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Higher orders: A view of Chin Well’s fastener production floor. The European Commission’s plan to apply definitive anti-dumping duties on steel fasteners from China will bode well for the company.

PETALING JAYA: Chin Well Holdings Bhd’s prospects are improving, with global demand for industrial fasteners expected to return to pre-pandemic level in the foreseeable future.

In addition, the European Commission’s plan to apply definitive anti-dumping duties on steel fasteners from China will also bode well for Chin Well, which is involved in the manufacturing and trading of fastening and wire products.

Following its recent meeting with Chin Well’s management, TA Research noted that the demand for fastener products from the United States market remained strong due to trade diversion amid the ongoing trade war between China and the US.

“Based on management’s guidance, the bulk orders to the US and Europe are fully booked until March 2022, while the DIY (do-it-yourself) orders to the US are fully booked until June 2022,” the brokerage pointed out.

TA Research has maintained its “buy” call on Chin Well, with an unchanged target price of RM1.78.

“Based on management’s guidance, the sales orders from the European market have been gradually recovering.

“This is thanks to the re-opening of economic activities and fewer dumping activities from China,” it said.

“Since the US imposed a 25% tariff against fastener products originating from China, the group faced intense price competition in the European market as China rerouted the fasteners products to the European region,” it added.

Citing Chin Well’s management, TA Research noted that competition in the European market has started to ease.

This is because the fastener players in China are currently focusing on the local market to fill up the internal supply void due to capacity elimination.

Additionally, the cancellation of export rebates for steel products in China further discouraged steel export, it said.

Chin Well’s management also revealed that the European Commission had the intention of applying definitive anti-dumping duties of up to 89.8% against steel fasteners from China, TA Research said.

It added that the implementation date of the anti-dumping duties was tentatively scheduled for Feb 17, 2022, subject to the final decision from the relevant authorities.

“We believe this will serve as a strong catalyst that will benefit Chin Well if it takes place,” it said.

Despite having solid sales orders, Chin Well was still unable to operate at optimum capacity due to a shortage of workers.

“The group is actively recruiting new workers to catch up with the delayed orders. On top of that, management also guided that the wages are trending up, given that many sectors are fighting for workers,” TA Research said.


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