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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 2019 TWDUSD
Revenue109,507.77M3,542.48M
Gross Profit23,855.47M771.70M
Operating income6,992.74M226.20M
Income before tax5,820.64M188.29M
Net income3,466.82M112.14M
EBITDA20,034.97M648.11M
Diluted EPS1.060.03
Dividends Per Share10.03
Total Assets164,040.22M5,472.20M
Total liabilities86,069.54M2,871.18M
Total equity77,395.68M2,581.83M
Operating cash flow17,766.18M574.72M
Currency in TWDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 116,726.29M 117,387.51M 112,309.16M 109,221.20M 109,507.77M
Gross Profit 35,557.79M 36,289.10M 25,678.07M 24,311.93M 23,855.47M
Operating income 18,620.38M 18,671.58M 8,398.49M 7,406.53M 6,992.74M
Income before tax 17,438.44M 17,869.85M 8,374.19M 5,902.99M 5,820.64M
Net income 12,776.65M 13,250.90M 5,541.78M 3,520.32M 3,466.82M
EBITDA 29,983.41M 30,216.64M 19,964.08M 19,593.43M 20,034.97M
Diluted EPS 3.93 4.08 1.71 1.08 1.06
Dividends Per Share 3 3 1.80 1.10 1
Total Assets 165,958.22M 168,164.72M 179,084.25M 174,762.76M 164,040.22M
Total liabilities 76,005.63M 79,895.33M 96,192.95M 94,944.76M 86,069.54M
Total equity 89,161.13M 87,493.25M 82,205.29M 79,193.78M 77,395.68M
Operating cash flow 27,638.29M 26,987.96M 8,562.37M 14,892.89M 17,766.18M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 3,675.94M 3,639.83M 3,691.62M 3,622.05M 3,542.48M
Gross Profit 1,119.78M 1,125.21M 844.04M 806.24M 771.70M
Operating income 586.39M 578.94M 276.05M 245.61M 226.20M
Income before tax 549.17M 554.09M 275.26M 195.75M 188.29M
Net income 402.36M 410.87M 182.15M 116.74M 112.14M
EBITDA 944.23M 936.92M 656.22M 649.76M 648.11M
Diluted EPS 0.12 0.12 0.05 0.03 0.03
Dividends Per Share 0.09 0.09 0.05 0.03 0.03
Total Assets 5,052.46M 5,217.80M 6,017.91M 5,685.74M 5,472.20M
Total liabilities 2,313.92M 2,478.98M 3,232.45M 3,088.94M 2,871.18M
Total equity 2,714.43M 2,714.73M 2,762.41M 2,576.49M 2,581.83M
Operating cash flow 870.38M 836.81M 281.44M 493.88M 574.72M

Valuation Measures

Dec 2019
PER39.08
ROA2.04%
ROE4.42%
Operating margin6.38%
Profit margin3.16%

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

Shareholders

  • LO TSAI JEN (12.8%)
  • LUO MING HAN (11.4%)
  • LUO JYE (6.9%)
  • LUO YUAN YU (4.2%)
  • CHEN YUN HWA (3.7%)
  • LO MING I (2.5%)
  • Fubon Life Insurance Co., Ltd. (2.4%)
  • CHEN SHIU HSIUNG /CST/ (2.0%)
  • The Vanguard Group, Inc. (2.0%)
  • LO MING LING (1.9%)

Contact Details

  • Website:http://www.cst.com.tw
  • Address: No. 215, Mei Kang Road, Huang Tso Village, Changhua, 515 45, Taiwan
  • Phone: +886.4.8525151

Related Companies

  • Maxxis Rubber India Pvt Ltd.
  • Maxxis Trading Co. Ltd.
  • CST Rubber (Zhangzhou) Ind. Ltd.
  • Cheng Shin Tire & Rubber (Chong Qing) Co. Ltd.
  • Cheng Shin Tire & Rubber (China)
  • Cheng Shin Rubber (Vietnam) Ind Co., Ltd.
  • Cheng Shin Rubber Industry Co. Germany GmbH
  • Cheng Shin Rubber Canada, Inc.
  • Cheng Shin Rubber Xiamen Ind Ltd.
  • Cheng Shin Rubber USA, Inc.
  • Cheng Hsin Rubber US Ltd.
  • CST Trading Ltd.
  • Maxxis International Co. Ltd.
  • Chiao Hsin Enterprise Co. Ltd.

Competitors

  • Nankang Rubber Tire Corp., Ltd.
  • Federal Corp.
  • Hwa Fong Rubber Ind. Co., Ltd.
  • Bridgestone Corporation
  • Kenda Rubber Industrial Co., Ltd
  • Triangle Tyre Co., Ltd. Class A
  • Amerityre Corporation
Last Updated on 20 Oct, 2020

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