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Taiwanese tire manufacturer that owns the Maxxis global tire brand, selling car, motorcycle and bicycle tires.
Taiwanese tire manufacturer that owns the Maxxis global tire brand, selling car, motorcycle and bicycle tires.
Sells under the Maxxis name chiefly into the replacement market through distributors, with factory fitment for carmakers, motorcycle makers and bicycle makers on top. Plants are spread across Taiwan, mainland China and Southeast Asia, and natural and synthetic rubber prices move margins.
In one line: Taiwan's Goodyear-scale tire maker.
Moat: narrow (brand, scale, distribution). Maxxis is a globally recognized tire brand with broad OEM and aftermarket distribution.
Headquarters: Changhua, Taiwan · Employees: 22,544
Size Cheng Shin Rubber Ind (2105.TW) is a Taiwan Consumer Discretionary company (Automotive Aftermarket) with a market value of $2.95B, the 129th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$30.05 on 6 Nov 2026.
Performance Over six months the shares fell 3.1%, against -1.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 1.2% over the last twelve months (peer median +6.3%); the operating margin is 8.9% (peer median 8.2%).
Valuation It trades at 20.3× forward earnings against a peer median of 16.6× (8th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$93.2B | NT$90.8B | NT$96.2B | NT$96.2B | NT$98.6B |
| Revenue growth | — | -6% | 0% | -2% | — |
| Gross profit | NT$22.3B | NT$20.5B | NT$23.2B | NT$23.3B | NT$20.9B |
| EBITDA | NT$16.8B | NT$15.6B | NT$19.8B | NT$21.0B | NT$18.1B |
| Net income | NT$5.91B | NT$4.85B | NT$8.02B | NT$7.18B | NT$4.96B |
| Free cash flow | NT$12.2B | NT$10.7B | NT$15.1B | NT$18.1B | NT$11.1B |
| Capital expenditure | NT$2.96B | NT$3.00B | NT$2.74B | NT$3.22B | NT$3.32B |
| Total debt | NT$35.3B | NT$38.0B | NT$38.1B | NT$37.4B | NT$43.5B |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cheng Shin Rubber Ind 2105.TW | $2.95B | -3% | -1% | 9% | 20.3× | -9.3% |
| Nankang Rubber Tire 2101.TW | $607M | -18% | +10% | 26% | n/a | -15.5% |
| Goodyear Tire & Rubber GT | $1.26B | -33% | -4% | 3% | n/a | 5.9% |
| Cie Generale des Etablissements Michelin ML.PA | $25.1B | +5% | -4% | 10% | 12.6× | 3.7% |
| Sumitomo Rubber Industries 5110.T | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% |
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 | 2105.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.3% | +0.7% | 10th lowest of 21 |
| 6-month return | -3.1% | -1.0% | 11th highest of 21 |
| Distance from 52-week high | -14.9% | -25.1% | 4th highest of 21 |
| Revenue growth (TTM) | -1.2% | +6.3% | 4th lowest of 21 |
| Operating margin | 8.9% | 8.2% | 9th highest of 21 |
| Forward P/E | 20.3× | 16.6× | 8th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -9.3% | 1.8% | 2nd least demanding of 16 |
| Growth delivered (Del g) | -1.2% | +10.7% | lowest of 16 |
| Hurdle (Req g minus delivered) | -8.1 pp | -6.4 pp | 8th least demanding of 16 |
| ROIC minus cost of capital | +3.6 pp | -0.8 pp | 5th highest of 21 |
| EV / EBITDA | 5.2× | 7.6× | 5th cheapest of 14 |
| Net debt / EBITDA | -0.6× | 1.3× | 2nd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cheng Shin Rubber Ind 2105.TW | Taiwan | $2.95B | -3% | -1% | 9% | 20.3× | -9.3% | -1.2% |
| Apollo Tyres APOLLOTYRE.NS | India | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% | +10.7% |
| Toyo Tire 5105.T | Japan | $3.17B | +6% | +4% | 15% | 8.2× | -7.3% | +11.6% |
| Zhongce Rubber Group Co., Ltd. A 603049.SS | China | $2.70B | -19% | +14% | 8% | 9.7× | n/a | n/a |
| Qingdao Sentury Tire 002984.SZ | China | $2.62B | -25% | +2% | 8% | 16.7× | 3.4% | +12.8% |
| Sumitomo Rubber Industries 5110.T | Japan | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% | +8.8% |
| Shandong Linglong Tyre 601966.SS | China | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% | +6.0% |
| Nokian Renkaat TYRES.HE | Finland | $2.21B | +37% | +5% | 6% | 27.4× | 19.4% | +0.9% |
| Dorman Products DORM | United States | $4.03B | +10% | +2% | 16% | 15.8× | 4.3% | +14.3% |
| Haian Rubber 001233.SZ | China | $1.82B | +9% | -4% | 23% | 25.6× | 1.8% | +13.7% |
| Balkrishna Industries BALKRISIND.NS | India | $4.93B | +7% | +20% | 15% | 30.5× | n/a | n/a |
| LKQ LKQ | United States | $5.06B | -31% | -3% | 7% | 9.3× | 0.0% | +3.3% |
| Hankook Tire & Technology 161390.KS | South Korea | $5.56B | +5% | +43% | 10% | 6.1× | -13.2% | +26.9% |
| MRF MRF.NS | India | $5.62B | -4% | +11% | 10% | 25.7× | 20.7% | +14.0% |
| CEAT CEATLTD.NS | India | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% | +15.5% |
| Sailun 601058.SS | China | $5.92B | -10% | +12% | 12% | 10.4× | n/a | n/a |
| Qingdao Doublestar 000599.SZ | China | $1.45B | -34% | +390% | 8% | n/a | -2.9% | +1.0% |
| Triangle Tyre 601163.SS | China | $1.38B | -21% | +2% | 5% | 18.2× | -7.2% | +2.9% |
| Yokohama Rubber 5101.T | Japan | $6.78B | +8% | +13% | 15% | 8.1× | n/a | n/a |
| Goodyear Tire & Rubber GT | United States | $1.26B | -33% | -4% | 3% | n/a | 5.9% | +8.2% |
| TS Tech 7313.T | Japan | $1.25B | -3% | 0% | 2% | 23.3× | n/a | n/a |