Evergreen, Yang Ming Downgraded

Thursday, September 21, 2000
U.S. investment bank Salomon Smith Barney downgraded Taiwan's Evergreen Marine Corp. to underperform from neutral and Yang Ming Marine Transport Corp. to underperform from outperform. Salomon, in a September 19 research note seen by Reuters on Thursday, said it was lowering earnings expectations and ratings for Evergreen and Yang Ming. Salomon set a T$16 target price for Evergreen, the world's largest shipping company, and T$10 for Yang Ming, Taiwan's second largest shipping firm. On Thursday, Evergreen shares ended up T$0.3 at T$18.6, Yang Ming shares were up T$0.3 at T$12.4. Salomon said the main weakness for Evergreen, the flagship of the Evergreen Group, lies in its complex organization, while Yang Ming's core earnings are a major concern.
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