Wallenius Wilhelmsen (1K) | Reduce | Chinese export growth remains a key driver

研报英文原文证据摘录

Wallenius Wilhelmsen (1K) | Reduce | Chinese export growth remains a key driver

#EarningsPreview #EstimatesRevision

Release date: 25 June 2026

Company research

ReduceWallenius Wilhelmsen

Norway | Transport Logistics Beta Profile: MCap: NOK56.2bn

Target Price: NOK87.00 (76.00) Change in TP: 14.5 % Bloomberg: WAWI NO Reuters: WAWI.OL

Current Price: NOK132.90 Change in Sales: 2.6% 26E/1.8% 27E Free float 24%

Up/downside: -34.5% Change in Adj EBIT: 6.3% 26E/11.7% 27E Avg. daily volume (NOKm) 84.5

YTD abs performance 31.6% Market data: 24 June 2026 Change in Adj. EPS: 6.6% 26E/11.4% 27E

52-week high/low (NOK) 138.80/75.90

Chinese export growth remains a key driver Price performance

Why this report?

Chinese vehicle exports continue to grow at an exponential rate, boosting

volumes, transportation distances and ship demand. However, the orderbook

remains high and we expect the global car carrier fleet to grow 15% during

2026-27. This, slower consumer spending amid increased inflation and lower

economic growth make us keep trade growth at low single digit levels both in

2026 and 2027. Increased fuel expenses in Q2 should be recovered from

clients in Q3. We reiterate Reduce but increase our target price from NOK76

per share, to NOK87, on higher volumes and a weaker USD to NOK.

Key findings

In January to May, new car registrations in Europe increased 14.6% YOY with the

NEVs’ share at 69.1%, up 8.2pps YOY, while the gasoline/diesel cars’ share was FY to 31/12 (USD) 12/26E 12/27E 12/28E

28.9%, down 7.5pps. In January to May, vehicle exports from Germany, S. Korea Sales 5,310 4,797 4,515

and Japan (Jan-April only) fell 2% YOY (2025: -1.0%) while China increased exports EBITDA adj. 1,525 1,233 996

49.6% (2025: +30%). In Q2 (Feb-Apr), Deere & Co., a large high-and-heavy EBIT adj.