CSC, Taiwan’s largest steelmaker, is still affected by China’s overcapacity in steel production.
We raised our fair value estimate for China Steel Corporation, or CSC, to TWD 15.80 from TWD 15.10 after factoring in the strong performance of its steel division and our latest commodity price forecasts. Our no-moat and stable moat trend ratings on the firm are intact. CSC’s second-quarter 2018 earnings were in line with preliminary results announced previously, with EBIT increasing by 68% year over year to TWD 8.77 billion. Driven by a higher steel selling price and increased steel shipments y...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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