Yang Ming Marine Transport Corp. (2609) AI Stock Analysis

Yang Ming Marine Transport Corp.

(TWSE:2609)

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Rating:64Neutral

Price Target:TWD 61.00▲(3.21% Upside)

Action:initiatedcoverage

Date:11/09/26

Yang Ming scores in the moderate range. Its greatest strength is an exceptionally strong balance sheet — near debt-free with equity funding over 70% of assets — which, alongside operating cash flow of NT$40.5bn and continued profitability, provides real protection through a shipping downcycle. Offsetting this, revenue and net income have fallen sharply from 2024 levels, ROE has dropped to 5.2%, and heavy fleet capex consumed most of this year's free cash flow. Technicals are the weakest element: the stock has broken below its 20- and 50-day averages with weak RSI and stochastic readings, although it still holds above its longer-term averages. A modest 12.9x P/E and a 3.5% dividend yield provide valuation and income support, partially offsetting the negative earnings trajectory and cyclical freight-rate risk.

Positive Factors

Conservative leverageYang Ming’s conservative capital structure provides resilience during weaker shipping conditions and preserves financial flexibility. Low debt relative to equity can reduce financing pressure, support continued operations through downturns, and leave greater scope for investment or shareholder distributions.

Negative Factors

Revenue and margin compressionThe sharp deterioration in revenue and profitability reduces current earnings power and makes forward performance more dependent on a recovery in shipping demand and rates. Lower margins also leave less buffer against further volume pressure, keeping operating results vulnerable over the next several quarters.

Yang Ming Marine Transport Corp. (2609) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 208.48B
Dividend Yield: 3.38%
Average Volume (3M): 47.13M
Price to Earnings (P/E): 7.3
Beta (1Y): 0.35
Revenue Growth: 3.49%
EPS Growth: 2.44%
Country: TW
Employees: 4,858
Sector: General
Sector Strength: 55
Industry: Marine Shipping

Yang Ming Marine Transport Corp. Business Overview & Revenue Model

Company Description

Yang Ming Marine Transport Corporation, established in 1972 and headquartered in Keelung, Taiwan, operates globally through its subsidiaries. The company offers a wide range of maritime services, including shipping, vessel repair, and chartering, acr...

Yang Ming Marine Transport Corp. Financial Statement Overview

Summary

Yang Ming combines a fortress balance sheet (score 86) with solid cash generation (65) but a sharply weakening income statement (56). Debt has collapsed to roughly 6% of equity and equity funds about 72% of assets, giving substantial downside protection through the shipping trough. However, revenue fell from NT$222.7bn to NT$163.6bn, net income dropped from NT$64.2bn to NT$17.1bn, and ROE slid to 5.2%. Operating cash flow of NT$40.5bn still exceeded net income by about 2.4x, but heavy fleet capex cut free cash flow 85.7% to NT$4.9bn. Net: conservatively financed and still profitable, but with a clearly negative earnings trajectory.

Income Statement

56Neutral

Balance Sheet

86Very Positive

Cash Flow

65Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	163.97B	163.56B	222.71B	140.62B	375.90B	333.69B
Gross Profit	19.54B	23.87B	77.63B	6.22B	230.17B	213.13B
EBITDA	25.22B	34.78B	101.36B	34.34B	254.86B	222.46B
Net Income	15.51B	17.10B	64.18B	4.77B	180.59B	165.27B
Balance Sheet
Total Assets	457.76B	454.23B	484.13B	392.61B	508.15B	384.42B
Cash, Cash Equivalents and Short-Term Investments	181.68B	181.83B	226.50B	185.23B	287.22B	193.59B
Total Debt	18.31B	19.69B	26.34B	40.95B	48.76B	39.70B
Total Liabilities	129.85B	127.63B	142.82B	114.91B	164.36B	150.09B
Stockholders Equity	327.10B	325.85B	340.54B	276.98B	342.96B	233.69B
Cash Flow
Free Cash Flow	-7.54B	4.85B	78.28B	-11.44B	201.49B	202.23B
Operating Cash Flow	30.45B	40.46B	85.35B	3.38B	210.07B	209.57B
Investing Cash Flow	-48.80B	-38.25B	47.13B	16.72B	-32.58B	-141.11B
Financing Cash Flow	-37.11B	-38.51B	-41.78B	-99.26B	-86.95B	-34.73B

Yang Ming Marine Transport Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2609 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:2610	71Outperform	TWD 140.06B	9.67	―	3.47%	15.47%	-2.40%
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:2609 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2609	Yang Ming Marine Transport Corp.	59.10	7.06	13.58%
TW:2606	U-Ming Marine Transport Corp.	71.00	19.54	37.97%
TW:2610	China Airlines Ltd.	23.50	4.55	24.01%
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 09, 2026

Yang Ming Marine Transport Corp. AI Stock Analysis