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

Orient Overseas (International) / Equity Bottom-Up

<ul>
<li>Deep-Sea container rates turned weaker again in Jan-Feb, likely obliterating carrier profits</li>
<li>Another round of US tariff uncertainty should dampen near-term NAM demand further</li>
<li>Excess supply, Suez re-opening, now US tariff chaos? SHORT deep-sea container carriers</li>
</ul>


Deep-Sea container rates turned weaker again in Jan-Feb, likely obliterating carrier profits
Another round of US tariff uncertainty should dampen near-term NAM demand further
Excess supply, Suez re-opening, now US tariff chaos? SHORT deep-sea container carriers


Monthly Container Shipping Tracker | Weak Price in Jan-Feb | Softer NAM Demand | Now US Tariff Mess

AP Moeller - Maersk A/S / Equity Bottom-Up

<ul>
<li>On Thursday February 5 Maersk reported in-line FY25 results and a Q425 EBIT loss in <em>Ocean</em>
</li>
<li>In FY26 Maersk expects a -40% Y/Y decline in EBITDA and an EBIT <strong>loss</strong> on lower freight rates</li>
<li>We expect smaller carriers (including Asian names) to suffer even more than Maersk in FY26</li>
</ul>


On Thursday February 5 Maersk reported in-line FY25 results and a Q425 EBIT loss in Ocean

In FY26 Maersk expects a -40% Y/Y decline in EBITDA and an EBIT loss on lower freight rates
We expect smaller carriers (including Asian names) to suffer even more than Maersk in FY26


Maersk FY25 Results and FY26 Guidance: Leading Carrier Expects FY26 EBIT Loss Due to Lower Rates

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

DZT Research

DZT 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 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 Hon Hai Precision, Nan Ya Plastics, TSMC, China Steel, UMC, Innolux, Wiwynn.</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 Hon Hai Precision, Nan Ya Plastics, TSMC, China Steel, UMC, Innolux, Wiwynn.


MS-Taiwan Index Earning Revision (Jan): Hon Hai Precision, Nan Ya Plastics, TSMC, China Steel, UMC

<ul>
<li>Price momentum remains weak (our index -22%), spot rates down sharply in January</li>
<li>North American Pacific coast ports inbound volume down ~5% Y/Y in December</li>
<li>Testing the waters: carriers remain cautious about quick return to Suez Canal</li>
</ul>


Price momentum remains weak (our index -22%), spot rates down sharply in January
North American Pacific coast ports inbound volume down ~5% Y/Y in December
Testing the waters: carriers remain cautious about quick return to Suez Canal


Monthly Container Shipping Tracker | Spot Rates Weaker Ahead of LNY | Suez Canal Re-Opening Update

<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 CALIWAY BIOPHARMACEUTICALS, Nan Ya Plastics, China Development Financial, MediaTek, TSMC, China Steel, Formosa Plastics.</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 CALIWAY BIOPHARMACEUTICALS, Nan Ya Plastics, China Development Financial, MediaTek, TSMC, China Steel, Formosa Plastics.


MS-Taiwan Index Earning Revision (Dec): CALIWAY, Nan Ya Plastics

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.

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Yang Ming Marine Transport (2609 TT)

Monthly Container Shipping Tracker | Weak Price in Jan-Feb | Softer NAM Demand | Now US Tariff Mess

January and February deep-sea container rates have softened noticeably, probably wiping out most carriers' profit margins altogether. Conditions...

Tracking Traffic

Maersk FY25 Results and FY26 Guidance: Leading Carrier Expects FY26 EBIT Loss Due to Lower Rates

Maersk managed to hit FY25 guidance, but also issued downbeat FY26 guidance, including an expected EBIT loss (at mid-point of range). Conditions in...

Tracking Traffic

MS-Taiwan Index Earning Revision (Jan): Hon Hai Precision, Nan Ya Plastics, TSMC, China Steel, UMC

We analyzed MS-Taiwan's consensus for Jan 2026 and highlighted changes of EPS in Hon Hai Precision, Nan Ya Plastics, TSMC, China Steel, UMC,...

Ke Yan, CFA, FRM

Monthly Container Shipping Tracker | Spot Rates Weaker Ahead of LNY | Suez Canal Re-Opening Update

Underlying supply-demand conditions for deep sea container carriers remain weak, with poor US consumer sentiment and rapid capacity growth. A Suez...

Tracking Traffic

MS-Taiwan Index Earning Revision (Dec): CALIWAY, Nan Ya Plastics

We analyzed MS-Taiwan's consensus for Dec 2025 and highlighted changes of EPS in MediaTek (2454 TT), CALIWAY BIOPHARMACEUTICALS (6919 TT), China...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)