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Size Hsin Kuang Steel (2031.TW) is a Taiwan Materials company (Steel) with a market value of $418M, the 509th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$43.05 on 6 Nov 2026.
Performance Over six months the shares gained 5.6%, against -9.7% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 3.1% over the last twelve months (peer median -2.2%); the operating margin is 7.9% (peer median 2.8%).
Valuation It trades at 10.6× forward earnings against a peer median of 22.5× (4th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points below its cost of capital (5.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$16.6B | NT$16.8B | NT$14.6B | NT$16.1B | NT$17.2B |
| Revenue growth | — | +15% | -9% | -6% | — |
| Gross profit | NT$1.99B | NT$1.46B | NT$1.14B | NT$1.42B | NT$1.17B |
| EBITDA | NT$1.62B | NT$1.19B | NT$850M | NT$1.10B | NT$962M |
| Net income | NT$2.07B | NT$1.06B | NT$1.44B | NT$1.65B | NT$394M |
| Free cash flow | NT$1.19B | NT$2.05B | -NT$669M | -NT$128M | NT$893M |
| Capital expenditure | NT$595M | NT$150M | NT$1.23B | NT$473M | NT$374M |
| Total debt | NT$16.1B | NT$14.8B | NT$15.6B | NT$13.8B | NT$13.0B |
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.
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 | 2031.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.0% | -10.1% | 6th highest of 21 |
| 6-month return | +5.6% | -9.7% | 5th highest of 21 |
| Distance from 52-week high | -11.9% | -37.8% | 2nd highest of 21 |
| Revenue growth (TTM) | -3.1% | -2.2% | 11th highest of 21 |
| Operating margin | 7.9% | 2.8% | 7th highest of 21 |
| Forward P/E | 10.6× | 22.5× | 4th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 1.3% | 14.2% | 3rd least demanding of 13 |
| Growth delivered (Del g) | +11.3% | +7.2% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | -10.0 pp | +6.8 pp | 4th least demanding of 13 |
| ROIC minus cost of capital | -0.4 pp | -3.7 pp | 6th highest of 20 |
| EV / EBITDA | 14.7× | 10.3× | 5th most expensive of 13 |
| Net debt / EBITDA | 5.7× | 1.2× | 3rd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hsin Kuang Steel 2031.TW | Taiwan | $418M | +6% | -3% | 8% | 10.6× | 1.3% | +11.3% |
| Shengtak New Material 300881.SZ | China | $416M | -50% | +9% | 4% | 20.8× | n/a | n/a |
| Osaka Steel 5449.T | Japan | $416M | -11% | -17% | -2% | n/a | n/a | n/a |
| China Oriental 0581.HK | Hong Kong | $413M | -31% | 0% | 2% | 9.2× | n/a | n/a |
| SK oceanplant 100090.KS | South Korea | $430M | -62% | -5% | 8% | 15.7× | n/a | n/a |
| Liaoning Fu-An Heavy Industry 603315.SS | China | $439M | -46% | -4% | 3% | n/a | 31.1% | +7.5% |
| Topy Industries 7231.T | Japan | $440M | +1% | +2% | 2% | 9.0× | 6.0% | +5.8% |
| Chun Yuan Steel Industry 2010.TW | Taiwan | $445M | -8% | +2% | 8% | n/a | -11.7% | +4.7% |
| Kalyani Steels KSL.NS | India | $392M | -5% | -5% | 17% | n/a | 19.1% | +9.4% |
| Electrosteel Castings ELECTCAST.NS | India | $450M | -25% | -16% | 2% | 26.5× | 12.6% | +11.3% |
| Steelcast STEELCAS.NS | India | $387M | +23% | +9% | 24% | n/a | 30.2% | +22.2% |
| Ferrexpo FXPO.L | United Kingdom | $453M | -55% | -39% | -1% | n/a | n/a | n/a |
| Kyoei Steel 5440.T | Japan | $455M | -13% | +7% | 4% | 8.8× | -7.0% | +6.8% |
| Shanxi Antai 600408.SS | China | $456M | -8% | -5% | -3% | n/a | 28.8% | -10.7% |
| Kirloskar Industries KIRLOSIND.NS | India | $381M | +2% | +4% | 8% | 73.3× | 3.2% | +27.5% |
| Venus Pipes & Tubes VENUSPIPES.NS | India | $377M | +21% | +22% | 14% | 25.9× | n/a | n/a |
| Guangdong Sanhe Pile 003037.SZ | China | $466M | -28% | -9% | 1% | n/a | n/a | n/a |
| Vardhman Special Steels VSSL.NS | India | $371M | +31% | +15% | 11% | 25.5× | n/a | n/a |
| Jiangsu Wujin Stainless Steel Pipe 603878.SS | China | $360M | -46% | -9% | -4% | 22.5× | 6.6% | -0.6% |
| John Cockerill India COCKERILL.NS | India | $358M | +23% | +174% | -1% | n/a | 21.5% | +0.4% |
| Tubacex TUB.MC | Spain | $358M | -6% | -7% | -2% | 76.4× | 15.7% | +9.3% |