# Yang Ming Marine Transport (2609.TW)

Canonical: https://gigainvestors.com/s/2609.TW

Analysis as of: 2026-10-16T07:36:45.278Z. Financial observations: FY2000–FY2025.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: TWD 63.30 per share; close as of 2026-10-15.

Estimated value: low TWD 213.08 per share, central TWD 235.64 per share, high TWD 265.66 per share. Buy at or below the central value TWD 235.64 per share. Valuation as of 2026-10-16T07:36:45.278Z; scenarios are not confidence intervals.

Expected annual return: 108.5% at the stated quote. About 108.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; TW 10-year bond 2.0% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 1.60×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.13×

- FY2017: 0.01×

- FY2018: -0.04×

- FY2019: 0.00×

- FY2020: 0.13×

- FY2021: 0.61×

- FY2022: 0.63×

- FY2023: -0.01×

- FY2024: 0.30×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.7%

- ROIC, second-lowest year: -4.7%

- Typical minus recent gross margin: -4.8 pp

- Typical gross margin (annual median): 9.8%

- Recent gross margin (lower of latest and 3-year median): 14.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 6.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -12.4%

- FY2017: 0.6%

- FY2018: -4.7%

- FY2019: 0.6%

- FY2020: 19.7%

- FY2021: >100%

- FY2022: >100%

- FY2023: -0.8%

- FY2024: 38.9%

- FY2025: 6.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 433B

- Net income, five-year total: TWD 432B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: 0.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.04×

- FY2022: 1.03×

- FY2023: 1.00×

- FY2024: 1.14×

- FY2025: -0.07×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -4.7% vs 6.7%

- Per-share earnings: -4.68 to 4.74 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.1%

- Ordinary dilution, 5-year annual growth: 6.7%

- Market cap gain: TWD 184B

- Cumulative retained earnings: TWD 235B

- Diluted shares, 10-year annual growth: 8.1%

- Diluted shares, 5-year annual growth: 6.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: TWD 9.42

- Per-share value, starting three-year median: TWD -4.68

- Per-share value, ending three-year median: TWD 4.74

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 161M

- Cumulative net income, 10 years: TWD 419B

- ROIC, first three-year median: -4.7%

- ROIC, last three-year median: 6.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD -9.07

- FY2017: TWD 0.18

- FY2018: TWD -2.54

- FY2019: TWD -1.54

- FY2020: TWD 4.60

- FY2021: TWD 47.67

- FY2022: TWD 51.20

- FY2023: TWD 1.37

- FY2024: TWD 18.38

- FY2025: TWD 4.74

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 1.78×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.37×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: -1.2%

- FY2018: -2.5%

- FY2019: -8.0%

- FY2020: -11.8%

- FY2021: -11.5%

- FY2022: -5.8%

- FY2023: 0.4%

- FY2024: -4.4%

- FY2025: -5.1%

## Holders

## Price story

Down 50% since Apr 2022 · sales -26.6%

Story as of 2026-10-16T10:00:08.008Z; price observation 2026-10-15.

Price needs cash profits to shrink 36.3% a year for ten years

### Sales · FY2024–2025

sales -26.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 115B 

- FY2017: TWD 131B 

- FY2018: TWD 142B 

- FY2019: TWD 149B 

- FY2020: TWD 151B 

- FY2021: TWD 334B 

- FY2022: TWD 376B 

- FY2023: TWD 141B 

- FY2024: TWD 223B 

- FY2025: TWD 164B 

### Gross margin · FY2025

gross margin 14.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 5.0% 

- FY2018: 0.0% 

- FY2019: 4.1% 

- FY2020: 17.2% 

- FY2021: 63.9% 

- FY2022: 61.2% 

- FY2023: 4.4% 

- FY2024: 34.9% 

- FY2025: 14.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in marine shipping; annual sales are TWD 163.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); FY2025: revenue 163558095000; grossProfit 23871677000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2609.TW: Yang Ming Marine Transport Corporation, together with its subsidiaries, provides shipping, repair, and chartering services in Taiwan, the America, Europe, Asia, and internationally. The company purchases and sells ships, containers, and chassis. It acts as a property, shipping, and forwarding and inland forwarding agent, as well as a shipping manager. In addition, it provides warehouse and terminal operations, as well as container haulage services, information system, insurance, cargo consolidation, container transportation, stevedoring, and logistics services. Further, it imports and exports; storage and delivery; and other warehousing related business. Yang Ming Marine Transport Corporation was incorporated in 1972 and is headquartered in Keelung, Taiwan.

### Why customers stay

Margins ranged from 4.4% to 34.9% during 2023–25; it earns 3.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); FY2023: grossProfit / revenue = 4.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); FY2024: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); FY2025: grossProfit / revenue = 14.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); 10-year return on capital observations [[2016,-0.12416115877424622],[2017,0.006429874560644419],[2018,-0.047373137034455344],[2019,0.005967636302922691],[2020,0.19679532857770382],[2021,2.103245754060646],[2022,1.749300407566034],[2023,-0.008258302906763609],[2024,0.38885548689352123],[2025,0.06678839818752669]]; median 0.036609136374085555. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); FY2017: growth capex 0; upkeep 1981175000; owner earnings 4790941000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); FY2019: growth capex 0; upkeep 2688116000; owner earnings 8137210800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); FY2020: growth capex 0; upkeep 8577357000; owner earnings 18954360600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); FY2021: growth capex 0; upkeep 7341282000; owner earnings 171329412600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); FY2022: growth capex 0; upkeep 8572729000; owner earnings 185300556800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); FY2023: growth capex 0; upkeep 14729435000; owner earnings 4750272200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); FY2024: growth capex 0; upkeep 7062656000; owner earnings 73266869600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,69842085000],[2020,69842085000],[2021,69842085000],[2022,69842085000],[2023,69842086000],[2024,6984208000],[2025,26190782000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 19.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2609.TW SharesStats.PercentInsiders = 19.634 percentage points; cache date 2026-10-16.

### What could break it

Looking ahead to 2026, the risks arising from trade protectionism and geopolitical conflicts remain.

- Source: https://esg.yangming.com/upload/investors_finance_files_stock_year_en/enL_investors_finance_26E07_78JdX4JHQI.pdf (filed ); In the bulk shipping market, an oversupply of tonnage relative to demand in 2025 left the market generally weak. Looking ahead to 2026, the risks arising from trade protectionism and geopolitical conflicts remain. In addition to the uncertain outlook for Russia–Ukraine peace talks and the slow progress of the Israel–Hamas ceasefire agreement, military tensions among the United States, Israel, and Iran escalated markedly in late February 2026.

### What the price says

The price assumes cash profits shrink 36.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.278Z); Ten-year compound average after fade. Initial solved rate -0.4964033639619677. Price 63.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -7.152936667134827 → FY2025 -0.3379170549769705. Closing-price date 2026-10-15.

## Monthly share-price history (TWD per share)

- 2016-10: TWD 15.00 per share

- 2016-11: TWD 12.31 per share

- 2016-12: TWD 10.31 per share

- 2017-01: TWD 11.96 per share

- 2017-02: TWD 14.85 per share

- 2017-03: TWD 14.96 per share

- 2017-04: TWD 13.16 per share

- 2017-05: TWD 12.95 per share

- 2017-06: TWD 12.55 per share

- 2017-07: TWD 13.45 per share

- 2017-08: TWD 16.75 per share

- 2017-09: TWD 12.70 per share

- 2017-10: TWD 12.35 per share

- 2017-11: TWD 12.00 per share

- 2017-12: TWD 11.50 per share

- 2018-01: TWD 11.60 per share

- 2018-02: TWD 10.40 per share

- 2018-03: TWD 10.55 per share

- 2018-04: TWD 10.30 per share

- 2018-05: TWD 9.49 per share

- 2018-06: TWD 9.00 per share

- 2018-07: TWD 9.18 per share

- 2018-08: TWD 8.84 per share

- 2018-09: TWD 8.73 per share

- 2018-10: TWD 8.54 per share

- 2018-11: TWD 9.04 per share

- 2018-12: TWD 8.80 per share

- 2019-01: TWD 8.94 per share

- 2019-02: TWD 9.23 per share

- 2019-03: TWD 8.65 per share

- 2019-04: TWD 8.77 per share

- 2019-05: TWD 8.13 per share

- 2019-06: TWD 8.16 per share

- 2019-07: TWD 8.73 per share

- 2019-08: TWD 7.96 per share

- 2019-09: TWD 7.80 per share

- 2019-10: TWD 7.58 per share

- 2019-11: TWD 7.29 per share

- 2019-12: TWD 7.21 per share

- 2020-01: TWD 6.77 per share

- 2020-02: TWD 6.93 per share

- 2020-03: TWD 5.08 per share

- 2020-04: TWD 6.77 per share

- 2020-05: TWD 6.50 per share

- 2020-06: TWD 6.50 per share

- 2020-07: TWD 6.31 per share

- 2020-08: TWD 10.10 per share

- 2020-09: TWD 9.70 per share

- 2020-10: TWD 11.50 per share

- 2020-11: TWD 13.25 per share

- 2020-12: TWD 29.25 per share

- 2021-01: TWD 19.75 per share

- 2021-02: TWD 29.00 per share

- 2021-03: TWD 37.70 per share

- 2021-04: TWD 79.80 per share

- 2021-05: TWD 102.50 per share

- 2021-06: TWD 182.50 per share

- 2021-07: TWD 117.00 per share

- 2021-08: TWD 133.50 per share

- 2021-09: TWD 119.50 per share

- 2021-10: TWD 96.50 per share

- 2021-11: TWD 115.50 per share

- 2021-12: TWD 121.00 per share

- 2022-01: TWD 98.60 per share

- 2022-02: TWD 115.50 per share

- 2022-03: TWD 124.50 per share

- 2022-04: TWD 126.00 per share

- 2022-05: TWD 124.50 per share

- 2022-06: TWD 82.30 per share

- 2022-07: TWD 89.60 per share

- 2022-08: TWD 78.90 per share

- 2022-09: TWD 61.50 per share

- 2022-10: TWD 60.20 per share

- 2022-11: TWD 66.10 per share

- 2022-12: TWD 65.50 per share

- 2023-01: TWD 62.50 per share

- 2023-02: TWD 64.60 per share

- 2023-03: TWD 64.30 per share

- 2023-04: TWD 63.10 per share

- 2023-05: TWD 60.80 per share

- 2023-06: TWD 63.00 per share

- 2023-07: TWD 46.50 per share

- 2023-08: TWD 42.25 per share

- 2023-09: TWD 45.45 per share

- 2023-10: TWD 42.10 per share

- 2023-11: TWD 42.00 per share

- 2023-12: TWD 51.30 per share

- 2024-01: TWD 47.85 per share

- 2024-02: TWD 49.85 per share

- 2024-03: TWD 44.40 per share

- 2024-04: TWD 52.20 per share

- 2024-05: TWD 71.50 per share

- 2024-06: TWD 74.60 per share

- 2024-07: TWD 63.40 per share

- 2024-08: TWD 64.50 per share

- 2024-09: TWD 69.00 per share

- 2024-10: TWD 66.40 per share

- 2024-11: TWD 73.20 per share

- 2024-12: TWD 75.70 per share

- 2025-01: TWD 67.80 per share

- 2025-02: TWD 72.90 per share

- 2025-03: TWD 74.40 per share

- 2025-04: TWD 68.00 per share

- 2025-05: TWD 79.60 per share

- 2025-06: TWD 71.10 per share

- 2025-07: TWD 60.80 per share

- 2025-08: TWD 57.70 per share

- 2025-09: TWD 53.00 per share

- 2025-10: TWD 57.50 per share

- 2025-11: TWD 52.00 per share

- 2025-12: TWD 55.70 per share

- 2026-01: TWD 53.40 per share

- 2026-02: TWD 57.40 per share

- 2026-03: TWD 52.00 per share

- 2026-04: TWD 49.15 per share

- 2026-05: TWD 52.70 per share

- 2026-06: TWD 52.00 per share

- 2026-07: TWD 50.80 per share

- 2026-08: TWD 59.50 per share

- 2026-09: TWD 59.40 per share

- 2026-10: TWD 64.50 per share

## Annual estimated value (TWD per share)

- FY2020: low TWD 32.94 per share, central TWD 36.14 per share, high TWD 40.40 per share

- FY2021: low TWD 111.30 per share, central TWD 119.21 per share, high TWD 129.74 per share

- FY2022: low TWD 225.23 per share, central TWD 245.35 per share, high TWD 272.14 per share

- FY2023: low TWD 107.38 per share, central TWD 114.99 per share, high TWD 125.11 per share

- FY2024: low TWD 292.91 per share, central TWD 324.53 per share, high TWD 366.62 per share

- FY2025: low TWD 212.72 per share, central TWD 235.22 per share, high TWD 265.17 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations