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2002

China Steel TWSE:2002 Stock Report

Last Price

NT$29.15

Market Cap

NT$449.3b

7D

4.3%

1Y

-22.6%

Updated

15 Aug, 2022

Data

Company Financials +
2002 fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance5/6
Financial Health5/6
Dividends4/6

2002 Stock Overview

China Steel Corporation manufactures and sells steel products in Taiwan, Vietnam, Malaysia, China, India, and internationally.

China Steel Competitors

Price History & Performance

Summary of all time highs, changes and price drops for China Steel
Historical stock prices
Current Share PriceNT$29.15
52 Week HighNT$40.35
52 Week LowNT$27.30
Beta0.73
1 Month Change0.69%
3 Month Change-11.67%
1 Year Change-22.58%
3 Year Change26.46%
5 Year Change18.26%
Change since IPO71.38%

Recent News & Updates

Shareholder Returns

2002TW Metals and MiningTW Market
7D4.3%5.0%2.7%
1Y-22.6%-25.2%-8.2%

Return vs Industry: 2002 exceeded the TW Metals and Mining industry which returned -27.7% over the past year.

Return vs Market: 2002 underperformed the TW Market which returned -9.8% over the past year.

Price Volatility

Is 2002's price volatile compared to industry and market?
2002 volatility
2002 Average Weekly Movement4.8%
Metals and Mining Industry Average Movement5.8%
Market Average Movement5.0%
10% most volatile stocks in TW Market8.4%
10% least volatile stocks in TW Market2.5%

Stable Share Price: 2002 is not significantly more volatile than the rest of TW stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: 2002's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1971n/aShyi-Chin Wanghttps://www.csc.com.tw

China Steel Corporation manufactures and sells steel products in Taiwan, Vietnam, Malaysia, China, India, and internationally. It offers steel plates primarily for use in construction structures, shipbuilding, bridge beams, oil country tabular goods, machine structures, pressure vessels, and in climate/corrosion-resistant steel plates; steel bars and wire rods for use in general and machine structures, cold forging, hot forging, hard drawn steel wires, and welding electrodes; and hot-rolled coils and sheets that are used in automobile chassis, bridge beams, construction, road guardrails, steel pipe, pressure vessels, and landscaping. The company also provides cold-rolled coils for use in automobile stamping parts and home electronics products; parts requiring high-level forming, such as automobile and scooter components; a variety of PSE and structural reinforcement parts; and products requiring surface coating treatment, such as painting, electroplating, and the application of adhesive surfaces.

China Steel Fundamentals Summary

How do China Steel's earnings and revenue compare to its market cap?
2002 fundamental statistics
Market CapNT$449.34b
Earnings (TTM)NT$58.02b
Revenue (TTM)NT$503.91b

7.7x

P/E Ratio

0.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
2002 income statement (TTM)
RevenueNT$503.91b
Cost of RevenueNT$413.50b
Gross ProfitNT$90.41b
Other ExpensesNT$32.39b
EarningsNT$58.02b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)3.76
Gross Margin17.94%
Net Profit Margin11.51%
Debt/Equity Ratio53.6%

How did 2002 perform over the long term?

See historical performance and comparison

Dividends

10.6%

Current Dividend Yield

82%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is 2002 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2002?

Other financial metrics that can be useful for relative valuation.

2002 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.3x
Enterprise Value/EBITDA6x
PEG Ratio-0.4x

Price to Earnings Ratio vs Peers

How does 2002's PE Ratio compare to its peers?

2002 PE Ratio vs Peers
The above table shows the PE ratio for 2002 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.1x
2027 Ta Chen Stainless Pipe
4.6x-5.7%NT$71.3b
2014 Chung Hung Steel
11.2x-8.3%NT$39.6b
2006 Tung Ho Steel Enterprise
7.2x-13.5%NT$39.9b
2015 Feng Hsin Steel
9.7x-29.4%NT$39.8b
2002 China Steel
7.7x-20.4%NT$449.3b

Price-To-Earnings vs Peers: 2002 is good value based on its Price-To-Earnings Ratio (7.7x) compared to the peer average (8.1x).


Price to Earnings Ratio vs Industry

How does 2002's PE Ratio compare vs other companies in the TW Metals and Mining Industry?

Price-To-Earnings vs Industry: 2002 is good value based on its Price-To-Earnings Ratio (7.7x) compared to the TW Metals and Mining industry average (8.5x)


Price to Earnings Ratio vs Fair Ratio

What is 2002's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2002 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.7x
Fair PE Ratio9.4x

Price-To-Earnings vs Fair Ratio: 2002 is good value based on its Price-To-Earnings Ratio (7.7x) compared to the estimated Fair Price-To-Earnings Ratio (9.4x).


Share Price vs Fair Value

What is the Fair Price of 2002 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2002 (NT$29.15) is trading above our estimate of fair value (NT$22.73)

Significantly Below Fair Value: 2002 is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is lower than the current share price.


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Future Growth

How is China Steel forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-20.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 2002's earnings are forecast to decline over the next 3 years (-20.4% per year).

Earnings vs Market: 2002's earnings are forecast to decline over the next 3 years (-20.4% per year).

High Growth Earnings: 2002's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 2002's revenue is expected to decline over the next 3 years (-8.2% per year).

High Growth Revenue: 2002's revenue is forecast to decline over the next 3 years (-8.2% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 2002's Return on Equity is forecast to be low in 3 years time (8.7%).


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Past Performance

How has China Steel performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


26.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 2002 has high quality earnings.

Growing Profit Margin: 2002's current net profit margins (11.5%) are higher than last year (7.7%).


Past Earnings Growth Analysis

Earnings Trend: 2002's earnings have grown significantly by 26.4% per year over the past 5 years.

Accelerating Growth: 2002's earnings growth over the past year (98.6%) exceeds its 5-year average (26.4% per year).

Earnings vs Industry: 2002 earnings growth over the past year (98.6%) exceeded the Metals and Mining industry 70.4%.


Return on Equity

High ROE: 2002's Return on Equity (17.4%) is considered low.


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Financial Health

How is China Steel's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 2002's short term assets (NT$243.8B) exceed its short term liabilities (NT$224.2B).

Long Term Liabilities: 2002's short term assets (NT$243.8B) exceed its long term liabilities (NT$138.1B).


Debt to Equity History and Analysis

Debt Level: 2002's net debt to equity ratio (41.2%) is considered high.

Reducing Debt: 2002's debt to equity ratio has reduced from 86.3% to 53.6% over the past 5 years.

Debt Coverage: 2002's debt is well covered by operating cash flow (23.3%).

Interest Coverage: 2002 earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is China Steel current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


10.63%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 2002's dividend (10.63%) is higher than the bottom 25% of dividend payers in the TW market (2.49%).

High Dividend: 2002's dividend (10.63%) is in the top 25% of dividend payers in the TW market (6.52%)


Stability and Growth of Payments

Stable Dividend: 2002's dividend payments have been volatile in the past 10 years.

Growing Dividend: 2002's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: At its current payout ratio (82.4%), 2002's payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (247.7%), 2002's dividend payments are not well covered by cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

3.8yrs

Average management tenure


CEO

Shyi-Chin Wang (64 yo)

no data

Tenure

Mr. Shyi-Chin Wang serves as President of China Steel Corporation since August 05, 2022. He serves as the Director at China Ecotek Corporation. He was President of China Steel Corporation since September 3...


Leadership Team

Experienced Management: 2002's management team is considered experienced (3.8 years average tenure).


Board Members

Experienced Board: 2002's board of directors are considered experienced (5.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

China Steel Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: China Steel Corporation
  • Ticker: 2002
  • Exchange: TWSE
  • Founded: 1971
  • Industry: Steel
  • Sector: Materials
  • Implied Market Cap: NT$449.339b
  • Shares outstanding: 15.41b
  • Website: https://www.csc.com.tw

Number of Employees


Location

  • China Steel Corporation
  • 1 Chung-Kang Road
  • Siaogang District
  • Kaohsiung
  • 81233
  • Taiwan

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/15 00:00
End of Day Share Price2022/08/15 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.