Stock 2609 YANG MING MARINE TRANSPORT CORPORATION
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Financials Yang Ming Marine Transport Corporation

Equities

2609

TW0002609005

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
51.8 TWD +9.98% Intraday chart for Yang Ming Marine Transport Corporation +14.73% +0.97%
Apr. 12 Yang Ming Marine Transport Corporation Announces CFO Changes, Effective July 16, 2024 CI
Mar. 14 Yang Ming Marine Transport Corporation Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 18,756 76,712 422,545 228,733 179,145 180,891 -
Enterprise Value (EV) 1 18,756 96,373 268,615 94,050 121,023 69,062 66,914
P/E ratio - 8.04 x 2.51 x 1.28 x 37.4 x 15.9 x -119 x
Yield - - 16.5% 30.5% - 1.93% 1.93%
Capitalization / Revenue 0.13 x 0.51 x 1.27 x 0.61 x 1.27 x 1.16 x 1.32 x
EV / Revenue 0.13 x 0.64 x 0.8 x 0.25 x 0.86 x 0.44 x 0.49 x
EV / EBITDA 1.18 x 2.63 x 1.16 x 0.39 x 6.42 x 2.33 x 4.56 x
EV / FCF 2.14 x 3.64 x 1.33 x 0.45 x -10.7 x 3 x 5.52 x
FCF Yield 46.6% 27.5% 75.3% 222% -9.38% 33.3% 18.1%
Price to Book 1.14 x 2.18 x 1.81 x 0.67 x 0.65 x 0.63 x 0.63 x
Nbr of stocks (in thousands) 2,601,336 2,622,624 3,492,104 3,492,104 3,492,104 3,492,104 -
Reference price 2 7.210 29.25 121.0 65.50 51.30 51.80 51.80
Announcement Date 3/30/20 3/30/21 3/16/22 3/15/23 3/14/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 149,181 151,277 333,687 375,900 140,624 155,670 137,364
EBITDA 1 15,856 36,662 230,642 240,776 18,862 29,696 14,688
EBIT 1 -1,015 19,460 203,385 220,698 -1,666 6,347 -3,588
Operating Margin -0.68% 12.86% 60.95% 58.71% -1.18% 4.08% -2.61%
Earnings before Tax (EBT) 1 - 16,150 202,377 233,621 11,296 14,507 -1,777
Net income 1 - 11,977 165,269 180,592 4,774 11,376 -1,518
Net margin - 7.92% 49.53% 48.04% 3.39% 7.31% -1.1%
EPS 2 - 3.640 48.28 51.15 1.370 3.260 -0.4350
Free Cash Flow 1 8,745 26,487 202,290 209,240 -11,350 23,015 12,124
FCF margin 5.86% 17.51% 60.62% 55.66% -8.07% 14.78% 8.83%
FCF Conversion (EBITDA) 55.15% 72.25% 87.71% 86.9% - 77.5% 82.54%
FCF Conversion (Net income) - 221.15% 122.4% 115.86% - 202.31% -
Dividend per Share 2 - - 20.00 20.00 - 1.000 1.000
Announcement Date 3/30/20 3/30/21 3/16/22 3/15/23 3/14/24 - -
1TWD in Million2TWD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 95,452 102,681 106,704 109,448 99,813 59,935 36,953 35,046 35,901 32,723 43,132 39,602 38,139 34,798 32,374
EBITDA 1 - - - 75,902 - - - - 3,771 1,693 10,204 8,320 7,039 4,459 -
EBIT 1 62,522 69,426 72,305 70,949 58,015 19,429 1,470 1,572 -1,357 -3,351 5,323 1,878 1,163 -2,017 -2,205
Operating Margin 65.5% 67.61% 67.76% 64.82% 58.12% 32.42% 3.98% 4.49% -3.78% -10.24% 12.34% 4.74% 3.05% -5.8% -6.81%
Earnings before Tax (EBT) 1 62,687 68,833 76,530 75,422 62,768 18,901 4,226 6,155 3,286 -2,370 7,904 4,049 3,103 -549.3 -1,464
Net income 1 50,826 55,391 60,577 55,533 49,748 14,734 3,401 -130.3 2,806 -1,303 6,243 3,166 2,411 -444.7 -1,220
Net margin 53.25% 53.94% 56.77% 50.74% 49.84% 24.58% 9.2% -0.37% 7.82% -3.98% 14.47% 7.99% 6.32% -1.28% -3.77%
EPS 2 14.62 15.86 17.25 15.82 14.11 4.180 0.9700 -0.0400 0.8000 -0.3700 1.787 0.9067 0.6900 -0.1267 -0.3500
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/12/21 3/16/22 5/13/22 8/12/22 11/11/22 3/15/23 5/15/23 8/11/23 11/13/23 3/14/24 - - - - -
1TWD in Million2TWD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - 19,661 - - - - -
Net Cash position 1 - - 153,929 134,683 58,122 111,829 113,977
Leverage (Debt/EBITDA) - 0.5363 x - - - - -
Free Cash Flow 1 8,745 26,487 202,290 209,240 -11,350 23,015 12,124
ROE (net income / shareholders' equity) -23.8% 45.9% 123% 62.6% 1.54% 4.81% -0.47%
ROA (Net income/ Total Assets) -2.6% 6.21% 57% 40.5% 1.06% 3.25% -0.36%
Assets 1 - 192,989 289,696 446,282 450,387 350,570 427,465
Book Value Per Share 2 6.330 13.40 66.90 97.10 79.30 82.20 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 3,900 3,900
Capex / Sales 1.09% 5.66% 2.18% 2.2% 10.4% 2.51% 2.84%
Announcement Date 3/30/20 3/30/21 3/16/22 3/15/23 3/14/24 - -
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
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
4
Last Close Price
51.8 TWD
Average target price
48.33 TWD
Spread / Average Target
-6.69%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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