Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$0.57 (vs NT$0.45 in 1Q 2025) First quarter 2026 results: EPS: NT$0.57 (up from NT$0.45 in 1Q 2025). Revenue: NT$23.4b (up 1.1% from 1Q 2025). Net income: NT$1.86b (up 28% from 1Q 2025). Profit margin: 7.9% (up from 6.3% in 1Q 2025). Revenue is forecast to stay flat during the next 2 years compared to a 5.1% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Declared Dividend • Apr 17
Dividend reduced to NT$1.80 Dividend of NT$1.80 is 25% lower than last year. Ex-date: 17th June 2026 Payment date: 17th July 2026 Dividend yield will be 5.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (120% earnings payout ratio). However, it is covered by cash flows (55% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 34% to bring the payout ratio under control. EPS is expected to grow by 7.3% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 13
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: NT$1.50 (down from NT$2.47 in FY 2024). Revenue: NT$90.8b (down 5.7% from FY 2024). Net income: NT$4.85b (down 40% from FY 2024). Profit margin: 5.3% (down from 8.3% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Aankondiging • Mar 12
Cheng Shin Rubber Ind. Co., Ltd., Annual General Meeting, May 26, 2026 Cheng Shin Rubber Ind. Co., Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: b2 floor no,215, mei kang rd., huang ts`uo ts`, dacun township, changhua county Taiwan New Risk • Nov 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.5% Last year net profit margin: 8.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (153% payout ratio). Profit margins are more than 30% lower than last year (5.5% net profit margin). Major Estimate Revision • Oct 16
Consensus EPS estimates fall by 37% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$99.1b to NT$93.1b. EPS estimate also fell from NT$2.48 per share to NT$1.55 per share. Net income forecast to grow 49% next year vs 26% growth forecast for Auto Components industry in Taiwan. Consensus price target down from NT$49.50 to NT$40.25. Share price fell 5.5% to NT$34.35 over the past week. Price Target Changed • Oct 15
Price target decreased by 23% to NT$40.25 Down from NT$52.00, the current price target is an average from 2 analysts. New target price is 15% above last closing price of NT$34.95. Stock is down 27% over the past year. The company is forecast to post earnings per share of NT$1.55 for next year compared to NT$2.47 last year. Buy Or Sell Opportunity • Aug 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to NT$39.55. The fair value is estimated to be NT$49.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 6.1% in a year. Earnings are forecast to grow by 49% in the next year. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.28 (down from NT$0.73 in 2Q 2024). Revenue: NT$23.0b (down 5.6% from 2Q 2024). Net income: NT$905.3m (down 62% from 2Q 2024). Profit margin: 3.9% (down from 9.7% in 2Q 2024). Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 54%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$40.80, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Auto Components industry in Taiwan. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$62.49 per share. Price Target Changed • Jun 10
Price target decreased by 7.1% to NT$51.33 Down from NT$55.25, the current price target is an average from 3 analysts. New target price is 8.6% above last closing price of NT$47.25. Stock is down 5.1% over the past year. The company is forecast to post earnings per share of NT$2.42 for next year compared to NT$2.47 last year. Upcoming Dividend • Jun 05
Upcoming dividend of NT$2.40 per share Eligible shareholders must have bought the stock before 12 June 2025. Payment date: 17 July 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.3%). Declared Dividend • May 15
Dividend increased to NT$2.40 Dividend of NT$2.40 is 20% higher than last year. Ex-date: 12th June 2025 Payment date: 17th July 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio). However, it is covered by cash flows (63% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 19% to bring the payout ratio under control. EPS is expected to grow by 45% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 14
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: NT$0.45 (down from NT$0.69 in 1Q 2024). Revenue: NT$23.2b (down 1.9% from 1Q 2024). Net income: NT$1.45b (down 35% from 1Q 2024). Profit margin: 6.3% (down from 9.4% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Aankondiging • May 06
Cheng Shin Rubber Ind. Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Cheng Shin Rubber Ind. Co., Ltd. announced that they will report Q1, 2025 results at 1:30 PM, Taipei Standard Time on May 13, 2025 Major Estimate Revision • Mar 25
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$102.5b to NT$98.6b. EPS estimate also fell from NT$2.91 per share to NT$2.50 per share. Net income forecast to grow 1.0% next year vs 13% growth forecast for Auto Components industry in Taiwan. Consensus price target of NT$55.25 unchanged from last update. Share price fell 5.0% to NT$48.25 over the past week. Reported Earnings • Mar 14
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$2.47 (up from NT$2.22 in FY 2023). Revenue: NT$96.2b (flat on FY 2023). Net income: NT$8.02b (up 12% from FY 2023). Profit margin: 8.3% (up from 7.5% in FY 2023). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 9.0%. Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 05
Cheng Shin Rubber Ind. Co., Ltd. to Report Fiscal Year 2024 Results on Mar 12, 2025 Cheng Shin Rubber Ind. Co., Ltd. announced that they will report fiscal year 2024 results on Mar 12, 2025 Aankondiging • Jan 22
Cheng Shin Rubber Ind. Co., Ltd., Annual General Meeting, May 26, 2025 Cheng Shin Rubber Ind. Co., Ltd., Annual General Meeting, May 26, 2025, at 09:00 Taipei Standard Time. Location: b2 floor no,215, mei kang rd., huang ts`uo ts`, dacun township, changhua county Taiwan Reported Earnings • Nov 13
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$0.72 (up from NT$0.61 in 3Q 2023). Revenue: NT$25.5b (flat on 3Q 2023). Net income: NT$2.33b (up 18% from 3Q 2023). Profit margin: 9.1% (up from 7.8% in 3Q 2023). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.4%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Aankondiging • Nov 05
Cheng Shin Rubber Ind. Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Cheng Shin Rubber Ind. Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 13
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: NT$0.73 (up from NT$0.64 in 2Q 2023). Revenue: NT$24.3b (down 1.1% from 2Q 2023). Net income: NT$2.36b (up 13% from 2Q 2023). Profit margin: 9.7% (up from 8.4% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) exceeded analyst estimates by 9.0%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 8% per year. Aankondiging • Aug 03
Cheng Shin Rubber Ind. Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Cheng Shin Rubber Ind. Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$50.70, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Auto Components industry in Taiwan. Total returns to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$67.83 per share. Buy Or Sell Opportunity • Jun 05
Now 21% undervalued Over the last 90 days, the stock has risen 17% to NT$53.60. The fair value is estimated to be NT$67.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Earnings per share has declined by 7.4%. Revenue is forecast to grow by 5.5% in a year. Earnings are forecast to grow by 15% in the next year. Upcoming Dividend • May 29
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 10 July 2024. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (3.0%). Reported Earnings • May 15
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$0.68 (up from NT$0.49 in 1Q 2023). Revenue: NT$23.6b (flat on 1Q 2023). Net income: NT$2.22b (up 40% from 1Q 2023). Profit margin: 9.4% (up from 6.7% in 1Q 2023). Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Aankondiging • May 15
Cheng Shin Rubber Ind. Co., Ltd. Announces Cash Dividend, Payable on July 10, 2024 Cheng Shin Rubber Ind. Co., Ltd. announced cash dividend of TWD 6,482,831,072. TWD 2.0 per share. Payment date of common stock cash dividend distribution on July 10, 2024. Ex-rights (ex-dividend) record date of June 11, 2024. Aankondiging • May 05
Cheng Shin Rubber Ind. Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Cheng Shin Rubber Ind. Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Aankondiging • Mar 15
Cheng Shin Rubber Ind. Co., Ltd., Annual General Meeting, May 30, 2024 Cheng Shin Rubber Ind. Co., Ltd., Annual General Meeting, May 30, 2024. Reported Earnings • Mar 15
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$2.22 (up from NT$1.53 in FY 2022). Revenue: NT$96.2b (down 2.5% from FY 2022). Net income: NT$7.18b (up 45% from FY 2022). Profit margin: 7.5% (up from 5.0% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 2.0%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: NT$0.61 (up from NT$0.47 in 3Q 2022). Revenue: NT$25.3b (down 5.6% from 3Q 2022). Net income: NT$1.97b (up 31% from 3Q 2022). Profit margin: 7.8% (up from 5.6% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Price Target Changed • Nov 13
Price target increased by 7.8% to NT$51.75 Up from NT$48.00, the current price target is an average from 4 analysts. New target price is 13% above last closing price of NT$45.65. Stock is up 33% over the past year. The company is forecast to post earnings per share of NT$2.31 for next year compared to NT$1.53 last year. Price Target Changed • Oct 05
Price target increased by 12% to NT$48.00 Up from NT$43.00, the current price target is an average from 4 analysts. New target price is 15% above last closing price of NT$41.70. Stock is up 17% over the past year. The company is forecast to post earnings per share of NT$2.29 for next year compared to NT$1.53 last year. Major Estimate Revision • Sep 08
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$105.7b to NT$100.0b. EPS estimate rose from NT$1.97 to NT$2.29. Net income forecast to grow 32% next year vs 11% growth forecast for Auto Components industry in Taiwan. Consensus price target broadly unchanged at NT$43.00. Share price rose 2.3% to NT$41.40 over the past week. Reported Earnings • Aug 15
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: NT$0.64 (up from NT$0.35 in 2Q 2022). Revenue: NT$24.6b (up 2.3% from 2Q 2022). Net income: NT$2.08b (up 81% from 2Q 2022). Profit margin: 8.4% (up from 4.8% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 80%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has fallen by 1% per year. Aankondiging • Jun 16
Cheng Shin Rubber Ind. Co., Ltd. Announces Term Expired of Remuneration Committee Cheng Shin Rubber Ind. Co., Ltd. announced term expired of Remuneration Committee. Name of the previous position holder: Chen Tzu-Chen, Chen, Shuei-Jin, Lin, Jie-Zong. Resume of the previous position holder: Chen Tzu-Chen, Judge, Taipei District Court; Judge, Taiwan High Court; Judge, Taipei High Administrative Court. Chen, Shuei-Jin, Yuan Sheng Accounting Firm, CPA Lin, Jie-Zong, Attending Physician, Department of Pediatric Gastroenterology,Taichung Veterans General Hospital. Upcoming Dividend • May 25
Upcoming dividend of NT$1.40 per share at 3.5% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 07 July 2023. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.7%). In line with average of industry peers (3.2%). Reported Earnings • Mar 18
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$1.53 (down from NT$1.63 in FY 2021). Revenue: NT$98.6b (down 2.9% from FY 2021). Net income: NT$4.96b (down 5.9% from FY 2021). Profit margin: 5.0% (down from 5.2% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.0%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$0.47 (up from NT$0.29 in 3Q 2021). Revenue: NT$26.8b (up 11% from 3Q 2021). Net income: NT$1.51b (up 59% from 3Q 2021). Profit margin: 5.6% (up from 3.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 9.3%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Tzu-Chen Chen was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$0.47 (up from NT$0.29 in 3Q 2021). Revenue: NT$26.8b (up 11% from 3Q 2021). Net income: NT$1.51b (up 59% from 3Q 2021). Profit margin: 5.6% (up from 3.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 9.3%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Auto Components industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Aankondiging • Nov 11
Cheng Shin Rubber Ind. Co., Ltd. Announces Appointment of Chen, Po-Chia as Chief Information Security Officer Cheng Shin Rubber Ind. Co., Ltd. announced appointment of Chen, Po-Chia as chief information security officer. Name, title, and resume of the new position holder: Chen, Po-Chia, General Manager Office Assistant; Reason for the change is new replacement; Effective date is November 10, 2022. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$0.35 (down from NT$0.49 in 2Q 2021). Revenue: NT$24.1b (down 5.8% from 2Q 2021). Net income: NT$1.15b (down 28% from 2Q 2021). Profit margin: 4.8% (down from 6.2% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 15%, compared to a 16% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 18
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 25 July 2022. Payment date: 17 August 2022. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (2.8%). Price Target Changed • Jul 13
Price target decreased to NT$35.50 Down from NT$46.24, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$35.25. Stock is down 20% over the past year. The company is forecast to post earnings per share of NT$1.88 for next year compared to NT$1.63 last year. Board Change • Jul 13
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Tzu-Chen Chen was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Aankondiging • Apr 14
Cheng Shin Rubber Ind. Co., Ltd. Subsidiary, Cheng Shin Tire & Rubber(China) Co. Ltd. Announces Local Government's Epidemic Prevention Policy to Stop Work Cheng Shin Rubber Ind. Co., Ltd. announced On behalf of subsidiary, Cheng Shin Tire & Rubber (China) Co. Ltd. Announcement to cooperate with the localgovernment's epidemic prevention policy to stop work. Cause of occurrence: The company's subsidiary, Cheng Shin Tire & Rubber (China) Co. Ltd.,cooperated with the local government's new crown pneumonia epidemic prevention work, extended shutdown until 24:00 on April 19. Countermeasures:(1)The company cooperates with the epidemic prevention regulations, and the colleagues in the factory continue to carry out independent health management and take corresponding measures. (2)Some manpower stays on standby and keeps in touch with customers and suppliers to prepare for resumption of work. Price Target Changed • Mar 03
Price target decreased to NT$38.30 Down from NT$46.24, the current price target is an average from 5 analysts. New target price is 8.2% above last closing price of NT$35.40. Stock is down 19% over the past year. The company is forecast to post earnings per share of NT$1.65 for next year compared to NT$1.85 last year. Major Estimate Revision • Dec 29
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$109.0b to NT$106.9b. EPS estimate also fell from NT$2.33 per share to NT$2.07 per share. Net income forecast to grow 5.2% next year vs 32% growth forecast for Auto Components industry in Taiwan. Consensus price target of NT$45.20 unchanged from last update. Share price rose 2.1% to NT$36.55 over the past week. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$0.29 (vs NT$0.79 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$24.3b (down 13% from 3Q 2020). Net income: NT$950.8m (down 63% from 3Q 2020). Profit margin: 3.9% (down from 9.1% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 27
Price target decreased to NT$51.79 Down from NT$56.33, the current price target is an average from 5 analysts. New target price is 43% above last closing price of NT$36.20. Stock is down 1.4% over the past year. Upcoming Dividend • Aug 23
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 24 September 2021. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.6%). Major Estimate Revision • Aug 21
Consensus EPS estimates increase to NT$2.77 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$111.4b to NT$114.2b. EPS estimate increased from NT$2.28 to NT$2.77 per share. Net income forecast to grow 5.1% next year vs 25% growth forecast for Auto Components industry in Taiwan. Consensus price target broadly unchanged at NT$55.33. Share price fell 6.8% to NT$37.55 over the past week. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.49 (vs NT$0.70 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$25.5b (up 16% from 2Q 2020). Net income: NT$1.59b (down 30% from 2Q 2020). Profit margin: 6.2% (down from 10% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 22
Consensus EPS estimates fall to NT$2.28 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$118.2b to NT$111.4b. EPS estimate also fell from NT$3.20 to NT$2.28. Net income forecast to grow 6.9% next year vs 36% growth forecast for Auto Components industry in Taiwan. Consensus price target up from NT$55.04 to NT$56.33. Share price was steady at NT$44.35 over the past week. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.56 (vs NT$0.61 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$27.6b (up 41% from 1Q 2020). Net income: NT$1.81b (up NT$3.80b from 1Q 2020). Profit margin: 6.6% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 19% share price gain to NT$56.50, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Auto Components industry in Taiwan. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$56.85 per share. Price Target Changed • Apr 17
Price target increased to NT$46.47 Up from NT$40.90, the current price target is an average from 4 analysts. New target price is 10% below last closing price of NT$51.70. Stock is up 56% over the past year. Major Estimate Revision • Apr 16
Consensus EPS estimates increase to NT$2.70 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$108.2b to NT$114.5b. EPS estimate increased from NT$1.74 to NT$2.70 per share. Net income forecast to shrink 1.1% next year vs 78% growth forecast for Auto Components industry in Taiwan . Consensus price target up from NT$39.68 to NT$40.90. Share price rose 9.1% to NT$51.20 over the past week. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS NT$1.85 (vs NT$1.07 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$96.2b (down 12% from FY 2019). Net income: NT$5.99b (up 73% from FY 2019). Profit margin: 6.2% (up from 3.2% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 04
New 90-day high: NT$43.70 The company is up 21% from its price of NT$36.10 on 04 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$18.14 per share. Major Estimate Revision • Nov 20
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$0.68 to NT$1.40. Revenue estimate for the same period was approximately flat at NT$96.0b. Net income is expected to grow by 59% next year compared to 52% growth forecast for the Auto Components industry in Taiwan. The consensus price target increased from NT$36.00 to NT$38.70. Share price is up 8.3% to NT$43.25 over the past week. Price Target Changed • Nov 20
Price target raised to NT$38.70 Up from NT$36.00, the current price target is an average from 5 analysts. The new target price is 11% below the current share price of NT$43.25. As of last close, the stock is up 2.5% over the past year. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.78 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$27.9b (up 1.1% from 3Q 2019). Net income: NT$2.54b (up NT$2.26b from 3Q 2019). Profit margin: 9.1% (up from 1.0% in 3Q 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) also surpassed analyst estimates by 174%. Over the next year, revenue is forecast to grow 8.1%, compared to a 16% growth forecast for the Auto Components industry in Taiwan. Aankondiging • Nov 13
Cheng Shin Rubber Ind. Co., Ltd. Announces Accounting Officer Changes Cheng Shin Rubber Ind. Co., Ltd. announced appointment of Yu,Ching-Tang as accounting officer in place of Chang, Ya-Ching, accounting officer. Effective November 11, 2020. Is New 90 Day High Low • Nov 11
New 90-day high: NT$40.00 The company is up 6.0% from its price of NT$37.75 on 13 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Auto Components industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$27.97 per share.