Financials Chinese Maritime Transport Ltd.

Equities

2612

TW0002612009

Marine Freight & Logistics

End-of-day quote Taiwan S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
46.15 ^TWD	+2.44%		+0.65%	-9.15%

Mar. 15	Chinese Maritime Transport Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Chinese Maritime Transport Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	5,875	6,971	11,533	8,205	10,032	9,114	-
Enterprise Value (EV) ¹	5,875	6,971	11,533	8,205	10,032	9,114	9,114
P/E ratio	18.1 x	21.3 x	11.1 x	10.7 x	30.6 x	20.7 x	12 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	1.56 x	2.23 x	-	-	2.5 x	1.92 x	1.71 x
EV / Revenue	1.56 x	2.23 x	-	-	2.5 x	1.92 x	1.71 x
EV / EBITDA	4.13 x	6.32 x	-	-	6.48 x	5.93 x	4.73 x
EV / FCF	-	8,975,851 x	-	-	-	-	-
FCF Yield	-	0%	-	-	-	-	-
Price to Book	0.59 x	0.72 x	-	-	-	-	-
Nbr of stocks (in thousands)	197,485	197,485	197,485	197,485	197,485	197,485	-
Reference price ²	29.75	35.30	58.40	41.55	50.80	46.15	46.15
Announcement Date	3/22/20	3/19/21	3/9/22	3/21/23	3/15/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	3,763	3,131	-	-	4,015	4,754	5,336
EBITDA ¹	1,424	1,103	-	-	1,549	1,536	1,928
EBIT ¹	459.7	171.5	-	-	374.3	536	928
Operating Margin	12.22%	5.48%	-	-	9.32%	11.27%	17.39%
Earnings before Tax (EBT) ¹	378.3	352.1	-	-	432.6	519	896
Net income ¹	323.8	329	1,041	766.1	328.3	441	762
Net margin	8.61%	10.51%	-	-	8.18%	9.28%	14.28%
EPS ²	1.640	1.660	5.260	3.870	1.660	2.230	3.860
Free Cash Flow	-	776.7	-	-	-	-	-
FCF margin	-	24.8%	-	-	-	-	-
FCF Conversion (EBITDA)	-	70.4%	-	-	-	-	-
FCF Conversion (Net income)	-	236.04%	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	3/22/20	3/19/21	3/9/22	3/21/23	3/15/24	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 Q3	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	1,007	1,209	1,142	-	1,045	1,060	1,066	1,143	1,252	1,292	1,310
EBITDA	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	335.4	243.5	-	70.34	121.5	75	113	155	194	210
Operating Margin	-	27.75%	21.32%	-	6.73%	11.46%	7.04%	9.89%	12.38%	15.02%	16.03%
Earnings before Tax (EBT) ¹	-	191.9	205.7	-	83.85	69.45	74	109	150	187	202
Net income ¹	-	183.6	191.4	50.67	64.7	39.53	63	93	127	159	172
Net margin	-	15.19%	16.76%	-	6.19%	3.73%	5.91%	8.14%	10.14%	12.31%	13.13%
EPS ²	0.7000	0.9300	0.9700	0.2500	0.3300	0.2000	0.3200	0.4700	0.6400	0.8000	0.8700
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	5/4/22	8/11/22	11/7/22	8/10/23	11/9/23	3/15/24	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	777	-	-	-	-	-
ROE (net income / shareholders' equity)	3.22%	3.34%	-	-	2.8%	3.74%	6.32%
ROA (Net income/ Total Assets)	1.6%	1.67%	-	-	1.5%	2.02%	3.51%
Assets ¹	20,190	19,721	-	-	21,889	21,832	21,709
Book Value Per Share	50.30	49.40	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	236	100	-	-	3,153	273	274
Capex / Sales	6.27%	3.2%	-	-	78.54%	5.74%	5.13%
Announcement Date	3/22/20	3/19/21	3/9/22	3/21/23	3/15/24	-	-

¹TWD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Chinese Maritime Transport Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

46.15 TWD

Average target price

57 TWD

Spread / Average Target

+23.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
CHINESE MARITIME TRANSPORT LTD.	-9.15%	279M
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+30.31%	12.25B
WALLENIUS WILHELMSEN ASA	+21.24%	4.13B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+36.60%	4B
STAR BULK CARRIERS CORP.	+16.23%	2.8B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-15.05%	1.89B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+18.10%	1.88B
HÖEGH AUTOLINERS ASA	+16.21%	1.85B
GULF NAVIGATION HOLDING	+0.95%	1.66B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+33.94%	1.59B

Deep Sea Freight