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Chinese Maritime Transport Ltd (2612) Fair Value & Analysis

Industrials · TW · Market cap 10.4B TWD

CM Chinese Maritime Transport Ltd 2612 · TW
Price55.00 TWD
Fair Value45.84 TWD
Upside-16.7%
Quality51/100
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Expensive Growth
Highly profitable · 22.2% net margin
Moderate debt · negative free cash flow
4.20% dividend yield
Mixed vs. peers (7/13)
Moderate moat 59/100
Evidence: Medium Range 32.22 TWD – 57.30 TWD Share as image

Fair value as of: Jul 23, 2026

From 13 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 92.79 TWD to 45.84 TWD (−50.6%) since Jul 7, 2026. Share price +1.1% over the past month.

A solid business, but screening 17% overvalued on our models.

What matters now

  • Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from 32.22 TWD (bear) to 57.30 TWD (bull), base 45.84 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 51/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

78.73 TWD 28.37 TWD Fair Value 45.84 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 28.37 TWD – 78.73 TWD · fair‑value band 32.22 TWD – 57.30 TWD · the 55.00 TWD price screens above the 45.84 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Chinese Maritime Transport Ltd (2612) currently trades at 55.00 TWD, while our model-based Fair Value estimate is 45.84 TWD, implying the stock looks roughly 16.7% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Chinese Maritime Transport Ltd generated revenue of 4.9B TWD at a net margin of 22.2%. Revenue grew 0.9% year over year. It earns a return on equity of 8.0%. Net debt stands at 8.4B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 32.22 TWD (bear case) to 57.30 TWD (bull case); at 55.00 TWD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high and 34% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -11% fair-value upside, at -17%, 2612 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 56.95 TWD 61.04 TWD 69.40 TWD 76
ROIC Compounder 17.42 TWD 25.35 TWD 32.29 TWD 72
Growth-Adj P/E 65.22 TWD 93.18 TWD 121.13 TWD 68
All 13 models by family
Earnings-Based
Graham-Dodd 37.12 TWD 87.96 TWD 113.33 TWD 54
PEG = 1.0 15.25 TWD 21.78 TWD 28.31 TWD 46
EPV 17.42 TWD 25.35 TWD 32.29 TWD 59
Multiples
P/E Multiple 85.97 TWD 114.63 TWD 143.29 TWD 63
P/S Multiple 37.11 TWD 49.49 TWD 61.86 TWD 58
P/B Multiple 69.60 TWD 92.79 TWD 115.99 TWD 55
EV/EBIT 40.61 TWD 64.21 TWD 87.80 TWD 53
EV/EBITDA 88.39 TWD 127.91 TWD 167.43 TWD 54
EV/Revenue 1.01 TWD 14.37 TWD 27.73 TWD 43
Asset-Based
NCAV (Graham) 34.20 TWD 45.83 TWD 68.40 TWD 50
Economic Profit
Residual Income 56.95 TWD 61.04 TWD 69.40 TWD 76
ROIC Compounder 17.42 TWD 25.35 TWD 32.29 TWD 72
Growth Earnings
Growth-Adj P/E 65.22 TWD 93.18 TWD 121.13 TWD 68

Widest divergence: Growth Earnings (93.18 TWD) versus Earnings-Based (25.35 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 4.9B TWD
Revenue growth (YoY) +0.9%
Net margin 22.2%
Return on equity 8.0%
Free cash flow −618M TWD FY2025
P/E ratio 9.7
More key figures
Operating margin 23.1%
EPS (TTM) 5.45 TWD
Dividend yield 4.2%
EPS growth (YoY) +2.7%
Net debt 8.4B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 49 · Market factors (momentum, volatility) 43

Profitability 36
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 41
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Chinese Maritime Transport Ltd., together with its subsidiaries, operates bulk carriers, and inland container transportation and terminals in Asia, the United States, Europe, and Oceania. It operates through Land Transportation, Logistics, and Sea Transportation segments.

Full company description

Chinese Maritime Transport Ltd., together with its subsidiaries, operates bulk carriers, and inland container transportation and terminals in Asia, the United States, Europe, and Oceania. It operates through Land Transportation, Logistics, and Sea Transportation segments. The company is involved in container transportation, warehousing and freight agent, bulk carrier, and travel business; manufacturing of automobile and its parts; and investment management activities, as well as operates ship owning companies. It also provides container trucking services, such as long and short haul container drayage, shipside/dock and port container trans-loading, customers container freight station (CFS)/container yard (CY) operation coordination, door to door delivery services, depots and fully-owned CYs, computerized services for real-time containers status information, and container and seal inspection, as well as empty-container storage, cleaning, repair, other logistic support. In addition, the company offers container yard, CFS, IB/OB, empty container depot, container maintenance and repair, reefer container, outside unbonded warehouse facilities, bonded and chilled warehouse facility, and custom cargo closing services, as well as labor supplier services, such as labeling, sorting, picking, delivery, and bar code scan services. Further, it operates as a sales agent for Saudi Arabian Airlines; and provides cargo freighter charter, air cargo, passenger and ticket agency, and travel planning and reservation services, as well as travel packages. The company was formerly known as Associated Transport Inc. Chinese Maritime Transport Ltd. was founded in 1946 and is headquartered in Taipei, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Chinese Maritime Transport Ltd reported revenue of 4.9B TWD in FY2025 versus 3.6B TWD in FY2021, a compound +8.3%/yr. Reported net income was 1.1B TWD in FY2025, compounding +0.9%/yr from FY2021.

Growth Quality 46/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
4.9B TWD
Latest YoY
+5.4%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.3%
Avg. growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.4%
Revenue +8.3%/yr
FY21 3.6B TWD
FY22 4.4B TWD
FY23 4.0B TWD
FY24 4.6B TWD
FY25 4.9B TWD
Net income +0.9%/yr
FY21 1.0B TWD
FY22 766M TWD
FY23 328M TWD
FY24 1.0B TWD
FY25 1.1B TWD
Character of growth · EPS growth decomposed (2014-2025) +16.4 % p.a.
Revenue per share +5.0 pp

of which total revenue +3.3 pp · buybacks/dilution +1.7 pp

EBIT margin +0.1 pp
Tax rate +2.1 pp
Residual (interest, one-offs) +9.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

2612 screens 17% overvalued. Compare with United Parcel Service, Inc →

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Cite: Fair Value Calculator (2026). "Chinese Maritime Transport Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2612

Peer Group

Integrated Freight & Logistics · 218 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 51 · Below median
Fair Value upside −17% · Below median
Return on equity (TTM) 8% · Above median
Return on assets 3% · Below median
Net margin (TTM) 22% · Top 25%
Operating margin (TTM) 23% · Top 25%
Revenue growth 1% · Below median
Dividend yield (TTM) 4.2% · Above median
Debt / equity 0.68× · Higher than 75% of peers

Valuation Multiples vs Integrated Freight & Logistics median · lower = cheaper

P/E (TTM) 9.7× · Cheaper than 75% of peers
P/B 0.77× · Cheaper than median
P/S (TTM) 2.13× · Pricier than 75% of peers
EV/EBITDA 7.0× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 11 · sector 46
FUTURE 5 · sector 8
PAST 32 · sector 26
HEALTH 66 · sector 94
DIVIDEND 84 · sector 56

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Integrated Freight & Logistics stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
United Parcel Service, Inc UPS $117.72 $104.58 -11%
FedEx Corporation FDX $314.69 $347.68 +10%
Deutsche Post AG DHL €57.22 €53.18 -7%
DSV A/S DSV kr 1,660 kr 712.57 -57%
Kuehne + Nagel International AG KNIN CHF 209.90 CHF 147.92 -30%
J.B. Hunt Transport Services, Inc JBHT $291.41 $133.80 -54%
S.F. Holding 002352 ¥31.91 ¥48.64 +52%
C.H. Robinson Worldwide, Inc CHRW $193.50 $86.56 -55%
Expeditors International of Washington, Inc EXPD $172.02 $115.95 -33%
ZTO Express (Cayman) Inc 2057 HK$181.40 HK$241.93 +33%

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Frequently asked questions

Is Chinese Maritime Transport Ltd (2612) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 45.84 TWD versus a price of 55.00 TWD, about −17% (overvalued).
What is the fair value of 2612?
Our model-based fair value for Chinese Maritime Transport Ltd is 45.84 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 55.00 TWD.
What is the quality score of 2612?
Chinese Maritime Transport Ltd has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Chinese Maritime Transport Ltd (2612)?
Chinese Maritime Transport Ltd reported trailing-twelve-month revenue of about 4.9B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 2612?
The net profit margin of Chinese Maritime Transport Ltd is about 22.2%, meaning it keeps roughly 22.2% of revenue as net income. Based on the latest reported figures.
Does Chinese Maritime Transport Ltd pay a dividend?
Chinese Maritime Transport Ltd currently shows a dividend yield of about 4.04% relative to its recent price (as of Jul 23, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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