Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$121, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 8.5% over the past three years. Reported Earnings • May 17
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: NT$2.63 (up from NT$1.41 in 1Q 2025). Revenue: NT$4.57b (up 17% from 1Q 2025). Net income: NT$650.0m (up 79% from 1Q 2025). Profit margin: 14% (up from 9.3% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 30%. Earnings per share (EPS) missed analyst estimates by 38%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 19
Price target decreased by 9.1% to NT$220 Down from NT$242, the current price target is an average from 2 analysts. New target price is 75% above last closing price of NT$126. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$13.36 for next year compared to NT$6.57 last year. Reported Earnings • Mar 06
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: NT$6.57 (down from NT$6.93 in FY 2024). Revenue: NT$14.5b (up 16% from FY 2024). Net income: NT$1.65b (down 6.2% from FY 2024). Profit margin: 11% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Mar 03
Century Iron and Steel Industrial Co.,Ltd., Annual General Meeting, May 25, 2026 Century Iron and Steel Industrial Co.,Ltd., Annual General Meeting, May 25, 2026. Location: 4 floor no,1119, sec.1 chung shan rd., guanyin district, taoyuan city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$1.17 (down from NT$1.70 in 3Q 2024). Revenue: NT$3.02b (up 5.4% from 3Q 2024). Net income: NT$288.6m (down 34% from 3Q 2024). Profit margin: 9.5% (down from 15% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 42%. Revenue is forecast to grow 48% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$2.19 (down from NT$2.19 in 2Q 2024). Revenue: NT$3.97b (up 31% from 2Q 2024). Net income: NT$554.8m (down 1.4% from 2Q 2024). Profit margin: 14% (down from 19% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 14
Price target increased by 9.2% to NT$260 Up from NT$238, the current price target is an average from 2 analysts. New target price is 42% above last closing price of NT$183. Stock is down 11% over the past year. The company posted earnings per share of NT$6.93 last year. Upcoming Dividend • Aug 01
Upcoming dividend of NT$4.16 per share Eligible shareholders must have bought the stock before 08 August 2025. Payment date: 05 September 2025. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$205, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 124% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$208, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 91% over the past three years. Announcement • May 27
Century Iron and Steel Industrial Co.,Ltd. Approves Cash Dividend Century Iron and Steel Industrial Co.,Ltd. announced at annual general meeting held on May 26, 2025, approved the resolutions for the distribution of earnings for 2025 was approved, with a cash dividend of TWD 4.0 per share. Major Estimate Revision • May 20
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$16.4b to NT$17.5b. EPS estimate fell from NT$13.82 to NT$12.23 per share. Net income forecast to grow 157% next year vs 157% growth forecast for Metals and Mining industry in Taiwan. Consensus price target down from NT$238 to NT$228. Share price was steady at NT$180 over the past week. Reported Earnings • May 14
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: NT$1.41 (down from NT$2.66 in 1Q 2024). Revenue: NT$3.92b (up 24% from 1Q 2024). Net income: NT$363.2m (down 44% from 1Q 2024). Profit margin: 9.3% (down from 21% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) missed analyst estimates by 53%. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • May 03
Century Iron and Steel Industrial Co.,Ltd. to Report Q1, 2025 Results on May 12, 2025 Century Iron and Steel Industrial Co.,Ltd. announced that they will report Q1, 2025 results at 9:00 AM, Taipei Standard Time on May 12, 2025 Announcement • Apr 09
Century Iron and Steel Industrial Co.,Ltd. (TWSE:9958) agreed to acquire 99.93% stake in PT. Nippon Steel Batam Offshore Services from Nippon Steel Engineering Co., Ltd. for $11.4 million. Century Iron and Steel Industrial Co.,Ltd. (TWSE:9958) agreed to acquire 99.93% stake in PT. Nippon Steel Batam Offshore Services from Nippon Steel Engineering Co., Ltd. for $11.4 million on April 8, 2025. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to NT$132, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$66.40 per share. Reported Earnings • Mar 14
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$6.93 (up from NT$4.46 in FY 2023). Revenue: NT$12.5b (down 14% from FY 2023). Net income: NT$1.76b (up 68% from FY 2023). Profit margin: 14% (up from 7.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Century Iron and Steel Industrial Co.,Ltd., Annual General Meeting, May 26, 2025 Century Iron and Steel Industrial Co.,Ltd., Annual General Meeting, May 26, 2025, at 10:00 Taipei Standard Time. Location: no,388-5, sec.3 chung shan rd., bali district, new taipei city Taiwan Announcement • Mar 11
Century Iron and Steel Industrial Co.,Ltd. announced a financing transaction Century Iron and Steel Industrial Co.,Ltd announced a private placement to issue not more than 20,000,000 shares on March 10, 2025. The transaction has been approved by shareholders of company. Announcement • Feb 28
Century Iron and Steel Industrial Co.,Ltd. to Report Q4, 2024 Results on Mar 10, 2025 Century Iron and Steel Industrial Co.,Ltd. announced that they will report Q4, 2024 results on Mar 10, 2025 Price Target Changed • Dec 23
Price target decreased by 23% to NT$226 Down from NT$293, the current price target is an average from 3 analysts. New target price is 32% above last closing price of NT$172. Stock is up 2.1% over the past year. The company is forecast to post earnings per share of NT$8.74 for next year compared to NT$4.46 last year. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$1.70 (up from NT$1.32 in 3Q 2023). Revenue: NT$2.87b (down 21% from 3Q 2023). Net income: NT$437.6m (up 40% from 3Q 2023). Profit margin: 15% (up from 8.6% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year and the company’s share price has also increased by 18% per year. Announcement • Nov 05
Century Iron and Steel Industrial Co.,Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Century Iron and Steel Industrial Co.,Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$242, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 149% over the past three years. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$206, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 111% over the past three years. New Risk • Sep 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.4% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.4% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Shareholders have been diluted in the past year (9.3% increase in shares outstanding). Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$14.8b to NT$13.4b. EPS estimate also fell from NT$11.42 per share to NT$10.14 per share. Net income forecast to grow 58% next year vs 17% growth forecast for Metals and Mining industry in Taiwan. Consensus price target down from NT$406 to NT$311. Share price was steady at NT$209 over the past week. Reported Earnings • Aug 17
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$2.19 (up from NT$0.99 in 2Q 2023). Revenue: NT$3.03b (down 5.8% from 2Q 2023). Net income: NT$562.8m (up 144% from 2Q 2023). Profit margin: 19% (up from 7.2% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Aug 08
Dividend increased to NT$2.91 Dividend of NT$2.91 is 489% higher than last year. Ex-date: 22nd August 2024 Payment date: 20th September 2024 Dividend yield will be 1.5%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next year, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$178, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 65% over the past three years. Announcement • Aug 06
Century Iron and Steel Industrial Co.,Ltd. to Report Q2, 2024 Results on Aug 13, 2024 Century Iron and Steel Industrial Co.,Ltd. announced that they will report Q2, 2024 results on Aug 13, 2024 Buy Or Sell Opportunity • Jun 13
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 61% to NT$362. The fair value is estimated to be NT$287, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 4.3% in a year. Earnings are forecast to grow by 73% in the next year. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$330, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 16x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 167% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$286 per share. Major Estimate Revision • Jun 06
Consensus EPS estimates increase by 32% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from NT$8.52 to NT$11.24. Revenue forecast steady at NT$14.7b. Net income forecast to grow 73% next year vs 24% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$248 to NT$370. Share price rose 3.2% to NT$295 over the past week. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: NT$2.66 (vs NT$0.20 in 1Q 2023) First quarter 2024 results: EPS: NT$2.66 (up from NT$0.20 in 1Q 2023). Revenue: NT$3.15b (up 18% from 1Q 2023). Net income: NT$650.8m (up NT$603.0m from 1Q 2023). Profit margin: 21% (up from 1.8% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$247, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 153% over the past three years. Announcement • May 08
Century Iron and Steel Industrial Co.,Ltd. to Report Q1, 2024 Results on May 14, 2024 Century Iron and Steel Industrial Co.,Ltd. announced that they will report Q1, 2024 results on May 14, 2024 New Risk • Apr 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.6% average weekly change). High level of non-cash earnings (25% accrual ratio). Minor Risk Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$208, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 109% over the past three years. Reported Earnings • Mar 10
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: NT$4.46 (up from NT$1.59 in FY 2022). Revenue: NT$14.5b (up 57% from FY 2022). Net income: NT$1.05b (up 183% from FY 2022). Profit margin: 7.2% (up from 4.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 19%. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • Mar 09
Century Iron and Steel Industrial Co.,Ltd., Annual General Meeting, Jun 28, 2024 Century Iron and Steel Industrial Co.,Ltd., Annual General Meeting, Jun 28, 2024. Location: No. 1119, Sec. 1, Zhongshan Rd., Guanyin Dist., Taoyuan City (the meeting room on 4th floor of the Company) Tao Yuan City Taiwan Agenda: To approve the 2023 Operational Highlights Report; to approve the 2023 Audit Committee's Review Report; to approve the Report on the Distribution of Employee and Director Remuneration for 2023; to approve the Report on the Distribution of Cash Dividends from Earnings for 2023; to approve the report on the Reasons for the Issuance of the Fifth and Sixth Domestic Unsecured Convertible Bonds and Related Matters; to approve the Report on Private Placement of Securities by the Company; to approve the proposal on business report and financial statements for 2023; to approve the proposal on earning distribution for 2023; and to consider other matters. New Risk • Feb 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (3.6% net profit margin). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). New Risk • Jan 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (7.1% average weekly change). High level of non-cash earnings (27% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (3.6% net profit margin). Major Estimate Revision • Jan 11
Consensus revenue estimates increase by 12% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$13.0b to NT$14.5b. EPS estimate increased from NT$4.85 to NT$5.37 per share. Net income forecast to grow 355% next year vs 5.5% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$193 to NT$209. Share price rose 5.8% to NT$191 over the past week. Announcement • Oct 06
Century Iron and Steel Industrial Co.,Ltd. Announces Dismissal of Lin Ming Zheng as Natural-Person Director Century Iron and Steel Industrial Co.,Ltd. announced dismissal of Lin Ming Zheng as natural-person director. Resume of the previous position holder: General Manager of Century Wind Power Co. Ltd. Reason for the change: When appointed as a director, the individual held 5,681 shares. If a director transfers more than half of his/her holdings during his/her term, he/she shall be automatically dismissed from his/her directorial position in accordance with the law. Date of occurrence of the change:2023/10/04. Upcoming Dividend • Aug 24
Upcoming dividend of NT$0.49 per share at 0.3% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 26 September 2023. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.1%). Reported Earnings • Aug 13
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$0.99 (up from NT$0.055 in 2Q 2022). Revenue: NT$3.22b (up 85% from 2Q 2022). Net income: NT$230.8m (up NT$218.1m from 2Q 2022). Profit margin: 7.2% (up from 0.7% in 2Q 2022). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 78%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Jun 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (0.8% net profit margin). Announcement • Jun 21
Century Iron and Steel Industrial Co.,Ltd. Approves Distribution for 2022 Century Iron and Steel Industrial Co.,Ltd. approves distribution of TWD 0.5 per share at its shareholders meeting held on June 19, 2023. Price Target Changed • Jun 03
Price target increased by 9.6% to NT$113 Up from NT$103, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$110. Stock is down 2.2% over the past year. The company is forecast to post earnings per share of NT$4.56 for next year compared to NT$1.59 last year. Price Target Changed • May 31
Price target increased by 13% to NT$108 Up from NT$96.00, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$109. Stock is down 4.4% over the past year. The company posted earnings per share of NT$1.59 last year. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$113, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 46% over the past three years. Major Estimate Revision • Dec 30
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$9.31b to NT$9.19b. EPS estimate also fell from NT$3.86 per share to NT$3.42 per share. Net income forecast to grow 95% next year vs 10% decline forecast for Metals and Mining industry in Taiwan. Consensus price target of NT$103 unchanged from last update. Share price was steady at NT$88.60 over the past week. Announcement • Dec 13
Century Iron and Steel Industrial Co.,Ltd. Announces Change of the President Century Iron and Steel Industrial Co.,Ltd. announced the change of the President of the Company. Name of the previous position holder: Ming-Cheng Lin. Resume of the previous position holder: President of the Company. Name of the new position holder: Yu-Ching Li. Resume of the new position holder: Vice President and spokesperson of the Company. Effective date of the new appointment is January 01, 2023. President Ming-Cheng Lin is transferred to subsidiary Century Wind Power Co. Ltd. to assume the position of a manager. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Jinji Chen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: NT$0.68 (down from NT$1.67 in 3Q 2021). Revenue: NT$2.31b (down 29% from 3Q 2021). Net income: NT$158.5m (down 59% from 3Q 2021). Profit margin: 6.9% (down from 12% in 3Q 2021). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 3.6% decline forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improved over the past week After last week's 21% share price gain to NT$78.10, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$66.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Metals and Mining industry in Taiwan. Total loss to shareholders of 3.2% over the past three years. Upcoming Dividend • Sep 13
Upcoming dividend of NT$2.99 per share Eligible shareholders must have bought the stock before 20 September 2022. Payment date: 18 October 2022. Payout ratio is on the higher end at 75% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (8.7%). Announcement • Aug 23
Century Iron and Steel Industrial Co.,Ltd. Announces Dividend for 2021, Cash Dividend Distribution Date Is October 18, 2022 Century Iron and Steel Industrial Co.,Ltd. announced dividend of TWD 3 per share for 2021. Ex-rights (ex-dividend) record date is September 26, 2022. Cash dividend distribution date is October 18, 2022. Last date before book closure is September 21, 2022. Major Estimate Revision • Aug 22
Consensus revenue estimates fall by 19% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$11.2b to NT$9.06b. EPS estimate fell from NT$7.98 to NT$4.32 per share. Net income forecast to grow 61% next year vs 16% decline forecast for Metals and Mining industry in Taiwan. Consensus price target down from NT$144 to NT$111. Share price fell 15% to NT$86.20 over the past week. Price Target Changed • Aug 18
Price target decreased to NT$111 Down from NT$144, the current price target is an average from 2 analysts. New target price is 32% above last closing price of NT$83.90. Stock is down 24% over the past year. The company posted earnings per share of NT$5.45 last year. Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$0.05 (down from NT$1.94 in 2Q 2021). Revenue: NT$1.74b (down 27% from 2Q 2021). Net income: NT$12.7m (down 97% from 2Q 2021). Profit margin: 0.7% (down from 19% in 2Q 2021). Revenue missed analyst estimates by 33%. Earnings per share (EPS) also missed analyst estimates by 97%. Over the next year, revenue is forecast to grow 35% compared to a 6.1% decline forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$1.47 (up from NT$1.06 in 1Q 2021). Revenue: NT$2.22b (up 34% from 1Q 2021). Net income: NT$339.3m (up 40% from 1Q 2021). Profit margin: 15% (in line with 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 53%. Over the next year, revenue is forecast to grow 17%, compared to a 5.0% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Huei-Sen Hu was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improved over the past week After last week's 15% share price gain to NT$133, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 100% over the past three years. Reported Earnings • Apr 03
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: NT$9.94b (up 55% from FY 2020). Net income: NT$1.26b (up 35% from FY 2020). Profit margin: 13% (down from 15% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 21%, compared to a 8.1% growth forecast for the mining industry in Taiwan. Announcement • Apr 02
Century Iron and Steel Industrial Co.,Ltd., Annual General Meeting, Jun 24, 2022 Century Iron and Steel Industrial Co.,Ltd., Annual General Meeting, Jun 24, 2022. Location: No. 1119, Sec. 1, Zhongshan Rd Guanyin Dist Taoyuan City Taiwan Agenda: To consider Reported matters; to 2021 Business Report; to 2021 Audit Committee Report; to 2021 Earning Distribution and Cash Dividend Report; to Marketable Securities Private Offering Report; to Re-edited Financial Statement and Revised Business Report of 2020; and to consider other matter. Price Target Changed • Mar 04
Price target decreased to NT$144 Down from NT$157, the current price target is provided by 1 analyst. New target price is 28% above last closing price of NT$112. The company is forecast to post earnings per share of NT$6.68 for next year compared to NT$4.38 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.78 (vs NT$1.35 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$3.29b (up 62% from 3Q 2020). Net income: NT$410.8m (up 44% from 3Q 2020). Profit margin: 13% (down from 14% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 18% share price gain to NT$122, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 52% over the past three years. Upcoming Dividend • Aug 24
Upcoming dividend of NT$2.98 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 28 September 2021. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (1.6%). Reported Earnings • Aug 19
Second quarter 2021 earnings released: EPS NT$1.84 (vs NT$1.03 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$2.43b (up 87% from 2Q 2020). Net income: NT$422.6m (up 95% from 2Q 2020). Profit margin: 17% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.06 (vs NT$0.55 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.66b (up 41% from 1Q 2020). Net income: NT$243.1m (up 111% from 1Q 2020). Profit margin: 15% (up from 9.8% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 28
Price target decreased to NT$150 Down from NT$165, the current price target is an average from 2 analysts. New target price is 42% above last closing price of NT$106. Stock is up 40% over the past year. Reported Earnings • Mar 06
Full year 2020 earnings released: EPS NT$4.38 (vs NT$3.53 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: NT$6.41b (up 167% from FY 2019). Net income: NT$935.2m (up 27% from FY 2019). Profit margin: 15% (down from 31% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue and earnings miss expectations Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 5.6%. Over the next year, revenue is forecast to grow 63%, compared to a 21% growth forecast for the Metals and Mining industry in Taiwan. Announcement • Mar 03
Century Iron and Steel Industrial Co.,Ltd., Annual General Meeting, May 28, 2021 Century Iron and Steel Industrial Co.,Ltd., Annual General Meeting, May 28, 2021. Is New 90 Day High Low • Jan 20
New 90-day low: NT$100.00 The company is down 24% from its price of NT$131 on 22 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$132 per share. Is New 90 Day High Low • Dec 31
New 90-day low: NT$107 The company is down 16% from its price of NT$128 on 30 September 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$136 per share. Is New 90 Day High Low • Dec 15
New 90-day low: NT$117 The company is down 10.0% from its price of NT$130 on 15 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$140 per share. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue misses expectations Revenue missed analyst estimates by 6.9%. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$1.35 The company reported a decent third quarter result with improved revenues, although earnings and profit margins were weaker. Third quarter 2020 results: Revenue: NT$2.04b (up 260% from 3Q 2019). Net income: NT$285.7m (down 51% from 3Q 2019). Profit margin: 14% (down from 103% in 3Q 2019). The decrease in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Oct 06
New 90-day high: NT$138 The company is up 67% from its price of NT$82.50 on 08 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$11.13 per share. Price Target Changed • Oct 01
Price target raised to NT$110 Up from NT$98.33, the current price target is an average from 2 analysts. The new target price is 14% below the current share price of NT$128. As of last close, the stock is up 72% over the past year. 
