Company Valuation: Cheng Shin Rubber Ind. Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,17,015 1,09,884 1,45,540 1,58,991 95,622 1,00,322 - -
Change - -6.09% 32.45% 9.24% -39.86% 4.92% - -
Enterprise Value (EV) 1 1,29,733 1,23,112 1,48,726 1,61,507 1,11,245 1,11,576 1,05,691 1,00,776
Change - -5.1% 20.81% 8.59% -31.12% 0.3% -5.27% -4.65%
P/E 22.3x 22.2x 20.2x 19.9x 19.7x 22.1x 21.5x 22.4x
PBR 1.45x 1.31x 1.7x 1.77x 1.09x 1.16x 1.15x 1.14x
PEG - -4x 0.4x 1.8x -0.5x -3.32x 7.52x -5.38x
Capitalization / Revenue 1.15x 1.11x 1.51x 1.65x 1.05x 1.1x 1.1x 1.09x
EV / Revenue 1.28x 1.25x 1.55x 1.68x 1.23x 1.22x 1.15x 1.1x
EV / EBITDA 6.87x 6.8x 7.06x 8.15x 7.09x 7.93x 7.95x 7.99x
EV / EBIT 17x 16.7x 14.4x 16.1x 15.5x 17.4x 16.5x 15.7x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.2 1.4 2 2.4 1.8 1.12 1.15 1.1
Rate of return 3.32% 4.13% 4.45% 4.89% 6.1% 3.62% 3.72% 3.55%
EPS 2 1.62 1.53 2.22 2.47 1.5 1.4 1.44 1.38
Distribution rate 74.1% 91.5% 90.1% 97.2% 120% 80% 79.9% 79.7%
Net sales 1 1,01,537 98,623 96,201 96,247 90,781 91,556 91,555 91,637
EBITDA 1 18,896 18,096 21,058 19,828 15,688 14,069 13,287 12,618
EBIT 1 7,654 7,374 10,358 10,012 7,155 6,409 6,409 6,415
Net income 5,270 4,961 7,182 8,017 4,854 - - -
Net Debt 1 12,718 13,228 3,187 2,516 15,623 11,254 5,369 453.8
Reference price 2 36.10 33.90 44.90 49.05 29.50 30.95 30.95 30.95
Nbr of stocks (in thousands) 32,41,416 32,41,416 32,41,416 32,41,416 32,41,416 32,41,416 - -
Announcement Date 24/03/22 16/03/23 14/03/24 12/03/25 12/03/26 - - -
1TWD in Million2TWD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.25x1.23x7.98x3.6% 318.62Cr
14.15x1.22x5.27x4.04% 822.53Cr
6.15x0.53x3.33x4.7% 599.34Cr
25.42x1.66x12.6x0.17% 591.38Cr
28.52x3.54x16.82x0.75% 474.94Cr
16.85x0.98x7.76x1.44% 296.25Cr
30.53x1.01x8.97x3.05% 242.56Cr
12.98x - - 2.07% 216.16Cr
5.92x0.64x3.44x - 156Cr
10.73x - - - 148.54Cr
Average 17.35x 1.35x 8.27x 2.48% 386.63Cr
Weighted average by Cap. 17.77x 1.43x 8.37x 2.63%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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