A long-awaited recovery - 2105 TT; BUY
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We transfer coverage with a BUY rating and TP of NT$76 based on 17x2016F EPS; the recovering China PV/CV market will support shipment growth. With stabilizing tire prices and stronger shipments, we expect CSR’s earnings to recover after two consecutive years of double-digit earnings declines. As the ninth biggest tire maker, CSR has a much larger scale, and healthier balance sheet vs. global peers’ 52%, and rising OEM contribution. Therefore, we believe it will benefit from industry consolidation in the long-term.
Cheng Shin Rubber Industries is engaged in processing, manufacturing and selling rickshaw tires, motor vehicles tires, reclaimed rubber, adhesive tape resin and other rubber products.
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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