CHENG SHIN RUBBER IND. CO., LTD. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 46.9 TWD | 0.00% |
|
+2.18% | +4.45% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 135,491 | 142,784 | 117,015 | 109,884 | 145,540 | 152,022 | - |
| Enterprise Value (EV) 1 | 165,344 | 163,019 | 129,733 | 123,112 | 148,726 | 150,456 | 147,620 |
| P/E ratio | 39.1 x | 23.8 x | 22.3 x | 22.2 x | 20.2 x | 18.1 x | 16.2 x |
| Yield | 2.63% | 2.72% | 3.32% | 4.13% | 4.45% | 4.26% | 5.71% |
| Capitalization / Revenue | 1.24 x | 1.48 x | 1.15 x | 1.11 x | 1.51 x | 1.53 x | 1.32 x |
| EV / Revenue | 1.51 x | 1.69 x | 1.28 x | 1.25 x | 1.55 x | 1.51 x | 1.29 x |
| EV / EBITDA | 8.24 x | 7.9 x | 6.87 x | 6.8 x | 7.06 x | 6.47 x | 6.66 x |
| EV / FCF | 16.8 x | 13.8 x | 11.7 x | 10.9 x | 8.24 x | -59 x | 12.7 x |
| FCF Yield | 5.97% | 7.24% | 8.56% | 9.14% | 12.1% | -1.69% | 7.9% |
| Price to Book | 1.75 x | 1.78 x | 1.45 x | 1.31 x | 1.7 x | 1.68 x | 1.65 x |
| Nbr of stocks (in thousands) | 3,241,416 | 3,241,416 | 3,241,416 | 3,241,416 | 3,241,416 | 3,241,416 | - |
| Reference price 2 | 41.80 | 44.05 | 36.10 | 33.90 | 44.90 | 46.90 | 46.90 |
| Announcement Date | 24/03/20 | 23/03/21 | 24/03/22 | 16/03/23 | 14/03/24 | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 109,508 | 96,209 | 101,537 | 98,623 | 96,201 | 99,374 | 114,752 |
| EBITDA 1 | 20,058 | 20,644 | 18,896 | 18,096 | 21,058 | 23,257 | 22,168 |
| EBIT 1 | 7,003 | 8,597 | 7,654 | 7,374 | 10,358 | 11,895 | 12,909 |
| Operating Margin | 6.4% | 8.94% | 7.54% | 7.48% | 10.77% | 11.97% | 11.25% |
| Earnings before Tax (EBT) 1 | 5,827 | 8,157 | 7,156 | 6,971 | 10,507 | 11,548 | 7,485 |
| Net income 1 | 3,467 | 5,989 | 5,270 | 4,961 | 7,182 | 8,252 | 9,350 |
| Net margin | 3.17% | 6.22% | 5.19% | 5.03% | 7.47% | 8.3% | 8.15% |
| EPS 2 | 1.070 | 1.850 | 1.620 | 1.530 | 2.220 | 2.587 | 2.887 |
| Free Cash Flow 1 | 9,865 | 11,806 | 11,100 | 11,256 | 18,043 | -2,550 | 11,665 |
| FCF margin | 9.01% | 12.27% | 10.93% | 11.41% | 18.76% | -2.57% | 10.17% |
| FCF Conversion (EBITDA) | 49.18% | 57.19% | 58.74% | 62.2% | 85.68% | - | 52.62% |
| FCF Conversion (Net income) | 284.56% | 197.13% | 210.63% | 226.87% | 251.21% | - | 124.76% |
| Dividend per Share 2 | 1.100 | 1.200 | 1.200 | 1.400 | 2.000 | 2.000 | 2.680 |
| Announcement Date | 24/03/20 | 23/03/21 | 24/03/22 | 16/03/23 | 14/03/24 | - | - |
1TWD in Million2TWD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 24,265 | 24,177 | 24,778 | 24,058 | 26,827 | 22,960 | - | 24,623 | 25,333 | 22,717 | 22,382 | 26,021 | 25,880 | 25,090 | 24,018 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 1,137 | 1,335 | 1,680 | 1,838 | 2,104 | 1,752 | - | 2,631 | 3,090 | 2,749 | 2,467 | 3,200 | 3,300 | 2,674 | 2,852 |
| Operating Margin | 4.68% | 5.52% | 6.78% | 7.64% | 7.84% | 7.63% | - | 10.68% | 12.2% | 12.1% | 11.02% | 12.3% | 12.75% | 10.66% | 11.87% |
| Earnings before Tax (EBT) 1 | 1,293 | 1,290 | 1,851 | 1,732 | 2,142 | 1,246 | - | 2,915 | 2,941 | 2,451 | 2,649 | 3,050 | 3,215 | 2,633 | 3,129 |
| Net income 1 | 950.8 | 918.3 | 1,374 | 1,148 | 1,510 | 928.7 | 1,583 | 2,078 | 1,972 | 1,550 | 1,867 | 2,258 | 2,365 | 1,763 | 2,231 |
| Net margin | 3.92% | 3.8% | 5.55% | 4.77% | 5.63% | 4.05% | - | 8.44% | 7.78% | 6.82% | 8.34% | 8.68% | 9.14% | 7.03% | 9.29% |
| EPS 2 | 0.2900 | 0.2800 | 0.4200 | 0.3500 | 0.4700 | 0.2900 | 0.4900 | 0.6400 | 0.6100 | 0.4800 | 0.5750 | 0.6950 | 0.7300 | 0.5450 | 0.6900 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 10/11/21 | 24/03/22 | 11/05/22 | 10/08/22 | 10/11/22 | 16/03/23 | 12/05/23 | 10/08/23 | 09/11/23 | 14/03/24 | - | - | - | - | - |
1TWD in Million2TWD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Debt 1 | 29,853 | 20,235 | 12,718 | 13,228 | 3,187 | - | - |
| Net Cash position 1 | - | - | - | - | - | 1,567 | 4,402 |
| Leverage (Debt/EBITDA) | 1.488 x | 0.9802 x | 0.6731 x | 0.731 x | 0.1513 x | - | - |
| Free Cash Flow 1 | 9,865 | 11,806 | 11,100 | 11,256 | 18,043 | -2,550 | 11,665 |
| ROE (net income / shareholders' equity) | 4.43% | 7.59% | 6.53% | 6.02% | 8.49% | 9.66% | 10.2% |
| ROA (Net income/ Total Assets) | 2.05% | 3.8% | 3.5% | 3.36% | 5% | 5.58% | 5.96% |
| Assets 1 | 169,402 | 157,682 | 150,523 | 147,805 | 143,734 | 148,027 | 157,011 |
| Book Value Per Share 2 | 23.90 | 24.80 | 25.00 | 25.90 | 26.40 | 27.90 | 28.50 |
| Cash Flow per Share | - | - | - | - | - | - | - |
| Capex 1 | 8,588 | 6,596 | 4,395 | 3,261 | 3,027 | 4,375 | 3,935 |
| Capex / Sales | 7.84% | 6.86% | 4.33% | 3.31% | 3.15% | 4.4% | 3.43% |
| Announcement Date | 24/03/20 | 23/03/21 | 24/03/22 | 16/03/23 | 14/03/24 | - | - |
1TWD in Million2TWD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
46.9
TWD
Average target price
52.25
TWD
Spread / Average Target
+11.41%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +4.45% | 4.71B | |
| +21.86% | 6.47B | |
| -4.77% | 5.67B | |
| +16.08% | 4.75B | |
| +16.48% | 4.53B | |
| +10.68% | 3.83B | |
| +27.29% | 3.72B | |
| +42.39% | 3.1B | |
| +19.29% | 1.9B | |
| +51.95% | 1.74B |
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