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T.S. Lines Limited
(2510)
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Rating:69Neutral
Price Target:
HK$9.50
â–²(17.72% Upside)
Action:Downgraded
Date:04/11/26
The score is driven primarily by solid financial fundamentals (notably low leverage and supportive operating cash flow) and attractive valuation (low P/E and high dividend yield). These positives are tempered by weak technicals, with negative momentum and the price below major moving averages, and by the business’s pronounced cyclicality and uneven free-cash-flow history.
Positive Factors
Low Leverage / Strong Balance Sheet
Very low debt-to-equity (~0.07) and material deleveraging provide durable financial flexibility. This reduces refinancing and liquidity risk across freight cycles, supports maintenance capex and dividend capacity, and allows opportunistic investment when rates or demand normalize.
Negative Factors
Highly Cyclical Revenue
Marked revenue volatility and steep year-to-year contractions highlight structural exposure to freight-rate and volume cycles. This undermines revenue predictability, complicates capacity planning and contract negotiations, and can materially swing profits and cash flow over multi-quarter horizons.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Strong Balance Sheet
Very low debt-to-equity (~0.07) and material deleveraging provide durable financial flexibility. This reduces refinancing and liquidity risk across freight cycles, supports maintenance capex and dividend capacity, and allows opportunistic investment when rates or demand normalize.
Read all positive factors
T.S. Lines Limited (2510) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$12.74B
Dividend Yield10.4%
Average Volume (3M)3.48M
Price to Earnings (P/E)5.0
Beta (1Y)0.49
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees908
SectorServices
Sector StrengthN/A
IndustryMarine Shipping
Share Statistics
EPS (TTM)N/A
Shares Outstanding1,665,031,000
10 Day Avg. Volume3,364,140
30 Day Avg. Volume3,476,784
Financial Highlights & Ratios
PEG Ratio-0.47
Price to Book (P/B)6.50
Price to Sales (P/S)10.71
P/FCF Ratio43.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$13.50Price Target Upside67.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
T.S. Lines Limited Business Overview & Revenue Model
Company Description
T.S. Lines Ltd. specializes in providing container shipping and related logistics services. The company manages an extensive shipping network, operating both independently and in partnership with other carriers through arrangements such as joint s...
How the Company Makes Money
T.S. Lines primarily makes money by selling containerized ocean freight transportation on its scheduled liner services. Its core revenue stream is freight revenue earned from customers (e.g., freight forwarders, logistics companies, and shippers) ...
T.S. Lines Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.29B | 10.41B | 6.83B | 19.07B | 14.33B |
| Gross Profit | 254.07M | 2.45B | -263.86M | 8.52B | 7.26B |
| EBITDA | 489.54M | 4.24B | 1.76B | 10.39B | 9.46B |
| Net Income | 329.39M | 2.84B | 161.72M | 8.38B | 8.40B |
Balance Sheet | |||||
| Total Assets | 2.46B | 18.03B | 16.87B | 21.64B | 17.52B |
| Cash, Cash Equivalents and Short-Term Investments | 485.62M | 3.28B | 5.59B | 10.30B | 6.77B |
| Total Debt | 149.65M | 3.71B | 6.86B | 12.82B | 4.23B |
| Total Liabilities | 338.21M | 2.69B | 3.03B | 4.86B | 6.23B |
| Stockholders Equity | 2.12B | 15.34B | 13.83B | 16.78B | 11.28B |
Cash Flow | |||||
| Free Cash Flow | 319.32M | -487.77M | -2.09B | 8.86B | 5.39B |
| Operating Cash Flow | 520.28M | 3.73B | 1.01B | 10.72B | 9.13B |
| Investing Cash Flow | -200.97M | -4.02B | -1.33B | -1.37B | -3.67B |
| Financing Cash Flow | -255.07M | -2.00B | -4.40B | -5.81B | -9.36M |
T.S. Lines Limited Technical Analysis
Negative
8.07
Price Trends
8.00
Negative
8.14
Negative
7.97
Negative
Market Momentum
-0.11
Positive
44.03
Neutral
12.03
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2510, the sentiment is Negative. The current price of 8.07 is below the 20-day moving average (MA) of 8.17, above the 50-day MA of 8.00, and above the 200-day MA of 7.97, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 44.03 is Neutral, neither overbought nor oversold. The STOCH value of 12.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2510.
T.S. Lines Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | HK$85.09B | 8.70 | 48.55% | 9.80% | 11.50% | 17.54% | |
71 Outperform | HK$80.57B | 6.79 | 11.33% | 12.81% | -9.21% | -41.30% | |
69 Neutral | HK$12.74B | 5.01 | 3.71% | 10.40% | ― | ― | |
65 Neutral | HK$228.29B | 8.13 | 10.75% | 12.48% | -6.12% | -35.50% | |
63 Neutral | HK$13.66B | 39.12 | 2.51% | 2.88% | -19.46% | -55.11% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
55 Neutral | HK$101.97B | 16.31 | 9.13% | 4.76% | 2.50% | -2.32% |
* Services Sector Average
HK:2510
T.S. Lines Limited
7.65
-0.18
-2.32%
HK:1919
COSCO SHIPPING Holdings Co
13.01
0.44
3.46%
HK:1138
COSCO SHIPPING Energy Transportation Co
13.83
7.55
120.05%
HK:0316
Orient Overseas (International)
122.00
-3.02
-2.42%
HK:2343
Pacific Basin Shipping
2.70
0.73
37.33%
HK:1308
SITC International Holdings Co., Ltd.
31.38
8.63
37.90%
T.S. Lines Limited Corporate Events
T.S. Lines Sets Out Board and Committee Structure
Jun 1, 2026
T.S. Lines Limited announced the current composition of its board of directors, identifying five executive directors led by Chairman and Chief Executive Officer Chen Shao-Hsiang, alongside three independent non-executive directors. The company als...
T.S. Lines Reshapes Top Leadership in Planned Succession Shift
May 21, 2026
T.S. Lines Limited announced that founder Mr. Chen Teh-Sheng will step down as executive director, chairman of the board, chairman of the nomination committee and chief executive officer effective June 1, 2026, as part of the group’s success...
T.S. Lines Shareholders Approve AGM Resolutions and US$0.10 Final Dividend
May 21, 2026
T.S. Lines Limited reported that all resolutions proposed at its May 21, 2026 annual general meeting were approved by shareholders via poll, with all directors attending in person or electronically. The meeting endorsed the audited financial state...
T.S. Lines Details Caps and Controls on Related-Party Vessel Chartering
May 11, 2026
T.S. Lines Limited has issued a supplemental announcement detailing how it sets charter fees and annual caps under its new master vessel charter agreement with the related-party Teh Group, effective through 2028. The company says the caps, set at ...
T.S. Lines Signs New Connected Vessel Charter Deal With TEH Group
Apr 29, 2026
T.S. Lines Limited has entered into a new master vessel charter agreement with related-party TEH Shipping and its subsidiaries, under which the TEH Group will provide vessel chartering services to T.S. Lines from May 1, 2026 to December 31, 2028, ...
T.S. Lines Ends Container Lease Deal and Shifts to Management Services for TEH Shipping
Apr 29, 2026
T.S. Lines Limited has agreed with related-party TEH Shipping to terminate their Master Container Lease Agreement effective May 1, 2026, ending the group’s practice of leasing excess containers to the TEH Group before the original expiry in ...
T.S. Lines Posts Lower Q1 2026 Revenue Despite Higher Shipping Volumes
Apr 29, 2026
T.S. Lines Limited reported unaudited operational figures for the first quarter of 2026, showing revenue of US$288.2 million, down from US$325.5 million a year earlier, while shipping volume rose to 396,935 TEU from 384,237 TEU. The divergence bet...
T.S. Lines Sets 2026 AGM, Proposes Dividend and Share Buyback Mandate
Apr 8, 2026
T.S. Lines Limited has called its annual general meeting for May 21, 2026 in Hong Kong, where shareholders will review and approve the audited consolidated financial statements for the year ended December 31, 2025. The board is also proposing a fi...
T.S. Lines Posts Lower 2025 Profit but Maintains Dividend Amid Shipping Margin Normalization
Mar 20, 2026
T.S. Lines Limited reported 2025 revenue of about US$1.28 billion, down 4.2% year on year, with gross profit falling 19.5% to roughly US$253.7 million amid higher cost pressures relative to sales. Profit attributable to equity shareholders decline...
T.S. Lines Declares Final 2025 Dividend With USD/HKD Currency Option
Mar 20, 2026
T.S. Lines Limited has declared a final ordinary dividend of USD 0.10 per share for the financial year ended December 31, 2025, with payment subject to shareholder approval on May 21, 2026. Shareholders may receive the dividend in either U.S. doll...
T.S. Lines Orders Six Container Vessels in US$252.9 Million Fleet Expansion
Mar 20, 2026
T.S. Lines Limited has committed to expand its container fleet with the construction of six 2,900 TEU vessels under shipbuilding contracts signed with Fujian Mawei and Xiamen Shipbuilding. The orders comprise two vessels contracted in November 202...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.