taiwan steel group™º邦網站檔案區/taiwan steel_group... · 2018-09-05 · taiwan: steel 10...

ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ARE LOCATED IN APPENDIX A. Yuanta does and seeks to do business with companies covered in its research reports. As a result, investors should

be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should

consider this report as only a single factor in making their investment decision.

Taiwan Steel Group

The dark knight of steel rises

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Industry Update

Taiwan: Steel 10 Aug, 2017

Chun Yu (2012 TT); not rated

Market cap

Share price (2017/08/18)

FINI ownership

Net debt/equity

2016/1H17 EPS NT$0.95/0.34

1H17 BVPS NT$12.7

Quintain Steel (2017 TT); not rated

Market cap


FINI ownership

Net debt/equity

2016/1H17 EPS NT$0.57/0.55

1H17 BVPS NT$12.15

GMTC (5009 TT); not rated

Market cap


FINI ownership

Net debt/equity

2016/1H17 EPS NT$0.7/0.22

1H17 BVPS NT$19.54

OFCO (5011 TT); not rated

Market cap


FINI ownership

Net debt/equity

2016/1H17 EPS NT$0.72/-1.75

1H17 BVPS NT$12.11

TMP Corp. (6248 TT); not rated

Market cap


FINI ownership

Net debt/equity

2016/1H17 EPS NT$0.92/0.36

1H17 BVPS NT$11.53

Primary Analyst:

Leo Lee

+886 2 3518 7983 [email protected]

http://research.yuanta.com

Bloomberg code: YUTA

https://mysurvey.euromoney.com/survey/takesurvey/en/BP17/

http://research.yuanta.com/

Taiwan: Steel 10 Aug, 2017 of 14

Taiwan Steel Group – Past and the future

Overview

Taiwan Steel Group (TSG) currently owns shares of seven companies, including E-

Top Metal (non-public), E-Sheng Steel (non-public), Quintain Steel (2017 TT; NR),

TMP (6248 TT; NR), Chun Yu (2012 TT; NR), OFCO Industrial (5011 TT), and GMTC

(5009 TT). The companies’ respective position along the electric furnace supply

chain is shown in Figure 1. The members of TSG are experienced senior personnel

who have dedicated themselves for decades in the industry, focusing on optimizing

production procedure and marketing channels.

Figure 1: The supply chain of TSG

Source: Company data, Yuanta Investment Consulting

Completing the puzzle like a PE fund

Starts with E-Top & E-Sheng, the upstream electric furnace producers, TSG has

adopted several M&As in the past years. By accumulating shares and entering board

of directors, TSG now has integrated OFCO, TMP, and Chun Yu with management

right. TSG also forms strategic alliances with Quintain Steel and GMTC. Through

this positioning, TSG has gradually achieved a vertical integration other than China

Steel in Taiwan (which is known as a blast furnace producer).

Accumulating shares of current listing companies and entering board of directors is

the major strategy of TSG’s growth. The advantage against building its own

capacity/plant includes 1) less capital expenditures; 2) faster respond to the market

dynamics; and 3) gaining intangible value (eg. brand name, existing clients, and

channels) from the targets. The capital of the M&A activities are supported by the

stable cash flow from E-Top & E-Sheng.

Overall, TSG is able to optimize the production and marketing systems of two major

production lines— screws and reinforcing steel bars. The capacity of E-Top and E-

Sheng can be utilized appropriately and flexibly. In the meanwhile the midstream

(Quintain Steel) and downstream (Chun Yu & OFCO) producers are able to have

stable, cost-competitive sources of raw materials. According to our checks, E-Top’s

production costs of billet steel are ~10% lower than peers’ due to 1) faster turnover

to lower the inventory cost; 2) lower costs of scrap source (E-Top uses painted steel

and galvanized steel instead of steel bars); 3) higher CUR rate (~92% vs. 87% of


peers). TMP was acquired by TSG and transformed into a sales channel of steel bars

in order to directly approach the construction market.

After completing the integration of plain carbon steel products, TSG aims to enter

the market of stainless steel, in the purpose of horizontally integrate the specialty

steel products. Since 2017, TSG targets Gloria Material Technology (GMTC, 5009

TT), which is the leader in Taiwan’s specialty steel industry. Not only GMTC can

provide stainless products, but also increase the quality of other products such as

screws. We believe this integration also help TSG to avoid the fluctuation of raw

material prices & lock the profit within the whole supply chain. When raw material is

in an up-cycle, profit stays in upstream producers, on the contrary, profit will flow

to downstream players when raw material step into down-cycle.

In our view, the Taiwanese companies were under pressure of losing

competitiveness due to the impact from China’s overcapacity. Once a successful

integration is formed, TSG might become a new challenger to the world sitting in

Taiwan, other than China Steel.

Figure 2: The stage of members within Taiwan Steel


Figure 3: The whole structure of Taiwan Steel Group



Chun Yu (2012 TT) – positioned for the long-term earnings growth

Chun Yu was founded in 1965, specializing in producing downstream steel

products (screws, nuts, wires) with capacity of ~300k tons/year, Chun Yu also

provides machinery for producing screws. Chun Yu’s products are sold globally,

Asia is the major market (65% top-line), especially in Taiwan, China, and Indonesia.

After TSG enters Board of Directors in 2013, Chun Yu’s operating efficiency has

largely improved, benefits are reflected in the past profitability (Figure4). 1H17 EPS

of NT$0.39 (up 115% YoY) Along with improving profitability, dividend payout

become more available and stable (Figure 5). Chun Yu also adjusted their strategy,

such as 1) closing the plant in Anshan, Liaoning, which had made loss of

~NT$270mn since operated in 3Q11; 2) gradually entering the higher value-added

auto market from the original construction application, catching up peers like

Sanshing (5007 TT; NR) and QST Intl (8349 TT; NR). Mgmt indicates that 2H17 top-

line & bottom-line should remain a mid-single-digit growth given the steady

operation condition. As such, we expect 2017F EPS is likely to stay at ~NT$1 level.

Looking forward, Chun Yu’s Dongguan plant has made strategy alliance with SGIS

Songshan (000717 CH;NR), blast furnace producer within Baowu Steel Group. The

benefits include 1) 10% costs saving given nearer distance (lower freight costs) and

cheaper feedstock and 2) expanding sales revenue as SGIS also planned to expand

capacity. Mgmt expects the new screw capacity (>30% increase vs. current

Dongguan capacity) to be ready by the end of 2017, 2018F should be a year of top

& bottom-line growth.

Figure 4: Profitability is improving year by year Figure 5: Dividend payout becomes favorable

Source: Company data, Yuanta Source: Company data, Yuanta

Figure 6: Chun Yu’s product mix in 2016 Figure 7: GM to catch up with auto screw players?



Quintain Steel (2017 TT) – positioned for the long-term earnings growth

Quintain was founded in 1973. As a mid-stream steel producer, Quintain

manufactures wires, rods and galvanized rods, these products are major materials

for screw making companies. Located in Tainan, Quintain owns

wire/rod/galvanized rod capacity of 270k/90k/40k tons/year, respectively. Most of

its products are provided for domestic companies and has a 7.3% market share of

its wire products in Taiwan.

Quintain has made strategy alliance with TSG in 2016, through the alliance,

Quintain is able to get support from the upstream electric furnace producers (it

used to import billets from Russia & China, accounting for 50% of feedstock). TSG is

able to provide cheaper feedstock to Quintain through E-Top, afterwards Quitain

can provide wires & rods for Chun Yu & OFCO’s screw products, forming an

vertically integrated supply chain. Thanks to the cheaper feedstock, Quintain’s

1H17 EPS of NT$0.55 (up 64% YoY) was close to the 2016’s NT$0.57, which turns

profitable and able to pay cash dividend after a 4-year no-pay. Looking forward,

Quintain is likely to benefit from the increasing steel spot price in China, driven by

the hike of raw material costs in 3Q17F. Furthermore, SGIS can also provide billets

from blast furnace (which is considered higher quality than electric furnace) to

Quintain, once SGIS & Chun Yu’s alliance is stabilized. As such, we are positive

toward Quintain’s 2H17F earnings outlook, 2017F EPS is likely a NT$0.8-0.9 level.

In addition, the company plans to invest NT$958mn in order to expand screw

capacity of 36k tons/year. Mgmt expects the new capacity to enter mass production

within two years.

Figure 8: Profitability is improving year by year Figure 9: Cash dividend was paid in 2016


Figure 10: Quintain’s product mix in 2016 Figure 11: Quintain’s capex plan

Product Capacity

(k tons/year) Capex

(NT$mn) Note

Screw 36k 958

First time entering downstream screw market, completed in 2019F

Wire & Rod 24k 660 Debottlenecking the current capacity, completed in 2019F



GMTC (5009 TT) – The last puzzle of a complete product mix

Gloria Material Corporation (GMTC) was founded in 1993, specialized in stainless steel

bars production. In terms of production process, GMTC’s functional stainless steel can

be mainly divided into VAR/VIM/ESR, which is applied in aerospace/oil & gas/energy

industry, respectively. The above products require strict certification from the clients.

Gloria owns electric furnace stainless steel capacity of 12k tons/year and plays as

world's top 20 alloy steel bar producer.

Despite GMTC owns superior technology/quality of stainless steel in Taiwan, the

earnings performance remained lackluster in recent years (Figure 12), given 1) the low

CUR of current capacity (e.g. VIM is running at only 30-40% CUR currently due to slow

demand from oil & gas); and 2) GM is highly correlated with nickel price (nickel accounts

for ~70% of total costs, Figure13), which was in a down-cycle during 2014-16. 1H17 EPS

of NT$0.22 was up 2.6% YoY, despite op profits increased 27% YoY, the company was

impacted by heavy FX losses in 1Q17 and the downtrend of nickel price in 2Q17.

Looking forward in 2H17F, Despite GMTC’s book-to-bill ratio maintain flat at ~1, nickel

prices return to an upward trend (up 11% QTD) in 3Q17F, 2H17F GM is expected to

rebound from 14% level in 2Q17 (nickel was down 6% during the quarter). As such, we

expect 2017F EPS is likely to see NT$0.7-0.8, a single-digit YoY growth.

TSG has accumulated GMTC’s shares since 2017, with >20% of shareholding, TSG is able

to enter GMTC’s Board of Director and obtain four of nine members. However, TSG does

not replace the current chairman and the mgmt. team, instead, TSG is hoping to improve

the quality of current product mix through GMTC’s advanced technology. On the other

hand, TSG can provide advices and resources for GMTC in order to improve their

marketing & production efficiency, we consider this a win-win situation once the

collaboration comes to a steady state.

Figure 12: GMTC’s profitability is not that decent Figure 13: GM is highly correlated with nickel prices

Source: Company data, Yuanta Source: Bloomberg, Company data, Yuanta

Figure 14: GMTC’s sales breakdown Figure 15: Certification is the major intangible asset

Product/Process Application Sales % GM

Vacuum Arc Remelting (VAR) Aerospace 23-25 30%

Vacuum Induction Melting (VIM) Oil & Gas 18-20 15-20%

Electro Slag Remelting (ESR) Energy 8-10 5-10%



OFCO (5011 TT) – Needs transition to get rid of the headwind

Founded in 1984, OFCO is a main supplier of construction-use hex and socket bolts in

Taiwan. Their factories are located in Tainan and Kaohsiung City, with capacity of

36.5k tons/year. OFCO has focused on export market, especially in Europe (>60% of

top-line).

OFCO was acquired by TSG in 2013, and the profitability was benefited by EU’s

anti-dumping tax rate of 74.1% against China’s screw export during 2009-16

(Figure 16). However, the anti-dumping measure was revoked in 1Q16, which

brought back the price competition from China. As such, OFCO was negatively

impacted by the declining ASP trend and the unfavorable FX rate, posted a negative

GM and LPS of NT$1.75 in 1H17.

To address the current headwind, mgmt. plans to 1) improve the product mix by

selling more hex socket bolts than hexagon bolts (Former ASP is ~10% higher than

the latter), which were dominated by the Chinese players. After the improvement of

product mix, ASP has rebounded back by ~20% to >NT$40/kg level QTD from 33-

34 in 1H17; 2) switch the feedstock supplier to E-Top from Dragon Steel, the wire

costs should be 10-15% cheaper than before, mgmt. indicates the switch will be

done in 4Q17F; 3) expand the market in US to lower the negative impact from EU

market through Chun Yu’s sales channel in US. By doing so, we expect OFCO’s

2H17F bottom-line to breakeven or turn slightly profitable.

Figure 16: Profitability was impacted by unfavorable

FX & China price competition

Figure 17: Stable dividend payout history


Figure 18: OFCO’s ASP vs. EU’s fastener import from

China

Figure 19: OFCO needs to expand the market share

other than EU to diversify the risk

Source: Company data, Fastener World, Yuanta Source: Company data, Yuanta


TMP (6248 TT) –

Founded in 1984, TMP was previously manufacturing electrical products such as

transformers, coils and inductors, but making loss for years. After TSG acquired

TMP in 2013, the company has been reconstructed as a role of rebar sales channel,

directly approaching to the end-user market in domestic construction industry.

After the reconstruction, TMP becomes the sales channel of E-Top and E-Sheng’s

rebar, the company has turned stably profitable since 2014-1H17 (Figure 20), cash

dividend was also paid in 2015-16 (Figure 21). 1H17 EPS of NT$0.36 was down by

64% YoY given slower domestic demand from housing market & infrastructure.

Mgmt guided for a better 2H17 earnings outlook due to the rebar price hike in

3Q17F and the upcoming seasonal demand in 4Q17F. Given the 2017F shipment

might decline by 15-20% to ~110k tons (vs. ~137k tons) but a likely GM expansion

in 2H17F, we expect 2017F EPS to moderately decline YoY to ~NT$0.7-0.8.

Figure 20: Profitability improves after reconstruction Figure 21: Dividend payout becomes favorable



Long steel industry overview

Other than flat steel products (which are mainly produced by blast furnace), the

long steel products are made from scrap steel (mainly produced by electric furnace).

In terms of the output of hot-rolled steel bars & rods in Taiwan in 2015, reinforcing

steel bars (rebars)/wire rods/section steel/steel bars accounts for

56%/26%/14%/3.5%, respectively.

In perspective of rebar, the most general bar steel products, the supply/demand is

quite balanced in Taiwan. During 2014-16, the demand for rebar declined at a

CAGR of -12% (Figure 4), mainly due to the lackluster housing market (Figure 5).

Figure 22: The supply/demand of rebar in Taiwan

Source: Taiwan Steel & Iron Industries Association, Yuanta Investment Consulting

Figure 23: Total floor area of construction in Taiwan

Source: Construction & Planning Agency, Yuanta Investment Consulting


Looking forward after 2018F, the domestic demand for rebars might be stimulated

by the Forward-looking Infrastructure Development Program, proposed by the

ruling party DPP, the budget for the first stage(2017/8-2018/9) infrastructure will

be ~NT$109bn, we expect ~50% (railways & urban construction) will be needing

more rebars. As such, we believe the demand in 2017-18F for rebars will bottom

out from the low base in 2016.

Figure 24: Details of DPP’s infrastructure plan in the first stage (2017/8-2018/9)

DPP's Infrastructure plan Investments Budget (NT$mn)

First stage budget planning Railways 17,069

Digital facilities 16,200

Green environment 8,100

Occupational training 4,200

Kid-friendly Spaces 2,000

Food safety 300

Water pipelines and facilities 25,700

Urban construction 35,400

Total

108,969

Source: Yuanta Investment Consulting

Rebar profits to expand from lower scrap steel costs

In order to further achieve supply-side reform, China gov’t announced to eliminate

the ‘low-grade steel’, which is made through medium-frequency induction furnaces.

The low-grade steel products are considered highly-polluting and poor-quality.

The unofficially counted annual capacity of low-grade steel is ~100mn tons (around

8% of official crude steel capacity in China). In 1H17, China gov’t commanded all

the unqualified low-grade steel plants to stop operation by mid-2017. Given the

gradual shutdown of the unqualified medium-frequency induction furnace, we

expect this reform should lead to 1) the price hike of domestic rebar in China, given

the exit of low-end products; and 2) declining domestic demand for scrap in China.

We observed that the China scrap export largely increase to 297k tons in 2Q17 vs.

0.72k tons in 1Q17 (Figure 8), the spillover effect is also reflected in Taiwan’s scrap

import from China (Figure 9). We expect the steel scrap from China to be cheaper

than the original sources from Japan or the US.

Figure 25: China’s scrap export Figure 26: Taiwan’s scrap import from China

Source: Wind, Yuanta Investment Consulting Source: Bureau of Foreign Trade, Yuanta


Based on the above reasons, we expect rebar’s spread over steel to expand in

2H17F, which is already happening (Figure 10) QTD. As such, we believe the electric

furnace producers such as Feng Hsin (2015 TT; NR), Tong Ho (2006 TT; NR), and E-

Top from TSG should benefit from this trend. As for E-Top, its strong profitability is

further assured and become more capable of providing sufficient capital for M&A

purposes.

Figure 27: Price/spread trend of rebar & scrap steel in Taiwan

Source: Wind, Yuanta Investment Consulting


Appendix A: Important Disclosures

Analyst Certification

Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with respect to

each security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal

views about those securities or issuers; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related

to the specific recommendations or views expressed by that research analyst in the research report.

Current distribution of Yuanta ratings

Rating # of stocks %

Buy 155 34%

HOLD-OPF 91 20%

HOLD-UPF 15 3%

Sell 5 1%

Under Review 186 41%

Restricted 3 1%

Total: 455 100%

Source: Yuanta Investment Consulting August 18, 2014

Ratings Definitions

BUY: We have a positive outlook on the stock based on our expected absolute or relative return over the investment period. Our

thesis is based on our analysis of the company’s outlook, financial performance, catalysts, valuation and risk profile. We

recommend investors add to their position.

HOLD-Outperform: In our view, the stock’s fundamentals are relatively more attractive than peers at the current price. Our thesis

is based on our analysis of the company’s outlook, financial performance, catalysts, valuation and risk profile.

HOLD-Underperform: In our view, the stock’s fundamentals are relatively less attractive than peers at the current price. Our thesis

is based on our analysis of the company’s outlook, financial performance, catalysts, valuation and risk profile.

SELL: We have a negative outlook on the stock based on our expected absolute or relative return over the investment period. Our

thesis is based on our analysis of the company’s outlook, financial performance, catalysts, valuation and risk profile. We

recommend investors reduce their position.

Under Review: We actively follow the company, although our estimates, rating and target price are under review.

Restricted: The rating and target price have been suspended temporarily to comply with applicable regulations and/or Yuanta

policies.

Note: Yuanta research coverage with a Target Price is based on an investment period of 12 months. Greater China Discovery

Series coverage does not have a formal 12 month Target Price and the recommendation is based on an investment period

specified by the analyst in the report.

Global Disclaimer

© 2017 Yuanta. All rights reserved. The information in this report has been compiled from sources we believe to be reliable, but

we do not hold ourselves responsible for its completeness or accuracy. It is not an offer to sell or solicitation of an offer to buy any

securities. All opinions and estimates included in this report constitute our judgment as of this date and are subject to change

without notice.

This report provides general information only. Neither the information nor any opinion expressed herein constitutes an offer or

invitation to make an offer to buy or sell securities or other investments. This material is prepared for general circulation to clients

and is not intended to provide tailored investment advice and does not take into account the individual financial situation and

objectives of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness

of investing in any securities, investments or investment strategies discussed or recommended in this report. The information

contained in this report has been compiled from sources believed to be reliable but no representation or warranty, express or

implied, is made as to its accuracy, completeness or correctness. This report is not (and should not be construed as) a solicitation

to act as securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on such

business in that jurisdiction.

Yuanta research is distributed in the United States only to Major U.S. Institutional Investors (as defined in Rule 15a-6 under the

Securities Exchange Act of 1934, as amended and SEC staff interpretations thereof). All transactions by a US person in the

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Exchange Act of 1934, as amended. Yuanta research is distributed in Taiwan by Yuanta Securities Investment Consulting. Yuanta

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Taiwan persons wishing to obtain further information on any of the securities mentioned in this publication should contact:

Attn: Research

Yuanta Securities Investment Consulting

4F, 225,

Section 3 Nanking East Road, Taipei 104

Taiwan

Hong Kong persons wishing to obtain further information on any of the securities mentioned in this publication should contact:

Attn: Research

Yuanta Securities (Hong Kong) Co. Ltd

23/F, Tower 1, Admiralty Centre

18 Harcourt Road,

Hong Kong

Yuanta Greater China Equities

Research - Taiwan

Vincent Chen

Head of Regional Research

+886 2 3518 7903

[email protected]

George Chang, CFA

Head of Taiwan Research

+886 2 3518 7907

[email protected]

DC Wang

Deputy Head of Taiwan

Research

+886 2 3518 7962

[email protected]

Steve Huang, CFA

Semiconductors & Display

+886 2 3518 7905

[email protected]

Jeff Pu, CFA

Handsets

+886 2 3518 7913

[email protected]

Calvin Wei

PC/NB, Passive

Components, IPC

+886 2 3518 7971

[email protected]

Chuanchuan Chen

IC Design

+886 2 3518 7970

[email protected]

Peggy Shih

Taiwan Financials,

Environmental Eng

+886 2 3518 7901

[email protected]

Derrick Yang

Semiconductors & Display

+886 2 3518 7915

[email protected]

Juliette Liu

China Consumer &

Transportation

+886 2 3518 7931

[email protected]

Leo Lee

Non-tech

+886 2 3518 7983

[email protected]

Yihsin Lee

Biotech & Pharmaceuticals

+886 2 3518 7984

[email protected]

Kenny Chen

RA – Automotive

+886 2 3518 7948

[email protected]

Hannah Cheng

RA – Property

+886 2 3518 7930

[email protected]

Grant Chi

RA – Financials

+886 2 3518 7908

[email protected]

Shasta Peng

RA – Downstream Tech

+886 2 3518 7946

[email protected]

Ray Hsieh

RA – Upstream Tech

+886 2 3518 7910

[email protected]

Lily Yao


+886 2 3518 7966

[email protected]

Josh Hsu

RA – Financials

+886 2 3518 7979

[email protected]

Harvey Kao

RA – Tech

+886 2 3518 7926

[email protected]

Eddie Liu

RA - Pharmaceuticals

+886 2 3518 7949

[email protected]

Ray Wu


+886 2 3518 7939

[email protected]

Sam Kao


+886 2 3518 7911

[email protected]

Amber Wu

RA - Telecoms, Internet

+886 2 3518 7909

[email protected]

Carol Juan


+886 2 3518 7978

[email protected]

Flora Lo


+886 2 3518 7916

[email protected]

Research - Macroeconomics

Woods Chen

Head of Macroeconomics

+886 2 3518 7992

[email protected]

Cindy Chiang

Global Investment Strategy

+886 2 3518 7938

[email protected]

Matt Chen

Researcher – SEA & Oceania

+886 2 3518 7936

[email protected]

Peter Chuang

Researcher – LATAM &

Commodities

+886 2 3518 7969

[email protected]

Meng Lee

Researcher – North America

+886 2 3518 7961

[email protected]

Research - Hong Kong/Shanghai

Edward Fung

Head of HK Research

+852 3969 9526

[email protected]

Peter Chu, CFA

Consumer Discretionary

+852 3969 9521

[email protected]

Kevin Yim

Industrial

+852 3969 9518

[email protected]

Samuel Lee, CFA

New Energy/Environmental

+852 3969 9527

[email protected]

Sales and Trading Jason Lin

Head of Greater China Cash

Equities

+886 2 2175-8998

[email protected]

Jason Wang – Head of

Taiwan Sales Trading

+886 2 2175 8888

[email protected]

Jenny Lo

Head of HK Sales Trading

+852 3969 9769

[email protected]

Claire Su - Sales

+886 2 2175 8977

[email protected]

Kerry Chen - Sales

+886 2 2175 8922

[email protected]

Carlos Ng – Sales Trading

+852 3969 9712

[email protected]

Edwin Tsai – Sales Trading

+886 2 2175 8800

[email protected]

Kate Jackson – Sales Trading

+852 3969 9767

[email protected]

Micha Bailey– Sales

+852 3969 9879

[email protected]

Randy Wu– Sales Trading

+886 2 2175-8919

[email protected]

Sales of Non-Taiwan Equities

Steve Chang

Head of Foreign Equity

Department

+886 2 2175 8720

[email protected]

Lunghui Chen

Co-Head of Sales, Foreign

Equity Department

+886 2 2175 8730

[email protected]

Oscar Yang

Co-Head of Sales, Foreign

Equity Department

+886 2 2175 8733

[email protected]

mailto:[email protected]

mailto:[email protected]

taiwan steel group™º邦網站檔案區/taiwan steel_group... · 2018-09-05 · taiwan: steel 10...

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