Kerry TJ Logistics Co., Ltd. (2608) AI Stock Analysis

Kerry TJ Logistics Co., Ltd.

(TWSE:2608)

Select Model

Rating:61Neutral

Price Target:TWD 29.00▲(3.57% Upside)

Action:initiatedcoverage

Date:11/09/26

Kerry TJ Logistics scores moderately. Its greatest strengths are financial: steady operating cash flow near NT$2.5B, improving free cash flow of NT$1.65B, and a conservatively capitalized balance sheet with falling leverage. These are offset by a stagnant top line and multi-year margin compression that has cut net income to NT$0.92B and return on equity to 7.4%. A reasonable 14.5x P/E and a nearly 6% dividend yield provide valuation support and income appeal, backed by a very low beta. The main drag is price action — the stock sits below all major moving averages with negative MACD, though oversold RSI and Stochastic readings suggest downside momentum may be nearing exhaustion. Overall, a defensive, cash-rich income name that needs evidence of pricing power or volume growth to re-rate higher.

Positive Factors

Manageable LeverageLower leverage than in 2021–2022 indicates that balance-sheet risk has moderated while the equity base has continued to grow. This gives Kerry TJ Logistics greater financial resilience and preserves capacity to support operations and investment through the next several quarters.

Negative Factors

Revenue StagnationBroadly flat revenue, followed by a decline in 2025, points to limited recent expansion in the company’s underlying business scale. Without stronger top-line growth, management has less operating leverage to offset costs or improve earnings over the medium term.

Kerry TJ Logistics Co., Ltd. (2608) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 13.05B
Dividend Yield: 5.89%
Average Volume (3M): 243.75K
Price to Earnings (P/E): 14.7
Beta (1Y): 0.05
Revenue Growth: 22.67%
EPS Growth: -5.65%
Country: TW
Employees: 5,888
Sector: General
Sector Strength: 55
Industry: Trucking

Kerry TJ Logistics Co., Ltd. Business Overview & Revenue Model

Company Description

Kerry TJ Logistics Company Limited provides automobile cargo transportation, container transportation, warehousing, and refrigeration delivery services in Taiwan. It is also involved in container freight, international trade, car freight, logistics t...

Kerry TJ Logistics Co., Ltd. Financial Statement Overview

Summary

A mixed but broadly stable picture. Cash flow is the standout strength: operating cash flow has held near NT$2.5B for four consecutive years and free cash flow improved to NT$1.65B, with operating cash flow covering net income about 2.7 times — confirming high-quality, cash-backed earnings. The balance sheet is conservative and improving, with debt-to-equity down to 0.67 and equity funding roughly half of the NT$24.59B asset base. The weak link is the income statement: revenue has flatlined around NT$12–13B for six years while gross, operating and net margins have all compressed, pushing net income down for a second straight year to NT$0.92B and return on equity to 7.4%, about half its 2020 level.

Income Statement

53Neutral

Balance Sheet

64Positive

Cash Flow

73Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.73B	12.84B	12.66B	12.03B	12.73B	13.04B
Gross Profit	2.25B	2.30B	2.30B	2.19B	2.35B	2.52B
EBITDA	2.97B	3.03B	3.07B	3.75B	3.15B	3.16B
Net Income	896.88M	921.36M	1.05B	1.70B	1.24B	1.39B
Balance Sheet
Total Assets	25.20B	24.59B	24.57B	24.65B	24.74B	24.16B
Cash, Cash Equivalents and Short-Term Investments	2.36B	1.83B	1.65B	1.72B	1.63B	1.51B
Total Debt	8.69B	8.38B	8.31B	8.33B	9.39B	9.09B
Total Liabilities	12.35B	11.39B	11.61B	11.60B	12.58B	12.63B
Stockholders Equity	12.19B	12.50B	12.30B	12.41B	11.54B	10.95B
Cash Flow
Free Cash Flow	1.88B	1.65B	1.38B	1.25B	1.01B	673.40M
Operating Cash Flow	2.72B	2.51B	2.54B	2.46B	2.54B	2.45B
Investing Cash Flow	-830.37M	-845.72M	-1.14B	-388.04M	-1.44B	-1.71B
Financing Cash Flow	-1.50B	-1.48B	-1.46B	-1.99B	-977.30M	-749.74M

Kerry TJ Logistics Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2608 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6183	76Outperform	TWD 13.34B	18.43	―	4.01%	10.41%	26.62%
TW:2617	70Outperform	TWD 12.58B	8.20	―	4.99%	16.08%	14.41%
TW:2731	70Outperform	TWD 12.64B	9.46	―	9.24%	10.02%	-6.82%
TW:5609	70Outperform	TWD 11.17B	9.34	―	7.15%	15.14%	7.70%
TW:2612	61Neutral	TWD 11.20B	11.05	―	3.87%	1.54%	-21.98%
TW:2608	61Neutral	TWD 12.96B	14.66	―	5.89%	22.67%	-5.65%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:2608 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2608	Kerry TJ Logistics Co., Ltd.	28.00	-4.05	-12.63%
TW:2612	Chinese Maritime Transport Ltd.	56.80	7.07	14.22%
TW:2617	Taiwan Navigation Co., Ltd.	30.05	1.84	6.50%
TW:2731	Lion Travel Service Co., Ltd.	138.50	-21.16	-13.25%
TW:5609	Dimerco Express Corporation	78.30	3.46	4.62%
TW:6183	Trade-Van Information Services Co.	88.50	-4.09	-4.42%

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 09, 2026

Kerry TJ Logistics Co., Ltd. AI Stock Analysis