Financials China Steel Corporation Taiwan S.E.

Equities

2002A

TW0002002A04

Iron & Steel

End-of-day quote Taiwan S.E. Other stock markets 03:30:00 07/06/2024 am IST			5-day change	1st Jan Change
43.65 ^TWD	+0.11%		+0.46%	-0.11%

18/05	China Steel Corporation Announces Appointment of Shyi-Chin Wang to Serve as Acting Chairman	CI
17/05	China Steel Corporation Announces Resignation of Shyi-Chin Wang as Juristic-Person Representative Director, Effective on May 18, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,68,415	3,81,497	5,44,910	4,59,358	4,12,942	3,61,592	-	-
Enterprise Value (EV) ¹	5,92,534	5,62,933	7,03,860	6,59,931	6,33,420	5,40,743	4,98,817	3,61,592
P/E ratio	41.9 x	495 x	8.88 x	25.9 x	245 x	55 x	28 x	15.6 x
Yield	2.09%	1.21%	8.77%	3.36%	1.3%	1.54%	2.5%	4.48%
Capitalization / Revenue	1.01 x	1.21 x	1.16 x	1.02 x	1.14 x	0.97 x	0.94 x	0.92 x
EV / Revenue	1.62 x	1.79 x	1.5 x	1.47 x	1.74 x	1.45 x	1.29 x	0.92 x
EV / EBITDA	12.3 x	15.7 x	6.26 x	12.5 x	17.7 x	12 x	9.35 x	5.14 x
EV / FCF	45.9 x	15.5 x	14 x	-111 x	265 x	10.8 x	33.5 x	-
FCF Yield	2.18%	6.47%	7.14%	-0.9%	0.38%	9.25%	2.99%	-
Price to Book	1.22 x	1.3 x	1.56 x	1.44 x	1.36 x	1.17 x	1.17 x	-
Nbr of stocks (in thousands)	1,54,14,857	1,54,14,006	1,54,14,702	1,54,14,702	1,52,94,151	1,52,57,048	-	-
Reference price ²	23.90	24.75	35.35	29.80	27.00	23.70	23.70	23.70
Announcement Date	22/03/20	25/02/21	25/02/22	24/02/23	29/02/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,66,241	3,14,783	4,68,328	4,49,567	3,63,326	3,73,648	3,86,680	3,93,299
EBITDA ¹	47,986	35,807	1,12,484	52,615	35,864	45,248	53,331	70,344
EBIT ¹	12,578	2,296	79,757	18,265	3,586	5,041	18,579	34,858
Operating Margin	3.43%	0.73%	17.03%	4.06%	0.99%	1.35%	4.8%	8.86%
Earnings before Tax (EBT) ¹	12,802	2,768	84,414	23,259	4,590	7,949	20,985	32,709
Net income ¹	8,810	885.9	62,053	17,784	1,682	5,299	19,927	23,906
Net margin	2.41%	0.28%	13.25%	3.96%	0.46%	1.42%	5.15%	6.08%
EPS ²	0.5700	0.0500	3.980	1.150	0.1100	0.4313	0.8471	1.516
Free Cash Flow ¹	12,898	36,400	50,239	-5,948	2,393	50,000	14,893	-
FCF margin	3.52%	11.56%	10.73%	-1.32%	0.66%	13.38%	3.85%	-
FCF Conversion (EBITDA)	26.88%	101.66%	44.66%	-	6.67%	110.5%	27.93%	-
FCF Conversion (Net income)	146.41%	4,108.97%	80.96%	-	142.31%	943.57%	74.74%	-
Dividend per Share ²	0.5000	0.3000	3.100	1.000	0.3500	0.3658	0.5921	1.061
Announcement Date	22/03/20	25/02/21	25/02/22	24/02/23	29/02/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S2	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	1,29,480	1,15,212	1,33,638	1,05,340	95,377	91,346	95,357	88,229	88,394	93,754	96,549	93,924	97,132	97,458	1,01,609
EBITDA ¹	-	-	-	21,409	7,444	1,539	8,337	9,535	-	-	8,748	10,857	9,524	10,000	-	-
EBIT ¹	-	21,655	13,475	12,765	-995.9	-6,978	-26.03	1,438	-493.5	2,668	768.5	726	1,064	2,483	2,274	2,397
Operating Margin	-	16.72%	11.7%	9.55%	-0.95%	-7.32%	-0.03%	1.51%	-0.56%	3.02%	0.82%	0.75%	1.13%	2.56%	2.33%	2.36%
Earnings before Tax (EBT) ¹	-	22,481	14,502	14,400	1,546	-7,190	-74.97	1,758	154.6	2,752	1,479	1,803	2,512	2,156	2,388	2,972
Net income ¹	-	17,555	10,771	10,084	1,939	-5,010	-725	992.6	-703.4	2,117	640.6	1,975	1,907	2,265	1,720	2,140
Net margin	-	13.56%	9.35%	7.55%	1.84%	-5.25%	-0.79%	1.04%	-0.8%	2.4%	0.68%	2.05%	2.03%	2.33%	1.76%	2.11%
EPS ²	0.2900	1.120	0.6900	0.6500	0.1200	-0.3200	-0.0500	0.0600	-0.0500	0.1400	0.0400	0.1250	0.1225	0.1450	0.1100	0.1400
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	0.4682	-	-	-
Announcement Date	25/02/21	25/02/22	21/04/22	05/08/22	04/11/22	24/02/23	05/05/23	04/08/23	03/11/23	29/02/24	07/05/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,24,119	1,81,436	1,58,950	2,00,573	2,20,478	1,79,151	1,37,225	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.67 x	5.067 x	1.413 x	3.812 x	6.148 x	3.959 x	2.573 x	-
Free Cash Flow ¹	12,898	36,400	50,239	-5,948	2,393	50,000	14,893	-
ROE (net income / shareholders' equity)	2.86%	0.3%	19.3%	5.32%	0.5%	2.09%	3.68%	7.29%
ROA (Net income/ Total Assets)	1.31%	0.14%	9.37%	2.59%	0.2%	0.81%	2.14%	-
Assets ¹	6,70,591	6,51,371	6,62,040	6,85,891	8,40,840	6,54,198	9,31,158	-
Book Value Per Share ²	19.60	19.00	22.60	20.80	19.90	20.20	20.30	-
Cash Flow per Share ²	2.580	4.100	4.580	1.570	2.510	3.100	3.070	-
Capex ¹	27,055	26,815	21,065	30,291	36,297	27,613	28,124	-
Capex / Sales	7.39%	8.52%	4.5%	6.74%	9.99%	7.39%	7.27%	-
Announcement Date	22/03/20	25/02/21	25/02/22	24/02/23	29/02/24	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Steel Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

23.7 TWD

Average target price

25.64 TWD

Spread / Average Target

+8.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
JSW STEEL LIMITED	+3.59%	2.66TCr
BAOSHAN IRON & STEEL CO., LTD.	+17.88%	2.09TCr
JINDAL STEEL & POWER LIMITED	+37.27%	1.23TCr
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+6.48%	1.04TCr
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	0.00%	914.79Cr
BHARAT FORGE LIMITED	+27.90%	883.41Cr
JINDAL STAINLESS LIMITED	+38.94%	783.85Cr
TERNIUM S.A.	-7.65%	769.92Cr
BLUESCOPE STEEL LIMITED	-9.66%	611.62Cr

Iron, Steel Mills & Foundries