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Intra-Asia container shipping line operating feeder vessels connecting regional ports.
Intra-Asia container shipping line operating feeder vessels connecting regional ports.
In one line: A regional Asian container-shipping feeder line.
Moat: none. Container shipping is a highly cyclical, capital-intensive commodity business with limited pricing power.
Headquarters: Taipei, Taiwan / Hong Kong · Employees: 905
Size T.S. Lines (2510.HK) is a Hong Kong Industrials company (Marine Shipping) with a market value of $2.48B, the 380th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$11.69 on 6 Nov 2026.
Performance Over six months the shares gained 38.2%, against +3.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 4.2% over the last twelve months (peer median +10.3%); the operating margin is 19.2% (peer median 25.1%).
Valuation It trades at 5.8× forward earnings against a peer median of 8.7× (8th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.6 points above its cost of capital (7.1% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$10.2B | HK$10.0B | HK$10.5B | HK$6.85B | HK$19.1B |
| Revenue growth | — | -4% | +53% | -64% | — |
| Gross profit | HK$2.30B | HK$1.98B | HK$2.46B | -HK$291M | HK$8.52B |
| EBITDA | HK$3.22B | HK$2.86B | HK$3.53B | HK$1.05B | HK$10.1B |
| Net income | HK$2.91B | HK$2.56B | HK$2.86B | HK$162M | HK$8.41B |
| Free cash flow | HK$1.34B | HK$2.49B | -HK$289M | -HK$1.71B | HK$9.05B |
| Capital expenditure | HK$2.34B | HK$1.56B | HK$4.24B | HK$3.10B | HK$1.87B |
| Total debt | n/a | HK$1.16B | HK$1.22B | HK$1.70B | HK$3.03B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| T.S. Lines 2510.HK | $2.48B | +38% | -4% | 19% | 5.8× | -6.9% |
| Pacific Basin Shipping 2343.HK | $2.22B | +6% | -6% | 6% | 9.0× | 7.9% |
| Wan Hai Lines 2615.TW | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% |
| Evergreen Marine Corp(taiwan) 2603.TW | $16.1B | +28% | -20% | 15% | 5.0× | -9.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2510.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.3% | -8.2% | 8th lowest of 21 |
| 6-month return | +38.2% | +3.9% | 2nd highest of 21 |
| Distance from 52-week high | -21.9% | -16.2% | 6th lowest of 21 |
| Revenue growth (TTM) | -4.2% | +10.3% | 6th lowest of 20 |
| Operating margin | 19.2% | 25.1% | 10th lowest of 21 |
| Forward P/E | 5.8× | 8.7× | 8th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -6.9% | -0.1% | 4th least demanding of 16 |
| Growth delivered (Del g) | +9.8% | +10.1% | 7th lowest of 16 |
| Hurdle (Req g minus delivered) | -16.7 pp | -8.9 pp | 4th least demanding of 16 |
| ROIC minus cost of capital | +4.6 pp | +0.7 pp | 6th highest of 21 |
| EV / EBITDA | 5.1× | 7.2× | 4th cheapest of 15 |
| Net debt / EBITDA | -1.0× | 1.9× | 3rd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| T.S. Lines 2510.HK | Hong Kong | $2.48B | +38% | -4% | 19% | 5.8× | -6.9% | +9.8% |
| Nanjing Tanker 601975.SS | China | $2.50B | -21% | +12% | 26% | 9.0× | -8.4% | +7.6% |
| Navios Maritime Partners LP NMM | United States | $2.42B | +14% | +19% | 39% | 3.9× | n/a | n/a |
| Capital Tankers CAPT.OL | Norway | $2.57B | +45% | n/a | 37% | 7.3× | n/a | n/a |
| Danaos DAC | United States | $2.70B | +10% | +2% | 48% | 5.3× | -8.7% | +17.7% |
| Shanghai Jinjiang Shipping (Group) 601083.SS | China | $2.75B | +17% | +11% | 24% | 11.3× | -18.7% | +15.2% |
| Pacific Basin Shipping 2343.HK | Hong Kong | $2.22B | +6% | -6% | 6% | 9.0× | 7.9% | +7.3% |
| Great Eastern Shipping GESHIP.NS | India | $2.16B | -8% | +24% | 42% | 5.1× | 8.2% | +10.1% |
| Wisdom Marine Lines 2637.TW | Taiwan | $2.13B | +28% | +10% | 33% | 9.1× | -1.8% | +7.2% |
| Shenzhen Yan Tian Port 000088.SZ | China | $2.97B | +2% | +19% | 12% | 16.5× | 21.8% | +10.1% |
| Star Bulk Carriers SBLK | United States | $2.99B | 0% | +6% | 28% | 5.7× | -0.1% | +8.5% |
| PanOcean 028670.KS | South Korea | $1.91B | -12% | +24% | 9% | 5.0× | n/a | n/a |
| Clarkson CKN.L | United Kingdom | $1.90B | -5% | +15% | 14% | 13.9× | 5.2% | +12.0% |
| Sumitomo Warehouse 9303.T | Japan | $1.87B | +4% | +2% | 6% | 16.3× | 11.3% | +0.4% |
| CSSC (Hong Kong) Shipping 3877.HK | Hong Kong | $1.85B | -4% | -10% | 60% | 7.2× | -3.2% | +14.9% |
| ZIM Integrated Shipping Services ZIM | United States | $3.37B | +5% | -25% | 6% | 3.7× | 2.7% | +11.6% |
| Stolt-Nielsen SNI.OL | Norway | $1.82B | +4% | -5% | 11% | 8.8× | -4.5% | +9.5% |
| U-Ming Marine Transport 2606.TW | Taiwan | $1.70B | +6% | +13% | 29% | 8.7× | -3.8% | +12.8% |
| Hoegh Autoliners HAUTO.OL | Norway | $3.64B | +20% | -4% | 30% | 9.6× | -0.1% | +16.4% |
| COSCO SHIPPING Development 2866.HK | Hong Kong | $3.84B | -22% | -2% | 13% | 3.6× | n/a | n/a |
| Ningbo Ocean Shipping 601022.SS | China | $1.58B | -7% | +13% | 11% | n/a | n/a | n/a |