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Hong Chew Eu
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CSC Steel - Benjamin Graham Would Love This Stock

CSC Steel Holdings Berhad is one of the more prominent cold-rolled steel producers in Malaysia. The company is majority-owned by China Steel Corporation (CSC) of Taiwan, and several members of its senior management team are seconded from the parent company. Its principal raw material - hot-rolled steel coils - is primarily sourced from the parent group ensuring supply chain stability.

While the steel industry is inherently cyclical, CSC Steel has demonstrated resilience across market cycles, having remained profitable in nearly every year over the past two decades. The sole exception was in 2014, when the company incurred a loss due to a combination of global oversupply, aggressive low-cost imports, and a sharp decline in steel prices.

The most recent industry bottom occurred in 2020, following the peak in 2022. At present, the market appears to be in the downward leg of the cycle. Despite this, CSC Steel managed to remain profitable throughout the 2019–2024 period, although 2021 was an outlier year in which the company did not generate positive operating cash flow.

Over this five-year span, the company achieved a Return on Equity (ROE) ranging from 1.7% to 9.9%, with an average of approximately 5% -ma modest but consistent performance.

What stands out about CSC Steel is its valuation. The current share price of RM 1.18 trades significantly below its Graham Net-Net value of RM 2.00, a conservative estimate often used as a proxy for liquidation value. Given its clean balance sheet, consistent profitability, and strong backing from CSC Taiwan, CSC Steel does not exhibit any signs of financial distress.

This combination of subdued business performance and low investment risk places CSC Steel on the borderline between the “Goldmine” and “Turnaround” quadrants of the Fundamental Mapper - an apt reflection of its value-oriented appeal.
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Tteffub Nerraw
Agree
Like · 2 days · translate
Hoong Siew
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这个月29号开agm,谁有去拿礼物
Jaredgwee
需要像之前这样register 吗
Like · 2 weeks · translate
Cha Yin Tee
agm是拿什么礼物啊
Like · 1 week · translate
Soondy Leong
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gg,no dv given
Jaredgwee
FYE. 2024 profit 34.2 mil *78%
26.676mil /380mil= 0.07
payout ratio 78%

如果按照接下来每个quarter 保持赚11mil
2025 total profit 45.6mil if payout ratio 75%
34.2mil / 380mil = 0.09 cent
CSCSTEL 很多年派息在75%之间
还是蛮不错现金牛,肯定好过FD
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1 Like · 2 weeks · translate
Kiang Aik Teo
3 Like · Reply
7 sen dividend proposed.
Gerbilg Rat
Oh! I miss out this announcement !
Like · 1 month · translate
Jaredgwee
This quarter profit roughly at between 11.6-12.2mil based on what i calculation...
That why recent 2 week got buyer keep buying at low price
1 Like · 2 weeks · translate
Kamarulzaman
1 Like · Reply
0.88 - 0.91....try masuk
Kok Lin Kuang
2 Like · Reply
better don't buy
Kok Lin Kuang
steel b looks not so good
Like · 3 months · translate
Gerbilg Rat
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五年平均 8分股息,现在买您7%年股息, 有人要吗?
Hing Cheung Chan
你估計今年會派多少仙?
Like · 4 months · translate
Courgette Chong
我猜0.10仙吧
Like · 4 months · translate
JL Production
3 Like · Reply
good ibuy at 1.22
Jaredgwee
Can refer this China website, inside hv all type of steel price chart... recently who panic selling they will regret not able to control their emotion
Like · 4 months · translate
HotBear
4 Like · Reply
中国房地产疲软, 基础建设放缓贸易紧张局势影响中国出口, 抑制国内+全球需求, 导致钢铁价格下跌. 下个季度由于生产水平居高不下, 钢铁价承受下游压力, 需求前景不好, 尽管中国政府推动减少能源消耗并在钢铁行业实施更严格的碳排放标准, 可能有帮助降低产量, 但全球需求疲软恐怕短期内还是对公司的盈利有影响.

但是马币走强将会对公司有一定程度的利好毕竟原材料都是进口的, 只是短期内市场充满太多不确定性

国内也面对政府对于越南的进口钢铁拿走了反倾销税, 同时需要 Mega Project 的推动才会导致钢铁需求上升. 以周期性出名的行业, 即使这家公司能保持小额亏损/持续盈利, 但是相信市场不会买单吧. 再观察看看
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MICHAEL CHONG
2 Like · Reply
Collecting @ 1.17 …..hoot9e
Jaredgwee
China steel company start to halt and reduced the steel production, good news
Like · 8 months · translate