entury Iron & Steel Industrial (9958 TT, 117.50) - Project sites continue to progress, financing progress expected to become clearer

研报英文原文证据摘录

entury Iron & Steel Industrial (9958 TT, 117.50) - Project sites continue to progress, financing progress expected to become clearer

the project starting initial

material input in 4Q25 and now entering the pre-processing stage. It is estimated that PP

Source: CMoney and 80% of JK manufacturing can be completed in FY26. Recently, HDRE’s (6873 TT, Not

Rated) subsidiary, Star Power, and Haisheng Wind Power officially signed a corporate PPA,

What's changed

which will help to improve future cash flow visibility and advance financing progress for

New Old %

Rating Buy Buy the project. Haiguang project is expected to commence production as early as 4Q26 and

Target price 140 125 12 connect to the grid between 2028-2029. Overall, the company has sufficient orders in

EPS forecast 10.34 10.75 -4 hand, and short-term schedule adjustments for individual projects do not affect the

Target PE 13.5 11.6 medium- to long-term growth trend. Fubon estimates FY26 sales of NT$19.41bn and EPS

of NT$10.34.Financial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F

Net sales 14,463 19,408 24,116 Integrating group resources to expand diversified energy equipment market

YoY growth (%) 15.9 34.2 24.3

Recently, Myson Wind Power announced a share swap acquisition of Myson Huaxin,Op profit 3,307 5,082 6,310

YoY growth (%) 11.3 53.7 24.2 simultaneously renamed to Myson Energy Equipment, reflecting the company's strategy to

Net profit 1,650 2,553 3,182 expand from offshore wind power to other energy equipment markets. This integration will

YoY growth (%) -6.2 54.7 24.6

consolidate the group's resources at both Taipei and Taichung ports, linking heavy cargo

EPS (NT$) 6.57 10.34 12.89

DPS (NT$) 4.5 6.2 7.7 terminals and underwater foundation manufacturing capabilities to enhance order-taking