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Taiwanese steelmaker producing rebar and structural steel via electric-arc-furnace mini-mills.
Taiwanese steelmaker producing rebar and structural steel via electric-arc-furnace mini-mills.
Melts scrap steel in electric furnaces and rolls it into rebar and sections, so earnings are the spread between finished-steel prices and the cost of scrap and power. Taiwanese construction is its core demand.
Moat: narrow (scale). Established EAF mini-mill scale within Taiwan's domestic construction-steel market.
Headquarters: Kaohsiung, Taiwan · Employees: 3,153
Size Tung Ho Steel Enterprise (2006.TW) is a Taiwan Materials company (Steel) with a market value of $1.86B, the 177th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$84.30 on 6 Nov 2026.
Performance Over six months the shares gained 26.2%, against -23.2% for the median peer and -3.4% for the Taiwan market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +3.0%); the operating margin is 12.0% (peer median 5.9%).
Valuation It trades at 11.2× forward earnings against a peer median of 18.4× (4th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$59.5B | NT$57.9B | NT$60.2B | NT$61.0B | NT$59.2B |
| Revenue growth | — | -4% | -1% | +3% | — |
| Gross profit | NT$9.87B | NT$8.44B | NT$8.27B | NT$8.53B | NT$7.32B |
| EBITDA | NT$8.90B | NT$7.48B | NT$7.34B | NT$7.59B | NT$6.71B |
| Net income | NT$6.12B | NT$4.72B | NT$4.48B | NT$4.73B | NT$3.99B |
| Free cash flow | n/a | NT$7.74B | NT$5.97B | NT$3.80B | NT$3.59B |
| Capital expenditure | n/a | NT$1.20B | NT$1.05B | NT$683M | NT$3.13B |
| Total debt | NT$7.91B | NT$7.79B | NT$12.4B | NT$15.7B | NT$17.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tung Ho Steel Enterprise 2006.TW | $1.86B | +26% | -4% | 12% | 11.2× | -10.3% |
| Feng Hsin Steel 2015.TW | $1.11B | +4% | -12% | 0% | 14.5× | 9.2% |
| China Steel 2002.TW | $8.65B | 0% | -7% | 0% | 41.5× | n/a |
| Yieh United Steel 9957.TWO | $581M | -18% | -10% | -12% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2006.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | -6.6% | 4th highest of 21 |
| 6-month return | +26.2% | -23.2% | highest of 21 |
| Distance from 52-week high | -12.2% | -36.8% | highest of 21 |
| Revenue growth (TTM) | -3.5% | +3.0% | 7th lowest of 21 |
| Operating margin | 12.0% | 5.9% | 6th highest of 20 |
| Forward P/E | 11.2× | 18.4× | 4th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -10.3% | 10.6% | least demanding of 18 |
| Growth delivered (Del g) | +6.2% | +7.0% | 8th lowest of 18 |
| Hurdle (Req g minus delivered) | -16.5 pp | +6.3 pp | 2nd least demanding of 18 |
| ROIC minus cost of capital | +8.5 pp | -2.5 pp | highest of 20 |
| EV / EBITDA | 7.6× | 10.2× | 2nd cheapest of 7 |
| Net debt / EBITDA | 0.7× | 1.2× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tung Ho Steel Enterprise 2006.TW | Taiwan | $1.86B | +26% | -4% | 12% | 11.2× | -10.3% | +6.2% |
| Worthington Steel WS | United States | $1.88B | -9% | +69% | 3% | 9.7× | 26.5% | -1.5% |
| Ratnamani Metals & Tubes RATNAMANI.NS | India | $1.83B | -13% | -16% | 14% | 31.8× | 27.4% | +14.4% |
| Shandong Iron and Steel 600022.SS | China | $1.98B | -12% | -10% | n/a | 12.6× | 1.3% | -5.1% |
| Outokumpu OUT1V.HE | Finland | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% | -0.7% |
| Sichuan Anning Iron and Titanium 002978.SZ | China | $1.72B | -22% | -10% | 41% | 18.4× | 6.1% | +4.2% |
| China Nonferrous Metal Industry's Foreign Engineering and Construction 000758.SZ | China | $1.72B | -17% | +42% | 7% | n/a | 9.1% | +8.4% |
| Jindal Saw JINDALSAW.NS | India | $1.70B | +4% | -1% | 6% | 22.7× | 17.5% | +10.9% |
| Xinxing Ductile Iron Pipes 000778.SZ | China | $2.05B | -24% | +15% | 2% | 20.5× | -6.9% | -2.8% |
| Chongqing Iron & Steel 1053.HK | Hong Kong | $1.64B | -27% | -8% | -13% | n/a | n/a | n/a |
| Sarda Energy & Minerals SARDAEN.NS | India | $1.63B | -27% | -2% | 26% | n/a | 10.6% | +20.9% |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | n/a | n/a | n/a |
| Maanshan Iron & Steel 0323.HK | Hong Kong | $2.27B | -50% | 0% | 0% | 18.0× | 3.8% | -1.7% |
| Advanced Technology & Materials 000969.SZ | China | $2.28B | -32% | +37% | 5% | 40.2× | 16.2% | +9.8% |
| Daido Steel 5471.T | Japan | $2.29B | -4% | +8% | 7% | 10.8× | 8.8% | +7.0% |
| Suzhou Hesheng Special Material 002290.SZ | China | $1.51B | -50% | +1% | 7% | 42.2× | 34.8% | +7.1% |
| Alleima ALLEI.ST | Sweden | $2.32B | +9% | -5% | 7% | 21.5× | 12.9% | +0.4% |
| Godawari Power & Ispat GPIL.NS | India | $1.49B | -31% | +8% | 19% | 12.5× | 21.7% | +6.3% |
| Dalian Huarui Heavy Industry 002204.SZ | China | $1.43B | -28% | +5% | 4% | n/a | -3.8% | +13.9% |
| Ryerson RYZ | United States | $1.43B | +1% | +53% | 1% | 10.6× | n/a | n/a |
| Hainan Mining 601969.SS | China | $2.44B | -33% | +29% | 17% | 13.9× | 0.8% | +9.9% |