Reported Earnings • May 06
First quarter 2026 earnings released: NT$0.10 loss per share (vs NT$0.15 loss in 1Q 2025) First quarter 2026 results: NT$0.10 loss per share (improved from NT$0.15 loss in 1Q 2025). Revenue: NT$4.51b (down 22% from 1Q 2025). Net loss: NT$147.2m (loss narrowed 30% from 1Q 2025). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 21
Price target increased by 16% to NT$18.97 Up from NT$16.37, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$19.60. Stock is down 16% over the past year. The company is forecast to post earnings per share of NT$0.44 next year compared to a net loss per share of NT$1.29 last year. Announcement • Feb 24
Chung Hung Steel Corporation, Annual General Meeting, May 22, 2026 Chung Hung Steel Corporation, Annual General Meeting, May 22, 2026, at 09:30 Taipei Standard Time. Location: no,2 ln.12, hung yih 1st rd., nanzih district, kaohsiung city Taiwan Reported Earnings • Feb 24
Full year 2025 earnings released: NT$1.29 loss per share (vs NT$0.62 loss in FY 2024) Full year 2025 results: NT$1.29 loss per share (further deteriorated from NT$0.62 loss in FY 2024). Revenue: NT$19.0b (down 38% from FY 2024). Net loss: NT$1.85b (loss widened 107% from FY 2024). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 07
Third quarter 2025 earnings released: NT$0.37 loss per share (vs NT$0.42 loss in 3Q 2024) Third quarter 2025 results: NT$0.37 loss per share (improved from NT$0.42 loss in 3Q 2024). Revenue: NT$4.12b (down 39% from 3Q 2024). Net loss: NT$535.4m (loss narrowed 12% from 3Q 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 11
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: NT$0.58 loss per share (further deteriorated from NT$0.19 loss in 2Q 2024). Revenue: NT$5.36b (down 34% from 2Q 2024). Net loss: NT$837.6m (loss widened 213% from 2Q 2024). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 127%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 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 53 percentage points per year, which is a significant difference in performance. Price Target Changed • Jul 23
Price target decreased by 9.2% to NT$16.37 Down from NT$18.03, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$16.05. Stock is down 25% over the past year. The company is forecast to post a net loss per share of NT$0.47 next year compared to a net loss per share of NT$0.62 last year. Announcement • Jun 26
Chung Hung Steel Corporation Appoints Hsiu-Chuan Lee as Independent Director, Effective June 25, 2025 Chung Hung Steel Corporation announced the election results for one Independent Director at the company's 2025 shareholders' meeting. The new position holder is Hsiu-Chuan Lee, who has been appointed as an Independent Director. Hsiu-Chuan Lee is also a Professor and Head of the Department of Finance at Ming Chuan University. The change is due to the by-election of an Independent Director for the 16th term. The effective date of the new appointment is June 25, 2025. Reported Earnings • May 09
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: NT$0.15 loss per share (down from NT$0.042 profit in 1Q 2024). Revenue: NT$5.76b (down 37% from 1Q 2024). Net loss: NT$211.3m (down 453% from profit in 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 5.4% 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 75 percentage points per year, which is a significant difference in performance. Announcement • May 01
Chung Hung Steel Corporation to Report Q1, 2025 Results on May 08, 2025 Chung Hung Steel Corporation announced that they will report Q1, 2025 results on May 08, 2025 Announcement • Apr 17
Chung Hung Steel Corporation Announces Resignation of Wei-Che Tsai as Independent Director Chung Hung Steel Corporation announced resignation of Wei-Che Tsai as independent director . Resume of the previous position holder: Independent Director of Chung Hung Steel Corporation. Circumstances of change: resignation. Reason for the change: Resigned as independent director due to busy personal business. Original term: June 26, 2024 to June 25, 2027. The Company received Mr. Wei-Che Tsai resignation letter on April 16,2025. New Risk • Apr 07
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 7.9% 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 (7.9% average weekly change). Price Target Changed • Mar 06
Price target increased by 15% to NT$26.80 Up from NT$23.40, the current price target is an average from 3 analysts. New target price is 6.3% above last closing price of NT$25.20. Stock is up 13% over the past year. The company is forecast to post earnings per share of NT$0.44 next year compared to a net loss per share of NT$0.62 last year. Reported Earnings • Mar 02
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: NT$0.62 loss per share (down from NT$0.11 profit in FY 2023). Revenue: NT$30.5b (down 19% from FY 2023). Net loss: NT$891.7m (down NT$1.05b from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 4.4% 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 93 percentage points per year, which is a significant difference in performance. Announcement • Feb 26
Chung Hung Steel Corporation, Annual General Meeting, Jun 25, 2025 Chung Hung Steel Corporation, Annual General Meeting, Jun 25, 2025, at 09:30 Taipei Standard Time. Location: no,2 ln.12, hung yih 1st rd., nanzih district, kaohsiung city Taiwan Announcement • Feb 18
Chung Hung Steel Corporation to Report Fiscal Year 2024 Results on Feb 25, 2025 Chung Hung Steel Corporation announced that they will report fiscal year 2024 results at 1:30 PM, Taipei Standard Time on Feb 25, 2025 New Risk • Feb 14
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 6.2% 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 Risk Debt is not well covered by operating cash flow (0.5% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Board Change • Feb 05
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Wei-Che Tsai was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Price Target Changed • Dec 24
Price target decreased by 10% to NT$23.40 Down from NT$26.10, the current price target is an average from 3 analysts. New target price is 30% above last closing price of NT$18.00. Stock is down 33% over the past year. The company is forecast to post a net loss per share of NT$0.51 compared to earnings per share of NT$0.11 last year. Reported Earnings • Nov 05
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: NT$0.42 loss per share (further deteriorated from NT$0.076 loss in 3Q 2023). Revenue: NT$6.71b (down 29% from 3Q 2023). Net loss: NT$609.0m (loss widened 456% from 3Q 2023). Revenue missed analyst estimates by 9.7%. Earnings per share (EPS) also missed analyst estimates by 121%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 3.0% 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. Buy Or Sell Opportunity • Oct 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.1% to NT$20.70. The fair value is estimated to be NT$26.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. Announcement • Oct 24
Chung Hung Steel Corporation to Report Q3, 2024 Results on Oct 31, 2024 Chung Hung Steel Corporation announced that they will report Q3, 2024 results on Oct 31, 2024 Buy Or Sell Opportunity • Oct 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.5% to NT$20.60. The fair value is estimated to be NT$26.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. New Risk • Aug 08
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.8% operating cash flow to total debt). Earnings have declined by 16% per year over the past 5 years. Reported Earnings • Aug 03
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: NT$0.19 loss per share (further deteriorated from NT$0.15 loss in 2Q 2023). Revenue: NT$8.16b (down 16% from 2Q 2023). Net loss: NT$267.2m (loss widened 25% from 2Q 2023). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 73%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 4.7% 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 80 percentage points per year, which is a significant difference in performance. Announcement • Jul 24
Chung Hung Steel Corporation to Report Q2, 2024 Results on Aug 01, 2024 Chung Hung Steel Corporation announced that they will report Q2, 2024 results on Aug 01, 2024 Declared Dividend • Jul 10
Dividend reduced to NT$0.10 Dividend of NT$0.10 is 71% lower than last year. Ex-date: 25th July 2024 Payment date: 23rd August 2024 Dividend yield will be 0.5%, which is lower than the industry average of 3.9%. Board Change • Jul 05
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Wei-Che Tsai was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Jun 19
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. 4 non-independent directors. Independent Director Hsien-Tang Tsai was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 18
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. 4 non-independent directors. Independent Director Hsien-Tang Tsai was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 18
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. 4 non-independent directors. Independent Director Hsien-Tang Tsai was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 07
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: NT$0.04 (down from NT$0.28 in 1Q 2023). Revenue: NT$9.15b (down 3.9% from 1Q 2023). Net income: NT$59.9m (down 85% from 1Q 2023). Profit margin: 0.7% (down from 4.1% in 1Q 2023). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 58%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 2.8% 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 64 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.5% to NT$23.30. The fair value is estimated to be NT$29.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 1,587% in the next 2 years. Announcement • Apr 26
Chung Hung Steel Corporation to Report Q1, 2024 Results on May 02, 2024 Chung Hung Steel Corporation announced that they will report Q1, 2024 results on May 02, 2024 Buy Or Sell Opportunity • Apr 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to NT$23.35. The fair value is estimated to be NT$29.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 1,587% in the next 2 years. New Risk • Mar 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 05
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: NT$0.11 (up from NT$0.69 loss in FY 2022). Revenue: NT$37.8b (down 15% from FY 2022). Net income: NT$159.3m (up NT$1.15b from FY 2022). Profit margin: 0.4% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) exceeded analyst estimates by 22%. Revenue is forecast to grow 8.9% 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, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jan 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to NT$23.85. The fair value is estimated to be NT$19.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 04
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: NT$0.08 loss per share (improved from NT$0.78 loss in 3Q 2022). Revenue: NT$9.40b (up 19% from 3Q 2022). Net loss: NT$109.5m (loss narrowed 90% from 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 12% 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 48% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Reported Earnings • Aug 05
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: NT$0.15 loss per share (down from NT$0.47 profit in 2Q 2022). Revenue: NT$9.73b (down 39% from 2Q 2022). Net loss: NT$214.1m (down 132% from profit in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Metals and Mining industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 48% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 19
Upcoming dividend of NT$0.35 per share at 1.5% yield Eligible shareholders must have bought the stock before 26 July 2023. Payment date: 25 August 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.8%). Announcement • Jul 04
Chung Hung Steel Corporation Approves Cash Dividend, Payable on August 25, 2023 Chung Hung Steel Corporation at its shareholder meeting held on June 28, 2023, approved cash dividend TWD 0.35 per share for common stock. The dividend payable on August 25, 2023 with Ex-rights (ex-dividend) trading date of July 26, 2023 and Ex-rights (ex-dividend) record date of August 1, 2023. Announcement • Jun 29
Chung Hung Steel Corporation Approves Cash Dividend for 2022 Chung Hung Steel Corporation at its shareholders meeting held on June 28, 2023, approved cash dividend of TWD 0.35 per share for 2022. Reported Earnings • Jun 23
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: NT$0.28 (down from NT$0.35 in 1Q 2022). Revenue: NT$9.52b (down 23% from 1Q 2022). Net income: NT$394.8m (down 21% from 1Q 2022). Profit margin: 4.1% (up from 4.0% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Taiwan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 01
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: NT$0.69 loss per share (down from NT$4.42 profit in FY 2021). Revenue: NT$44.5b (down 17% from FY 2021). Net loss: NT$989.9m (down 116% from profit in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 88%. Revenue is expected to decline by 2.7% 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 44% per year whereas the company’s share price has increased by 46% per year. Price Target Changed • Feb 16
Price target increased by 13% to NT$23.83 Up from NT$21.10, the current price target is an average from 4 analysts. New target price is 17% below last closing price of NT$28.80. Stock is down 28% 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$4.42 last year. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 16% share price gain to NT$27.60, the stock trades at a forward P/E ratio of 569x. Average forward P/E is 14x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 203% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$27.29 per share. Major Estimate Revision • Nov 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. Expected to report loss instead of -NT$0.49 instead of NT$0.16 per share profit previously forecast. . Revenue forecast unchanged at NT$45.6b Metals and Mining industry in Taiwan expected to see average net income decline 10% next year. Consensus price target of NT$18.27 unchanged from last update. Share price fell 5.8% to NT$22.80 over the past week. Buying Opportunity • Nov 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$30.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 69%. Revenue is forecast to decline by 13% in 2 years. Earnings is forecast to grow by 16% in the next 2 years. Price Target Changed • Nov 16
Price target decreased to NT$18.27 Down from NT$21.10, the current price target is an average from 3 analysts. New target price is 25% below last closing price of NT$24.45. Stock is down 28% over the past year. The company is forecast to post earnings per share of NT$0.15 for next year compared to NT$4.42 last year. Reported Earnings • Nov 06
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: NT$0.78 loss per share (down from NT$1.02 profit in 3Q 2021). Revenue: NT$7.88b (down 50% from 3Q 2021). Net loss: NT$1.13b (down 177% from profit in 3Q 2021). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates. Revenue is expected to fall by 8.3% 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 69% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Nov 04
Chung Hung Steel Corporation to Report Q3, 2022 Results on Nov 03, 2022 Chung Hung Steel Corporation announced that they will report Q3, 2022 results on Nov 03, 2022 Major Estimate Revision • Nov 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$48.6b to NT$46.4b. EPS estimate rose from NT$0.70 to NT$0.78. Net income forecast to shrink 71% next year vs 21% decline forecast for Metals and Mining industry in Taiwan. Consensus price target down from NT$30.83 to NT$19.60. Share price rose 3.3% to NT$20.55 over the past week. Announcement • Nov 02
Chung Hung Steel Corporation Announces Change of the Chief Information Security Officer Chung Hung Steel Corporation announced change of the chief information security officer. Name, title, and resume of the previous position holder: Tseng Kuei-Sung,Former chief information security officer of Chung Hung Steel Corporation. Name, title, and resume of the new position holder: Chu Min, New chief information security officer of Chung Hung Steel Corporation. Type of the change:position adjustment. Reason for the change: position adjustment. Effective date: November 1, 2022. Announcement • Oct 02
Chung Hung Steel Corporation Announces Board Changes Chung Hung Steel Corporation announced that the change of the chairman. Name of the previous position holder: Liu Min-Hsiung. Resume of the previous position holder: Former Chairman of the Board, Chung Hung Steel Corporation. Name of the new position holder:Tseng Kuei-Sung. Resume of the new position holder: New Chairman of the Board, Chung Hung Steel Corporation. The effective date of new appointment is September 30, 2022. Mr.Liu Min-Hsiung resigned from the position of chairman and continues to serve as a representative of CSC. Major Estimate Revision • Sep 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$50.0b to NT$48.6b. EPS estimate rose from NT$0.60 to NT$0.70. Net income forecast to shrink 76% next year vs 18% decline forecast for Metals and Mining industry in Taiwan. Consensus price target down from NT$33.58 to NT$30.83. Share price fell 5.9% to NT$23.00 over the past week. Price Target Changed • Sep 23
Price target decreased to NT$30.83 Down from NT$34.83, the current price target is an average from 4 analysts. New target price is 34% above last closing price of NT$23.00. Stock is down 45% over the past year. The company is forecast to post earnings per share of NT$0.60 for next year compared to NT$4.42 last year. Major Estimate Revision • Sep 07
Consensus EPS estimates fall by 56% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$53.0b to NT$50.0b. EPS estimate also fell from NT$1.34 per share to NT$0.60 per share. Net income forecast to shrink 66% next year vs 16% decline forecast for Metals and Mining industry in Taiwan. Consensus price target down from NT$34.83 to NT$33.58. Share price fell 7.9% to NT$23.90 over the past week. Reported Earnings • Aug 08
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: NT$0.47 (down from NT$1.59 in 2Q 2021). Revenue: NT$16.0b (up 20% from 2Q 2021). Net income: NT$679.7m (down 70% from 2Q 2021). Profit margin: 4.2% (down from 17% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 14%. Over the next year, revenue is expected to shrink by 7.5% compared to a 4.7% decline forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$24.60, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 160% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$13.82 per share. Major Estimate Revision • Jul 21
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$57.4b to NT$55.6b. EPS estimate also fell from NT$2.23 per share to NT$1.79 per share. Net income forecast to shrink 47% next year vs 0.9% growth forecast for Metals and Mining industry in Taiwan . Consensus price target down from NT$36.08 to NT$34.83. Share price rose 4.9% to NT$28.10 over the past week. Upcoming Dividend • Jul 19
Upcoming dividend of NT$2.80 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 25 August 2022. Payout ratio is on the higher end at 78%, and the cash payout ratio is above 100%. Trailing yield: 9.7%. Within top quartile of Taiwanese dividend payers (6.8%). In line with average of industry peers (9.1%). Price Target Changed • Jul 02
Price target decreased to NT$36.08 Down from NT$42.00, the current price target is an average from 4 analysts. New target price is 36% above last closing price of NT$26.60. Stock is down 56% over the past year. The company is forecast to post earnings per share of NT$2.23 for next year compared to NT$4.42 last year. Buying Opportunity • Jun 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 44%. The fair value is estimated to be NT$34.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 72%. Revenue is forecast to grow by 7.7% in a year. Earnings is forecast to decline by 35% in the next year. Reported Earnings • May 06
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: NT$0.35 (down from NT$1.18 in 1Q 2021). Revenue: NT$12.4b (up 15% from 1Q 2021). Net income: NT$501.9m (down 71% from 1Q 2021). Profit margin: 4.0% (down from 16% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 11%, compared to a 8.9% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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. 4 non-independent directors. Independent Director Hsien-Tang Tsai was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 30
Price target increased to NT$52.00 Up from NT$42.00, the current price target is an average from 2 analysts. New target price is 11% above last closing price of NT$46.90. Stock is up 141% over the past year. The company is forecast to post earnings per share of NT$3.18 for next year compared to NT$4.42 last year. Reported Earnings • Feb 27
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$4.42 (up from NT$0.37 in FY 2020). Revenue: NT$53.7b (up 46% from FY 2020). Net income: NT$6.35b (up NT$5.82b from FY 2020). Profit margin: 12% (up from 1.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.9%. Over the next year, revenue is forecast to grow 6.9%, compared to a 11% growth forecast for the mining industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 53% per year whereas the company’s share price has increased by 50% per year. Buying Opportunity • Feb 22
Now 21% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be NT$52.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% per annum over the last 3 years. The company has become profitable over the last year. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improved over the past week After last week's 16% share price gain to NT$38.15, 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 234% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$51.27 per share. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS NT$1.02 (vs NT$0.17 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$15.6b (up 69% from 3Q 2020). Net income: NT$1.46b (up 486% from 3Q 2020). Profit margin: 9.4% (up from 2.7% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Sep 03
Price target increased to NT$57.25 Up from NT$47.00, the current price target is an average from 3 analysts. New target price is 30% above last closing price of NT$44.05. Stock is up 366% over the past year. Upcoming Dividend • Aug 19
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 24 September 2021. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (1.6%). Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS NT$1.59 (vs NT$0.25 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$13.4b (up 71% from 2Q 2020). Net income: NT$2.28b (up NT$2.64b from 2Q 2020). Profit margin: 17% (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 24% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 27% share price gain to NT$61.20, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 388% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$53.14 per share. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improved over the past week After last week's 23% share price gain to NT$52.20, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 383% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$50.98 per share. Reported Earnings • May 04
First quarter 2021 earnings released: EPS NT$1.18 (vs NT$0.087 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$10.8b (up 7.2% from 1Q 2020). Net income: NT$1.70b (up NT$1.83b from 1Q 2020). Profit margin: 16% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 15% share price gain to NT$28.70, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 158% over the past three years. Major Estimate Revision • Apr 16
Consensus EPS estimates increase to NT$2.43 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$41.8b to NT$44.3b. EPS estimate increased from NT$1.88 to NT$2.43 per share. Net income forecast to grow 428% next year vs 29% growth forecast for Metals and Mining industry in Taiwan. Consensus price target up from NT$19.17 to NT$23.67. Share price rose 15% to NT$28.70 over the past week. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 18% share price gain to NT$20.75, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Metals and Mining industry in Taiwan. Total returns to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$13.77 per share. Is New 90 Day High Low • Mar 04
New 90-day high: NT$18.60 The company is up 54% from its price of NT$12.05 on 04 December 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$16.90 per share. Announcement • Feb 25
Chung Hung Steel Corporation, Annual General Meeting, Jun 24, 2021 Chung Hung Steel Corporation, Annual General Meeting, Jun 24, 2021, at 09:30 Taipei Standard Time. Location: No. 2, Ln. 12, Hongyi 1st Rd., Nanzi Dist CPC Corporation Hongnan Training Classroom Kaohsiung City Taiwan Agenda: To consider 2020 business and financial report; to consider audit committee's review report on statements for 2020; to consider report 2020 employees' profit sharing bonus and directors' remuneration; to consider report on 2nd unsecured ordinary corporate bonds of Chung Hung Steel Corporation in 2020; to consider report on amendments to the rules and procedures of Board of directors meetings; to approval of the proposal for earnings distribution in 2020; to discussion on amendments to the regulation of shareholders; and to consider election of directors. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.3%. Earnings per share (EPS) also surpassed analyst estimates by 45%. Over the next year, revenue is forecast to grow 24%, compared to a 18% growth forecast for the Metals and Mining industry in Taiwan.