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Manufacturer of stainless steel pipes and tubes for industrial, construction and energy applications.
Manufacturer of stainless steel pipes and tubes for industrial, construction and energy applications.
Buys stainless-steel coil and converts it into welded and seamless pipe, so profit depends on the spread over raw-material cost and on inventory gains or losses as nickel prices move. Exports to the US and Europe are a large part of sales.
Moat: narrow (scale, distribution). One of Taiwan's largest stainless pipe exporters with broad global distribution.
Headquarters: Kaohsiung, Taiwan
Size TA Chen Stainless Pipe (2027.TW) is a Taiwan Materials company (Steel) with a market value of $3.46B, the 112th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$45.70 on 6 Nov 2026.
Performance Over six months the shares gained 21.1%, against -22.7% for the median peer and -3.4% for the Taiwan market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 24.3% over the last twelve months (peer median -1.0%); the operating margin is 17.6% (peer median 3.0%).
Valuation It trades at 8.0× forward earnings against a peer median of 14.1× (2nd cheapest of 18).
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 +11%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$117B | NT$102B | NT$90.4B | NT$101B | NT$114B |
| Revenue growth | — | +13% | -11% | -11% | — |
| Gross profit | NT$30.4B | NT$23.1B | NT$14.9B | NT$17.4B | NT$29.2B |
| EBITDA | NT$24.2B | NT$17.5B | NT$9.40B | NT$11.7B | NT$21.0B |
| Net income | NT$11.9B | NT$6.68B | NT$3.54B | NT$5.33B | NT$12.0B |
| Free cash flow | NT$3.80B | -NT$5.73B | NT$6.05B | NT$17.2B | -NT$5.47B |
| Capital expenditure | NT$8.56B | NT$7.51B | NT$8.53B | NT$7.68B | NT$8.61B |
| Total debt | NT$53.3B | NT$54.7B | NT$47.9B | NT$51.6B | NT$60.8B |
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 |
|---|---|---|---|---|---|---|
| TA Chen Stainless Pipe 2027.TW | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% |
| Yieh United Steel 9957.TWO | $581M | -18% | -10% | -12% | n/a | n/a |
| Tang Eng Iron Works 2035.TWO | n/a | -7% | n/a | n/a | n/a | n/a |
| Outokumpu OUT1V.HE | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% |
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 | 2027.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.6% | -7.1% | 8th highest of 21 |
| 6-month return | +21.1% | -22.7% | highest of 20 |
| Distance from 52-week high | -12.6% | -38.5% | highest of 21 |
| Revenue growth (TTM) | +24.3% | -1.0% | 2nd highest of 21 |
| Operating margin | 17.6% | 3.0% | 2nd highest of 21 |
| Forward P/E | 8.0× | 14.1× | 2nd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -10.1% | 7.4% | least demanding of 16 |
| Growth delivered (Del g) | +11.4% | +5.2% | 2nd highest of 16 |
| Hurdle (Req g minus delivered) | -21.5 pp | +1.2 pp | least demanding of 16 |
| ROIC minus cost of capital | +6.5 pp | -2.8 pp | 2nd highest of 21 |
| EV / EBITDA | 6.8× | 10.4× | 2nd cheapest of 9 |
| Net debt / EBITDA | 1.6× | 1.1× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% | +11.4% |
| Hunan Valin Steel 000932.SZ | China | $3.49B | -27% | -7% | 1% | 20.0× | 6.4% | +0.9% |
| Beijing Shougang 000959.SZ | China | $3.50B | -34% | -2% | 1% | 27.4× | -9.7% | +5.2% |
| Salzgitter SZG.DE | Germany | $3.29B | -14% | -6% | -1% | 10.5× | n/a | n/a |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| HBIS 000709.SZ | China | $2.96B | -16% | -6% | 5% | 12.2× | n/a | n/a |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |
| Fujian Makeng Mining 601123.SS | China | $2.76B | n/a | -3% | 41% | n/a | 29.1% | -1.0% |
| Zhejiang Jiuli Hi-Tech Metals 002318.SZ | China | $2.75B | -37% | -38% | 4% | 25.9× | 15.4% | +19.5% |
| Hangzhou Iron & Steel 600126.SS | China | $2.73B | -38% | -58% | -1% | n/a | 19.3% | +9.8% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 74.3× | -1.2% | +4.8% |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Aperam APAM.AS | Netherlands | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% | +10.9% |
| Sims SGM.AX | Australia | $2.62B | -11% | +7% | 4% | 10.5× | 14.6% | +6.2% |
| Angang Steel 000898.SZ | China | $2.50B | -15% | -6% | -7% | n/a | n/a | n/a |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |