Upcoming Dividend • May 21
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 07 July 2026. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 8.9%. Within top quartile of Hong Kong dividend payers (6.9%). Higher than average of industry peers (7.3%). Major Estimate Revision • Mar 27
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$1.36b to US$1.29b. EPS estimate also fell from US$0.227 per share to US$0.19 per share. Net income forecast to shrink 3.0% next year vs 8.7% decline forecast for Shipping industry in Hong Kong. Consensus price target broadly unchanged at HK$11.50. Share price fell 10% to HK$8.17 over the past week. Declared Dividend • Mar 25
Dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 28th May 2026 Payment date: 7th July 2026 Dividend yield will be 1.2%, which is lower than the industry average of 21%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (49% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 19% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 22
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$0.20 (down from US$0.25 in FY 2024). Revenue: US$1.28b (down 4.2% from FY 2024). Net income: US$328.9m (down 10% from FY 2024). Profit margin: 26% (down from 27% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, while revenues in the Shipping industry in Hong Kong are expected to remain flat. Announcement • Mar 21
T.S. Lines Limited, Annual General Meeting, May 21, 2026 T.S. Lines Limited, Annual General Meeting, May 21, 2026. Announcement • Mar 09
T.S. Lines Limited to Report Fiscal Year 2025 Results on Mar 20, 2026 T.S. Lines Limited announced that they will report fiscal year 2025 results on Mar 20, 2026 Buy Or Sell Opportunity • Sep 18
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to HK$8.94. The fair value is estimated to be HK$11.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last year. Earnings per share has grown by 136%. Revenue is forecast to grow by 2.2% in 2 years. Earnings are forecast to decline by 16% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$8.69, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Shipping industry in Hong Kong. Simply Wall St's valuation model estimates the intrinsic value at HK$11.88 per share. New Risk • Aug 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (14% average weekly change). Reported Earnings • Aug 26
First half 2025 earnings released First half 2025 results: EPS: US$0.11. Net income: US$188.7m (up US$188.7m from 1H 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.5% decline forecast for the Shipping industry in Hong Kong. Announcement • Aug 07
T.S. Lines Limited to Report Q2, 2025 Results on Aug 25, 2025 T.S. Lines Limited announced that they will report Q2, 2025 results on Aug 25, 2025 New Risk • Jun 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Significant insider selling over the past 3 months (HK$4.2m sold). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to HK$10.04, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Shipping industry in Hong Kong. Simply Wall St's valuation model estimates the intrinsic value at HK$19.46 per share. Recent Insider Transactions • Jun 05
President & Executive Director recently bought HK$2.7m worth of stock On the 2nd of June, Hung-Lin To bought around 412k shares on-market at roughly HK$6.49 per share. This transaction increased Hung-Lin's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Hung-Lin has been a buyer over the last 12 months, purchasing a net total of HK$1.6m worth in shares. Major Estimate Revision • May 31
Consensus revenue estimates increase by 17% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from US$1.21b to US$1.41b. EPS estimate increased from US$0.147 to US$0.199 per share. Net income forecast to shrink 9.5% next year vs 17% decline forecast for Shipping industry in Hong Kong. Consensus price target up from HK$7.40 to HK$9.75. Share price fell 9.4% to HK$7.21 over the past week. Announcement • May 29
T.S. Lines Limited Approves Final Dividend for the Year Ended December 31, 2024, Payable on July 9, 2025 T.S. Lines Limited at its AGM held on May 29, 2025, approved a final dividend USD 0.11 per share of the Company for the year ended December 31, 2024 to Shareholders whose names appear on the register of members of the Company on June 9, 2025. The final dividend will be distributed on July 9, 2025. Recent Insider Transactions • May 17
President & Executive Director recently sold HK$2.4m worth of stock On the 13th of May, Hung-Lin To sold around 315k shares on-market at roughly HK$7.77 per share. This transaction amounted to 47% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Hung-Lin has been a net seller over the last 12 months, reducing personal holdings by HK$406k. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$7.49, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Shipping industry in Hong Kong. New Risk • May 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 19% per year for the foreseeable future. High level of non-cash earnings (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (11% average weekly change). Major Estimate Revision • Apr 17
Consensus EPS estimates increase by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$1.16b to US$1.21b. EPS estimate increased from US$0.114 to US$0.148 per share. Net income forecast to shrink 33% next year vs 33% decline forecast for Shipping industry in Hong Kong. Consensus price target down from HK$7.60 to HK$7.40. Share price rose 16% to HK$6.17 over the past week. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to HK$5.51, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Shipping industry in Hong Kong. Reported Earnings • Mar 30
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$0.25 (up from US$0.015 in FY 2023). Revenue: US$1.34b (up 53% from FY 2023). Net income: US$365.9m (up US$345.2m from FY 2023). Profit margin: 27% (up from 2.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Revenue is expected to fall by 7.7% p.a. on average during the next 2 years compared to a 3.4% decline forecast for the Shipping industry in Hong Kong. Announcement • Mar 29
T.S. Lines Limited, Annual General Meeting, May 29, 2025 T.S. Lines Limited, Annual General Meeting, May 29, 2025. Announcement • Mar 28
T.S. Lines Limited Announces Appointment of Chen Shao-Hsiang as Vice Chairman The board (the "Board") of directors (the "Director(s)") of T.S. Lines Limited announced that Mr. Chen Shao-Hsiang ("Mr. James Chen"), has been further appointed as the vice chairman of the Board with effect from March 28, 2025, while continuing to serve concurrently as an executive Director and vice president of the Company. Mr. James Chen, aged 41, joined the Group as a Director and vice president on September 27, 2022 and was redesignated as an executive Director on April 25, 2023. Mr. James Chen is responsible for overseeing the Group's planning, marketing and marine department and formulating the Group 's medium to long term strategies and investments. He currently holds directorships in seven subsidiaries of the Group. Mr. James Chen has over 16 years of experience in the shipping industry. Prior to joining the Group, since July 2008, he successively served in various roles in TEH Shipping Lines Co. Ltd. ("TEH Shipping") in Taiwan with his last position as a vice president since July 2018. From July 2008 to June 2009, he served as an auditor for overseas agents of TEH Shipping, where he was primarily responsible for managing the auditing the overseas agencies. From July 2009 to July 2014, he served as a planning specialist in the planning department of TEH Shipping, where he was primarily responsible for service design and financial analysis and agency management. From July 2014 to July 2018, he served as a junior vice president and head of the planning department of TEH Shipping, where he was primarily responsible for strategic planning, service design, agency management and partners relations liaison. Since August 2008, he has also been serving as a director of T.S. Shipping Agency Co. Ltd. in Taiwan, where he is primarily responsible for overseeing the strategic development and management. Mr. James Chen obtained a bachelor's degree in management from London School of Economics & Political Science in the United Kingdom in July 2007. He also obtained a master's degree in energy, trade and finance from Bayes Business School of City, University of London (formerly known as Cass Business School of City, University of London) in the United Kingdom in October 2008. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$5.55, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Shipping industry in Hong Kong. Announcement • Feb 28
T.S. Lines Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 T.S. Lines Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Recent Insider Transactions • Jan 29
President & Executive Director recently bought HK$1.1m worth of stock On the 23rd of January, Hung-Lin To bought around 267k shares on-market at roughly HK$4.26 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$1.2m. Hung-Lin has been a buyer over the last 12 months, purchasing a net total of HK$3.2m worth in shares. Recent Insider Transactions • Dec 13
President & Executive Director recently bought HK$1.2m worth of stock On the 10th of December, Hung-Lin To bought around 300k shares on-market at roughly HK$4.10 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Hung-Lin's only on-market trade for the last 12 months. New Risk • Dec 11
New major risk - Revenue and earnings growth Revenue has declined by 64% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue has declined by 64% over the past year. High level of non-cash earnings (31% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (2.4% net profit margin). Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$4.50, the stock trades at a trailing P/E ratio of 46.1x. Average trailing P/E is 8x in the Shipping industry in Hong Kong. Announcement • Nov 29
T.S. Lines Limited Provides Consolidated Earnings Guidance for the Ten Months Ended October 31, 2024 and for the Year Ending December 31, 2024 T.S. Lines Limited provided consolidated earnings guidance for the ten months ended October 31, 2024. For the period, the group is expected to record a profit attributable to the equity shareholders of the Company of not less than USD 270.0 million, representing an increase of approximately 3700% as compared to the profit attributable to the equity shareholders of the Company of approximately USD 7.1 million for the corresponding period in 2023. As a result, the Board expects that the Group will record a significant increase in profit attributable to the equity shareholders of the Company for the year ending December 31, 2024 as compared to the corresponding amount of approximately USD 20.7 million for the year ended December 31, 2023. The significant increase in profit for the ten months ended October 31, 2024 was mainly due to higher freight rates mainly driven by the continued impacts on the supply from the Red Sea diversions; and increased shipping volume, partially attributable to the Group's increased shipping capacity. Board Change • Nov 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Youn-Ger Wu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 02
T.S. Lines Limited has completed an IPO in the amount of HKD 1.048929 billion. T.S. Lines Limited has completed an IPO in the amount of HKD 1.048929 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 107,111,000
Price\Range: HKD 4.18
Discount Per Security: HKD 0.096976
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 118,735,000
Price\Range: HKD 4.18
Discount Per Security: HKD 0.096976
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,094,000
Price\Range: HKD 4.18
Discount Per Security: HKD 0.096976
Transaction Features: Regulation S; Rule 144A 
