WHL and YMM also reported their August revenue last week, after EMC. WHL's August revenue fell 20% YoY, 12% MoM and 40% from its peak in Jan 2022. YMM's August revenue also fell both YoY and MoM. If the same MoM pace continues for Sep, the three Taiwanese liners will likely report 9% M0M lower top line and hence 7% QoQ lower top line for for 3Q 2022. Liner industry reported about 58% EBIT margin and 50% net profit margin during 2Q 2022. So on the ballpark, every 1% drop in top line would mean