持著「創新、專業、速度、彈性」的經營 理念,全體同仁在面對瞬息萬變經營環境的同時,仍將不斷自我要求與 成長,致力於產品開發與品質提昇,持續創造獲利成長。今後,大立光電將持續努力,以不斷求新求變的精神,認真踏實的做好每個 產品,充分發展公司的核心專長領域,不斷提昇公司的各項競爭力,以因應外部 競爭及總體經營環境之影響。同時,面對法規環境之變遷,公司依法遵循辦理, 並善用法令機制適度調整因應。”

Guo Qiu-Li

Nyquest (GTSM: 6494)

“2016年九齊在微控制器產品與32位元語音辨識產品推廣順利,為保持領先 地位,語音應用之OTP產品也投入性價比更高的新製程,研發技術上取得多項 專利包含觸控產品、無線識別標籤應用等,相關的產品也獲得多家客戶採用並 量產。展望2017年,目前媒體對全球景氣的經濟預測都優於2016年,九齊仍兢兢業業做好產能的規劃,持續開發新產品、做好客戶的服務,期許提高各應用市場 市佔率和新客戶的擴展對營運中、長期成長有更顯著的貢獻。”

Vergil Chang

Taiwan Paiho (TSEC: 9938)

全球運動休閒風潮方興未艾,運動休閒用品走向時尚及對環保節 能的日益重視,帶動運動休閒產業銷售的成長。百和掌握住這股風潮,快速主動反 應市場需求、調整公司產能,在產品結構調整及全體員工努力不懈下,除了合併營 收有顯著的成長,且因提升高毛利產品的銷售,使獲利成長幅度較營收更為顯著。


“百和將繼續秉持 「創新開發之品質保證」、「顧客滿意之售後服務」及「降低成本之合理價格」之永 續經營理念,滿足客戶需求、開發新產品及新的運用領域,並以創新思維,緊扣市 場脈動,開創營運新契機,公司有信心將持續維持成長腳步,繼續為股東創造利潤, 並善盡企業社會責任。”

Wu Chi-Yung

Holtek (TSEC: 6202)

持續在既有產品找出更多應用發揮,新開發出的產品則搭配各項應用領域的專業方案公司來積極推廣,並培養業務與技術服務同仁更主動出擊的企圖心,加強洞悉新產品與新市場的專業能力,密切與通路廠商合作創造更多客戶Design-in 的機會;除了目前中國大陸以及歐美日韓等市場外,本公司業務單位仍然不斷耕耘東南亞/印度與中東地區等市場,將業務的觸角延伸到更多地區與國家,除可降低市場集中的營運風險,並可藉以擴大全球市場持續增加營收。


在生產方面,本公司長期以來與上下游的密切配合,並獲得廠商充份的支持得以滿足客戶訂單需求,但由於公司產品/市場更加多元化需求,晶圓製程與封裝種類不斷的增加,加上公司設定的營收目標增加與交期需求越來越短的競爭壓力下,生產單位必須加速擴大上下游的供應來源將是2017 年的工作重點。


不論全球經濟的發展是否仍舊低迷,是否面臨中國半導體產業強大競爭及挑戰,本公司認為2017 年在物聯網(Internet of Things)產業的發展仍將持續向上增溫,健康概念將更加普及化,家庭自動化趨勢亦將創造更多的半導體產品應用需求;本公司這兩年已針對物聯網中智能居家/智能家電/健康量測等應用,從產品企劃、研究開發、推廣銷售以及技術服務,積極投入資源提升產品差異化與產品創新思維,同時要求各部門同仁從各個面向積極主動出擊。”

Zheng Ke-Bin

KS Terminal (TSEC: 3003)


Wang Guang-Xia

Machvision (GTSM:3563)

本公司經營策,持續以「牧德科技檢測一條」的整廠設備銷售模式,搭配『牧德三箭』的新產品策略來提升市占。在PCB 市場,鎖定岸的前十大PCB 廠商為積極銷的對象,以「」的概推廣四項主產品:AOI 4.0檢查機、AOFI PCB 外觀終檢機、FAVI 2 軟板外觀檢查機及載板外觀檢查機。


在半導體產業,去深耕重點客戶後,今將著重在重點客戶訂單的收割,此外將加速推廣Wafer AVI 機台至大市場,以掌握這一波大市場的半導體擴廠需求。研發能強向是本公司的核心競爭,為強化及保有此競爭優勢,本公司仍將持續研發自動光學檢測的三大核心技術: 一為2D/3D 測、二為線檢查、三為外觀瑕疵檢查;並將積極投入多的研發資源,除在現有的PCB 硬板、軟板及IC 板各域推出新產品外,在去新進入的半導體產業域,將積極導入新產品至半導體領域的不同製程。”

Arthur Chiao

Nuvoton (TSEC: 4919)

“It is expected that the needs for various types of microcontrollers will be substantially increased by new markets such as drones, robots, virtual reality and augmented reality, Internet of Things, and cloud computing. As an innovative company, the Company will steadily strengthen capabilities to research and development and continue to develop more product applications and services, and market more innovative applications and services by cooperating with our clients. It is believed that the Company will explore further business opportunities to maximize values for our shareholders, clients, and employees.”

Wang Hong-Jun

WiseChip (GTSM:5245)