Stock

CSBC Corporation

2208.TW

Aerospace & Defense · Industrials

Price

NT$17.75

-0.15 (-0.84%)

Market Cap

NT$22.62B

Exchange

Taiwan Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

1/30

Growth

Mixed

5/20

Cash Flow

Weak

0/10

Stability

Weak

0/10

Valuation

Weak

2/10

Ownership

Good

10/15

Dividends

Not counted

n/a

18 of 95 counted points = Winston Score 19. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+54.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 824.2M (2021) → 1.27B (2025)

§Winston Score History

The full picture

CSBC Corporation is Taiwan's largest shipbuilder. It designs and builds commercial vessels like container ships, bulk carriers, and tankers, as well as naval warships and submarines for Taiwan's military. The company also provides ship repair and steel structure fabrication services.

CSBC earns revenue primarily from shipbuilding contracts with both government and commercial customers. It operates mainly from shipyards in Kaohsiung, Taiwan, and holds a strategic position as the sole domestic builder capable of constructing large naval vessels for Taiwan's defense needs. This government relationship provides a durable competitive advantage, and Taiwan's push to build its own submarine fleet is a major long-term growth driver. However, the company has faced persistent profitability challenges, with negative operating margins in recent periods, making execution on large defense contracts and cost management key risks to watch.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-11.7%

Thin — -11.7% gross margin

Profit after running costs

Operating Margin

-15.1%

Losing money on operations — -15.1%

Return on the money invested

ROCE

-2.4%

Weak — -2.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-15.0%

Shrinking sales (-15.0% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

-2536%

Weak — only -2536% of profit becomes cash

Spare cash per sale

FCF Margin

-99.5%

Burning cash (-99.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

4.09

Heavy debt load (4.09)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

36.1x

Pricey — P/E 36.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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