Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Spot container rates have surged, owing to conflict near Red Sea / Suez Canal</li>
<li>On top of higher spot rates, imposition of new fees also boosting carrier revenue</li>
<li>Evergreen's average monthly US$ revenue increased from Q123 to Q423</li>
</ul>


Spot container rates have surged, owing to conflict near Red Sea / Suez Canal
On top of higher spot rates, imposition of new fees also boosting carrier revenue
Evergreen's average monthly US$ revenue increased from Q123 to Q423


Spot Container Rates Surge | New Fees Also Boosting Carrier Revenue | Increases Could Lift '24 Rates

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 22 January, HMM Co., Ltd. (011200 KS) announced its new Corporate Value Up plan which included five major items.</li>
<li>They include higher shareholder returns, achieve average sales growth of 9% and ROE of 4% in the next three years, and improve communication with stakeholders and shareholders.</li>
<li>The company plans to implement total shareholder returns of at least 2.5 trillion won within one year, which represents 14.8% of its market cap. </li>
</ul>


On 22 January, HMM Co., Ltd. (011200 KS) announced its new Corporate Value Up plan which included five major items.
They include higher shareholder returns, achieve average sales growth of 9% and ROE of 4% in the next three years, and improve communication with stakeholders and shareholders.
The company plans to implement total shareholder returns of at least 2.5 trillion won within one year, which represents 14.8% of its market cap. 


HMM: Material Improvement in Corporate Value Up Plan

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 4th. The aggregated short interest was USD41.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Shin Kong Financial, Taiwan Cement, Wiwynn, Winbond Electronics, LARGAN Precision.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 4th. The aggregated short interest was USD41.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Shin Kong Financial, Taiwan Cement, Wiwynn, Winbond Electronics, LARGAN Precision.


TWSE Short Interest Weekly (Sep 4th): Shin Kong Financial, Taiwan Cement, Wiwynn, LARGAN Precision

<ul>
<li>We analysed the earning revision of component stocks of MS-Taiwan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Innolux, King Slide Works, Formosa Plastics, TSMC, Nanya Technology, Phison Electronics, Winbond Electronics, Yang Ming Marine.</li>
</ul>


We analysed the earning revision of component stocks of MS-Taiwan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Innolux, King Slide Works, Formosa Plastics, TSMC, Nanya Technology, Phison Electronics, Winbond Electronics, Yang Ming Marine.


MS-Taiwan Index Earning Revision (Aug): Innolux, King Slide Works, Formosa Plastics, TSMC

HK/China Equity Long-Short

Osbert Tang, CFA

Orient Overseas (International) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orient-overseas-international-limited" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas (International) (316 HK)</a>'s 23.7% decline in earnings in 1H26 is uninspiring, but market spot freight rates suggest an upturn in 2H26.</li>
<li>Its vessels on the vast majority of long-haul routes are fully loaded, and its load factor in 2Q26 has reversed four consecutive quarters of YoY decline - a positive sign.  </li>
<li>There is an earnings upgrade potential as 2H26 can easily pass the US$1bn mark. We are positive on OOIL but still prefer <a href="https://www.smartkarma.com/entities/sitc-international-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15301:1" rel="noopener">SITC International (1308 HK)</a>. </li>
</ul>



Orient Overseas (International) (316 HK)'s 23.7% decline in earnings in 1H26 is uninspiring, but market spot freight rates suggest an upturn in 2H26.
Its vessels on the vast majority of long-haul routes are fully loaded, and its load factor in 2Q26 has reversed four consecutive quarters of YoY decline - a positive sign.  
There is an earnings upgrade potential as 2H26 can easily pass the US$1bn mark. We are positive on OOIL but still prefer SITC International (1308 HK). 


Orient Overseas Intl (316 HK): It May Be Turning

Taiwan

Yang Ming Marine Transport provides transportation services and handles domestic and foreign maritime services on cargos.  The Company also operates warehouse, wharf, tug, barge, and container freight station services as well as repairs, leases, and sells containers and chassis.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yang Ming Marine Transport (2609 TT)

Spot Container Rates Surge | New Fees Also Boosting Carrier Revenue | Increases Could Lift '24 Rates

Spot container rates have surged, and carriers are also benefitting from newly-imposed ancillary charges. It's possible the ongoing conflict in the...

Tracking Traffic

HMM: Material Improvement in Corporate Value Up Plan

HMM plans to implement total shareholder returns of at least 2.5 trillion won within one year, which represents 14.8% of its market cap.

Douglas Kim

TWSE Short Interest Weekly (Sep 4th): Shin Kong Financial, Taiwan Cement, Wiwynn, LARGAN Precision

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Taiwan Cement, Wiwynn,...

Ke Yan, CFA, FRM

MS-Taiwan Index Earning Revision (Aug): Innolux, King Slide Works, Formosa Plastics, TSMC

We analyzed MS-Taiwan's consensus for Aug 2026 and highlighted changes of EPS in Innolux (3481 TT), King Slide Works (2059 TT), Formosa Plastics...

Ke Yan, CFA, FRM

Orient Overseas Intl (316 HK): It May Be Turning

Earnings outlook for 2H26 appears to be turning up, as implied by the significantly better spot freight rates. Load factor change has also reversed...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)