Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>CSC saw peak profitability in 2021, but margins and earnings have since contracted sharply, with EBITDA/ton down to just US$15 in Q1 2025.</li>
<li>It now targets US$3.1–4.7B capex over 5 years toward green steel, premium products, and ASEAN expansion, though execution risks remain high.</li>
<li>Despite modest growth and high leverage, CSC trades at 15x EV/EBITDA and over US$1,500 EV/ton—well above regional peers.</li>
</ul>


CSC saw peak profitability in 2021, but margins and earnings have since contracted sharply, with EBITDA/ton down to just US$15 in Q1 2025.
It now targets US$3.1–4.7B capex over 5 years toward green steel, premium products, and ASEAN expansion, though execution risks remain high.
Despite modest growth and high leverage, CSC trades at 15x EV/EBITDA and over US$1,500 EV/ton—well above regional peers.


China Steel Corporation (TWSE: 2002) – Premium Valuations Amid Structural Constraints

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 12th. The aggregated short interest was USD28.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works, Winbond Electronics, Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 12th. The aggregated short interest was USD28.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works, Winbond Electronics, Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works.


TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 5th. The aggregated short interest was USD28.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology, WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 5th. The aggregated short interest was USD28.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology, WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology.


TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Nov 28th. The aggregated short interest was USD28.1bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lite-On Technology, King Yuan Electronics, ASE Industrial, Acer, Jentech Precision Industrial, Lite-On Technology, King Yuan Electronics, ASE Industrial, Acer, Jentech Precision Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 28th. The aggregated short interest was USD28.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lite-On Technology, King Yuan Electronics, ASE Industrial, Acer, Jentech Precision Industrial, Lite-On Technology, King Yuan Electronics, ASE Industrial, Acer, Jentech Precision Industrial.


TWSE Short Interest Weekly (Nov 28th): Lite-On Technology, King Yuan Electronics, ASE Industrial

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 28th which has an aggregated holding worth USD902.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,403mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision Industry, Quanta Computer, Asustek Computer, Eva Airways.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 28th which has an aggregated holding worth USD902.6bn.
We estimate that foreign flows to be outflows of USD2,403mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision Industry, Quanta Computer, Asustek Computer, Eva Airways.


TWSE Foreign Holding Weekly (Mar 28th): TSMC, Hon Hai Precision, Quanta Computer, Asustek Computer

Taiwan

China Steel Corporation manufactures and markets a variety of steel products. The main products are hot rolled coils and sheets, cold rolled coils and sheets, wire rods, steel plates, and steel bars.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Steel (2002 TT)

China Steel Corporation (TWSE: 2002) – Premium Valuations Amid Structural Constraints

CSC's profitability peaked in 2021 but has since declined sharply, with a focus on green steel and expansion despite high execution risks and...

Rahul Jain

TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

We analyzed TWSE short interest report for the past week and highlighted short interest changes in WT Microelectronics (3036 TT), Accton Technology...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Nov 28th): Lite-On Technology, King Yuan Electronics, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Lite-On Technology (2301 TT), King Yuan...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Mar 28th): TSMC, Hon Hai Precision, Quanta Computer, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision Industry, Quanta...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Steel Corporation (TWSE: 2002) – Premium Valuations Amid Structural Constraints

​CSC's profitability peaked in 2021 but has since declined sharply, with a focus on green steel and expansion despite high execution risks and...

Rahul Jain

TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

We analyzed TWSE short interest report for the past week and highlighted short interest changes in WT Microelectronics (3036 TT), Accton Technology...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Nov 28th): Lite-On Technology, King Yuan Electronics, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Lite-On Technology (2301 TT), King Yuan...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Mar 28th): TSMC, Hon Hai Precision, Quanta Computer, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision Industry, Quanta...

Ke Yan, CFA, FRM

CSC's profitability peaked in 2021 but has since declined sharply, with a focus on green steel and expansion despite high execution risks and...