New Risk • May 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 09
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: NT$0.16 loss per share (down from NT$0.016 profit in 1Q 2025). Revenue: NT$79.2b (down 4.8% from 1Q 2025). Net loss: NT$2.45b (down NT$2.70b from profit in 1Q 2025). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 78%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Board Change • Mar 26
Less than half of directors are independent There are 11 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 11 new directors. 1 experienced director. No highly experienced directors. 4 independent directors (8 non-independent directors). Chairperson Chien-Chih Hwang is the most experienced director on the board, commencing their role in 2019. Independent Director Shih-Kun Wang was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Ankündigung • Mar 02
China Steel Corporation, Annual General Meeting, May 22, 2026 China Steel Corporation, Annual General Meeting, May 22, 2026, at 09:00 Taipei Standard Time. Location: no,1, chung kang rd., siaogang district, kaohsiung city Taiwan Price Target Changed • Dec 16
Price target decreased by 9.2% to NT$20.28 Down from NT$22.32, the current price target is an average from 9 analysts. New target price is 9.3% above last closing price of NT$18.55. Stock is down 7.2% over the past year. The company is forecast to post a net loss per share of NT$0.37 compared to earnings per share of NT$0.13 last year. Reported Earnings • Nov 13
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: NT$0.16 loss per share (further deteriorated from NT$0.005 loss in 3Q 2024). Revenue: NT$73.5b (down 14% from 3Q 2024). Net loss: NT$2.48b (loss widened NT$2.40b from 3Q 2024). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 09
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: NT$0.12 loss per share (down from NT$0.085 profit in 2Q 2024). Revenue: NT$85.1b (down 10.0% from 2Q 2024). Net loss: NT$1.90b (down 247% from profit in 2Q 2024). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 19
Upcoming dividend of NT$0.33 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 27 August 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.4%). Major Estimate Revision • Jul 16
Consensus EPS estimates increase by 18%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from NT$355.5b to NT$351.1b. EPS estimate rose from NT$0.363 to NT$0.428. Net income forecast to grow 707% next year vs 118% growth forecast for Metals and Mining industry in Taiwan. Consensus price target broadly unchanged at NT$23.14. Share price was steady at NT$18.80 over the past week. Declared Dividend • Jul 05
Dividend reduced to NT$0.33 Dividend of NT$0.33 is 5.7% lower than last year. Ex-date: 24th July 2025 Payment date: 27th August 2025 Dividend yield will be 1.7%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is not covered by earnings (332% earnings payout ratio) nor is it covered by cash flows (210% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 269% to bring the payout ratio under control. EPS is expected to grow by 186% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • May 13
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: NT$0.02 (down from NT$0.041 in 1Q 2024). Revenue: NT$83.2b (down 11% from 1Q 2024). Net income: NT$243.2m (down 61% from 1Q 2024). Profit margin: 0.3% (down from 0.7% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 69%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Ankündigung • Mar 25
China Steel Corporation Announces Board Changes China Steel Corporation announced the change of juristic-person representative director and change in one-third or more of directors. Title and name of the previous position holder: Representative of Ministry of Economic Affairs: Ching-Chang Lien. Resume of the previous position holder: former Vice Minister, Ministry of Economic Affairs. Title and name of the new position holder: Representative of Ministry of Economic Affairs: Chien-Hsin Lai Resume of the new position holder: Vice Minister, Ministry of Economic Affairs. Circumstances of change: new appointment. Effective date of the new appointment: March 24, 2025. The original term for the position was from June 17, 2022, to June 16, 2025. Reported Earnings • Mar 05
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$0.13 (up from NT$0.11 in FY 2023). Revenue: NT$360.5b (flat on FY 2023). Net income: NT$1.92b (up 18% from FY 2023). Profit margin: 0.5% (up from 0.4% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 1.2% 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, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Ankündigung • Mar 03
China Steel Corporation, Annual General Meeting, Jun 19, 2025 China Steel Corporation, Annual General Meeting, Jun 19, 2025, at 09:00 Taipei Standard Time. Location: no,1, chung kang rd., siaogang district, kaohsiung city Taiwan Major Estimate Revision • Mar 03
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from NT$369.3b to NT$361.0b. EPS estimate rose from NT$0.584 to NT$0.68. Net income forecast to grow 125% next year vs 13% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$24.13 to NT$25.51. Share price rose 3.4% to NT$24.00 over the past week. Ankündigung • Mar 01
China Steel Corporation Proposes Cash Dividends for the Year Ended December 31, 2024 China Steel Corporation proposed cash dividends to shareholders of TWD 0.33000000 per share for the year ended December 31, 2024. Total amount of cash distributed to shareholders was TWD 5,143,004,129. Ankündigung • Feb 20
China Steel Corporation to Report Fiscal Year 2024 Results on Feb 27, 2025 China Steel Corporation announced that they will report fiscal year 2024 results on Feb 27, 2025 Major Estimate Revision • Jan 21
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$0.212 to NT$0.19 per share. Revenue forecast steady at NT$359.8b. Net income forecast to grow 97% next year vs 0.1% growth forecast for Metals and Mining industry in Taiwan. Consensus price target broadly unchanged at NT$23.58. Share price rose 10% to NT$20.25 over the past week. Ankündigung • Nov 30
China Steel Corporation Announces President Changes on Behalf of Subsidiary DSC China Steel Corporation announced on behalf of subsidiary DSC for the change of the President. Name of the previous position holder: Shao-Jung Lu4.Resume of the previous position holder: former President of DSC5.Name of the new position holder: Nai-Wen Liang6.Resume of the new position holder: new President of DSC; former Assistant Vice President of Production Division of CSC Reason for the change: job relocation. Effective date of the new appointment: December 1, 2024. Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$365.2b to NT$352.7b. EPS estimate also fell from NT$0.226 per share to NT$0.151 per share. Net income forecast to grow 127% next year vs 2.2% growth forecast for Metals and Mining industry in Taiwan. Consensus price target of NT$23.83 unchanged from last update. Share price was steady at NT$22.30 over the past week. Reported Earnings • Nov 09
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: NT$0.01 loss per share (improved from NT$0.046 loss in 3Q 2023). Revenue: NT$85.6b (down 3.0% from 3Q 2023). Net loss: NT$81.4m (loss narrowed 88% from 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Nov 08
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$369.5b to NT$365.2b. EPS estimate also fell from NT$0.292 per share to NT$0.226 per share. Net income forecast to grow 98% next year vs 11% growth forecast for Metals and Mining industry in Taiwan. Consensus price target broadly unchanged at NT$23.83. Share price rose 2.4% to NT$23.25 over the past week. Ankündigung • Nov 01
China Steel Corporation to Report Nine Months, 2024 Results on Nov 08, 2024 China Steel Corporation announced that they will report nine months, 2024 results on Nov 08, 2024 Major Estimate Revision • Oct 30
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$375.7b to NT$371.2b. EPS estimate also fell from NT$0.344 per share to NT$0.292 per share. Net income forecast to grow 195% next year vs 9.2% growth forecast for Metals and Mining industry in Taiwan. Consensus price target broadly unchanged at NT$24.26. Share price was steady at NT$22.35 over the past week. Ankündigung • Sep 07
China Steel Corporation Announces the Change of Juristic-Person Representative Director China Steel Corporation announced the change of juristic-person representative director. Title and name of the previous position holder: Representative of Ever Wealthy International Corporation: Chien-Chih Hwang; Resume of the previous position holder: Executive Vice President of CSC. Title and name of the new position holder: Representative of Ever Wealthy International Corporation: Jih-Jau Jeng, Resume of the new position holder: Vice President of Technology Division of CSC; Representative of Chiun Yu Investment Corporation: Kuan-Fu Chen; Resume of the new position holder: Vice President of Corporate Planning Division of CSC. Reason for the change: Change of juristic-person representative director. Effective date of the new appointment: September 10, 2024. Ankündigung • Sep 06
China Steel Corporation Announces Changes to Its Board China Steel Corporation announced changes to its board. Title and name of the previous position holder: Shyi-Chin Wang and Ming-Jong Liou. Resume of the previous position holder: Representing Ministry of Economic Affairs, Acting Chairman and President of CSC and Representing Ministry of Economic Affairs, former Director of Critical Infrastructure Committee, Ministry of Economic Affairs. Title and name of the new position holder: Chien-Chih Hwang and Wen-Chung Hu. Resume of the new position holder: Executive Vice President of CSC and Director of Department of State-owned Enterprise Affairs, Ministry of Economic Affairs. Effective date of the new appointment: 10 September 2024. Major Estimate Revision • Aug 20
Consensus EPS estimates fall by 55% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$376.6b to NT$353.7b. EPS estimate also fell from NT$0.437 per share to NT$0.197 per share. Net income forecast to grow 238% next year vs 17% growth forecast for Metals and Mining industry in Taiwan. Consensus price target broadly unchanged at NT$24.91. Share price was steady at NT$22.00 over the past week. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: NT$0.09 (up from NT$0.065 in 2Q 2023). Revenue: NT$94.6b (flat on 2Q 2023). Net income: NT$1.32b (up 32% from 2Q 2023). Profit margin: 1.4% (up from 1.1% in 2Q 2023). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 5.9%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Ankündigung • Aug 06
China Steel Corporation to Report First Half, 2024 Results on Aug 13, 2024 China Steel Corporation announced that they will report first half, 2024 results on Aug 13, 2024 Upcoming Dividend • Jul 18
Upcoming dividend of NT$0.35 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 28 August 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.7%). Declared Dividend • Jul 04
Dividend reduced to NT$0.35 Dividend of NT$0.35 is 65% lower than last year. Ex-date: 25th July 2024 Payment date: 28th August 2024 Dividend yield will be 1.5%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is not covered by earnings (180% earnings payout ratio) and 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 3.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 100% to bring the payout ratio under control. EPS is expected to grow by 276% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Ankündigung • Jul 03
China Steel Corporation Announces Cash Dividend, Payable on 28 August 2024 China Steel Corporation announced cash dividend of TWD 0.35 per share; the total amount is TWD 5,454,701,349. Ex-rights (ex-dividend) trading date: 25 July 2024. Ex-rights (ex-dividend) record date: 1 August 2024. Payment date of common stock cash dividend distribution: 28 August 2024. New Risk • Jun 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 180% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 180% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (0.8% net profit margin). Ankündigung • May 18
China Steel Corporation Announces Resignation of Shyi-Chin Wang as Juristic-Person Representative Director, Effective on May 18, 2024 China Steel Corporation received official document from Chiun Yu Investment Corporation on May 17, 2024, notifying that Mr. Shyi-Chin Wang will resign from the position as juristic-person representative director effective on May 18, 2024. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: NT$0.04 (vs NT$0.048 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.04 (up from NT$0.048 loss in 1Q 2023). Revenue: NT$93.8b (up 2.6% from 1Q 2023). Net income: NT$640.6m (up NT$1.38b from 1Q 2023). Profit margin: 0.7% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Ankündigung • May 03
China Steel Corporation Announces Change of Juristic-Person Representative Director, Effective May 18, 2024 China Steel Corporation announced change of juristic-person representative director. Date of occurrence of the change: May 02, 2024. Name of the previous position holder: Chao-Tung Wong. Resume of the previous position holder: Chairman of CSC. Name of the new position holder: Shyi-Chin Wang. Resume of the new position holder: President of CSC. Reason for the change: retirement and resignation. Resign of juristic-person representative director, effected at May 18, 2024. Effective date of the new appointment is May 18, 2024. Ankündigung • May 01
China Steel Corporation to Report Q1, 2024 Results on May 07, 2024 China Steel Corporation announced that they will report Q1, 2024 results on May 07, 2024 Reported Earnings • Mar 05
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: NT$0.11 (down from NT$1.15 in FY 2022). Revenue: NT$363.3b (down 19% from FY 2022). Net income: NT$1.63b (down 91% from FY 2022). Profit margin: 0.4% (down from 3.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) exceeded analyst estimates by 1.9%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 07
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: NT$0.046 loss per share (down from NT$0.13 profit in 3Q 2022). Revenue: NT$88.2b (down 16% from 3Q 2022). Net loss: NT$703.4m (down 137% from profit in 3Q 2022). Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 06
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: NT$0.06 (down from NT$0.65 in 2Q 2022). Revenue: NT$95.4b (down 29% from 2Q 2022). Net income: NT$992.6m (down 90% from 2Q 2022). Profit margin: 1.0% (down from 7.5% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Ankündigung • Aug 05
China Steel Corporation Announces Change of Juristic-Person Representative Director China Steel Corporation announced appointment of Shou-Tao Chen, Vice President of Production Division of CSC as juristic-person representative director in place of Yueh-Kun Yang, Representing Gau Ruei Investment Corporation and Vice President of Finance Division of CSC. Name of legal person is Gau Ruei Investment Corporation. Effective date of the new appointment is August 4, 2023. Upcoming Dividend • Jul 19
Upcoming dividend of NT$1.00 per share at 3.4% yield Eligible shareholders must have bought the stock before 26 July 2023. Payment date: 25 August 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.8%). Ankündigung • Jun 30
China Steel Corporation Announces Cash Dividend, Payable on August 25, 2023 China Steel Corporation announced cash dividend of TWD 1.0 per share. Payment date of cash dividend distribution on August 25, 2023. Ex-rights (ex-dividend) record date is August 1, 2023. Major Estimate Revision • May 29
Consensus EPS estimates fall by 51%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from NT$371.6b to NT$391.8b. EPS estimate fell from NT$0.704 to NT$0.346 per share. Net income forecast to grow 117% next year vs 13% growth forecast for Metals and Mining industry in Taiwan. Consensus price target broadly unchanged at NT$28.69. Share price fell 3.2% to NT$29.05 over the past week. Reported Earnings • May 13
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: NT$0.05 loss per share (down from NT$0.70 profit in 1Q 2022). Revenue: NT$91.3b (down 21% from 1Q 2022). Net loss: NT$725.0m (down 107% from profit in 1Q 2022). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) were also behind analyst expectations. Revenue is expected to fall by 1.4% p.a. on average during the next 3 years compared to a 2.0% decline forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 08
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$415.2b to NT$371.6b. EPS estimate fell from NT$0.751 to NT$0.704 per share. Net income forecast to shrink 13% next year vs 4.8% decline forecast for Metals and Mining industry in Taiwan. Consensus price target of NT$28.97 unchanged from last update. Share price was steady at NT$29.30 over the past week. Major Estimate Revision • Apr 27
Consensus EPS estimates increase by 13%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$417.9b to NT$412.7b. EPS estimate rose from NT$0.741 to NT$0.836. Net income forecast to shrink 9.6% next year vs 2.6% decline forecast for Metals and Mining industry in Taiwan. Consensus price target reaffirmed at NT$28.46. Share price fell 5.1% to NT$28.90 over the past week. Major Estimate Revision • Apr 26
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$0.741 to NT$0.836. Revenue forecast steady at NT$420.0b. Net income forecast to shrink 9.6% next year vs 2.6% decline forecast for Metals and Mining industry in Taiwan. Consensus price target broadly unchanged at NT$28.28. Share price fell 2.3% to NT$29.75 over the past week. Reported Earnings • Mar 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$1.15 (down from NT$4.02 in FY 2021). Revenue: NT$449.6b (down 4.0% from FY 2021). Net income: NT$17.8b (down 71% from FY 2021). Profit margin: 4.0% (down from 13% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is expected to decline by 5.3% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Taiwan are expected to grow by 8.1%. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 01
China Steel Corporation Announces Retirement of Pai-Chien Huang as Corporate Governance Officer and Acting Spokesperson China Steel Corporation announced retirement of Pai-Chien Huang, Vice President of Corporate Planning Division, Corporate Governance Officer and Acting Spokesperson, CSC. Effective date is January 31, 2023. Major Estimate Revision • Dec 06
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$461.5b to NT$452.2b. EPS estimate also fell from NT$1.53 per share to NT$1.20 per share. Net income forecast to shrink 58% next year vs 10% decline forecast for Metals and Mining industry in Taiwan. Consensus price target broadly unchanged at NT$27.39. Share price was steady at NT$29.00 over the past week. Major Estimate Revision • Nov 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$465.6b to NT$446.7b. EPS estimate rose from NT$1.58 to NT$1.97. Net income forecast to shrink 53% next year vs 10% decline forecast for Metals and Mining industry in Taiwan. Consensus price target broadly unchanged at NT$27.24. Share price was steady at NT$29.00 over the past week. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 3 independent directors (7 non-independent directors). Independent Director Shyue-Bin Chang was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 06
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$0.12 (down from NT$1.28 in 3Q 2021). Revenue: NT$105.3b (down 16% from 3Q 2021). Net income: NT$1.94b (down 90% from 3Q 2021). Profit margin: 1.8% (down from 16% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.7%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is expected to fall by 8.1% p.a. on average during the next 3 years compared to a 4.1% decline forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Sep 24
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$475.9b to NT$467.5b. EPS estimate also fell from NT$2.04 per share to NT$1.75 per share. Net income forecast to shrink 57% next year vs 18% decline forecast for Metals and Mining industry in Taiwan. Consensus price target down from NT$28.31 to NT$27.41. Share price fell 5.1% to NT$27.85 over the past week. Major Estimate Revision • Sep 20
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$480.5b to NT$463.2b. EPS estimate also fell from NT$1.94 per share to NT$1.74 per share. Net income forecast to shrink 61% next year vs 18% decline forecast for Metals and Mining industry in Taiwan. Consensus price target down from NT$28.56 to NT$27.66. Share price fell 4.0% to NT$28.60 over the past week. Reported Earnings • Aug 07
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: NT$0.65 (down from NT$1.02 in 2Q 2021). Revenue: NT$133.6b (up 16% from 2Q 2021). Net income: NT$10.1b (down 36% from 2Q 2021). Profit margin: 7.5% (down from 14% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 3.3%. Over the next year, revenue is forecast to decline by 10% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 20
Price target decreased to NT$31.38 Down from NT$34.63, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of NT$30.50. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$2.45 for next year compared to NT$4.02 last year. Upcoming Dividend • Jul 19
Upcoming dividend of NT$3.10 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 26 August 2022. Payout ratio is on the higher end at 75%, however this is supported by cash flows. Trailing yield: 10%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (9.1%). Price Target Changed • Jun 28
Price target decreased to NT$35.79 Down from NT$38.91, the current price target is an average from 8 analysts. New target price is 23% above last closing price of NT$29.20. Stock is down 23% over the past year. The company is forecast to post earnings per share of NT$2.62 for next year compared to NT$4.02 last year. Price Target Changed • Jun 01
Price target decreased to NT$38.91 Down from NT$41.91, the current price target is an average from 8 analysts. New target price is 14% above last closing price of NT$34.15. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$2.86 for next year compared to NT$4.02 last year. Reported Earnings • May 08
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.70 (up from NT$0.58 in 1Q 2021). Revenue: NT$115.2b (up 18% from 1Q 2021). Net income: NT$10.8b (up 20% from 1Q 2021). Profit margin: 9.3% (up from 9.2% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to stay flat compared to a 8.8% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 3 independent directors (7 non-independent directors). Independent Director Shyue-Bin Chang was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$453.8b to NT$429.6b. EPS estimate also fell from NT$3.64 per share to NT$3.24 per share. Net income forecast to shrink 15% next year vs 8.3% growth forecast for Metals and Mining industry in Taiwan . Consensus price target broadly unchanged at NT$40.75. Share price rose 2.8% to NT$39.00 over the past week. Major Estimate Revision • Mar 04
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$459.3b to NT$405.6b. EPS estimate fell from NT$3.78 to NT$3.59 per share. Net income forecast to grow 9.9% next year vs 8.3% growth forecast for Metals and Mining industry in Taiwan. Consensus price target of NT$40.13 unchanged from last update. Share price rose 6.7% to NT$38.40 over the past week. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$4.02 (up from NT$0.054 in FY 2020). Revenue: NT$468.3b (up 49% from FY 2020). Net income: NT$62.1b (up NT$61.2b from FY 2020). Profit margin: 13% (up from 0.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is expected to shrink by 20% compared to a 10% growth forecast for the mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 21
Now 20% undervalued Over the last 90 days, the stock is up 1.7%. The fair value is estimated to be NT$42.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$1.28 (vs NT$0.045 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$125.6b (up 64% from 3Q 2020). Net income: NT$19.8b (up NT$20.5b from 3Q 2020). Profit margin: 16% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 24
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 17 September 2021. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (1.6%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.02 (vs NT$0.091 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$115.4b (up 59% from 2Q 2020). Net income: NT$15.7b (up NT$17.1b from 2Q 2020). Profit margin: 14% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Executive Departure • Jun 24
Director Wen-Sheng Tseng has left the company On the 17th of June, Wen-Sheng Tseng's tenure as Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Wen-Sheng's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 2.04 years. Executive Departure • Jun 23
Director Wen-Sheng Tseng has left the company On the 17th of June, Wen-Sheng Tseng's tenure as Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Wen-Sheng's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 2.04 years. Major Estimate Revision • Jun 09
Consensus EPS estimates increase to NT$3.38 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$435.8b to NT$468.0b. EPS estimate increased from NT$2.85 to NT$3.38 per share. Net income forecast to grow 297% next year vs 82% growth forecast for Metals and Mining industry in Taiwan. Consensus price target of NT$39.46 unchanged from last update. Share price fell 8.6% to NT$36.10 over the past week. Major Estimate Revision • Jun 02
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from NT$2.85 to NT$3.38. Revenue forecast unchanged at NT$433.8b. Net income forecast to grow 297% next year vs 82% growth forecast for Metals and Mining industry in Taiwan. Consensus price target of NT$39.46 unchanged from last update. Share price rose 7.2% to NT$37.35 over the past week.