Cheng Shin Rubber Ind. Co Ltd (2105) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Cheng Shin Rubber Ind. Co Ltd TWD 32.82, price TWD 30.10, upside +9.0%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Cheng Shin Rubber Ind. Co., Ltd., together with subsidiaries, processes, manufactures, and trades in bicycle and electrical vehicle tires, reclaimed rubbers, rubbers and resins, and other rubber products. It also manufactures and trades in various rubber products and related rubber machinery.
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Cheng Shin Rubber Ind. Co., Ltd., together with subsidiaries, processes, manufactures, and trades in bicycle and electrical vehicle tires, reclaimed rubbers, rubbers and resins, and other rubber products. It also manufactures and trades in various rubber products and related rubber machinery. In addition, the company researches, develops, tests, manufactures, exhibits, imports, exports, wholesales, and retails various tires, automobile accessories, and related products. Further, it operates a technical center; produces, sells, and maintains models; retails accessories for rubber tires; provides container transportation, warehouse logistic, and after-sales service center services; and manages racing tracks. Additionally, the company is involved in the construction and trading of employees' housings; and trading of vehicles parts and accessories. Further its sells its products online through website. It operates in Taiwan, China, the United States, and internationally. Cheng Shin Rubber Ind. Co., Ltd. was incorporated in 1967 and is headquartered in Changhua, Taiwan.
Stock analysis
Cheng Shin Rubber Ind. Co Ltd (2105) currently trades at 30.10 TWD, while our model-based Fair Value estimate is 32.82 TWD, implying the stock looks roughly 8.3% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 36.08 TWD per share, and 13 of the 24 models we run sit above the 30.10 TWD price.
Bear case: the Earnings-Based group reads lowest at 15.70 TWD, and 11 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 24.61 TWD (bear) to 41.02 TWD (bull), the price of 30.10 TWD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Cheng Shin Rubber Ind. Co Ltd reported revenue of 90.8B TWD in FY2025 versus 102B TWD in FY2021, a compound −2.8%/yr. Reported net income was 4.8B TWD in FY2025, compounding −2.1%/yr from FY2021.
Key figures
Market cap 109B TWD (≈ $3.4B) · P/E ratio 20.1 · P/S ratio 1.07 · EPS (TTM) 1.50 TWD · Dividend yield 6.0% · Net margin 5.3% · Return on equity 6.1% · Return on assets (EBIT) 5.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −38% fair-value upside, at 9%, 2105 screens cheaper than that median.
Fair Value models
Bear 24.61 TWDFair Value 32.82 TWDBull 41.02 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−5.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.2%
Start year 2020 (pandemic). Over 10 years: −2.5% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.4%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+4.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.6%
Dividend (yield on the price)6.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−2% vs −10%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 8%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 2.9%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−7.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −9.0% a year for the price.
Compare Cheng Shin Rubber Ind. Co Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Auto Parts · 663 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside+9% · Above median
Profitability
Return on equity (TTM)6% · Below median
Return on assets3% · Above median
Net margin (TTM)6% · Above median
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth1% · Below median
Dividend yield (TTM)6.0% · Top 25%
Balance sheet
Debt / equity0.33× · Highest 25%
Valuation Multiplesvs Auto Parts median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Cheng Shin Rubber Ind. Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2105
Frequently asked questions
Is Cheng Shin Rubber Ind. Co Ltd (2105) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 32.82 TWD versus a price of 30.10 TWD, about +9% upside (fairly valued).
What is the fair value of 2105?
Our model-based fair value for Cheng Shin Rubber Ind. Co Ltd is 32.82 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 30.10 TWD.
What is the quality score of 2105?
Cheng Shin Rubber Ind. Co Ltd has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cheng Shin Rubber Ind. Co Ltd (2105)?
Our model-based price target is the fair value of 32.82 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 24.61 TWD, optimistic scenario 41.02 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Cheng Shin Rubber Ind. Co Ltd stock forecast for 2026?
Our models put fair value at 32.82 TWD, about +9% upside versus a price of 30.10 TWD (fairly valued). Cautious scenario 24.61 TWD, optimistic scenario 41.02 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Cheng Shin Rubber Ind. Co Ltd (2105)?
Cheng Shin Rubber Ind. Co Ltd reported trailing-twelve-month revenue of about 91.0B TWD (latest available figure, as of Sep 24, 2026).
Does Cheng Shin Rubber Ind. Co Ltd pay a dividend?
Cheng Shin Rubber Ind. Co Ltd currently shows a dividend yield of about 5.98% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Cheng Shin Rubber Ind. Co Ltd (2105)?
For today's price to be fair in a discounted-cash-flow model, Cheng Shin Rubber Ind. Co Ltd would have to grow free cash flow by -7.6 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2105 use?
Our models discount Cheng Shin Rubber Ind. Co Ltd at 8.6 %: a base by market capitalisation (large), damped by beta 0.08, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cheng Shin Rubber Ind. Co Ltd that is -7.6 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Cheng Shin Rubber Ind. Co Ltd (2105) delivered so far?
Over the past 5 years revenue at Cheng Shin Rubber Ind. Co Ltd grew -1.2 % a year. The price currently implies -7.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cheng Shin Rubber Ind. Co Ltd (2105) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into Cheng Shin Rubber Ind. Co Ltd (-7.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cheng Shin Rubber Ind. Co Ltd (2105)?
The free-cash-flow yield on the price is 11.04 %: that much free cash flow Cheng Shin Rubber Ind. Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cheng Shin Rubber Ind. Co Ltd (2105)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cheng Shin Rubber Ind. Co Ltd it is 32.82 TWD per share (as of Sep 24, 2026), against a price of 30.10 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Cheng Shin Rubber Ind. Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2105 trades below its calculated fair value: price 30.10 TWD, fair value 32.82 TWD, a gap of about +9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2105?
No. The price is what the market pays today (30.10 TWD); the fair value is what the company's own numbers justify (32.82 TWD). For Cheng Shin Rubber Ind. Co Ltd the two are 2.72 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Cheng Shin Rubber Ind. Co Ltd worth?
The market values Cheng Shin Rubber Ind. Co Ltd at about 109B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 30.10 TWD; our models calculate a fair value of 32.82 TWD per share.
What do the bullish and bearish scenarios say about 2105?
Our models span a range for Cheng Shin Rubber Ind. Co Ltd: cautious scenario 24.61 TWD, base 32.82 TWD, optimistic 41.02 TWD per share (as of Sep 24, 2026, price 30.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2105?
Cheng Shin Rubber Ind. Co Ltd trades at a price-to-earnings ratio of 20.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 32.82 TWD is built from several models across several years. Other multiples: PEG 1.5, P/B 1.3, P/S 1.2, EV/EBITDA 7.3.
What is the PEG ratio of 2105?
The PEG ratio of Cheng Shin Rubber Ind. Co Ltd is 1.47 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Cheng Shin Rubber Ind. Co Ltd (2105)?
Balance-sheet figures for Cheng Shin Rubber Ind. Co Ltd (as of Sep 24, 2026): return on equity 6.1%, debt of 0.33 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 2105 from its 52-week high?
Cheng Shin Rubber Ind. Co Ltd trades at 30.10 TWD, about 21% below its 52-week high of 38.30 TWD and 7% above the low of 28.20 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 32.82 TWD is for.
Which stocks are comparable to Cheng Shin Rubber Ind. Co Ltd?
From the same area (Consumer Cyclical) we also value O'Reilly Automotive, Inc, AutoZone, Inc, Hyundai Mobis Co, Fuyao Glass Industry Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cheng Shin Rubber Ind. Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 30.10 TWD, calculated fair value 32.82 TWD (+9%), Quality Score 61/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2105 calculated?
We run Cheng Shin Rubber Ind. Co Ltd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 32.82 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Cheng Shin Rubber Ind. Co Ltd currently trades 9 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cheng Shin Rubber Ind. Co Ltd (2105)?
The closing price on Sep 24, 2026 was 30.10 TWD. Our model-based fair value is 32.82 TWD, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cheng Shin Rubber Ind. Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Cheng Shin Rubber Ind. Co Ltd (2105) come from?
Earnings per share at Cheng Shin Rubber Ind. Co Ltd grew −7.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share −2.7 %, EBIT margin −5.5 %, tax rate −0.5 %, residual (interest, one-offs) +0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Cheng Shin Rubber Ind. Co Ltd
How large is the market capitalisation of Cheng Shin Rubber Ind. Co Ltd (2105)?
The market capitalisation of Cheng Shin Rubber Ind. Co Ltd is 109B TWD (≈ $3.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cheng Shin Rubber Ind. Co Ltd (2105)?
The price-to-sales ratio of Cheng Shin Rubber Ind. Co Ltd is 1.07 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cheng Shin Rubber Ind. Co Ltd (2105)?
Earnings per share at Cheng Shin Rubber Ind. Co Ltd are 1.50 TWD (price ÷ EPS = P/E 20.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cheng Shin Rubber Ind. Co Ltd (2105)?
The dividend yield of Cheng Shin Rubber Ind. Co Ltd is 6.0% (payout 120%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Cheng Shin Rubber Ind. Co Ltd (2105)?
The net margin of Cheng Shin Rubber Ind. Co Ltd is 5.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cheng Shin Rubber Ind. Co Ltd (2105)?
The return on equity (ROE) of Cheng Shin Rubber Ind. Co Ltd is 6.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cheng Shin Rubber Ind. Co Ltd (2105)?
On an EBIT basis the return on assets of Cheng Shin Rubber Ind. Co Ltd is 5.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cheng Shin Rubber Ind. Co Ltd (2105)?
The operating margin of Cheng Shin Rubber Ind. Co Ltd is 9.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cheng Shin Rubber Ind. Co Ltd (2105)?
Revenue at Cheng Shin Rubber Ind. Co Ltd is growing +1.1% versus a year earlier (3y avg −2.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cheng Shin Rubber Ind. Co Ltd (2105)?
Earnings per share at Cheng Shin Rubber Ind. Co Ltd are growing +28.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Cheng Shin Rubber Ind. Co Ltd (2105) carry?
The net debt of Cheng Shin Rubber Ind. Co Ltd is 15.6B TWD (fiscal year 2025, ≈ 1.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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