WHL

Companies

Wanhai profit drop 28% QoQ

Wanhai reported after Friday (11 Nov 2022) closed. Net profit dropped 42% YoY and 28% QoQ. Not much surprises since the top line has been reported few weeks ago and the QoQ quantum drop in pre tax earnings eg NTD12bn is similar to the top line QoQ drop. Liners with less contracted business ratio is still see greater earnings drop near term.

Companies

TWN Liners October top line fell but fell less than CCFI

EMC, YMM and WHL reported October top line. In aggregate, which provide better read through for the industry, revenue in USD fell 15% MoM and 33% YoY, probably would be taken as positive surprises since the fall is less than CCFI. As additional context for this set of October figures, the Taiwanese liners' revenue fell more more than CCFI during September.

Companies

WHL and YMM Aug Revenue Add Confirmation To Industry Wide Downcycle

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

Services

PIL/YM/WHL launch WS6/SA8/AS2 service to WCSA

PIL, WHL and YM will launch West Coast South America 6 (WS6), a weekly service connecting Ningbo, Shanghai, Qingdao, Busan, Manzanillo (Mexico), Lazaro Cardenas, Puerto Quetzal, Buenaventura, Valparaiso, Ningbo. The service will start with 4,662 teu YM ENLIGHTENMENT calling Ningbo on 13 July.

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