China Steel’s Fiscal-Year 2018 Preliminary Results Largely in Line With Expectations; FVE Intact
China Steel Corporation announced preliminary full-year 2018 EBIT of TWD 33.58 billion, which was a 35% year-over-year increase from TWD 24.92 billion in 2017 and largely in line with our expectations. For fourth-quarter 2018, EBIT was largely flat at TWD 8.55 billion compared with TWD 8.44 billion in the same period last year. The year-over-year increase in profitability is mainly driven by higher average steel selling prices and steel shipments, in our view. Our fair value estimate of TWD 23, ...China Steel is engaged in the manufacture and sale of steel products and machinery, transportation and electrical machine engineering contracting. Through its subsidiaries, Co. is engaged in the provision of transportation services; the manufacture and sale of aluminum products and other non-ferrous metal products; common and equity investment; the development and rental of non-current assets; the provision of guard and system security services; the design of software system; the manufacture, purchase and sale of magnetic powder; the provision of enterprise management advisory services; the design for environmental mechanical and electrical engineering; and waste management.
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