External broker reports(aggregated public sources), Masterlink Securities Corp

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External broker reports(aggregated public sources)

Equity Bottom-Up

Yang Ming Marine Transport / Equity Bottom-Up

<p>We have noticed that Yang Ming’s PBR trend matches with SCFI trend. As such, we reckon that Yang Ming’s valuation may fluctuate at a high level in 2H21. If cargo jams gradually decrease in 4Q21, Yang Ming’s PBR may undergo correction. Considering that Yang Ming’s 3x PBR is still high and has reflected its fundamentals, we assign a HOLD rating on Yang Ming with a TP of NT$115 (1.5x FY22 PBR).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We have noticed that Yang Ming’s PBR trend matches with SCFI trend. As such, we reckon that Yang Ming’s valuation may fluctuate at a high level in 2H21. If cargo jams gradually decrease in 4Q21, Yang Ming’s PBR may undergo correction. Considering that Yang Ming’s 3x PBR is still high and has reflected its fundamentals, we assign a HOLD rating on Yang Ming with a TP of NT$115 (1.5x FY22 PBR).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yang Ming Marine (2609 TT) Mixed Views on Future Freight Rates

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.

Yang Ming Marine Transport (2609 TT)

Yang Ming Marine (2609 TT) Mixed Views on Future Freight Rates

We have noticed that Yang Ming’s PBR trend matches with SCFI trend. As such, we reckon that Yang Ming’s valuation may fluctuate at a high level in...

Masterlink Securities