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Dry-bulk and cement-carrier shipping company affiliated with the Formosa Plastics Group.
Dry-bulk and cement-carrier shipping company affiliated with the Formosa Plastics Group.
Earns freight and charter hire for moving bulk cargo by sea. A base of long-term contracts carries raw materials for Formosa Plastics Group companies, while other capacity is chartered in the open dry-bulk market, where rates swing with global trade.
Moat: narrow (switching costs, installed base). Long-term contracts of affreightment carrying raw materials for its Formosa Group parent smooth volume.
Headquarters: Taipei, Taiwan
Size U-Ming Marine Transport (2606.TW) is a Taiwan Industrials company (Marine Shipping) with a market value of $1.70B, the 188th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$66.50 on 6 Nov 2026.
Performance Over six months the shares gained 5.9%, against -1.8% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 13.2% over the last twelve months (peer median +5.9%); the operating margin is 29.4% (peer median 13.2%).
Valuation It trades at 8.7× forward earnings against a peer median of 8.4× (10th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$17.4B | NT$15.6B | NT$16.3B | NT$14.4B | NT$14.2B |
| Revenue growth | — | -5% | +14% | +1% | — |
| Gross profit | NT$6.00B | NT$4.45B | NT$5.19B | NT$3.35B | NT$5.02B |
| EBITDA | NT$8.82B | NT$7.43B | NT$8.03B | NT$5.98B | NT$6.76B |
| Net income | NT$5.73B | NT$3.64B | NT$4.68B | NT$2.74B | NT$4.40B |
| Free cash flow | NT$6.99B | NT$1.21B | NT$3.37B | -NT$2.62B | -NT$4.35B |
| Capital expenditure | NT$865M | NT$5.94B | NT$4.54B | NT$8.05B | NT$10.8B |
| Total debt | NT$46.6B | NT$46.6B | NT$45.4B | NT$44.8B | NT$41.6B |
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 |
|---|---|---|---|---|---|---|
| U-Ming Marine Transport 2606.TW | $1.70B | +6% | +13% | 29% | 8.7× | -3.8% |
| Wisdom Marine Lines 2637.TW | $2.13B | +28% | +10% | 33% | 9.1× | -1.8% |
| Star Bulk Carriers SBLK | $2.99B | 0% | +6% | 28% | 5.7× | -0.1% |
| Genco Shipping & Trading GNK | $1.13B | 0% | +26% | 17% | 10.2× | n/a |
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 | 2606.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.5% | -6.6% | 8th lowest of 21 |
| 6-month return | +5.9% | -1.8% | 7th highest of 21 |
| Distance from 52-week high | -18.6% | -16.0% | 8th lowest of 21 |
| Revenue growth (TTM) | +13.2% | +5.9% | 6th highest of 21 |
| Operating margin | 29.4% | 13.2% | 10th highest of 21 |
| Forward P/E | 8.7× | 8.4× | 10th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -3.8% | -2.1% | 6th least demanding of 15 |
| Growth delivered (Del g) | +12.8% | +11.3% | 7th highest of 15 |
| Hurdle (Req g minus delivered) | -16.7 pp | -13.3 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +2.0 pp | +0.4 pp | 9th highest of 21 |
| EV / EBITDA | 8.5× | 5.6× | 7th most expensive of 18 |
| Net debt / EBITDA | 2.1× | 1.3× | 7th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| U-Ming Marine Transport 2606.TW | Taiwan | $1.70B | +6% | +13% | 29% | 8.7× | -3.8% | +12.8% |
| Stolt-Nielsen SNI.OL | Norway | $1.82B | +4% | -5% | 11% | 8.8× | -4.5% | +9.5% |
| Ningbo Ocean Shipping 601022.SS | China | $1.58B | -7% | +13% | 11% | n/a | n/a | n/a |
| NS United Kaiun Kaisha,Ltd 9110.T | Japan | $1.58B | +39% | +11% | 11% | n/a | -5.0% | +10.7% |
| CSSC (Hong Kong) Shipping 3877.HK | Hong Kong | $1.85B | -4% | -10% | 60% | 7.2× | -3.2% | +14.9% |
| Sumitomo Warehouse 9303.T | Japan | $1.87B | +4% | +2% | 6% | 16.3× | 11.3% | +0.4% |
| Costamare CMRE | United States | $1.54B | -28% | -42% | 44% | 5.2× | -6.9% | +13.0% |
| MITSUI-SOKO 9302.T | Japan | $1.52B | -22% | +6% | 7% | 17.8× | -1.6% | +3.4% |
| Clarkson CKN.L | United Kingdom | $1.90B | -5% | +15% | 14% | 13.9× | 5.2% | +12.0% |
| PanOcean 028670.KS | South Korea | $1.91B | -12% | +24% | 9% | 5.0× | n/a | n/a |
| Dampskibsselskabet NORDEN A/S DNORD.CO | Denmark | $1.46B | +15% | +7% | 3% | 9.6× | n/a | n/a |
| Global Ship Lease GSL | United States | $1.41B | -8% | +6% | 48% | 4.1× | -15.2% | +22.1% |
| Solstad Maritime SOMA.OL | Norway | $1.36B | -6% | +17% | 40% | 5.5× | -2.5% | +22.7% |
| Wisdom Marine Lines 2637.TW | Taiwan | $2.13B | +28% | +10% | 33% | 9.1× | -1.8% | +7.2% |
| Great Eastern Shipping GESHIP.NS | India | $2.16B | -8% | +24% | 42% | 5.1× | 8.2% | +10.1% |
| Dfds A/s DFDS.CO | Denmark | $1.33B | +8% | +3% | 3% | 17.0× | 4.6% | +17.2% |
| Pacific Basin Shipping 2343.HK | Hong Kong | $2.22B | +6% | -6% | 6% | 9.0× | 7.9% | +7.3% |
| Rizhao Port 600017.SS | China | $1.26B | -7% | +3% | 13% | 17.1× | n/a | n/a |
| MPC Container Ships MPCC.OL | Norway | $1.26B | 0% | -15% | 37% | 7.8× | -13.3% | +27.1% |
| Capital Clean Energy Carriers CCEC | United States | $1.24B | +3% | +5% | 50% | 8.1× | n/a | n/a |
| Navios Maritime Partners LP NMM | United States | $2.42B | +14% | +19% | 39% | 3.9× | n/a | n/a |