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Employees: 10,976
Size Kenda Rubber Industrial (2106.TW) is a Taiwan Consumer Discretionary company (Automotive Aftermarket) with a market value of $461M, the 471st largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$15.95 on 6 Nov 2026.
Performance Over six months the shares fell 8.1%, against -17.9% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 0.4% over the last twelve months (peer median +8.5%); the operating margin is 2.4% (peer median 5.8%).
Valuation It trades at 25.3× forward earnings against a peer median of 15.6× (2nd most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +9 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 2.8 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$34.4B | NT$34.0B | NT$34.2B | NT$34.4B | NT$38.6B |
| Revenue growth | — | -1% | -1% | -11% | — |
| Gross profit | NT$6.41B | NT$6.08B | NT$7.10B | NT$6.24B | NT$5.27B |
| EBITDA | NT$2.64B | NT$2.38B | NT$3.32B | NT$3.11B | NT$2.07B |
| Net income | NT$454M | NT$125M | NT$1.24B | NT$881M | NT$338M |
| Free cash flow | NT$472M | NT$1.19B | NT$454M | NT$4.75B | -NT$404M |
| Capital expenditure | NT$1.27B | NT$1.13B | NT$1.67B | NT$953M | NT$1.92B |
| Total debt | NT$20.5B | NT$19.7B | NT$19.2B | NT$18.0B | NT$21.1B |
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 | 2106.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.3% | -5.6% | 8th highest of 21 |
| 6-month return | -8.1% | -17.9% | 5th highest of 21 |
| Distance from 52-week high | -25.5% | -31.4% | 7th highest of 21 |
| Revenue growth (TTM) | -0.4% | +8.5% | 5th lowest of 21 |
| Operating margin | 2.4% | 5.8% | 3rd lowest of 21 |
| Forward P/E | 25.3× | 15.6× | 2nd most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 10.9% | -3.5% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +2.3% | +9.7% | 4th lowest of 12 |
| Hurdle (Req g minus delivered) | +8.5 pp | -11.6 pp | 3rd most demanding of 12 |
| ROIC minus cost of capital | -2.8 pp | +0.0 pp | 7th lowest of 21 |
| EV / EBITDA | 9.8× | 6.6× | 5th most expensive of 12 |
| Net debt / EBITDA | 4.0× | 1.5× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kenda Rubber Industrial 2106.TW | Taiwan | $461M | -8% | 0% | 2% | 25.3× | 10.9% | +2.3% |
| Nexen Tire 002350.KS | South Korea | $429M | -19% | +11% | 4% | 5.3× | -20.0% | +13.4% |
| Prinx Chengshan 1809.HK | Hong Kong | $508M | -20% | +9% | 9% | 2.4× | n/a | n/a |
| Giti Tire 600182.SS | China | $578M | -22% | -1% | 10% | n/a | -5.6% | +11.6% |
| Aeolus Tire 600469.SS | China | $598M | -30% | +2% | 4% | n/a | n/a | n/a |
| Nankang Rubber Tire 2101.TW | Taiwan | $607M | -18% | +10% | 26% | n/a | -15.5% | -2.8% |
| JTEKT India JTEKTINDIA.NS | India | $347M | -16% | +17% | 4% | 49.2× | n/a | n/a |
| TVS Srichakra TVSSRICHAK.NS | India | $346M | +9% | +19% | 4% | 22.7× | 24.3% | +13.4% |
| Guangdong Dcenti Auto Parts Stock 603335.SS | China | $322M | -29% | -18% | -11% | n/a | n/a | n/a |
| Bengal & Assam BENGALASM.NS | India | $688M | -13% | +12% | 13% | n/a | 19.9% | -25.6% |
| Firma Oponiarska Debica DBC.WA | Poland | $308M | 0% | -1% | 4% | n/a | -1.6% | +9.9% |
| Jiangsu General Science Technology 601500.SS | China | $831M | -25% | +11% | 5% | 14.6× | -3.5% | +19.8% |
| Guizhou Tyre 000589.SZ | China | $974M | -18% | +8% | 8% | 8.7× | n/a | n/a |
| Standard Motor Products SMP | United States | $993M | +10% | +6% | 11% | 9.3× | -8.5% | +9.7% |
| XPEL XPEL | United States | $1.06B | -12% | +13% | 14% | 16.5× | n/a | n/a |
| JK Tyre & Industries JKTYRE.NS | India | $1.10B | -12% | +13% | 7% | 20.6× | n/a | n/a |
| Kumhotire 073240.KS | South Korea | $1.12B | -9% | +2% | 12% | 4.2× | n/a | n/a |
| TS Tech 7313.T | Japan | $1.25B | -3% | 0% | 2% | 23.3× | n/a | n/a |
| Goodyear Tire & Rubber GT | United States | $1.26B | -33% | -4% | 3% | n/a | 5.9% | +8.2% |
| Triangle Tyre 601163.SS | China | $1.38B | -21% | +2% | 5% | 18.2× | -7.2% | +2.9% |
| Qingdao Doublestar 000599.SZ | China | $1.45B | -34% | +390% | 8% | n/a | -2.9% | +1.0% |