Financials Yang Ming Marine Transport Corporation

Equities

2609

TW0002609005

Marine Freight & Logistics

End-of-day quote Taiwan S.E. Other stock markets 03:30:00 25/06/2024 am IST			5-day change	1st Jan Change
76.5 ^TWD	+3.10%		+3.24%	+49.12%

11/06	Container Shippers Stock Prices Fall on Possible Easing of Red Sea Hostilities	DJ
11/06	Yang Ming Marine Transport Corporation announced that it expects to receive TWD 427.6615 million in funding from CMC Magnetics Corporation	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,756	76,712	4,22,545	2,28,733	1,79,145	2,67,146	-	-
Enterprise Value (EV) ¹	18,756	96,373	2,68,615	94,050	1,21,023	1,55,317	1,53,169	2,67,146
P/E ratio	-	8.04 x	2.51 x	1.28 x	37.4 x	6.5 x	121 x	-
Yield	-	-	16.5%	30.5%	3.9%	5.09%	1.39%	0.39%
Capitalization / Revenue	0.13 x	0.51 x	1.27 x	0.61 x	1.27 x	1.4 x	1.75 x	1.69 x
EV / Revenue	0.13 x	0.64 x	0.8 x	0.25 x	0.86 x	0.82 x	1 x	1.69 x
EV / EBITDA	1.18 x	2.63 x	1.16 x	0.39 x	6.42 x	2.98 x	7.37 x	14 x
EV / FCF	2.14 x	3.64 x	1.33 x	0.45 x	-10.7 x	6.75 x	12.6 x	-
FCF Yield	46.6%	27.5%	75.3%	222%	-9.38%	14.8%	7.92%	-
Price to Book	1.14 x	2.18 x	1.81 x	0.67 x	0.65 x	0.83 x	0.92 x	-
Nbr of stocks (in thousands)	26,01,336	26,22,624	34,92,104	34,92,104	34,92,104	34,92,104	-	-
Reference price ²	7.210	29.25	121.0	65.50	51.30	76.50	76.50	76.50
Announcement Date	30/03/20	30/03/21	16/03/22	15/03/23	14/03/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,49,181	1,51,277	3,33,687	3,75,900	1,40,624	1,90,502	1,52,477	1,58,041
EBITDA ¹	15,856	36,662	2,30,642	2,40,776	18,862	52,180	20,778	19,037
EBIT ¹	-1,015	19,460	2,03,385	2,20,698	-1,666	36,966	1,171	-3,176
Operating Margin	-0.68%	12.86%	60.95%	58.71%	-1.18%	19.4%	0.77%	-2.01%
Earnings before Tax (EBT) ¹	-	16,150	2,02,377	2,33,621	11,296	51,603	2,867	-
Net income ¹	-	11,977	1,65,269	1,80,592	4,774	41,127	2,198	-
Net margin	-	7.92%	49.53%	48.04%	3.39%	21.59%	1.44%	-
EPS ²	-	3.640	48.28	51.15	1.370	11.78	0.6300	-
Free Cash Flow ¹	8,745	26,487	2,02,290	2,09,240	-11,350	23,015	12,124	-
FCF margin	5.86%	17.51%	60.62%	55.66%	-8.07%	12.08%	7.95%	-
FCF Conversion (EBITDA)	55.15%	72.25%	87.71%	86.9%	-	44.11%	58.35%	-
FCF Conversion (Net income)	-	221.15%	122.4%	115.86%	-	55.96%	551.72%	-
Dividend per Share ²	-	-	20.00	20.00	2.000	3.893	1.065	0.2988
Announcement Date	30/03/20	30/03/21	16/03/22	15/03/23	14/03/24	-	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,02,681	1,06,704	1,09,448	99,813	59,935	36,953	35,046	35,901	32,723	43,801	48,303	56,431	43,235	36,453	37,135
EBITDA ¹	-	-	75,902	-	-	-	-	3,771	1,693	20,248	8,320	7,039	4,459	-	-
EBIT ¹	69,426	72,305	70,949	58,015	19,429	1,470	1,572	-1,357	-3,351	7,889	10,942	17,288	5,730	1,415	1,690
Operating Margin	67.61%	67.76%	64.82%	58.12%	32.42%	3.98%	4.49%	-3.78%	-10.24%	18.01%	22.65%	30.64%	13.25%	3.88%	4.55%
Earnings before Tax (EBT) ¹	68,833	76,530	75,422	62,768	18,901	4,226	6,155	3,286	-2,370	11,627	13,148	19,474	7,354	2,176	2,432
Net income ¹	55,391	60,577	55,533	49,748	14,734	3,401	-130.3	2,806	-1,303	9,379	10,320	15,645	5,784	1,692	1,879
Net margin	53.94%	56.77%	50.74%	49.84%	24.58%	9.2%	-0.37%	7.82%	-3.98%	21.41%	21.36%	27.72%	13.38%	4.64%	5.06%
EPS ²	15.86	17.25	15.82	14.11	4.180	0.9700	-0.0400	0.8000	-0.3700	2.680	2.955	4.480	1.660	0.4800	0.5400
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	16/03/22	13/05/22	12/08/22	11/11/22	15/03/23	15/05/23	11/08/23	13/11/23	14/03/24	13/05/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	19,661	-	-	-	-	-	-
Net Cash position ¹	-	-	1,53,929	1,34,683	58,122	1,11,829	1,13,977	-
Leverage (Debt/EBITDA)	-	0.5363 x	-	-	-	-	-	-
Free Cash Flow ¹	8,745	26,487	2,02,290	2,09,240	-11,350	23,015	12,124	-
ROE (net income / shareholders' equity)	-23.8%	45.9%	123%	62.6%	1.54%	10.8%	1.39%	0.71%
ROA (Net income/ Total Assets)	-2.6%	6.21%	57%	40.5%	1.06%	7.88%	0.49%	-
Assets ¹	-	1,92,989	2,89,696	4,46,282	4,50,387	5,21,916	4,48,469	-
Book Value Per Share ²	6.330	13.40	66.90	97.10	79.30	92.20	82.80	-
Cash Flow per Share ²	-	-	-	59.50	0.9700	9.750	5.500	-
Capex ¹	1,632	8,555	7,285	8,270	14,625	2,800	3,900	-
Capex / Sales	1.09%	5.66%	2.18%	2.2%	10.4%	1.47%	2.56%	-
Announcement Date	30/03/20	30/03/21	16/03/22	15/03/23	14/03/24	-	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Yang Ming Marine Transport Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

76.5 TWD

Average target price

83.5 TWD

Spread / Average Target

+9.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
YANG MING MARINE TRANSPORT CORPORATION	+49.12%	8.21B
COSCO SHIPPING HOLDINGS CO., LTD.	+76.56%	33B
HAPAG-LLOYD AG	+27.85%	32.07B
AP MOLLER MAERSK	-2.55%	26.1B
NIPPON YUSEN KABUSHIKI KAISHA	+5.10%	13.3B
MITSUI O.S.K. LINES LTD	+6.53%	11.04B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+17.89%	10.88B
HMM CO.,LTD	-3.06%	9.78B
KAWASAKI KISEN KAISHA, LTD.	+13.45%	9.78B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+42.86%	9.42B

Other Marine Freight & Logistics