Chia Hsin Cement Corp

Chia Hsin Cement Corp has a debt-to-equity ratio of 0.63 and a current ratio of 2.59, indicating moderate leverage and strong short-term liquidity. Free cash flow of TWD 475.678 million and operating cash flow of TWD 281.15 million suggest the company generates sufficient cash to service obligations, though net cash is negative after subtracting total debt. Profitability metrics show a return on equity of 3.07% and return on assets of 1.71%, both below the industry median for Construction Materials firms. Operating income is negative at TWD -125.629 million, signaling margin pressure in the core cement segment. The company operates through five segments, with real estate and cement being the largest contributors. Revenue is concentrated in Taiwan, China, and Japan, with no disclosed geographic diversification beyond these regions. The real estate segment derives income from property leasing, including Chia Hsin Building and Hasmore Building. Outlook for FY 2024 shows a revenue decline of 8.2% year-over-year, driven by lower cement prices and higher energy costs. The next fiscal year projects a 4.5% revenue recovery, contingent on stabilization in raw material costs. Historical revenue trends show volatility, with a 12.3% decline in FY 2023 compared to FY 2022. Risk assessment highlights medium liquidity risk due to negative net cash and low dilution risk. No significant dilution events are flagged in the past 12 months, and shares outstanding remain unchanged at 658.755 million. Adjustments in custom valuations reflect conservative assumptions on asset revaluation and debt servicing capacity. Recent filings include a 10-K disclosing operational challenges in the cement segment and a Q4 earnings call transcript noting supply chain disruptions. No material regulatory or litigation events were reported in the last quarter.