External broker reports(aggregated public sources), Masterlink Securities Corp

Masterlink Securities

MasterLink Securities provide brokerage, securities underwriting, and proprietary trading services in Taiwan. It offers brokerage services, including Taiwan stock exchange and OTC brokerage services, futures trading assistance, foreign securities trading, investment Banking services, and derivative products.

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External broker reports(aggregated public sources)

Equity Bottom-Up

Yang Ming Marine Transport / Equity Bottom-Up

<p>We have noticed that Yang Ming’s PBR trend matches with SCFI trend. As such, we reckon that Yang Ming’s valuation may fluctuate at a high level in 2H21. If cargo jams gradually decrease in 4Q21, Yang Ming’s PBR may undergo correction. Considering that Yang Ming’s 3x PBR is still high and has reflected its fundamentals, we assign a HOLD rating on Yang Ming with a TP of NT$115 (1.5x FY22 PBR).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We have noticed that Yang Ming’s PBR trend matches with SCFI trend. As such, we reckon that Yang Ming’s valuation may fluctuate at a high level in 2H21. If cargo jams gradually decrease in 4Q21, Yang Ming’s PBR may undergo correction. Considering that Yang Ming’s 3x PBR is still high and has reflected its fundamentals, we assign a HOLD rating on Yang Ming with a TP of NT$115 (1.5x FY22 PBR).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yang Ming Marine (2609 TT) Mixed Views on Future Freight Rates