Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.17 (vs NT$0.23 in 1Q 2025) First quarter 2026 results: EPS: NT$0.17 (down from NT$0.23 in 1Q 2025). Revenue: NT$828.7m (up 7.4% from 1Q 2025). Net income: NT$24.0m (down 25% from 1Q 2025). Profit margin: 2.9% (down from 4.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Mar 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 119% Paying a dividend despite having no free cash flows. Earnings have declined by 0.2% per year over the past 5 years. Minor Risks High level of debt (45% net debt to equity). Market cap is less than US$100m (NT$3.16b market cap, or US$98.9m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.14 (vs NT$0.84 in FY 2024) Full year 2025 results: EPS: NT$1.14 (up from NT$0.84 in FY 2024). Revenue: NT$3.37b (up 2.5% from FY 2024). Net income: NT$157.1m (up 36% from FY 2024). Profit margin: 4.7% (up from 3.5% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 07
Dividend of NT$1.00 announced Dividend of NT$1.00 is the same as last year. Ex-date: 19th March 2026 Payment date: 21st April 2026 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (119% earnings payout ratio). However, it is well covered by cash flows (28% cash payout ratio). The dividend has increased by an average of 35% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 32% to bring the payout ratio under control, which is less than the 34% EPS growth achieved over the last 5 years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.36 (vs NT$0.36 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.36. Revenue: NT$877.4m (up 3.3% from 3Q 2024). Net income: NT$49.1m (flat on 3Q 2024). Profit margin: 5.6% (down from 5.8% in 3Q 2024). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.26 (vs NT$0.34 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.26 (down from NT$0.34 in 2Q 2024). Revenue: NT$869.6m (up 4.3% from 2Q 2024). Net income: NT$35.5m (down 24% from 2Q 2024). Profit margin: 4.1% (down from 5.6% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Jul 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 0% Dividend yield: 3.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 0% Minor Risk Large one-off items impacting financial results. Announcement • May 30
China Container Terminal Corporation Approves Board Election China Container Terminal Corporation at its regular shareholders meeting held on May 29, 2025, approved election of Representative of Mo Hsin Investment (Co. Ltd.): Mr.Telvin Ju, Representative of Shinway Investment (Co. Ltd.):
Mr.Hsu Guang- Da, Representative of Tai Tung Marine Transport (Co. Ltd.): Mr.Wu Ching-Chuan, Representative of Benyuan Railway Contracting & Transportation (Co. Ltd.): Mr. Lin Hong-Ying as Directors and Mr. Wang Zi-Cheng,
Mr. Lee Yueh-Lin as Independent Directors. New Risk • May 27
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 Taiwanese stocks, typically moving 10% 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Dividend is not well covered by earnings (108% payout ratio). Large one-off items impacting financial results. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.15 in 1Q 2024) First quarter 2025 results: EPS: NT$0.23 (up from NT$0.15 in 1Q 2024). Revenue: NT$771.7m (flat on 1Q 2024). Net income: NT$32.0m (up 55% from 1Q 2024). Profit margin: 4.1% (up from 2.7% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$34.20, the stock trades at a trailing P/E ratio of 40.6x. Average trailing P/E is 25x in the Infrastructure industry in Taiwan. Total returns to shareholders of 6.2% over the past three years. Announcement • May 01
China Container Terminal Corporation to Report Q1, 2025 Results on May 08, 2025 China Container Terminal Corporation announced that they will report Q1, 2025 results on May 08, 2025 New Risk • Apr 15
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 Taiwanese stocks, typically moving 8.5% 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: Minor Risks Dividend is not well covered by earnings (119% payout ratio). Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.01b (US$91.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (119% payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.01b market cap, or US$91.3m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$24.30, the stock trades at a trailing P/E ratio of 28.9x. Average trailing P/E is 23x in the Infrastructure industry in Taiwan. Total loss to shareholders of 28% over the past three years. Buy Or Sell Opportunity • Mar 31
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$29.15. The fair value is estimated to be NT$37.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 26%. New Risk • Mar 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (119% payout ratio). Large one-off items impacting financial results. Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: NT$0.84 (vs NT$0.71 in FY 2023) Full year 2024 results: EPS: NT$0.84 (up from NT$0.71 in FY 2023). Revenue: NT$3.29b (up 4.4% from FY 2023). Net income: NT$115.6m (up 18% from FY 2023). Profit margin: 3.5% (up from 3.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 28
Dividend increased to NT$1.00 Dividend of NT$1.00 is 67% higher than last year. Ex-date: 13th March 2025 Payment date: 11th April 2025 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 54% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 19
China Container Terminal Corporation to Report Fiscal Year 2024 Results on Feb 26, 2025 China Container Terminal Corporation announced that they will report fiscal year 2024 results on Feb 26, 2025 Buy Or Sell Opportunity • Jan 06
Now 21% undervalued Over the last 90 days, the stock has risen 3.0% to NT$34.45. The fair value is estimated to be NT$43.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 21%. Buy Or Sell Opportunity • Dec 10
Now 22% undervalued Over the last 90 days, the stock has risen 15% to NT$33.90. The fair value is estimated to be NT$43.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 21%. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.36 (vs NT$0.28 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.36 (up from NT$0.28 in 3Q 2023). Revenue: NT$849.1m (up 2.7% from 3Q 2023). Net income: NT$49.3m (up 27% from 3Q 2023). Profit margin: 5.8% (up from 4.7% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Nov 06
China Container Terminal Corporation to Report Q3, 2024 Results on Nov 13, 2024 China Container Terminal Corporation announced that they will report Q3, 2024 results on Nov 13, 2024 Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$36.30, the stock trades at a trailing P/E ratio of 31.9x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 48% over the past three years. Buy Or Sell Opportunity • Oct 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to NT$31.30. The fair value is estimated to be NT$39.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 19%. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$32.45, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$36.50, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 38% over the past three years. Buy Or Sell Opportunity • Aug 23
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at NT$31.80. The fair value is estimated to be NT$39.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 18%. Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: NT$0.34 (vs NT$0.29 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.34 (up from NT$0.29 in 2Q 2023). Revenue: NT$834.1m (up 6.8% from 2Q 2023). Net income: NT$46.5m (up 17% from 2Q 2023). Profit margin: 5.6% (up from 5.1% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Aug 10
China Container Terminal Corporation Announces Change of Kaohsiung Branch Office Manager, Effective September 1, 2024 China Container Terminal Corporation announced the change of Kaohsiung branch office Manager. Name, title, and resume of the previous position holder: Chieh-Te Lee,Manager and Assistant Vice President of the Kaohsiung Branch of CCTC /President of CCTC Friend Stevedore Co. Ltd. Name, title, and resume of the new position holder: Yung-Tai Lin,Vice President of the Kaohsiung Branch of CCTC /President of Tai Yunn Enterprise Co. Ltd. Reason for the change is Retirement. Effective date is September 1, 2024. Announcement • Aug 01
China Container Terminal Corporation to Report Q2, 2024 Results on Aug 08, 2024 China Container Terminal Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Buy Or Sell Opportunity • Jul 03
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 89% to NT$41.50. The fair value is estimated to be NT$34.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 11%. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to NT$42.05, the stock trades at a trailing P/E ratio of 38.5x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 70% over the past three years. Buy Or Sell Opportunity • May 29
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 83% to NT$42.05. The fair value is estimated to be NT$33.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 11%. New Risk • May 22
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 Taiwanese stocks, typically moving 6.5% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.15 (vs NT$0.23 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.15 (up from NT$0.23 loss in 1Q 2023). Revenue: NT$768.7m (up 7.5% from 1Q 2023). Net income: NT$20.6m (up NT$51.6m from 1Q 2023). Profit margin: 2.7% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$27.50, the stock trades at a trailing P/E ratio of 38.5x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 58% over the past three years. Buy Or Sell Opportunity • May 13
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to NT$27.50. The fair value is estimated to be NT$22.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years, while earnings per share has been flat. Announcement • May 05
China Container Terminal Corporation to Report Q1, 2024 Results on May 13, 2024 China Container Terminal Corporation announced that they will report Q1, 2024 results on May 13, 2024 Upcoming Dividend • Mar 07
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 12 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.9%). Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$0.71 (vs NT$1.05 in FY 2022) Full year 2023 results: EPS: NT$0.71 (down from NT$1.05 in FY 2022). Revenue: NT$3.15b (flat on FY 2022). Net income: NT$97.7m (down 32% from FY 2022). Profit margin: 3.1% (down from 4.6% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Declared Dividend • Feb 29
Dividend reduced to NT$0.60 Dividend of NT$0.60 is 43% lower than last year. Ex-date: 14th March 2024 Payment date: 12th April 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (197% earnings payout ratio). However, it is well covered by cash flows (34% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 118% to bring the payout ratio under control. However, EPS has declined by 5.9% over the last 5 years so the company would need to reverse this trend. Announcement • Feb 28
China Container Terminal Corporation Announces Cash Dividend, Payable on April 12, 2024 China Container Terminal Corporation announced board of directors resolution on February 26, 2023, announced cash dividends of NTD 0.6 per share for the year ended December 31, 2023. Total amount of cash distributed to shareholders is NTD 89,054,075. Ex-rights (ex-dividend) record date: 20 March, 2024, Payable on April 12, 2024. Announcement • Feb 27
China Container Terminal Corporation, Annual General Meeting, May 24, 2024 China Container Terminal Corporation, Annual General Meeting, May 24, 2024. Location: No. 388, Sec.2,Dazhi Rd Wuqi Dist.,Taichung City 435,Taiwan ROC Taichung Taiwan Agenda: To consider the 2023 business report; to consider the audit committee report regarding the 2023 financial results; to consider the report on 2023 employees' and directors' remuneration; to consider appropriation of 2023 earnings- cash dividend; to consider cause for convening the meeting; to consider and adoption of the 2023 Business Report and Financial Statements; and to consider other issues. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: NT$0.29 (vs NT$0.50 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.29 (down from NT$0.50 in 2Q 2022). Revenue: NT$781.2m (down 6.4% from 2Q 2022). Net income: NT$39.7m (down 42% from 2Q 2022). Profit margin: 5.1% (down from 8.2% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Jul 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (171% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (NT$2.90b market cap, or US$92.5m). Announcement • Jul 01
China Container Terminal Corporation Announces Board Changes, Effective July 1, 2023 China Container Terminal Corporation announced change in representative of the company’s institutional director. Name of the previous position holder: Peng, Yin-Kung. Resume of the previous position holder: Director of China Container Terminal Corporation. Name of the new position holder: Telvin Ju. Resume of the new position holder: Director of Chinese Maritime Transport Ltd. Effective date of the new appointment is July 1, 2023. Upcoming Dividend • Mar 06
Upcoming dividend of NT$1.05 per share at 4.2% yield Eligible shareholders must have bought the stock before 13 March 2023. Payment date: 10 April 2023. Payout ratio is on the higher end at 100%, however this is supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (6.1%). In line with average of industry peers (4.1%). Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: NT$1.05 (vs NT$1.63 in FY 2021) Full year 2022 results: EPS: NT$1.05 (down from NT$1.63 in FY 2021). Revenue: NT$3.15b (up 2.2% from FY 2021). Net income: NT$143.5m (down 36% from FY 2021). Profit margin: 4.6% (down from 7.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$0.15 (vs NT$0.45 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.15 (down from NT$0.45 in 3Q 2021). Revenue: NT$791.6m (flat on 3Q 2021). Net income: NT$20.6m (down 66% from 3Q 2021). Profit margin: 2.6% (down from 7.6% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$21.00, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 21% share price gain to NT$29.90, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 129% over the past three years. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: NT$0.50 (vs NT$0.37 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.50 (up from NT$0.37 in 2Q 2021). Revenue: NT$834.8m (up 8.0% from 2Q 2021). Net income: NT$68.6m (up 36% from 2Q 2021). Profit margin: 8.2% (up from 6.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.21 (vs NT$0.029 in 1Q 2021) First quarter 2022 results: EPS: NT$0.21 (up from NT$0.029 in 1Q 2021). Revenue: NT$779.6m (up 8.5% from 1Q 2021). Net income: NT$28.8m (up NT$24.8m from 1Q 2021). Profit margin: 3.7% (up from 0.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 27
Now 22% undervalued Over the last 90 days, the stock is up 58%. The fair value is estimated to be NT$46.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 63%. Buying Opportunity • Apr 07
Now 27% undervalued Over the last 90 days, the stock is up 45%. The fair value is estimated to be NT$50.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 63%. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 18% share price gain to NT$40.95, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 234% over the past three years. Buying Opportunity • Mar 22
Now 21% undervalued Over the last 90 days, the stock is up 38%. The fair value is estimated to be NT$46.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 63% per annum over the last 3 years. Buying Opportunity • Mar 08
Now 25% undervalued Over the last 90 days, the stock is up 31%. The fair value is estimated to be NT$47.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 63% per annum over the last 3 years. Upcoming Dividend • Mar 04
Upcoming dividend of NT$1.65 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 07 April 2022. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (3.3%). Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.63 (up from NT$0.23 in FY 2020). Revenue: NT$3.08b (up 9.0% from FY 2020). Net income: NT$222.5m (up NT$191.7m from FY 2020). Profit margin: 7.2% (up from 1.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improved over the past week After last week's 22% share price gain to NT$29.30, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 128% over the past three years. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS NT$0.45 (vs NT$0.25 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$796.8m (up 6.7% from 3Q 2020). Net income: NT$60.9m (up 80% from 3Q 2020). Profit margin: 7.6% (up from 4.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 16% share price gain to NT$35.80, the stock trades at a trailing P/E ratio of 42.8x. Average trailing P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 201% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.37 (vs NT$0.089 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$772.8m (up 11% from 2Q 2020). Net income: NT$50.5m (up NT$62.6m from 2Q 2020). Profit margin: 6.5% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 34% share price gain to NT$26.00, the stock trades at a trailing P/E ratio of 67.8x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 120% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.12 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$718.5m (up 8.6% from 1Q 2020). Net income: NT$3.97m (up NT$20.7m from 1Q 2020). Profit margin: 0.6% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$0.23 (vs NT$0.27 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.83b (down 1.7% from FY 2019). Net income: NT$30.7m (down 13% from FY 2019). Profit margin: 1.1% (down from 1.2% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Feb 25
China Container Terminal Corporation, Annual General Meeting, May 25, 2021 China Container Terminal Corporation, Annual General Meeting, May 25, 2021. Agenda: To consider the 2020 Business Report; to consider the Supervisors' audit report regarding the 2020 financial results; to consider the Report on 2020 employees' and directors' remuneration; to consider the Appropriation of 2020 earnings- Cash dividends; to consider the Revised ??Codes of Ethical Conduct;to consider the Adoption of the 2020 Business Report and Financial Statements; to consider the Adoption of the Proposal for Distribution of 2020 Profits;and to consider the Other Proposals. Is New 90 Day High Low • Jan 04
New 90-day high: NT$23.60 The company is up 59% from its price of NT$14.85 on 06 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 10.0% over the same period. Announcement • Dec 18
China Container Terminal Corporation Announces Executive Changes China Container Terminal Corporation announced the establishment of a Corporate Governance Committee and appointment of the Committee's member. The name of the members are; Tzu-Chiang WANG, Pei-An LIAO and Chia-Cheng LIU. Effective date of the new member is December 16, 2020. Is New 90 Day High Low • Dec 14
New 90-day high: NT$20.20 The company is up 29% from its price of NT$15.70 on 15 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 6.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.25 The company reported a solid third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: NT$746.9m (flat on 3Q 2019). Net income: NT$33.8m (up 48% from 3Q 2019). Profit margin: 4.5% (up from 3.1% in 3Q 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.