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Size Cheng Loong (1904.TW) is a Taiwan Materials company (Containers/Packaging) with a market value of $788M, the 318th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$23.50 on 6 Nov 2026.
Performance Over six months the shares gained 33.9%, against -19.4% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 3.1% over the last twelve months (peer median +6.4%); the operating margin is 6.1% (peer median 6.3%).
Valuation It trades at 61.8× forward earnings against a peer median of 16.9× (2nd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.2 points below its cost of capital (5.0% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$44.0B | NT$43.0B | NT$45.2B | NT$42.2B | NT$43.9B |
| Revenue growth | — | -5% | +7% | -4% | — |
| Gross profit | NT$8.22B | NT$7.21B | NT$6.81B | NT$7.06B | NT$6.79B |
| EBITDA | NT$6.50B | NT$5.76B | NT$5.55B | NT$5.55B | NT$4.87B |
| Net income | NT$2.40B | NT$823M | NT$605M | NT$922M | NT$2.52B |
| Free cash flow | NT$202M | -NT$1.04B | -NT$259M | -NT$313M | -NT$2.19B |
| Capital expenditure | NT$5.72B | NT$6.18B | NT$3.35B | NT$4.51B | NT$7.11B |
| Total debt | NT$32.3B | NT$30.8B | NT$31.0B | NT$28.9B | NT$28.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1904.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.1% | -7.7% | 4th highest of 21 |
| 6-month return | +33.9% | -19.4% | 4th highest of 21 |
| Distance from 52-week high | -11.2% | -39.9% | 3rd highest of 21 |
| Revenue growth (TTM) | -3.1% | +6.4% | 3rd lowest of 21 |
| Operating margin | 6.1% | 6.3% | 10th lowest of 21 |
| Forward P/E | 61.8× | 16.9× | 2nd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 3.9% | 4.9% | 6th least demanding of 12 |
| Growth delivered (Del g) | +1.4% | +8.8% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | +2.5 pp | -0.0 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -1.2 pp | +0.9 pp | 7th lowest of 21 |
| EV / EBITDA | 7.8× | 8.7× | 4th cheapest of 9 |
| Net debt / EBITDA | 3.6× | -0.0× | 2nd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cheng Loong 1904.TW | Taiwan | $788M | +34% | -3% | 6% | 61.8× | 3.9% | +1.4% |
| Shanghai Baosteel Packaging 601968.SS | China | $785M | -19% | +17% | 4% | 17.3× | n/a | n/a |
| Shantou Wanshun New Material 300057.SZ | China | $784M | -45% | +29% | 1% | 66.5× | n/a | n/a |
| O-I Glass OI | United States | $796M | -44% | -2% | 9% | 10.1× | n/a | n/a |
| Sunrise 002752.SZ | China | $766M | -29% | +8% | 6% | 11.1× | -5.7% | +17.2% |
| EPL EPL.NS | India | $752M | -6% | +17% | 12% | 15.7× | 16.0% | +8.8% |
| Quzhou DFP New Material 601515.SS | China | $843M | -36% | +13% | -21% | n/a | n/a | n/a |
| Planetree International Development 0613.HK | Hong Kong | $733M | +151% | -62% | 1,735% | n/a | n/a | n/a |
| Ningbo Exciton Technology 300566.SZ | China | $730M | -2% | -2% | 9% | 17.9× | 8.4% | +8.4% |
| Zhejiang Great Southeast 002263.SZ | China | $871M | -23% | +5% | -1% | n/a | 31.7% | -4.0% |
| Time Technoplast TIMETECHNO.NS | India | $891M | -9% | +16% | 11% | 11.0× | n/a | n/a |
| Guangzhou Fangbang Electronics 688020.SS | China | $900M | -51% | -2% | -28% | n/a | n/a | n/a |
| MYS 002303.SZ | China | $909M | +26% | +1% | 8% | 18.6× | 4.9% | +3.4% |
| Ton Yi Industrial 9907.TW | Taiwan | $678M | -19% | -11% | 4% | 16.9× | -6.3% | +8.8% |
| Shanghai Sunglow Packaging Technology 603499.SS | China | $669M | -29% | +9% | 10% | n/a | 24.1% | +16.4% |
| Karat Packaging KRT | United States | $669M | +19% | +12% | 13% | 20.5× | -2.4% | +9.6% |
| Zhejiang Zhongcheng Packing Material 002522.SZ | China | $658M | -24% | +4% | 5% | n/a | 14.5% | +2.1% |
| Xiamen Jihong 2603.HK | Hong Kong | $945M | -24% | +18% | 6% | 12.3× | -11.2% | +8.1% |
| Okamoto Industries 5122.T | Japan | $648M | +6% | 0% | 6% | n/a | n/a | n/a |
| Pum-tech Korea 251970.KS | South Korea | $642M | +70% | +3% | 15% | 15.0× | -4.2% | +13.6% |
| Kohsoku 7504.T | Japan | $629M | +75% | +8% | 4% | 21.6× | n/a | n/a |