CSC’s FY18 Results in Line with Prelim; FVE Raised to TWD 24; Shares Remain Slightly Overvalued
We raised China Steel Corporation’s, or CSC’s, fair value estimate to TWD 24 from TWD 23 after revising and rolling forward our valuation model. We now expect less of a decline in steel prices, leading to higher profitability because we expect iron ore prices to remain high in 2019 owing to supply disruptions following the accident at Vale’s iron ore mine in Brazil in early 2019. Our no-moat and stable moat trend ratings for the firm remain intact. CSC’s full-year 2018 earnings were in line with...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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