CSC STEEL HOLDINGS BERHAD
KLSE (MYR): CSCSTEL (5094)
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Last Price
1.35
Today's Change
0.00 (0.00%)
Day's Change
1.35 - 1.35
Trading Volume
13,000
Company warrants are issued by the company and give the holders the right, but not an obligation, to subscribe for new ordinary shares at a specified price during a specified period of time.
Structured warrants are proprietary instruments issued by a third-party issuer, namely an eligible broker or financial institution that give holders the right, but not the obligation, to buy (call warrants) or sell (put warrant) the underlying instrument in the future for a fixed price.
A call warrant is in-the-money when the exercise price is lower than the price of the underlying share.
A put warrant is in-the-money when the underlying share price is lower than the exercise price.
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One Up on Malaysia’s Steel Industry
While there are many well-intentioned contents published on stock forums, some of them are simply based on writers' opinion and understanding may end up become inaccurate or mispresented, so to speak.
That being said, I do not wish to point fingers or lay blames to any parties, and I hope whatever I shared in this article could brighten up our reader’s mind.
To begin with, there are generally two types of steel industries player in Malaysia, namely the manufacturers and/or value add companies, and those who involved mainly in the trading and wholesaling business.
As for the value chain, the photo taken from Bulatlat had presented well on how it works.
https://www.bulatlat.com/2016/09/21/buildfilipino-developing-local-ste...
2022-08-06 17:11
Generally, Malaysia did not involve much in the iron ore mining industry, as our country’s mineral mining sector recorded a gross output value of MYR3.5 billion, out of which RM1.7 billion is attributable to bauxite and ilmenite mining (2016, Mining and Quarrying Economic Census).
And according to Trading Economics, https://tradingeconomics.com/malaysia/mining-production the mining production in Malaysia had averaged a 0.75% drop from 2011 until 2021. Hence, we do not see much iron mining activities ongoing on Bursa.
2022-08-06 17:11
While investors would generally refer “steel” prices on CNY-based rebar, which is the first search result one could find when you googled “steel prices”, flat steel and value-added products such as hot rolled coil and cold rolled coil data is relatively harder to be found. Hence, there are many misunderstood on the pricing – which is completely understandable especially for those who are new to the market.
You could also see that the application of long steel such as rebar and flat steel are much different.
Understandably, the prices for “steel” are constantly fluctuating alongside with supply and demand.
While many could argue that “steel” prices had went down from its high, the value of construction work done alone in 2022 Q1 in Malaysia had amounted to RM29.5 billion – steel, being one of the key construction materials, is poised to see an increase of demand, and at the current juncture, it is still considerably profitable for steel players in Malaysia.
For manufacturers in Malaysia, they are generally applying to a costs-plus model in terms of factoring their prices. In other words, as long as the management had been keeping a close eye on steel prices and manage their inventories well, the company should remain buoyant against the price fluctuation headwinds, while preparing rigorously for the next upcycle.
For number crunchers, we need to relook at the term “Revenue” , which obviously was made up of 2 aspects for steel companies, namely the volume supplied and selling price of the products.
In weaker steel prices time, the manufacturer or trader could rack up their volume to cover up fixed costs as well as enhance their margins, and during the steel upcycle, they could enjoy both at once. It all comes down to how well the company was managed, especially on the inventory level.
2022-08-06 17:12
Speaking of which – inventories could make a difference on the profit and loss statement, but for obvious reasons it would depend on when the goods were sold. Do bear in mind, that these inventories are not like your properties, which one could revalue to inflate its bottom line, but instead, it needs to be sold then only its bottom line can be concluded which is always tied back to the timing of sales.
Of course, for slow moving inventories and those inventories which are below its net realisable value, the steel manufacturers and/or traders may even need to impair or setting up an allowance for impairment on the books!
Therefore, I was amazed when investors are touting the idea of steel companies inflating their numbers by not doing anything on their inventories.
However, for investors, it is always about the return on investment. We all know that the stock market generally had a 6-12 months forward nature in pricing and valuation, and that would very well explain the current valuation of the steel companies. Coupled with hampered investors sentiment, there you go, low single digit PE steel companies.
It is wise for investors to normalize the company profit, and to certain extent – try to wait out for a low for companies who managed their cash flow well.
2022-08-06 17:12
Oh! Speaking of which, cash flow and debt is another commonly debated issue in the steel industry.
I think many investors may understand the basics of working capital, but not the concept of trade financing. You see, in a capital-intensive business, it is sometimes cheaper to raise a super short-term borrowing of 30 to 120 days in order to secure customers and better margins.
This is common that steel industry, or commodities related companies on Bursa had over a great deal of their debt in short-term trade financing, which is lower in financing costs, as it was prorated.
It is just sad to see that investors are injudiciously and blatantly claiming that steel makers would raise borrowings just to pay dividends to attract investors. Dividends are generally approved by the board members while for final dividends, shareholders’ approval need to be sought. The board members which also consists of independent directors must have closely monitor the cash flow of the company before approving it.
So much for saying debt-for-dividend.
I think investors need to be fair in justifying the profit and loss, as well as cash flow movement of any steel companies in Malaysia before crowning an undervalued or overvalued statement over them. It is simply irresponsible.
Remember, what is undervalued now can be overvalued in 6-12 months’ time, and vice-versa.
Cheers!
2022-08-06 17:12
So long in the business, why the need to borrow? What happened to past profits?
2022-11-15 18:20
https://focusmalaysia.my/markets/csc-steel-when-you-have-a-good-horse-the-jockey-is-not-critical/
If you go by this article, management may come and go but the business model will ensure that the company will always profitable.
2023-07-08 17:49
This yr div is min 8 sen, that is a yield exceeding 7% pa.
Very sound & safe investment loh!
2023-07-14 10:34
This is another cash rich company with NTA at RM2.38 a share, twice its current price.
2023-07-31 10:57
Bought at around RM1.20, how to take profit? This year's eps should be at least 15 sen and dividend shouldn't be less than 8 sen a share.
2023-08-23 09:11
Time to wake up and move ahead. Come on, you are worth much more than RM1.19 a share.
2023-11-15 10:26
Nice move today. +5.12%, with nice volume. Majority odds swing low has been printed on 27/10.
There's a gap fill near 1.45. Very ambitious and minority odds it'll get there this year with KLCI markets in zig zag mode. But if KLCI can do a strong run for several weeks, then, odds improve. Unfortunately, I didn't manage to get my standard position, the position size is smaller than target, but still nice to see my holdings rise by 5.17% today.
2023-11-16 00:42
Helps cover some of the red moves on the other parts of my portfolio, to allow my portfolio to hit all time new high again today! Thanks ANNJOO and thanks CSCSTEL!
2023-11-16 00:43
I bought this counter for the dividend. Never expect the final dividend to drop from 14 sen in 2021 to just 3 sen last year. Should be able to pay more this year. Just keep, it only constitutes a small fraction of my portfolio.
2023-11-17 17:20
If they keep up the good performance qtr to qtr basis, expect to be incentivized for holding or adding to your portfolio because price is still attractive to enter.
2023-11-25 11:30
Steel counter is the next theme to goreng.
Upcoming Construction Tender Jobs that have been delayed for awarding and expected to be announced, inclusive of existing contracts...
- MRT3
- LRT
- ECRL
- Penang Mega Infra
- Subang Airport
- Mega Flood Projects
- Johor Catalyst, RTS & HSR
- Pan Borneo
- Indonesia new capital in Nusantara, Kalimantan
2023-12-31 09:30
CSC is a well manage co loh!
It will benefit from the next upturn with TP Rm 1.60 to Rm 1.80 loh!
2024-01-01 12:14
钢铁领域 – 本地1月行情
如无意外，政府将陆续推动多项庞大的基建发展工程。这些大型项目包括:
> 东海岸铁路ECRL - RM55b
> 马新高铁 HSR – RM50-60b
> 捷运2号线MRT2 – RM32b
> 泛婆罗洲大道Pan Borneo Highway – RM16b
> 轻快铁3号线 LRT3 – RM9b
> 金马士- 新山电动双轨火车 – RM8b
> 大型城镇发展计划，如敦拉萨国际贸易中心TRX、KL118和其他项目
根据统计，上市建筑承包商在去年获得RM56b的合约，但是今年至今却只获RM15b。随着以上项目即将陆续开跑，投行预计今年底可达RM40b。
目前，大马最大型的ECRL项目在关丹Gebeng已经开始动工，由中国公司一手承包。Gebeng工业区已经建设一家非常庞大的中马合资钢铁厂Alliance Steel，主要用于应付ECRL的钢铁需求。由于ECRL项目非常大型，本专页相信本地钢铁厂也会受惠其中。
以上的大型项目将进一步推高钢铁建材的需求，如钢铁、水泥和铝。根据观察，虽然钢筋价格在近几个月走高，但是钢铁需求却未跟上。个人认为之前的上涨主要归功于中国减产、环保以及安检的措施。
值得一提，中国8月钢铁产量按年增长8.7%，创下历史新高。若钢铁价格要维持在高位，产能过剩的问题必须要解决，或者钢铁需求进一步增长。中国长钢期货在近期连续多天下滑，从每吨4,050元左右跌至目前的每吨3,900元。然而，这一现象并未影响大马的长钢价格。
根据资料，截至9/21，16-32cm 长钢价格如下:
> Chuan Huat (Ann Joo Steel) - 每吨RM2,615
> Southern Steel – 每吨RM2,650
> Amsteel (Lion Industries) – 每吨RM2,620
由于Annjoo的生产成本最低，它有能力以更低的价位争夺市场份额。然而，今天的平均长钢销售价已下滑至每吨RM2,550左右。本专页认为本地的长钢行情依然还在。一旦这些基建项目正式推出后，钢铁股未来的业绩将更出色。
中国方面，政府在前天召集区域内钢铁企业开会。会议上确定各钢厂高炉限产50%，执行日期为今年10月至明年3月。因此，钢铁价格接下来预计可继续维持在高位。
另一方面，中国一带一路建设项目可能导致钢铁需求增加高达150m吨，其中80%将用于建筑结构和钢筋混凝土。这计划历时10年，相当于每年增加15m吨钢铁需求，也就是说一带一路国家的钢铁需求会增长3-4%。
值得一提，在一带一路沿线的68个国家中，只有10个国家为钢铁净出口国，其余国家均在某种程度上依赖钢铁进口，其中超过20个国家根本没有任何炼钢产能。那么，你们认为大马四大长钢Annjoo、Ssteel、Masteel和Lionind会受益吗？
Mycron and melewar also benefits!
纯属分享！
2024-01-07 10:41
CSCSTEL EPS is cyclical, and we just came off a cycle low last year. Maybe I think 70%-90% chance that over the next 5 years, we'll see double digit EPS again, with prices in the range between 1.5 to 2. My cost price is around RM1.15.
Assuming it takes 5 years to hit these prices, the annualized Price returns ignoring Dividends are:
RM1.5 = 5.5% per annum
RM2 = 11.7% per annum
It's lowest dividend yield is 2.4%.
Thus, its good odds that if you can buy CSCSTEL cheap, the odds of getting a total returns of 8% to 14% per annum over 5 years or higher is very decent.
If own, no need to stress when prices will go above RM1.5 - it could take many years or next year. Nobody knows. The key is diversify, own small, and just relax. One day over next 5 years, it should get there and these kind of returns should be EPF over the period. Don't do active trading, commissions will just eat a huge chunk and if you play the buy high, sell higher price, inevitably, some of your trades will have losses that will eat into your cumulative profits, where after commissions, you may end up losing to FD rates if you do nothing.
2024-01-07 14:31
Ternium is a South American steel company. Although it has some mining operations, these serve mainly in-house and are a small component relative to the steel output. It achieved revenue and profit growth through organic growth and acquisitions over the past 11 years. It has a strong financial position and a good capital allocation plan, creating value for shareholders. A Valuation based on the steel price cycle shows a sufficient margin of safety, making it an investment opportunity. https://i.postimg.cc/kgw7QWJk/Ternium.png
If you are already invested in Bursa steel companies, this might be a good geographical diversification. https://www.youtube.com/watch?v=_O8B0TJGwfs
2 months ago
The company still hasn't announced its final quarter financial results for last year. It would pay its final dividend for last financial year only this year, likely in early July as in previous years. It is possible that it may pay 8 to 10 sen a share.
2 months ago
Should perform much, much better last year than it did in 2022 but its share price has not reflected this. Hope investors don't have to wait for too long to see its share price move upwards.
2 months ago
Final dividend at 9.4 sen a share, translating into a dividend yield of more than 7.5%. Hurrah!
1 month ago
Good stocks people don't buy, speculative stocks a lot of people chase. What a pity!
1 month ago
Csc Steel only a dividend play
Now price up is priced in already
After Ex Dividend price will come down
And dividend also got tax
Better take profit and buy Palm oil shares in CYCLICAL UPTREND NOW
Can double or triple your monies
JAYA TIASA IS GOING FROM STAGE 5 TO STAGE 6
BEST TIME TO BUY AT STAGE 5
AND THE BEST OF BEST TIME IS NOW ON WEAKNESS
RESULTS OUT SOON
IF GOT GOOD DIVIDENDS PRICE WILL BLAST UP
BETTER NOT MISS
THE 7 PHASES OF A SUCCESSFUL PALM OIL COMPANY, Calvin Tan
https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2023-09-26-story-h-218987595-THE_7_PHASES_OF_A_SUCCESSFUL_PALM_OIL_COMPANY_Calvin_Tan
1 month ago
CSC Steel is trading at a PE of under 10, a dividend yield of over 7% and has net cash of RM350 million or over 80 sen a share. TSH is trading at a PE of over 15, a dividend yield of only 2.5% and after deducting loans and borrowings, its net cash position is -RM50 million. Malaysia is under the single-tier tax system. Malaysian shareholders are not required to pay income tax on dividends received.
1 month ago
For Dividend INNO is best
https://www.bursamalaysia.com/bm/market_information/announcements/company_announcement/announcement_details?ann_id=3402557
27-Nov-2023 14-Dec-2023 DIVIDEND Third Interim Dividend RM 0.0275
21-Aug-2023 11-Sep-2023 DIVIDEND Second Interim Dividend RM 0.0225
25-May-2023 15-Jun-2023 DIVIDEND First Interim Dividend RM 0.0200
21-Feb-2023 09-Mar-2023 DIVIDEND Fourth Interim Dividend RM 0.0250
22-Nov-2022 12-Dec-2022 DIVIDEND Third Interim Dividend RM 0.0300
24-Aug-2022 14-Sep-2022 DIVIDEND Second Interim Dividend RM 0.0700
23-May-2022 09-Jun-2022 DIVIDEND First Interim Dividend RM 0.0600
25-Feb-2022 17-Mar-2022 DIVIDEND Fourth Interim Dividend RM 0.0600
25-Nov-2021 14-Dec-2021 DIVIDEND Third Interim Dividend RM 0.0600
26-Aug-2021 14-Sep-2021 DIVIDEND Second Interim Dividend RM 0.0400
1 month ago
Construction activities should pick up, meaning more demand for steel products. Government can impose duties on imported products to protect local steel industries.
1 month ago
According to Damodaran, projecting the performance of cyclical companies based on the current performance can lead to mis-valuations. He opined that for such companies we should look at the performance over the cycle – the normalized performance
When I carried out such an analysis of CSC Steel, I found that there is still a margin of safety based on its current price. Refer to page 20 of the article. https://notice.shareinvestor.com/email/newsletter/invest/pdf/Vol197_Invest-01Mar.pdf
1 month ago
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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Downtrending. Time to accumulate slowly
2022-07-18 17:02