Ho Yung Rent-a-Car: Annual Revenue Projected to Reach NT$30 Billion, Taiwan Core Business Outlook Positive

Ho Yung Rent-a-Car, a subsidiary of Hotai Motor, plans to go public on the main board in early August, with an offering price tentatively set at NT$42 per share. Chairman Liu Yuan-sen forecasts that the company’s revenue this year will slightly exceed last year’s, reaching up to NT$30 billion. The core business in Taiwan is performing well, with profits expected to grow by double-digit percentages. The company continues to evaluate and research new ventures, including autonomous driving.

At a media gathering held today at noon, Chairman Liu Yuan-sen emphasized that Ho Yung Rent-a-Car is deepening its integration with global car rental group Enterprise Mobility, focusing on artificial intelligence (AI) and green energy as dual core pillars for sustainable development.

Looking ahead, General Manager Hsieh Fu-lai outlined four strategic directions: green mobility and ESG (Environmental, Social, and Governance), AI and digital innovation, expansion into the individual rental market, and optimizing financial structure through cash capital increase and share issuance.

Ho Yung Rent-a-Car is promoting electric vehicles (EVs) and integrated charging solutions in its long-term rental segment, positioning this as a new engine for business transformation. The company leverages AI-powered smart algorithms to enhance fleet dispatch efficiency and is actively expanding into personal long-term and short-term rentals, subscription-based mobility, and shared transportation services. The total fundraising amount of NT$3.56 billion will be used to strengthen operating capital, reduce debt ratios, diversify shareholder structure, and significantly improve stock liquidity.

The company’s main businesses include passenger and light commercial vehicle rentals (long-term, short-term, subscription, and chauffeur services) and used car distribution. Its long-term rental fleet consists of 40,000 vehicles, mostly under three-year contracts, offering a “one-stop, comprehensive vehicle management” service that includes maintenance, insurance, and replacement vehicles. The company’s unmanned rental brand, iRent, has surpassed 2 million members. In used car distribution, Ho Yung integrates platform resources such as HAA Jing Pai Center, HOT Da Lian Meng, and abc Hao Che Wang.

According to filings, Ho Yung Rent-a-Car’s registered capital for listing is approximately NT$1.925 billion. Its earnings per share (EPS) for 2023, 2024, and 2025 are projected at NT$5.92, NT$5.14, and NT$4.61, respectively, with a first-quarter 2024 EPS of NT$1.30.

Analysts note that the company’s overall profitability this year will benefit from effective cost control, with strong performance in its Taiwan core business. Despite declining profits from its mainland China investments, the company’s overall net profit is expected to grow by approximately 6% this year.