Evergreen Marine Corp. (Taiwan) Ltd. (2603) AI Stock Analysis

Evergreen Marine Corp. (Taiwan) Ltd.

(TWSE:2603)

Select Model

Rating:73Outperform

Price Target:TWD 275.00▲(6.80% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is supported primarily by an attractive valuation and a strong balance sheet. Positive but moderate technical conditions add support, while declining profitability and cash flow, together with marine-shipping cyclicality, limit the overall score.

Positive Factors

Conservative Balance SheetThe substantial reduction in leverage from 2020 and currently moderate debt-to-equity provide Evergreen with a more resilient capital structure. This should preserve financial flexibility through shipping downturns and support continued investment or shareholder returns without excessive balance-sheet strain.

Negative Factors

Revenue and Margin ContractionThe latest deterioration in revenue and margins shows that Evergreen's earnings power is sensitive to changing shipping conditions. Lower top-line activity and profitability reduce internally generated funds and make sustained earnings growth less dependable over the next several quarters.

Evergreen Marine Corp. (Taiwan) Ltd. (2603) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 548.84B
Dividend Yield: 6.21%
Average Volume (3M): 13.78M
Price to Earnings (P/E): 10.2
Beta (1Y): 0.30
Revenue Growth: -19.52%
EPS Growth: -58.41%
Country: TW
Employees: 200
Sector: General
Sector Strength: 55
Industry: Marine Shipping

Evergreen Marine Corp. (Taiwan) Ltd. Business Overview & Revenue Model

Company Description

Evergreen Marine Corporation (Taiwan) Ltd., along with its affiliated entities, operates extensively within the global maritime industry. Its primary activities include ocean shipping, serving as a shipping agent, and overseeing container terminal op...

Evergreen Marine Corp. (Taiwan) Ltd. Financial Statement Overview

Summary

Strong balance-sheet quality and positive profitability support the score, but revenue, net income, operating cash flow, and free cash flow declined materially, reflecting shipping-cycle volatility.

Income Statement

62Positive

Balance Sheet

85Very Positive

Cash Flow

65Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	374.29B	379.07B	463.57B	276.74B	627.28B	489.41B
Gross Profit	78.06B	92.68B	176.10B	49.93B	398.44B	301.99B
EBITDA	110.89B	130.81B	220.54B	96.75B	430.44B	313.80B
Net Income	54.60B	68.58B	139.45B	35.34B	334.20B	239.01B
Balance Sheet
Total Assets	968.35B	894.33B	914.21B	731.83B	887.51B	611.03B
Cash, Cash Equivalents and Short-Term Investments	192.09B	185.94B	261.89B	191.86B	434.83B	201.07B
Total Debt	202.96B	175.61B	148.24B	139.88B	128.10B	133.85B
Total Liabilities	384.91B	308.11B	311.76B	261.04B	304.96B	253.70B
Stockholders Equity	560.94B	563.82B	580.33B	439.90B	552.21B	326.78B
Cash Flow
Free Cash Flow	62.91B	79.20B	169.97B	-26.29B	404.55B	286.09B
Operating Cash Flow	84.60B	101.20B	192.26B	-13.83B	422.43B	301.06B
Investing Cash Flow	-112.48B	-109.00B	-80.72B	-39.76B	26.28B	-166.16B
Financing Cash Flow	-34.96B	-66.01B	-32.63B	-168.08B	-168.40B	-69.41B

Evergreen Marine Corp. (Taiwan) Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2603 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2618	81Outperform	TWD 249.23B	9.63	―	4.20%	14.95%	2.04%
TW:2603	73Outperform	TWD 553.17B	10.21	―	6.21%	-19.52%	-58.41%
TW:2615	70Outperform	TWD 312.89B	7.59	―	2.70%	14.17%	49.02%
TW:2637	67Neutral	TWD 73.75B	1.29	―	3.60%	10.33%	115.35%
TW:2609	64Neutral	TWD 203.24B	7.33	―	3.38%	3.49%	2.44%
TW:2606	62Neutral	TWD 58.98B	9.61	―	3.94%	20.99%	91.06%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:2603 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2603	Evergreen Marine Corp. (Taiwan) Ltd.	257.50	83.61	48.08%
TW:2606	U-Ming Marine Transport Corp.	71.00	19.54	37.97%
TW:2609	Yang Ming Marine Transport Corp.	59.10	7.06	13.58%
TW:2615	Wan Hai Lines Ltd.	111.00	30.24	37.44%
TW:2618	Eva Airways Corporation	47.60	14.16	42.33%
TW:2637	Wisdom Marine Lines Co., Limited.	97.30	37.22	61.94%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

Evergreen Marine Corp. (Taiwan) Ltd. AI Stock Analysis