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Consumer Durables

Cheng Shin Rubber Ind. Co., Ltd.

Company Background

Cheng Shin Rubber Ind. is Taiwan's largest tire maker and a top-10 global tire supplier, with factories in Taiwan, China, Vietnam and Thailand. It was founded in 1967 in the central Taiwanese county of Changhua, and was listed on the local stock exchange in 1987.


It supplies tires for cars, motorcycles and bicycles, marketing its products worldwide mainly through its Maxxis brand. Its customers include major international auto companies, such as BMW, Ford Motor and Toyota Motor.


Its chairman, Robert Lo, was born in 1953 and is the son of founder Luo Jye. Lo started working at Cheng Shin in 1989 as the vice president of the group's unit in the southern Chinese city of Xiamen. He took over from his father in 2014.

Business Summary

Cheng Shin Rubber Ind. Co., Ltd. engages in the manufacture and sales of rubber tires. Its products include radiated car tires, radiated truck tires, locomotive tires, motorcycle tires, bicycle tires and bicycle inner tubes. The company was founded on January 1, 1967 and is headquartered in Changhua, Taiwan.

Financial Highlights

Dec 2021 TWDUSD
Gross Profit22,301.19M798.41M
Operating income7,643.08M273.63M
Income before tax7,136.60M255.50M
Net income5,270.00M188.67M
Diluted EPS1.620.05
Dividends Per Share1.200.04
Total Assets149,721.99M5,411.57M
Total liabilities68,244.62M2,466.64M
Total equity80,918.46M2,924.72M
Operating cash flow15,314.61M548.28M
Currency in TWDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 112,309.16M 109,221.20M 109,507.77M 96,209.05M 101,536.96M
Gross Profit 25,678.07M 24,311.93M 23,855.47M 23,889.82M 22,301.19M
Operating income 8,398.49M 7,406.53M 6,992.74M 8,586.00M 7,643.08M
Income before tax 8,374.19M 5,902.99M 5,820.64M 8,138.18M 7,136.60M
Net income 5,541.78M 3,520.32M 3,466.82M 5,988.70M 5,270.00M
EBITDA 19,964.08M 19,593.43M 20,034.97M 20,620.57M 18,872.42M
Diluted EPS 1.71 1.08 1.06 1.84 1.62
Dividends Per Share 1.80 1.10 1 1.20 1.20
Total Assets 179,084.25M 174,762.76M 164,040.22M 151,325.15M 149,721.99M
Total liabilities 96,192.95M 94,944.76M 86,069.54M 70,349.87M 68,244.62M
Total equity 82,205.29M 79,193.78M 77,395.68M 80,437.09M 80,918.46M
Operating cash flow 8,562.37M 14,892.89M 17,766.18M 19,341.65M 15,314.61M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 3,691.62M 3,622.05M 3,542.48M 3,267.46M 3,635.16M
Gross Profit 844.04M 806.24M 771.70M 811.35M 798.41M
Operating income 276.05M 245.61M 226.20M 291.59M 273.63M
Income before tax 275.26M 195.75M 188.29M 276.39M 255.50M
Net income 182.15M 116.74M 112.14M 203.38M 188.67M
EBITDA 656.22M 649.76M 648.11M 700.31M 675.65M
Diluted EPS 0.05 0.03 0.03 0.06 0.05
Dividends Per Share 0.05 0.03 0.03 0.04 0.04
Total Assets 6,017.91M 5,685.74M 5,472.20M 5,385.61M 5,411.57M
Total liabilities 3,232.45M 3,088.94M 2,871.18M 2,503.73M 2,466.64M
Total equity 2,762.41M 2,576.49M 2,581.83M 2,862.73M 2,924.72M
Operating cash flow 281.44M 493.88M 574.72M 656.88M 548.28M

Valuation Measures

Dec 2021
Operating margin7.52%
Profit margin5.19%

Key executives

  • Chairman & General Manager: Tsai Jen Lo
  • Head-Finance, Deputy General Manager & Spokesman: Yung Li Lo
  • Associate: Chen Chieh Lin
  • Director & General Manager-Xiamen: Shiu Hsiung Chen
  • Associate: Chi Chiang Wei


  • LO TSAI JEN (12.8%)
  • LUO MING HAN (11.4%)
  • LUO JYE (6.9%)
  • Fubon Life Insurance Co., Ltd. (2.6%)
  • LO MING I (2.5%)
  • LO MING LING (1.9%)
  • The Vanguard Group, Inc. (1.8%)
  • LUO YUAN YU (1.7%)

Contact Details

  • Website:
  • Address: No. 215, Mei Kang Road, Huang Tso Village, Changhua, 515 45, Taiwan
  • Phone: +886.4.8525151

Related Companies

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  • Maxxis Europe BV
  • Maxxis Tech Center Europe BV
  • PT Maxxis Trading Indonesia
  • Maxxis Rubber India Pvt Ltd.
  • Maxxis Trading Co., Ltd.
  • PT Maxxis International Indonesia
  • Cheng Shin Tire & Rubber (Chong Qing) Co. Ltd.
  • Cheng Shin Tire & Rubber (China)
  • Cheng Shin Rubber Industry Co. Germany GmbH
  • Cheng Shin Rubber Canada, Inc.
  • Cheng Shin Rubber USA, Inc.
  • Cheng Hsin Rubber US Ltd.
  • CST Trading Ltd.
  • Maxxis International Co., Ltd.
  • Chiao Hsin Enterprise Co. Ltd.


  • Federal Corp.
  • Hwa Fong Rubber Ind. Co., Ltd.
  • Kenda Rubber Industrial Co., Ltd
  • Bridgestone Corporation
  • Nankang Rubber Tire Corp., Ltd.
  • Triangle Tyre Co., Ltd. Class A
  • Amerityre Corporation
  • Giti Tire Corporation Class A
Last Updated on 4 Oct, 2022

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