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    Consumer durables

  3. •

    Automotive aftermarket
Cheng Shin Rubber Ind. Co., Ltd.

Cheng Shin Rubber Ind. Co., Ltd.

TTWSE:2105
32.00
TWD
+0.10
(+0.31%)
1.81EPS
16.45P/E
97.08BMarket Cap
Nov 05Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
41.06
39.8
36.01
36.21
34.65
33.7
33.78
29.68
31.32
30.43
29.68
29.69
28.01
28.71
Basic EPS, GAAP
5.72
4.94
3.94
4.09
1.71
1.09
1.07
1.85
1.63
1.53
2.22
2.47
1.5
1.82
Free Cash Flow per Basic Share
4.22
3.98
4.96
4.08
-1.56
0.67
2.85
3.63
3.34
3.46
5.55
4.61
3.26
3.7
Dividend per Share
1.3
3
3
3
3
1.8
1.11
1.01
1.2
1.21
1.41
2.01
2.4
- -
Book Value per Share
24.31
27.08
27.51
26.99
25.36
24.43
23.88
24.82
24.96
25.86
26.36
27.71
26.83
26.88
Tangible Book Value per Share
24.31
27.08
27.51
26.99
25.36
24.43
23.88
24.82
24.96
25.86
26.36
27.71
26.83
26.88
Basic Weighted Avg Shares
3,241
3,241
3,241
3,241
3,241
3,241
3,241
3,241
3,241
3,241
3,241
3,241
3,241
3,248
Sales/Revenue/Turnover
133,087
129,014
116,726
117,388
112,309
109,221
109,508
96,209
101,537
98,623
96,201
96,247
90,781
93,248
Operating Margin (%)
16.69
16.42
15.95
15.91
7.48
6.79
6.4
8.94
7.54
7.5
10.8
10.39
7.89
9.01
Depreciation Expense
9,088
10,462
11,364
11,551
11,578
12,200
13,055
12,047
11,242
10,722
10,700
9,816
8,532
8,519
Net Income, GAAP
18,549
16,016
12,777
13,251
5,542
3,520
3,467
5,989
5,270
4,961
7,182
8,017
4,854
5,913
Effective Tax Rate (%)
19.86
24.25
26.53
25.42
33.16
39.51
39.67
26.43
26.01
28.38
31.49
25.27
29.33
27.78
Profit Margin (%)
13.94
12.41
10.95
11.29
4.93
3.22
3.17
6.22
5.19
5.03
7.47
8.33
5.35
6.34
Working Capital
11,680
14,591
14,957
18,367
24,585
18,536
15,526
18,508
22,493
30,503
37,375
37,582
48,118
50,528
LT Debt
36,755
33,628
32,059
34,589
49,459
45,966
38,372
31,976
29,150
29,048
31,997
26,465
28,794
28,164
Total Equity
79,399
88,557
89,953
88,269
82,891
79,818
77,971
80,975
81,477
84,387
85,995
90,376
87,535
87,690
Return on Invested Capital (%)
14.01
11.9
9.8
10.03
3.87
3.03
3.04
4.74
4.3
4.05
5.57
5.88
3.96
5.05
Return on Capital (%)
15.53
12.66
9.75
10.09
4.41
3.1
3.22
5.09
4.32
4.25
6.35
6.91
4.28
5.52
Return on Common Equity (%)
26.29
19.23
14.44
15
6.53
4.36
4.43
7.59
6.53
6.02
8.49
9.15
5.49
7.19

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
9,232
9,367
7,159
LT Borrowings
28,713
28,302
27,921
LT Finance Leases
81
61
243
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,241
3,241
3,241
Market Capitalization
95,622
100,808
97,080

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
70,083
74,828
79,408
Cash, Cash Equivalents & STI
38,765
42,364
45,924
Accounts Receivable, Net
8,296
9,822
10,399
Inventories
16,468
16,123
17,892
Total Current Liabilities
21,965
28,545
28,880
Payables & Accruals
- -
- -
- -
ST Debt
9,232
9,367
7,159
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-0.21%
1.61%
-3.14%
Free Cash Flow
6.17%
1.95%
-29.44%
Net Income, GAAP
-2.06%
-0.18%
-39.45%
Sales/Revenue/Turnover
-2.38%
-1.08%
-5.68%
Total Cash Common Dividend
- -
19.62%
19.58%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
23,622
24,346
25,504
22,774
96,247
2025
23,164
22,987
23,675
20,955
90,781
2026
23,428
25,190
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.68
0.73
0.72
0.34
2.47
2025
0.45
0.28
0.5
0.27
1.5
2026
0.57
0.48
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
2.01
2025
- -
- -
- -
- -
2.4
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Yuan-Long Luo
Full Time Employees
22,544
Sector
Consumer durables
Industry
Automotive aftermarket
Address
No. 215, Meigang Road Changhua Taiwan 51545
IPO Date
Dec 7, 1987
Website
cst.com.tw
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Business
Cheng Shin Rubber Ind. Co., Ltd. (2105.TW) manufactures and sells a broad range of rubber tires and related products worldwide. The company produces passenger car radial tires, truck and bus radial tires, motorcycle tires, bicycle tires, agricultural tires, industrial tires, off-the-road tires for all-terrain vehicles, construction equipment, and forklifts, lawn and garden equipment tires; it also offers electric vehicle tires, reclaimed rubbers, tubes, and electric rubber wheels under brands including MAXXIS and CST. Founded in 1967 and headquartered in Changhua County, Taiwan, Cheng Shin operates seven factories in Taiwan and maintains subsidiaries and production facilities in China (including Xiamen, Zhangzhou, Chongqing), Thailand, Vietnam, Indonesia, and India, with products distributed in over 180 countries. The company targets original equipment manufacturers, replacement markets, and consumers across automotive, powersports, cycling, agriculture, and industrial segments, holding certifications such as DOT, ISO9001, TS16949, and E-Mark. In recent developments, Cheng Shin continues to expand through capital increases in its Indian subsidiary Maxxis Rubber India Private Limited and Indonesian unit PT MAXXIS International Indonesia, with both facilities achieving production milestones in 2017; it emphasizes intelligent manufacturing, global R&D centers, and sustainability initiatives including a 2024 sustainability report and promotions for electric vehicle tires like MAXXIS VSEV as of late 2025.