亚洲航运：2026 年中期前风险回报向好 —— 上调阳明海运、中远海运至 “买入”；重申长荣海运 “买入” 评级-Asia Shipping_ Positive Risks_Rewards Profiles into Mid-2026 – Upgrade Yang Ming and COSCO Shipping to Buy; Reiterate Buy on Evergreen

Vi e w p o i n t | 15 Jan 2026 21:45:46 ET │ 41 pages Asia Shipping Upgrade Yang Ming & COSCO Shipping to Buy on cash and valuation — We believe our previous YM lagging orderbook Sell thesis was appreciated and more than priced- in following share price decline of >20% since Jun25 and YM more than doubling orderbook since (expect more). At near trough 0.6x 2026E PBV in relation to 4% core ROE supported by 2026E NT$42/sh of net cash ex lease liability, we U/G YM to Buy (from Sell) with NT$68 TP based on 0.7x ...