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Taiwan container-shipping line focused on intra-Asia and transpacific trade routes.
Taiwan container-shipping line focused on intra-Asia and transpacific trade routes.
Charges freight per container under annual contracts and spot bookings, with rates set by the market, so results swing with the supply of ships more than with its own pricing. Short-haul intra-Asia is its home lane. It has ordered many new ships in recent years.
In one line: Taiwan's Matson, focused on intra-Asia lanes.
Moat: none (scale). Commodity freight rates set by global supply/demand; scale in intra-Asia lanes is its main edge.
Headquarters: Taipei, Taiwan · Founded: 1965 · Employees: 5,323
Size Wan Hai Lines (2615.TW) is a Taiwan Industrials company (Marine Shipping) with a market value of $9.12B, the 58th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$107.50 on 6 Nov 2026.
Performance Over six months the shares gained 39.6%, against +10.7% for the median peer and -3.4% for the Taiwan market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue fell 13.7% over the last twelve months (peer median +0.2%); the operating margin is 22.0% (peer median 14.3%).
Valuation It trades at 5.8× forward earnings against a peer median of 8.9× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -12% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.5 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$145B | NT$140B | NT$162B | NT$100B | NT$259B |
| Revenue growth | — | -13% | +61% | -61% | — |
| Gross profit | NT$39.0B | NT$39.1B | NT$56.1B | -NT$1.92B | NT$126B |
| EBITDA | NT$46.8B | NT$47.5B | NT$65.4B | NT$10.1B | NT$139B |
| Net income | NT$40.9B | NT$31.5B | NT$47.4B | -NT$5.80B | NT$93.1B |
| Free cash flow | NT$15.3B | NT$15.2B | NT$37.1B | -NT$44.2B | NT$102B |
| Capital expenditure | NT$37.0B | NT$31.1B | NT$35.8B | NT$44.0B | NT$49.3B |
| Total debt | NT$62.8B | NT$66.7B | NT$83.3B | NT$75.0B | NT$72.7B |
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 |
|---|---|---|---|---|---|---|
| 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% |
| Yang Ming Marine Transport 2609.TW | $6.03B | +14% | -22% | 6% | 6.5× | n/a |
| COSCO SHIPPING 1919.HK | $38.5B | +20% | -5% | 13% | 6.0× | -8.7% |
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 | 2615.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.7% | -6.7% | 5th highest of 21 |
| 6-month return | +39.6% | +10.7% | highest of 21 |
| Distance from 52-week high | -20.1% | -15.2% | 5th lowest of 21 |
| Revenue growth (TTM) | -13.7% | +0.2% | 4th lowest of 21 |
| Operating margin | 22.0% | 14.3% | 7th highest of 21 |
| Forward P/E | 5.8× | 8.9× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -12.0% | -0.1% | 2nd least demanding of 18 |
| Growth delivered (Del g) | +11.4% | +9.2% | 7th highest of 18 |
| Hurdle (Req g minus delivered) | -23.4 pp | -8.9 pp | 3rd least demanding of 18 |
| ROIC minus cost of capital | +6.5 pp | +0.7 pp | 6th highest of 21 |
| EV / EBITDA | 5.0× | 7.8× | 5th cheapest of 17 |
| Net debt / EBITDA | -1.4× | 1.1× | 4th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wan Hai Lines 2615.TW | Taiwan | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% | +11.4% |
| Ningbo Zhoushan Port 601018.SS | China | $10.4B | -4% | +12% | 16% | n/a | -7.3% | +7.6% |
| Kawasaki Kisen Kaisha 9107.T | Japan | $11.0B | +17% | +11% | 8% | 9.4× | 7.3% | +10.2% |
| Wallenius Wilhelmsen WAWI.OL | Norway | $7.58B | +29% | -11% | 25% | 10.4× | -6.6% | +21.0% |
| COSCO SHIPPING Energy Transportation 1138.HK | Hong Kong | $12.8B | -22% | +22% | 31% | 4.7× | 0.5% | +7.1% |
| OOIL 0316.HK | Hong Kong | $12.8B | +10% | -8% | 10% | 5.9× | -2.3% | +3.6% |
| Kirby KEX | United States | $6.39B | -15% | +8% | 14% | 14.6× | 6.2% | +9.2% |
| Matson MATX | United States | $6.34B | +16% | 0% | 14% | 10.9× | 11.8% | +7.0% |
| Yang Ming Marine Transport 2609.TW | Taiwan | $6.03B | +14% | -22% | 6% | 6.5× | n/a | n/a |
| Mitsui O.s.k. Lines 9104.T | Japan | $15.0B | +10% | +20% | 6% | 7.3× | n/a | n/a |
| HMM 011200.KS | South Korea | $15.3B | +8% | -5% | 11% | 9.7× | -1.8% | +11.2% |
| SITC International 1308.HK | Hong Kong | $15.8B | +34% | +5% | 34% | 10.7× | -0.4% | +15.3% |
| Evergreen Marine Corp(taiwan) 2603.TW | Taiwan | $16.1B | +28% | -20% | 15% | 5.0× | -9.1% | +12.9% |
| Nippon Yusen Kabushiki Kaisha 9101.T | Japan | $16.8B | +17% | 0% | 6% | 9.0× | 7.8% | +8.5% |
| COSCO Shipping Specialized Carriers 600428.SS | China | $4.40B | +25% | +37% | 19% | 8.9× | -17.9% | +27.0% |
| China Merchants Energy Shipping 601872.SS | China | $19.6B | -8% | +60% | 39% | 6.3× | -9.5% | +5.4% |
| COSCO SHIPPING Development 601866.SS | China | $3.87B | -10% | -3% | 13% | 3.8× | n/a | n/a |
| Hoegh Autoliners HAUTO.OL | Norway | $3.64B | +20% | -4% | 30% | 9.6× | -0.1% | +16.4% |
| ZIM Integrated Shipping Services ZIM | United States | $3.37B | +5% | -25% | 6% | 3.7× | 2.7% | +11.6% |
| Hapag-Lloyd HLAG.DE | Germany | $25.1B | +11% | -9% | 2% | 18.5× | 34.4% | +7.8% |
| Star Bulk Carriers SBLK | United States | $2.99B | 0% | +6% | 28% | 5.7× | -0.1% | +8.5% |