Title Container Shipping Update: Rate momentum for US, Europe routes
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Title:Container Shipping Update: Rate momentum for US, Europe routes
Download File:Container shipping Industry note_200903--sinopac.pdf 
Summary:SinoPac View: Container shipping rate momentum has exceeded our expectation. Considering the rate momentum of long-haul services amid strong demand in AUG and SEP, along with low bunker fuel prices, we increase our 2H20 earnings estimates for Evergreen Marine and Yang Ming and stand by our previous estimates for Wan Hai. Dividend payment for the year¡¯s earnings should be respectable. Our Buy calls: • Evergreen Marine (2603 TT): raise TP by 22% from NT$18 (1.1x 2020F P/B) to NT$22 (1.3x 2020F P/B) • Yang Ming Marine (2609 TT): raise TP by 18% from NT$10.2 (1.4x 2020F P/B) to NT$12 (1.6x 2020F P/B) • Wan Hai Lines (2615 TT): raise TP by 26% from NT$19.5 (1.1x 2020F P/B) to NT$24.5 (1.1x 202F P/B)
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