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More Titles
Title:U-Ming Marine Transport (2606 TT) Buy: TP: NT$38.0
Download File:2606 TT U-Ming Marine Transport note 200708--sinopac.pdf 
 
Summary:Buy, TP of NT$38 (1.2x 2020F P/B): 1) Iron shipment from Brazil tends to peak in the third quarter; we estimate Capsize rates will shoot above last yearˇ¦s high of US$38,000 per day, which will drive Baltic Dry Index (BDI) above last yearˇ¦s high of 2,518; 2) Two chartered very large ore carriers (VLOCs) with long-term contracts will join the companyˇ¦s fleet sequentially in 3Q20 and 4Q20; 3) Valuation: the stock trades at ~1x 2020F P/B, vs. historical range of 0.7x-1.5x.
  
Date:2020/07/08
Author:TaiwanResearch.com
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