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Title:Marine Shipping: Rising freight rates in 2017—Buy Evergreen Marine
Download File:Marine shipping industry note 170309--sinopac.pdf 
  • Buy Evergreen Marine (2603 TT), TP of NT$18 (1.1x 2017 P/B): Earnings have noticeably rebounded.

  • Neutral Yang Ming Marine (2609 TT): Unattractive valuation.

  • Neutral Wan Hai (2603 TT): Limited earnings upside sans a clear rate rebound for near-sea routes.
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