China Steel Corporation’s FY17 Preliminary Results Beat Expectations; FVE Raised to TWD 13.80
We raised our fair value estimate for China Steel Corp. to TWD 13.80 from TWD 13.30 following a revision to our valuation model, which takes into account the better-than-expected fourth-quarter results and our latest commodities price forecast. We retain our no-moat and stable moat trend ratings. CSC’s preliminary 2017 EBIT decreased by 2% year over year to TWD 24.9 billion; this implies a stronger-than-expected fourth-quarter 2017 EBIT of TWD 8.4 billion, representing a 20.5% year-over-year inc...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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