External broker reports(aggregated public sources), Capital Securities Corp

Capital Securities

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Capital Securities Corp

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Cheng Shin Rubber Ind Co., Ltd. / Equity Bottom-Up

Cheng Shin Rubber Ind Co., Ltd. (2105 TT)

<p>CSR is forecasted to post steady earnings in FY22; maintain NEUTRAL. Cheng Shin Rubber’s (CSR) FY21 revenue is estimated at NTD101.3bn (+5.38% YoY) with EPS of NTD1.56. Looking forward to FY22, even though China’s automotive market may remain weak, CSR’s sales in other markets are forecasted to grow. Considering that China market, which accounts for CSR’s largest revenue proportion, may undergo adjustment, FY22 earnings are unlikely to increase significantly. We maintain NEUTRAL on CSR.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

CSR is forecasted to post steady earnings in FY22; maintain NEUTRAL. Cheng Shin Rubber’s (CSR) FY21 revenue is estimated at NTD101.3bn (+5.38% YoY) with EPS of NTD1.56. Looking forward to FY22, even though China’s automotive market may remain weak, CSR’s sales in other markets are forecasted to grow. Considering that China market, which accounts for CSR’s largest revenue proportion, may undergo adjustment, FY22 earnings are unlikely to increase significantly. We maintain NEUTRAL on CSR.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cheng Shin Rubber (2105 TT, NEUTRAL, NTD36.55)