Cheng Shin Rubber Ind. Co., Ltd. (2105) AI Stock Analysis

Cheng Shin Rubber Ind. Co., Ltd.

(TWSE:2105)

Select Model

Rating:58Neutral

Price Target:TWD 31.00▲(6.35% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by declining operating performance and weak technical momentum. A stable balance sheet, positive cash generation, moderate valuation, and high dividend yield provide support, but they do not fully offset the deterioration in revenue, margins, and free cash flow.

Positive Factors

Diversified Tire PortfolioThe broad product portfolio serves multiple vehicle types and applications, reducing reliance on a single market niche. Its Maxxis brand and presence across OEM and replacement channels provide a durable platform for customer reach and recurring tire demand over the next several quarters.

Negative Factors

Revenue and Margin PressureThe latest decline in revenue combined with substantial margin compression signals weaker earnings quality and reduced operating profitability. If this pressure persists, Cheng Shin may have less capacity to reinvest, distribute cash, or sustain prior returns, making near-term earnings less dependable.

Cheng Shin Rubber Ind. Co., Ltd. (2105) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 95.30B
Dividend Yield: 6.17%
Average Volume (3M): 5.79M
Price to Earnings (P/E): 17.4
Beta (1Y): -0.02
Revenue Growth: 3.10%
EPS Growth: 6.36%
Country: TW
Employees: 26,726
Sector: General
Sector Strength: 55
Industry: Auto - Parts

Cheng Shin Rubber Ind. Co., Ltd. Business Overview & Revenue Model

Company Description

Cheng Shin Rubber Ind. Co., Ltd., established in Changhua, Taiwan, in 1967, is a global enterprise primarily focused on the rubber products sector. The company's core operations involve the production, processing, and distribution of a wide range of...

Cheng Shin Rubber Ind. Co., Ltd. Financial Statement Overview

Summary

Positive cash flow and a solid, moderately leveraged balance sheet are offset by declining revenue, compressed margins, lower returns, and weakening free cash flow.

Income Statement

45Neutral

Balance Sheet

76Positive

Cash Flow

61Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	93.25B	90.78B	96.25B	96.20B	98.62B	101.54B
Gross Profit	22.35B	20.63B	23.24B	23.29B	20.98B	22.39B
EBITDA	16.71B	15.64B	21.50B	22.36B	18.10B	18.90B
Net Income	5.89B	4.84B	8.02B	7.18B	4.96B	5.27B
Balance Sheet
Total Assets	148.48B	142.88B	146.25B	141.59B	145.88B	149.72B
Cash, Cash Equivalents and Short-Term Investments	45.92B	38.77B	31.20B	25.67B	21.93B	25.97B
Total Debt	35.32B	38.03B	38.13B	37.27B	43.52B	49.12B
Total Liabilities	60.79B	55.35B	55.88B	55.59B	61.50B	68.24B
Stockholders Equity	87.12B	86.98B	89.81B	85.43B	83.81B	80.92B
Cash Flow
Free Cash Flow	12.20B	10.71B	14.96B	18.04B	11.20B	11.02B
Operating Cash Flow	15.08B	13.64B	17.69B	21.21B	14.52B	15.50B
Investing Cash Flow	-8.79B	-10.78B	-9.29B	-10.52B	-6.41B	-4.28B
Financing Cash Flow	-7.39B	-7.00B	-6.24B	-10.33B	-10.55B	-3.70B

Cheng Shin Rubber Ind. Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2105 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:9904	68Neutral	TWD 76.62B	5.41	―	5.00%	-6.54%	5.99%
TW:9910	68Neutral	TWD 66.95B	13.66	―	6.05%	-4.34%	-0.53%
TW:1503	65Neutral	TWD 88.83B	23.52	―	2.93%	8.33%	16.27%
TW:2206	59Neutral	TWD 47.30B	10.58	―	4.93%	-3.37%	2.68%
TW:2105	58Neutral	TWD 94.49B	17.35	―	6.17%	3.10%	6.36%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2258	33Underperform	TWD 49.47B	-10.78	―	―	192.87%	-166.63%

* General Sector Average

Performance Comparison

TW:2105 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2105	Cheng Shin Rubber Ind. Co., Ltd.	29.15	-1.53	-4.99%
TW:1503	Shihlin Electric & Engineering Corp.	170.50	-2.31	-1.34%
TW:2206	Sanyang Motor Co., Ltd.	62.00	4.02	6.92%
TW:2258	Foxtron Vehicle Technologies Co., Ltd.	28.25	-12.80	-31.18%
TW:9904	Pou Chen Corporation	26.00	-2.25	-7.96%
TW:9910	Feng Tay Enterprise Co., Ltd.	67.80	-51.62	-43.23%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

Cheng Shin Rubber Ind. Co., Ltd. AI Stock Analysis