Quintain Steel Co., Ltd (2017) AI Stock Analysis

Quintain Steel Co., Ltd

(TWSE:2017)

Select Model

Rating:27Underperform

Price Target:TWD 7.00▼(-12.72% Downside)

Action:initiatedcoverage

Date:11/09/26

The low score is driven primarily by severely deteriorating fundamentals: shrinking revenue, near-zero gross margins, a return to net loss, two straight years of negative operating and free cash flow, and leverage that has climbed to 1.45x debt-to-equity as borrowings fund the cash burn. Technicals reinforce the caution, with the price below all major moving averages and negative MACD, though extremely oversold RSI and Stochastic readings hint at scope for a near-term bounce. Valuation adds no cushion given negative earnings and no dividend. The offsets — positive EBITDA, a large asset base, a narrowing cash burn and strong profitability as recently as 2021–2022 — mean a steel-price recovery could lift results quickly, but as it stands this is a high-risk profile warranting caution until margins and cash flow stabilize.

Positive Factors

Meaningful Equity BaseA meaningful equity base provides a buffer against operating volatility and potential asset pressure, giving the company more resilience than a thinly capitalized steel producer. This support can help preserve strategic flexibility through cyclical downturns, even though leverage has recently increased.

Negative Factors

Declining Revenue and LossesThe latest deterioration in revenue and profitability points to fragile earnings power and meaningful sensitivity to industry conditions. A renewed loss reduces internally generated capital, limits the ability to absorb further weakness, and makes sustainable shareholder value creation harder over the coming quarters.

Quintain Steel Co., Ltd (2017) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.41B
Dividend Yield: ―
Average Volume (3M): 549.61K
Price to Earnings (P/E): -10.3
Beta (1Y): 0.43
Revenue Growth: -12.62%
EPS Growth: -97.66%
Country: TW
Employees: 698
Sector: General
Sector Strength: 55
Industry: Steel

Quintain Steel Co., Ltd Business Overview & Revenue Model

Company Description

Quintain Steel Co., LTD. is a Taiwan-based manufacturer and global supplier of diverse wire products, with a core focus on galvanized wires. Its comprehensive product portfolio encompasses various wire types, including hot-rolled wire rods, deformed...

Quintain Steel Co., Ltd Financial Statement Overview

Summary

Quintain Steel is in a deep downcycle. Revenue has fallen in four of the last five years to NT$2.73 billion, gross margin has collapsed from 22.7% in 2021 to just 0.4%, and the company swung back to a net loss of NT$239 million with an operating loss of NT$402 million. The balance sheet has weakened alongside: total debt has more than doubled since 2020 to NT$6.85 billion, pushing debt-to-equity to 1.45x from 0.74x two years ago, while equity erodes and ROE turns negative at about -5%. Cash flow is the weakest link, with operating cash flow negative for two consecutive years and free cash flow at -NT$1.14 billion in 2025, funded by rising borrowings. Mitigating factors are still-positive EBITDA of NT$94 million, a sizable NT$13.65 billion asset base, a narrowing cash burn, and proven earnings power in 2021–2022, suggesting the weakness is cyclical rather than terminal.

Income Statement

19Very Negative

Balance Sheet

32Negative

Cash Flow

17Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.72B	2.73B	3.28B	3.03B	3.56B	4.04B
Gross Profit	-12.66M	11.98M	175.84M	-49.49M	659.35M	915.48M
EBITDA	-73.03M	94.16M	411.83M	-124.30M	666.76M	955.17M
Net Income	-334.81M	-239.44M	119.48M	-258.76M	239.98M	647.84M
Balance Sheet
Total Assets	17.12B	13.65B	13.24B	11.05B	10.63B	11.32B
Cash, Cash Equivalents and Short-Term Investments	4.65B	2.37B	2.66B	1.42B	989.77M	1.56B
Total Debt	8.28B	6.85B	5.81B	3.96B	4.39B	4.63B
Total Liabilities	8.66B	7.22B	6.24B	4.43B	4.88B	5.16B
Stockholders Equity	6.47B	4.74B	5.17B	5.33B	4.48B	4.91B
Cash Flow
Free Cash Flow	-2.31B	-1.14B	-1.35B	330.95M	838.77M	-605.71M
Operating Cash Flow	-414.09M	-95.16M	-313.15M	538.14M	1.06B	-265.32M
Investing Cash Flow	-1.75B	-995.01M	-1.62B	-196.29M	-458.01M	-505.09M
Financing Cash Flow	2.21B	861.64M	2.10B	-389.70M	-437.31M	709.61M

Quintain Steel Co., Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2017 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2062	52Neutral	TWD 3.41B	36.10	―	5.87%	7.34%	-34.17%
TW:1617	46Neutral	TWD 3.31B	14.38	―	3.07%	11.94%	―
TW:3631	42Neutral	TWD 3.24B	-59.58	―	―	-46.72%	16.78%
TW:2061	41Neutral	TWD 3.41B	52.92	―	―	3.28%	―
TW:2007	40Underperform	TWD 3.37B	-3.06	―	―	-33.21%	-2.07%
TW:2017	27Underperform	TWD 3.44B	-10.26	―	―	-12.62%	-97.66%

* General Sector Average

Performance Comparison

TW:2017 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2017	Quintain Steel Co., Ltd	8.02	-0.97	-10.79%
TW:1617	Jung Shing Wire Co., Ltd.	20.75	5.73	38.19%
TW:2007	Yieh Hsing Enterprise Co., Ltd.	6.33	-0.82	-11.47%
TW:2061	Feng Ching Metal Corporation	61.20	42.05	219.58%
TW:2062	Sunspring Metal Corporation	17.25	-2.15	-11.10%
TW:3631	Chernan Metal Industrial Corp.	39.50	16.30	70.26%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Quintain Steel Co., Ltd AI Stock Analysis