reports
CHINA STEEL sees a downgrade to Neutral on account of less fundamental...
The independent financial analyst theScreener just lowered the general evaluation of CHINA STEEL (TW), active in the Steel industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date January 21, 2022, the closing price was TWD 33.85 and its target price ...
- Ken Foong
- Ken Foong
- Ken Foong
Morningstar | CSC’s FY18 Results in Line with Prelim; FVE Raised to ...
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 l...
- Ken Foong
Morningstar | CSC’s FY18 Results in Line with Prelim; FVE Raised to ...
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 l...
- Ken Foong
CSC’s FY18 Results in Line with Prelim; FVE Raised to TWD 24; Shares...
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 l...
- Ken Foong
China Steel’s Fiscal-Year 2018 Preliminary Results Largely in Line W...
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, ...
- Ken Foong
Morningstar | CSC’s 3Q18 Results in Line with Preliminary; FVE Raise...
We raised our fair value estimate for China Steel Corporation, or CSC, to TWD 23 from TWD 22 after factoring in the strong performance of its steel division and our latest commodities price forecasts. Our no-moat and stable moat trend ratings on the firm remain intact. CSC’s third-quarter 2018 earnings were in line with preliminary results announced previously, with EBIT increased by 111% year over year to TWD 10.23 billion from TWD 4.84 billion in the same period last year. Meanwhile, EBIT in...
- Ken Foong
Morningstar | CSC’s 3Q18 Results in Line with Preliminary; FVE Raise...
We raised our fair value estimate for China Steel Corporation, or CSC, to TWD 23 from TWD 22 after factoring in the strong performance of its steel division and our latest commodities price forecasts. Our no-moat and stable moat trend ratings on the firm remain intact. CSC’s third-quarter 2018 earnings were in line with preliminary results announced previously, with EBIT increased by 111% year over year to TWD 10.23 billion from TWD 4.84 billion in the same period last year. Meanwhile, EBIT in...
- Ken Foong
CSC’s 3Q18 Results in Line with Preliminary; FVE Raised to TWD 23 on...
We raised our fair value estimate for China Steel Corporation, or CSC, to TWD 23 from TWD 22 after factoring in the strong performance of its steel division and our latest commodities price forecasts. Our no-moat and stable moat trend ratings on the firm remain intact. CSC’s third-quarter 2018 earnings were in line with preliminary results announced previously, with EBIT increased by 111% year over year to TWD 10.23 billion from TWD 4.84 billion in the same period last year. Meanwhile, EBIT in...
- Ken Foong
Morningstar | China Steel Industry: Overcapacity Issues Are Here to St...
China's steel industry has long been affected by overcapacity issues. From 2016 to 2017, the Chinese government began to rationalize the steel industry by shutting down 115 million tonnes of steel production capacity. This is in addition to the shutdown of around 120 million-140 million tonnes of off-the-books induction furnace capacity, which produced substandard steel, or ditiaogang, from melting scrap. This tightened the steel market in China, leading to higher steel prices and profitability ...
- Ken Foong
Morningstar | China Steel Industry: Overcapacity Issues Are Here to St...
China's steel industry has long been affected by overcapacity issues. From 2016 to 2017, the Chinese government began to rationalize the steel industry by shutting down 115 million tonnes of steel production capacity. This is in addition to the shutdown of around 120 million-140 million tonnes of off-the-books induction furnace capacity, which produced substandard steel, or ditiaogang, from melting scrap. This tightened the steel market in China, leading to higher steel prices and profitability ...
- Ken Foong
CSC, Taiwan’s largest steelmaker, is still affected by China’s ove...
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...
- Ken Foong
Morningstar | China Steel Corporation’s 2Q 2018 Results In Line With...
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...
- Ken Foong
Morningstar | China Steel Corporation’s 2Q 2018 Results In Line With...
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...
- Ken Foong
China Steel Corporation’s 2Q 2018 Results In Line With Preliminary; ...
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...
- Ken Foong
CSC, Taiwan’s largest steelmaker, is still affected by China’s ove...
China Steel Corp.’s first-quarter earnings were in line with preliminary results announced previously, with EBIT declining 6.1% year over year to TWD 6.04 billion. Despite the higher steel selling price achieved, EBIT margin in the steel division declined to 4.2% from 5.0% in the same period last year. This was due to lower utilization rates at its steel plants and the higher procurement cost of semi-products. EBIT margin in the nonsteel division declined to 5.5% from 7.0% in the same period l...
- Ken Foong
China Steel's 1Q Results in Line With Preliminary Release; TWD 15.10 F...
China Steel Corp.’s first-quarter earnings were in line with preliminary results announced previously, with EBIT declining 6.1% year over year to TWD 6.04 billion. Despite the higher steel selling price achieved, EBIT margin in the steel division declined to 4.2% from 5.0% in the same period last year. This was due to lower utilization rates at its steel plants and the higher procurement cost of semi-products. EBIT margin in the nonsteel division declined to 5.5% from 7.0% in the same period l...
- Ken Foong
CSC, Taiwan’s largest steelmaker, is still affected by China’s ove...
We have raised our fair value estimate for China Steel to TWD 15.10 from TWD 13.80 following a revision to our valuation model and rolling forward of our estimates. Our no-moat and stable moat trend ratings on the firm are intact. China Steel's full-year 2017 earnings were in line with preliminary results announced previously, with EBIT declining by 2% year over year to TWD 24.9 billion. This implies fourth-quarter 2017 EBIT of TWD 8.4 billion, which represented a 20.5% year-over-year increase f...
- Ken Foong
CSC, Taiwan’s largest steelmaker, is still affected by China’s ove...
After meeting with steel and aluminum executives at the White House on March 1, President Donald Trump announced that he'll be enacting a 25% steel tariff next week. It is unclear, however, if this approach will be applied in a blanket fashion to all countries or only to a targeted list of countries. In its Feb. 16 Section 232 report, the blanket tariffs proposed by the U.S. Department of Commerce were 24% for all steel imports, which is less severe than the figures indicated by Trump on March 1...
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