Wan Hai Lines Ltd. (2615) AI Stock Analysis

Wan Hai Lines Ltd.

(TWSE:2615)

Select Model

Rating:70Outperform

Price Target:TWD 118.00▲(6.31% Upside)

Action:initiatedcoverage

Date:11/09/26

The score is anchored by Wan Hai's exceptionally strong financial position: low leverage at 0.24 debt-to-equity, equity funding two-thirds of assets, and operating cash flow that comfortably exceeds net income. Profitability remains healthy at a 22.4% net margin, though revenue and margins are compressing as the freight-rate cycle normalizes, and heavy fleet capex keeps free cash flow modest. Valuation adds support with a 7.4x P/E and a 2.8% dividend yield. The main drags are near-term technical weakness, with the price below its 20- and 50-day averages on negative MACD and subdued oscillators, and the extreme cyclicality of container shipping, which limits earnings visibility despite the company's resilient capital base.

Positive Factors

Rebounded ProfitabilityThe return to strong profitability in two consecutive annual periods indicates that Wan Hai can generate meaningful earnings when shipping conditions improve. Healthy operating margins provide resources for fleet needs, debt service, and shareholder returns, although results remain cycle-sensitive.

Negative Factors

Shipping-Cycle VolatilityThe sharp difference between 2023 losses and later strong margins demonstrates substantial exposure to the container-shipping cycle. Earnings and shareholder returns can therefore change materially with freight conditions, making durable profit forecasting and planning more difficult across weaker periods.

Wan Hai Lines Ltd. (2615) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 307.27B
Dividend Yield: 2.70%
Average Volume (3M): 24.44M
Price to Earnings (P/E): 7.6
Beta (1Y): 0.38
Revenue Growth: 14.17%
EPS Growth: 49.02%
Country: TW
Employees: 4,333
Sector: General
Sector Strength: 55
Industry: Marine Shipping

Wan Hai Lines Ltd. Business Overview & Revenue Model

Company Description

Wan Hai Lines Ltd. operates extensively in the marine transportation sector, offering its services across various global regions including Asia, the Middle East, India, the United States, South America, and the Red Sea. The company primarily speciali...

Wan Hai Lines Ltd. Financial Statement Overview

Summary

Wan Hai combines a fortress balance sheet (score 82) with still-solid but normalizing earnings (income statement 70) and healthy cash generation (cash flow 71). Debt-to-equity has fallen to a conservative 0.24 and equity funds roughly two-thirds of assets, giving strong downside protection. However, revenue fell about 5.5% to NT$140.4 billion with margins compressing across the board (gross 34.9% to 28.2%, net 29.3% to 22.4%) and ROE dropping to 11.4%. Operating cash flow of NT$46.1 billion covers net income 1.41x, confirming high earnings quality, but heavy newbuild capex absorbs about two-thirds of it, leaving free cash flow modest. The dominant risk is extreme container-shipping cyclicality, shown by the swing from record 2021-22 profits to a 2023 loss.

Income Statement

70Positive

Balance Sheet

82Very Positive

Cash Flow

71Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	144.95B	140.35B	161.80B	100.22B	258.95B	228.01B
Gross Profit	39.41B	39.52B	56.47B	-1.51B	126.43B	134.65B
EBITDA	51.17B	47.47B	79.80B	17.16B	146.50B	143.57B
Net Income	40.88B	31.49B	47.41B	-5.80B	93.07B	103.34B
Balance Sheet
Total Assets	434.77B	409.25B	411.32B	332.58B	365.10B	257.68B
Cash, Cash Equivalents and Short-Term Investments	129.59B	128.44B	148.63B	126.75B	178.22B	109.33B
Total Debt	62.77B	66.66B	83.25B	74.97B	72.66B	58.06B
Total Liabilities	145.73B	133.46B	149.70B	126.21B	139.13B	113.11B
Stockholders Equity	288.59B	275.32B	261.21B	206.00B	225.60B	144.28B
Cash Flow
Free Cash Flow	13.09B	15.22B	33.47B	-48.42B	99.39B	98.22B
Operating Cash Flow	50.05B	46.14B	69.29B	-4.44B	135.13B	132.61B
Investing Cash Flow	-26.75B	20.86B	-114.06B	-34.42B	-46.40B	-42.19B
Financing Cash Flow	-27.19B	-27.24B	-6.70B	-12.63B	-28.83B	-1.77B

Wan Hai Lines Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2615 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2603	73Outperform	TWD 553.17B	10.21	―	6.21%	-19.52%	-58.41%
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:2615 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2615	Wan Hai Lines Ltd.	111.00	30.24	37.44%
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:2610	China Airlines Ltd.	23.50	4.55	24.01%
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

Wan Hai Lines Ltd. AI Stock Analysis