Yuen Foong Yu Paper Enterprise (Vietnam) Binh Duong Co., Ltd (Vietnam)

The subject is one of the members of Yuen Foong Yu Group in Vietnam (YFY Vietnam). This group already has 7 factories in Vietnam, which are located in Long An, Dong Nai, Binh Duong, Thanh Hoa, Thai Binh, Ha Nam provinces.  YFY Vietnam is considered one of the largest carton packaging suppliers in Vietnam. Each factory was installed modern machinery and equipment from Japan, Germany, Taiwan, and China markets.The subject is playing the role of manufacturing all types of paperboard and cardboard boxes. The materials for production are imported from China, Taiwan, Japan, Singapore, Malaysia, etc. Most of the products are supplied for domestic customers such as Procter & Gamble Indochina Company Limited, Vina Cosmo Trading Company Limited, Vietnam Balala Food Company Limited, and so on. According to the information from the Group, 3Q23 Consolidated revenue was TWD 18.5 billion with 2% sequential improvement. 3Q23 demand improved from Containerboard & Packaging, Consumer Products and others segments. Revenue was stabilizing for Forest, Pulp & Paper segment. 3Q23 YTD revenue TWD 54.14 billion (down 10.2% YoY) was due to overall slow macro recovery and conservative consumer spending. Traditionally 4Q can benefit from year-end holiday demand and currently no sign of significant pick up yet. Accordingly, the business situation of the group in general and the subject in particular may grow slightly or approximately the same as last year.