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Kao Hsing Chang Iron & Steel

2008.TW
37
Steel · Basic Materials
Price
NT$30.50
-0.10 (-0.33%)
Market Cap
NT$5.82B
Exchange
Taiwan Stock Exchange
Winston Score
37
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 22, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Good
Cash Flow
Mixed
Stability
Mixed
Valuation
Weak
Dividends
Mixed
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Share count falling — buybacks

−5.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 200.9M (2021) → 190.9M (2025)

§Winston Score History

The full picture

Kao Hsing Chang Iron & Steel is a Taiwanese steelmaker that produces steel bars, wire rods, and other steel products. Its main customers include construction companies and manufacturers across Taiwan and parts of Asia. It is one of the notable electric arc furnace steelmakers in Taiwan, using scrap steel as a key raw material.

The company earns revenue by selling steel products, with pricing tied to global steel and scrap metal markets. It operates primarily in Taiwan and has a market capitalization of roughly $5.8 billion. Its position as an established domestic steel supplier gives it steady demand from Taiwan's construction sector. However, the business faces ongoing risks from volatile raw material costs, cyclical demand swings, and competition from larger regional steelmakers.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
16.2%
Thin — 16.2% gross margin
Profit after running costs
Operating Margin
10.3%
Modest — 10.3% operating margin
Return on the money invested
ROCE
2.1%
Weak — 2.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-3.7%
Shrinking sales (-3.7% YoY)
Profit growth
EPS YoY
+39.0%
Earnings growing fast (+39.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

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
58%
Weak — only 58% of profit becomes cash
Spare cash per sale
FCF Margin
2.9%
Thin free cash flow (2.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.98
Moderate — manageable debt (0.98)
Covers its interest
Interest Cover
1.65x
Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
47.2x
Expensive — P/E 47.2

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

Dividend
Dividend Yield
3.28%
Moderate income — 3.28% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
N/A
Data not available

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