Financials China Steel Corporation

Equities

2002

TW0002002003

Iron & Steel

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
24.75 ^TWD	-0.60%		-0.40%	-8.33%

May. 07	China Steel Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 02	China Steel Corporation Announces Change of Juristic-Person Representative Director, Effective May 18, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	368,415	381,497	544,910	459,358	412,942	385,725	-	-
Enterprise Value (EV) ¹	592,534	562,933	703,860	659,931	633,420	506,514	522,950	385,725
P/E ratio	41.9 x	495 x	8.88 x	25.9 x	245 x	44.7 x	27.1 x	16.3 x
Yield	2.09%	1.21%	8.77%	3.36%	1.3%	1.61%	2.39%	4.29%
Capitalization / Revenue	1.01 x	1.21 x	1.16 x	1.02 x	1.14 x	1.02 x	1.01 x	0.98 x
EV / Revenue	1.62 x	1.79 x	1.5 x	1.47 x	1.74 x	1.34 x	1.36 x	0.98 x
EV / EBITDA	12.3 x	15.7 x	6.26 x	12.5 x	17.7 x	11.3 x	9.5 x	5.48 x
EV / FCF	45.9 x	15.5 x	14 x	-111 x	265 x	10.1 x	35.1 x	-
FCF Yield	2.18%	6.47%	7.14%	-0.9%	0.38%	9.87%	2.85%	-
Price to Book	1.22 x	1.3 x	1.56 x	1.44 x	1.36 x	1.26 x	1.22 x	-
Nbr of stocks (in thousands)	15,414,857	15,414,006	15,414,702	15,414,702	15,294,151	15,584,861	-	-
Reference price ²	23.90	24.75	35.35	29.80	27.00	24.75	24.75	24.75
Announcement Date	3/22/20	2/25/21	2/25/22	2/24/23	2/29/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	366,241	314,783	468,328	449,567	363,326	377,188	383,763	393,299
EBITDA ¹	47,986	35,807	112,484	52,615	35,864	44,692	55,025	70,344
EBIT ¹	12,578	2,296	79,757	18,265	3,586	10,831	20,614	34,858
Operating Margin	3.43%	0.73%	17.03%	4.06%	0.99%	2.87%	5.37%	8.86%
Earnings before Tax (EBT) ¹	12,802	2,768	84,414	23,259	4,590	12,638	23,786	32,709
Net income ¹	8,810	885.9	62,053	17,784	1,682	8,708	19,927	23,906
Net margin	2.41%	0.28%	13.25%	3.96%	0.46%	2.31%	5.19%	6.08%
EPS ²	0.5700	0.0500	3.980	1.150	0.1100	0.5539	0.9133	1.516
Free Cash Flow ¹	12,898	36,400	50,239	-5,948	2,393	50,000	14,893	-
FCF margin	3.52%	11.56%	10.73%	-1.32%	0.66%	13.26%	3.88%	-
FCF Conversion (EBITDA)	26.88%	101.66%	44.66%	-	6.67%	111.88%	27.07%	-
FCF Conversion (Net income)	146.41%	4,108.97%	80.96%	-	142.31%	574.15%	74.74%	-
Dividend per Share ²	0.5000	0.3000	3.100	1.000	0.3500	0.3995	0.5921	1.061
Announcement Date	3/22/20	2/25/21	2/25/22	2/24/23	2/29/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S2	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	-	129,480	115,212	133,638	105,340	95,377	91,346	95,357	88,229	88,394	96,149	94,236	96,827
EBITDA ¹	-	-	-	21,409	7,444	1,539	8,337	9,535	-	-	10,857	9,524	10,000
EBIT ¹	-	21,655	13,475	12,765	-995.9	-6,978	-26.03	1,438	-493.5	2,668	2,627	1,923	3,279
Operating Margin	-	16.72%	11.7%	9.55%	-0.95%	-7.32%	-0.03%	1.51%	-0.56%	3.02%	2.73%	2.04%	3.39%
Earnings before Tax (EBT) ¹	-	22,481	14,502	14,400	1,546	-7,190	-74.97	1,758	154.6	2,752	2,980	2,623	3,394
Net income ¹	-	17,555	10,771	10,084	1,939	-5,010	-725	992.6	-703.4	2,117	2,201	1,940	2,503
Net margin	-	13.56%	9.35%	7.55%	1.84%	-5.25%	-0.79%	1.04%	-0.8%	2.4%	2.29%	2.06%	2.59%
EPS ²	0.2900	1.120	0.6900	0.6500	0.1200	-0.3200	-0.0500	0.0600	-0.0500	0.1400	0.1400	0.1267	0.1600
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	0.4682	-
Announcement Date	2/25/21	2/25/22	4/21/22	8/5/22	11/4/22	2/24/23	5/5/23	8/4/23	11/3/23	2/29/24	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	224,119	181,436	158,950	200,573	220,478	120,789	137,225	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.67 x	5.067 x	1.413 x	3.812 x	6.148 x	2.703 x	2.494 x	-
Free Cash Flow ¹	12,898	36,400	50,239	-5,948	2,393	50,000	14,893	-
ROE (net income / shareholders' equity)	2.86%	0.3%	19.3%	5.32%	0.5%	2.78%	4%	7.29%
ROA (Net income/ Total Assets)	1.31%	0.14%	9.37%	2.59%	0.2%	1.69%	3.2%	-
Assets ¹	670,591	651,371	662,040	685,891	840,840	515,295	622,712	-
Book Value Per Share ²	19.60	19.00	22.60	20.80	19.90	19.70	20.30	-
Cash Flow per Share ²	2.580	4.100	4.580	1.570	2.510	3.100	3.070	-
Capex ¹	27,055	26,815	21,065	30,291	36,297	37,781	28,661	-
Capex / Sales	7.39%	8.52%	4.5%	6.74%	9.99%	10.02%	7.47%	-
Announcement Date	3/22/20	2/25/21	2/25/22	2/24/23	2/29/24	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Steel Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

24.9 TWD

Average target price

25.3 TWD

Spread / Average Target

+1.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
CHINA STEEL CORPORATION	-8.33%	11.99B
JSW STEEL LIMITED	-1.76%	24.98B
BAOSHAN IRON & STEEL CO., LTD.	+15.35%	20.63B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+13.03%	11.15B
JINDAL STEEL & POWER LIMITED	+26.13%	11.1B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+10.27%	10.26B
TERNIUM S.A.	-5.27%	7.94B
BHARAT FORGE LIMITED	+13.67%	6.92B
JINDAL STAINLESS LIMITED	+21.24%	6.92B
BLUESCOPE STEEL LIMITED	-3.76%	6.61B

Iron, Steel Mills & Foundries