CSBC Corp Taiwan
CSBC Corp Taiwan is a shipbuilding company that designs, constructs, and services commercial and specialized vessels, generating revenue primarily through long-term contracts with shipping companies and government agencies.
Business. CSBC Corp Taiwan (2208.TW) is a shipbuilding company headquartered in Taiwan that operates within the Industrial Goods sector. The firm is primarily listed on the Taiwan Stock Exchange (TWSE). Specific details regarding its operating segments and geographic revenue mix are not available.
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- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
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- ElectionFR French Legislative2027-06-01 · FR
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Synthesis
CSBC Corp Taiwan (2208.TW) is a shipbuilding company headquartered in Taiwan that operates within the Industrial Goods sector. The firm is primarily listed on the Taiwan Stock Exchange (TWSE). Specific details regarding its operating segments and geographic revenue mix are not available.
CSBC Corp Taiwan's capital structure is heavily leveraged, with a debt-to-equity ratio of 1.21, indicating a significant reliance on debt financing. The company's liquidity position is medium, with a current ratio of 1.15, suggesting it can cover its short-term obligations but with limited buffer. Free cash flow is negative at -176.35 million TWD, and operating cash flow is also negative at -2.48 billion TWD, signaling cash flow constraints.
Profitability metrics are weak, with a return on equity of -2% and a return on assets of -0.65%, both well below the industry median for shipbuilders. The company reported a net loss of 223.997 million TWD, with operating income also in the red at -590.97 million TWD. Gross profit is negative at -441.504 million TWD, indicating that production costs exceed revenue.
CSBC's revenue is concentrated in its shipbuilding segment, with no disclosed geographic breakdown. The company's exposure to a single business line increases its vulnerability to sector-specific downturns. No material revenue concentration by geography is reported, but the shipbuilding industry is inherently capital-intensive and cyclical.
Growth trajectory is negative, with the company reporting declining revenue and profitability. No specific numeric delta is provided for the current or next fiscal year, but the trend in operating and net income suggests a contraction in earnings. Historical revenue data shows a decline in performance, consistent with broader industry challenges.
Risk factors include liquidity constraints, with negative free cash flow and operating cash flow, and a high debt load. The company's dilution potential is low, with no recent share issuance or dilutive events reported. However, the risk of future dilution remains if the company needs to raise capital to service its debt or fund operations.
Recent events include a continued decline in profitability and liquidity, as reflected in the latest financial statements. No material events such as mergers, acquisitions, or regulatory changes are disclosed in the latest filings. The company's financial health is closely tied to the global shipbuilding market, which remains under pressure from overcapacity and weak demand.
- CSBC Corp Taiwan is experiencing significant financial distress, with negative net income, operating income, and cash flows.
- The company's capital structure is highly leveraged, with a debt-to-equity ratio of 1.21, increasing its financial risk.
- Profitability metrics are well below industry norms, with a return on equity of -2% and a return on assets of -0.65%.
- Liquidity is constrained, with a current ratio of 1.15 and negative free cash flow.
- The company's business is concentrated in the shipbuilding segment, increasing its exposure to sector-specific risks.
- No material dilution is currently expected, but the company may need to raise capital in the future to address liquidity and debt obligations.
Bull / Bear case
Generated · model-assistedFree cash flow improved 9.7% year-over-year to negative TWD 2.14 billion, indicating a stabilizing cash burn rate.
Cash conversion of 11.09 ranks as best-in-class within the shipbuilding cohort of 38 companies.
Long-term debt decreased to TWD 14.06 billion in FY2025, suggesting active deleveraging efforts before recent increases.
Revenue grew 50.3% year-over-year to TWD 21.78 billion, demonstrating significant top-line expansion momentum.
Net income loss narrowed 18.7% year-over-year to TWD 2.26 billion, showing improving profitability trends.
Debt-to-equity ratio of 1.21 is significantly higher than the cohort median of 0.31, indicating high leverage.
The company faces high credit risk according to internal risk flag assessments.
In focus — financials by report
Revenue TWD 3.25B; Operating income -TWD 1.55B.
- ▍Revenue TWD 3.25B
- ▍Operating income -TWD 1.55B
- ▍Net margin -46.7%
Revenue TWD 3.55B; Operating income -TWD 1.06B.
- ▍Revenue TWD 3.55B
- ▍Operating income -TWD 1.06B
- ▍Net margin -19.6%
Revenue TWD 3.95B; Operating income -TWD 591.0M.
- ▍Revenue TWD 3.95B
- ▍Operating income -TWD 591.0M
- ▍Net margin -5.7%
Revenue TWD 14.49B, −32,5% YoY; Operating income −31,1% YoY.
- ▍Revenue TWD 14.49B, −32,5% YoY
- ▍Operating income −31,1% YoY
- ▍Net income +31,0% YoY
- ▍Free cash flow +43,2% YoY
- ▍Net margin -19.2%
Revenue TWD 21.48B, −2,4% YoY; Operating income +24,5% YoY.
- ▍Revenue TWD 21.48B, −2,4% YoY
- ▍Operating income +24,5% YoY
- ▍Net income −14,3% YoY
- ▍Free cash flow −18,1% YoY
- ▍Net margin -18.8%
Revenue TWD 21.99B, +15,1% YoY; Operating income −3 431,1% YoY.
- ▍Revenue TWD 21.99B, +15,1% YoY
- ▍Operating income −3 431,1% YoY
- ▍Net income −26 747,3% YoY
- ▍Free cash flow −170,0% YoY
- ▍Net margin -16.0%
Revenue TWD 19.11B; Operating income TWD 112.8M.
- ▍Revenue TWD 19.11B
- ▍Operating income TWD 112.8M
- ▍Net margin 0.1%
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- Net cash is negative after subtracting total debt.
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Physical assets
2 tracked| Asset | Type | Commodity | Country | Role |
|---|---|---|---|---|
| CSBC NO.0016 | Vessel | — | South China Sea, Taiwan Strait Waypoint, Taiwan | Manager |
| CSBC NO.0016 | Vessel | — | South China Sea, Taiwan Strait Waypoint, Taiwan | Registered owner |
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- CSBC Corp Taiwan Market data — financials · 2026-05-26