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    9904   TW0009904003

POU CHEN CORPORATION

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Pou Chen : Vietnam operations of footwear giant Pou Chen hit by COVID-19 curbs

07/14/2021 | 01:39am EDT

HANOI (Reuters) - Taiwan's Pou Chen Corp, the world's largest manufacturer of branded athletic and casual footwear, suspended on Wednesday operations at its plant in Ho Chi Minh City as COVID-19 curbs hit factories in the country's business hub.

Production at its Pouyuen Vietnam business in Ho Chi Minh City, the epicentre of the country's worst coronavirus outbreak, will be suspended for 10 days, the health ministry said in a statement.

After successfully containing the disease for much of the pandemic, Vietnam has faced a more stubborn outbreak since late April, with daily infections climbing to record levels.

Companies in Vietnam's business hub and its neighbouring industrial provinces have been struggling to keep running, after strict movement curbs were imposed across much of the area.

Pouyuen Vietnam, the largest employer in the city with 56,000 workers, could not arrange for its workers to sleep at the site as required by authorities to allow the business to remain open, the ministry said.

Pou Chen, which manufactures footwear for companies such as Nike and Adidas, did not immediately respond to an email seeking comment.

In April last year, Pouyuen Vietnam was also ordered to suspend its production for two days after failing to meet local rules on social distancing.

Earlier this week, state media said city authorities also ordered 29 companies in the Tan Thuan Export Processing Zone, an industrial park, to suspend production due to the outbreak.

At the neighbouring Saigon Hi-Tech Park, which houses international companies, more than 700 infections had been detected in recent days, state media reported.

City authorities had ordered companies to shut units with infected workers, the Thanh Nien newspaper reported.

"The highest objective at the moment is to contain the outbreak," the paper cited the vice chairwoman of the park's management board Le Bich Loan as saying.

In May, the outbreak also forced companies in the northern industrial provinces of Bac Ninh and Bac Giang to scale down production, including Samsung Electronics and Foxconn.

Despite the latest outbreak, Vietnam has recorded far lower caseloads that many other countries with 35,409 infections in total and 130 deaths.

(Editing by Ed Davies)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG 0.62% 284.35 Delayed Quote.-4.55%
POU CHEN CORPORATION -3.23% 33 End-of-day quote.5.10%
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07/15Nike supplier halts production at 3 Vietnam plants due to COVID-19
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Financials
Sales 2021 258 B 9 326 M 9 326 M
Net income 2021 14 280 M 515 M 515 M
Net Debt 2021 60 130 M 2 169 M 2 169 M
P/E ratio 2021 6,80x
Yield 2021 4,55%
Capitalization 97 244 M 3 502 M 3 509 M
EV / Sales 2021 0,61x
EV / Sales 2022 0,54x
Nbr of Employees 307 281
Free-Float 79,1%
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Mean consensus BUY
Number of Analysts 2
Last Close Price 33,00 TWD
Average target price 40,50 TWD
Spread / Average Target 22,7%
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Managers and Directors
Chin Chu Lu General Manager & Director
Ya Fen Chang Head-Finance & Assistant Deputy GM
Lu Min Chan Chairman & General Manager-Administration
Huan Chung Chen Independent Director
Po Liang Chen Independent Director
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