Wisdom Marine Lines (2637 TT, NT$79.00)- Rising freight rates drive profit growth

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Wisdom Marine Lines (2637 TT, NT$79.00)- Rising freight rates drive profit growth

Taiwan Equity | Shipping Industry

Company Snapshot

Fubon Research Wisdom Marine Lines (2637 TT)

July 8, 2026

_ Rising freight rates drive profit growth

Buy

Maintain Buy, raise target price to NT$95, 0% upside

Price Target price

NT$79.00 NT$95 1. Upward 2Q26 earnings revision due to contract rate hike

○Visit notes ○Initiating coverage 2. Robust transportation of iron ore, bauxite drives up BDI index in 1H26

○Company update ●Earnings revision 3. Freight rates for small, medium-sized vessels to rebound after slow start in 3Q26 as

●Earnings preview ○Rating change

industry enters seasonal downturn

Shares out. (mn) 746

Mkt cap (NT$mn) 58,970

Mkt cap (US$mn) 1,842 Upward 2Q26 earnings revision due to contract rate hike

FINI holding (%) 23.72 Benefiting from the rise in freight rates for small and medium-sized vessels, 2Q26 sales

Local IM holding (%) 5.89 reached NT$5.34bn, +40.3% YoY, +23.1% QoQ. In terms of GM, supported by higher

Directors holding (%) 30.98

contract renewal rates, GM is estimated to increase from 28.7% in 1Q26 to 39.7%.

52-week high (NT$) 79.20

52-week low (NT$) 51.09 Regarding profitability, net profit is estimated at NT$1.74bn, +275.2% YoY, +46.1% QoQ,

Day-trading % 21% with EPS of NT$2.33 (the original estimate was NT$1.42).

ESG rating 7 Industry Rank 7/34 Robust transportation of iron ore, bauxite drives up BDI index in 1H26

Benefiting from strong iron ore and bauxite shipment from West Africa, China's iron ore

imports reached 516mn tons from January to May, +6.3% YoY. Research institutions

estimate that, with rising global EV demand, bauxite shipping demand will increase, with

incremental bauxite shipment expected to grow +10% YoY in 2026. Observing the BDI