Reported Earnings • May 19
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: NT$0.66 (up from NT$0.023 in 1Q 2025). Revenue: NT$1.37b (up 44% from 1Q 2025). Net income: NT$387.4m (up NT$374.1m from 1Q 2025). Profit margin: 28% (up from 1.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Shipping industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 31
Consensus revenue estimates increase by 15% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$4.51b to NT$5.19b. EPS estimate increased from NT$1.81 to NT$1.92 per share. Net income forecast to grow 32% next year vs 4.3% decline forecast for Shipping industry in Taiwan. Consensus price target up from NT$29.07 to NT$36.33. Share price was steady at NT$42.10 over the past week. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$43.40, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 12x in the Shipping industry in Taiwan. Total returns to shareholders of 104% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$66.33 per share. Announcement • Mar 13
Sincere Navigation Corporation, Annual General Meeting, Jun 11, 2026 Sincere Navigation Corporation, Annual General Meeting, Jun 11, 2026. Location: b1 floor no,201, sec.2 tun hua s. rd., taipei city Taiwan Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$1.45 (vs NT$1.88 in FY 2024) Full year 2025 results: EPS: NT$1.45 (down from NT$1.88 in FY 2024). Revenue: NT$4.41b (flat on FY 2024). Net income: NT$847.3m (down 23% from FY 2024). Profit margin: 19% (down from 25% in FY 2024). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$33.80, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 13x in the Shipping industry in Taiwan. Total returns to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$64.17 per share. Price Target Changed • Feb 24
Price target increased by 7.0% to NT$30.40 Up from NT$28.40, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$30.90. Stock is up 12% over the past year. The company is forecast to post earnings per share of NT$1.16 for next year compared to NT$1.88 last year. New Risk • Dec 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (157% payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (12% net profit margin). Major Estimate Revision • Dec 03
Consensus EPS estimates increase by 17% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from NT$1.10 to NT$1.29. Revenue forecast unchanged at NT$4.32b. Net income forecast to grow 79% next year vs 27% decline forecast for Shipping industry in Taiwan. Consensus price target of NT$29.07 unchanged from last update. Share price rose 11% to NT$28.70 over the past week. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$26.55, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Shipping industry in Taiwan. Total returns to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$48.80 per share. Major Estimate Revision • Nov 27
Consensus EPS estimates increase by 73% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from NT$1.10 to NT$1.90. Revenue forecast unchanged at NT$4.43b. Net income forecast to grow 86% next year vs 27% decline forecast for Shipping industry in Taiwan. Consensus price target of NT$28.40 unchanged from last update. Share price rose 5.6% to NT$25.35 over the past week. New Risk • Nov 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 12% Last year net profit margin: 22% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (157% payout ratio). Profit margins are more than 30% lower than last year (12% net profit margin). Price Target Changed • Aug 31
Price target decreased by 8.4% to NT$28.40 Down from NT$31.00, the current price target is an average from 3 analysts. New target price is 24% above last closing price of NT$22.90. Stock is down 18% over the past year. The company is forecast to post earnings per share of NT$1.15 for next year compared to NT$1.88 last year. Major Estimate Revision • Aug 27
Consensus EPS estimates fall by 27%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$4.34b to NT$4.43b. EPS estimate fell from NT$1.60 to NT$1.17 per share. Net income forecast to grow 52% next year vs 46% decline forecast for Shipping industry in Taiwan. Consensus price target of NT$28.83 unchanged from last update. Share price fell 2.5% to NT$23.60 over the past week. Reported Earnings • Aug 12
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.20 (down from NT$0.54 in 2Q 2024). Revenue: NT$1.08b (down 10% from 2Q 2024). Net income: NT$116.5m (down 63% from 2Q 2024). Profit margin: 11% (down from 26% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 60%. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 12% decline forecast for the Shipping industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jun 27
Dividend increased to NT$1.30 Dividend of NT$1.30 is 73% higher than last year. Ex-date: 11th July 2025 Payment date: 15th August 2025 Dividend yield will be 5.8%, which is lower than the industry average of 32%. Sustainability & Growth Dividend is not adequately covered by earnings (97% earnings payout ratio) nor is it covered by cash flows (101% cash payout ratio). The dividend has increased by an average of 3.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 7.6% to bring the payout ratio under control. EPS is expected to grow by 28% over the next year, which is sufficient to bring the dividend into a sustainable range. Announcement • Jun 11
Sincere Navigation Corporation Approves Dividend for 2024 Sincere Navigation Corporation at its AGM on June 10, 2025 approved Cash dividend of TWD 1.30 for 2024. Major Estimate Revision • May 28
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from NT$1.72 to NT$1.91. Revenue forecast steady at NT$4.34b. Net income forecast to grow 47% next year vs 40% decline forecast for Shipping industry in Taiwan. Consensus price target of NT$31.50 unchanged from last update. Share price fell 3.9% to NT$23.35 over the past week. Major Estimate Revision • May 20
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from NT$2.03 to NT$1.72 per share. Revenue forecast steady at NT$4.37b. Net income forecast to grow 39% next year vs 40% decline forecast for Shipping industry in Taiwan. Consensus price target broadly unchanged at NT$31.50. Share price was steady at NT$24.30 over the past week. Reported Earnings • May 14
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: NT$0.02 (down from NT$0.56 in 1Q 2024). Revenue: NT$946.3m (down 13% from 1Q 2024). Net income: NT$13.2m (down 96% from 1Q 2024). Profit margin: 1.4% (down from 30% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) missed analyst estimates by 91%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 9.5% decline forecast for the Shipping industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • May 03
Sincere Navigation Corporation to Report Q1, 2025 Results on May 12, 2025 Sincere Navigation Corporation announced that they will report Q1, 2025 results at 9:00 AM, Taipei Standard Time on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$20.35, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Shipping industry in Taiwan. Total loss to shareholders of 14% over the past three years. Announcement • Mar 13
Sincere Navigation Corporation, Annual General Meeting, Jun 10, 2025 Sincere Navigation Corporation, Annual General Meeting, Jun 10, 2025, at 09:00 Taipei Standard Time. Location: b2 floor no,160, sec.3 jen ai rd., taipei city Taiwan Major Estimate Revision • Nov 23
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$4.75b to NT$4.48b. EPS estimate also fell from NT$3.03 per share to NT$2.62 per share. Net income forecast to grow 48% next year vs 3.9% decline forecast for Shipping industry in Taiwan. Consensus price target of NT$33.00 unchanged from last update. Share price fell 3.1% to NT$27.70 over the past week. Reported Earnings • Nov 11
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$0.44 (up from NT$0.18 in 3Q 2023). Revenue: NT$1.10b (up 3.1% from 3Q 2023). Net income: NT$255.6m (up 146% from 3Q 2023). Profit margin: 23% (up from 9.7% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, while revenues in the Shipping industry in Taiwan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Nov 01
Sincere Navigation Corporation to Report Q3, 2024 Results on Nov 08, 2024 Sincere Navigation Corporation announced that they will report Q3, 2024 results on Nov 08, 2024 Major Estimate Revision • Oct 17
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$3.03 to NT$2.71. Revenue forecast unchanged from NT$4.75b at last update. Net income forecast to grow 87% next year vs 87% growth forecast for Shipping industry in Taiwan. Consensus price target of NT$33.00 unchanged from last update. Share price was steady at NT$27.15 over the past week. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$30.15, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Shipping industry in Taiwan. Total loss to shareholders of 8.2% over the past three years. Major Estimate Revision • Aug 28
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$4.87b to NT$5.00b. EPS estimate increased from NT$2.79 to NT$3.33 per share. Net income forecast to grow 90% next year vs 23% growth forecast for Shipping industry in Taiwan. Consensus price target broadly unchanged at NT$32.67. Share price rose 2.2% to NT$27.40 over the past week. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: NT$0.54 (up from NT$0.16 in 2Q 2023). Revenue: NT$1.20b (up 18% from 2Q 2023). Net income: NT$318.0m (up 238% from 2Q 2023). Profit margin: 26% (up from 9.2% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) exceeded analyst estimates by 21%. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Shipping industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Aug 02
Sincere Navigation Corporation to Report Q2, 2024 Results on Aug 09, 2024 Sincere Navigation Corporation announced that they will report Q2, 2024 results on Aug 09, 2024 Major Estimate Revision • Jul 18
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$4.62b to NT$4.87b. EPS estimate increased from NT$2.41 to NT$2.79 per share. Net income forecast to grow 129% next year vs 103% growth forecast for Shipping industry in Taiwan. Consensus price target down from NT$33.33 to NT$32.33. Share price fell 2.4% to NT$26.90 over the past week. Declared Dividend • Jun 14
Dividend increased to NT$0.75 Dividend of NT$0.75 is 50% higher than last year. Ex-date: 28th June 2024 Payment date: 2nd August 2024 Dividend yield will be 2.4%, which is lower than the industry average of 32%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 25% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 14
Sincere Navigation Corporation Approves Cash Dividend, Payable on August 2, 2024 Sincere Navigation Corporation at its AGM held on June 12, 2024, approved cash dividend of TWD 0.75 for per share. Ex-rights (ex-dividend) trading date: June 28, 2024. Ex-rights (ex-dividend) record date: July 6, 2024. Payment date of common stock cash dividend distribution: August 2, 2024. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$33.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Shipping industry in Taiwan. Total returns to shareholders of 24% over the past three years. Major Estimate Revision • May 25
Consensus EPS estimates increase by 70%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$4.87b to NT$4.62b. EPS estimate rose from NT$1.42 to NT$2.41. Net income forecast to grow 106% next year vs 58% growth forecast for Shipping industry in Taiwan. Consensus price target up from NT$32.00 to NT$33.33. Share price was steady at NT$28.60 over the past week. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.60 (vs NT$0.20 in 1Q 2023) First quarter 2024 results: EPS: NT$0.60 (up from NT$0.20 in 1Q 2023). Revenue: NT$1.14b (up 13% from 1Q 2023). Net income: NT$353.5m (up 197% from 1Q 2023). Profit margin: 31% (up from 12% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 2.2% growth forecast for the Shipping industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • May 03
Sincere Navigation Corporation to Report Q1, 2024 Results on May 10, 2024 Sincere Navigation Corporation announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 14
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$0.74 (up from NT$0.34 in FY 2022). Revenue: NT$4.23b (flat on FY 2022). Net income: NT$430.0m (up 118% from FY 2022). Profit margin: 10% (up from 4.6% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.4%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 4.8% decline forecast for the Shipping industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Mar 13
Sincere Navigation Corporation, Annual General Meeting, Jun 12, 2024 Sincere Navigation Corporation, Annual General Meeting, Jun 12, 2024. Location: The Howard Plaza Hotel Taipei, B2 Floor, No. 160, RenAi Road Sec. 3, Taipei Taiwan Agenda: To consider and approve the 2023 business report; to consider and approve the audit committee report; to consider and approve the employee and director remuneration; to consider and approve the appropriation of cash dividends; to consider and approve the business operation report of 2023; and to consider and approve any other matters. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$26.65, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 18x in the Shipping industry in Taiwan. Total returns to shareholders of 44% over the past three years. Major Estimate Revision • Feb 17
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$0.95 to NT$0.84 per share. Revenue forecast steady at NT$4.29b. Net income forecast to shrink 2.2% next year vs 40% decline forecast for Shipping industry in Taiwan. Consensus price target up from NT$24.67 to NT$26.50. Share price rose 8.8% to NT$24.65 over the past week. Price Target Changed • Feb 16
Price target increased by 7.4% to NT$26.50 Up from NT$24.67, the current price target is an average from 3 analysts. New target price is 7.7% above last closing price of NT$24.60. Stock is up 19% over the past year. The company is forecast to post earnings per share of NT$0.84 for next year compared to NT$0.34 last year. Major Estimate Revision • Feb 03
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$0.95 to NT$0.827. Revenue forecast unchanged from NT$4.26b at last update. Net income forecast to grow 9.6% next year vs 9.3% decline forecast for Shipping industry in Taiwan. Consensus price target of NT$24.00 unchanged from last update. Share price was steady at NT$22.85 over the past week. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$23.85, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Shipping industry in Taiwan. Total returns to shareholders of 64% over the past three years. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$4.38b to NT$4.26b. EPS estimate also fell from NT$1.20 per share to NT$0.825 per share. Net income forecast to grow 15% next year vs 9.3% decline forecast for Shipping industry in Taiwan. Consensus price target down from NT$26.00 to NT$24.00. Share price was steady at NT$20.40 over the past week. New Risk • Nov 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.3% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Nov 09
Sincere Navigation Corporation Appoints Luan, Wen-Pin as Chief Information Security Officer Sincere Navigation Corporation appointed Luan, Wen-Pin as Chief Information Security Officer. Effective date is November 8, 2023. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$24.30, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 10x in the Shipping industry in Taiwan. Total returns to shareholders of 78% over the past three years. Price Target Changed • Sep 07
Price target increased by 7.6% to NT$26.00 Up from NT$24.17, the current price target is an average from 3 analysts. New target price is 27% above last closing price of NT$20.50. Stock is up 1.7% over the past year. The company is forecast to post earnings per share of NT$1.20 for next year compared to NT$0.34 last year. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$21.15, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Shipping industry in Taiwan. Total returns to shareholders of 48% over the past three years. Major Estimate Revision • Aug 22
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$4.36b to NT$4.46b. EPS estimate increased from NT$1.10 to NT$1.27 per share. Net income forecast to grow 98% next year vs 72% decline forecast for Shipping industry in Taiwan. Consensus price target of NT$24.17 unchanged from last update. Share price rose 8.5% to NT$19.85 over the past week. Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: NT$0.17 (up from NT$0.096 in 2Q 2022). Revenue: NT$1.02b (up 2.9% from 2Q 2022). Net income: NT$94.0m (up 67% from 2Q 2022). Profit margin: 9.2% (up from 5.6% in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 29% decline forecast for the Shipping industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Price Target Changed • Jul 26
Price target decreased by 17% to NT$22.50 Down from NT$27.00, the current price target is an average from 3 analysts. New target price is 22% above last closing price of NT$18.40. Stock is down 22% over the past year. The company is forecast to post earnings per share of NT$1.14 for next year compared to NT$0.34 last year. Upcoming Dividend • Jun 22
Upcoming dividend of NT$0.50 per share at 2.4% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 28 July 2023. The company is paying out more than 100% of its profits and is paying out 80% of its cash flow. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (29%). Announcement • Jun 11
Sincere Navigation Corporation Announces Distribution of Cash Dividend, Payable on July 28, 2023 Sincere Navigation Corporation Announced Distribution of Cash Dividend of TWD 0.50 for per share, record date:2023 July 05 and Payment date of cash dividend distribution:2023 July 28. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$25.70, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 6x in the Shipping industry in Taiwan. Total returns to shareholders of 109% over the past three years. Price Target Changed • Jan 10
Price target decreased to NT$24.00 Down from NT$27.00, the current price target is an average from 2 analysts. New target price is 25% above last closing price of NT$19.25. Stock is down 31% over the past year. The company is forecast to post earnings per share of NT$0.25 for next year compared to NT$1.06 last year. Price Target Changed • Jan 05
Price target decreased to NT$22.00 Down from NT$27.00, the current price target is provided by 1 analyst. New target price is 16% above last closing price of NT$19.00. Stock is down 34% over the past year. The company is forecast to post earnings per share of NT$0.25 for next year compared to NT$1.06 last year. Buying Opportunity • Dec 19
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.1%. The fair value is estimated to be NT$25.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Price Target Changed • Nov 16
Price target increased to NT$27.00 Up from NT$17.00, the current price target is an average from 2 analysts. New target price is 42% above last closing price of NT$19.05. Stock is down 33% over the past year. The company is forecast to post earnings per share of NT$0.38 for next year compared to NT$1.06 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Fu-Kwok Cheng was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 11
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: NT$0.17 loss per share (down from NT$0.29 profit in 3Q 2021). Revenue: NT$1.02b (down 6.9% from 3Q 2021). Net loss: NT$97.7m (down 158% from profit in 3Q 2021). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 35% decline forecast for the Shipping industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.10 (vs NT$0.23 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.10 (down from NT$0.23 in 2Q 2021). Revenue: NT$995.3m (flat on 2Q 2021). Net income: NT$56.2m (down 58% from 2Q 2021). Profit margin: 5.6% (down from 13% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 19% share price gain to NT$24.85, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 6x in the Shipping industry in Taiwan. Total returns to shareholders of 56% over the past three years. Upcoming Dividend • Jul 18
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 25 July 2022. Payment date: 19 August 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (17%). Announcement • Jun 11
Sincere Navigation Corporation Approves Cash Dividend for 2021 Sincere Navigation Corporation at its shareholders meeting held on June 10, 2022, approved the adoption of the Proposal for Distribution of 2021 Profits as Cash dividend TWD 1.00. Buying Opportunity • Jun 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be NT$32.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: NT$0.01 loss per share (down from NT$0.082 profit in 1Q 2021). Revenue: NT$871.5m (up 14% from 1Q 2021). Net loss: NT$3.13m (down 107% from profit in 1Q 2021). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Fu-Kwok Cheng was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 17% share price gain to NT$31.95, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 5x in the Shipping industry in Taiwan. Total returns to shareholders of 99% over the past three years. Reported Earnings • Mar 17
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$1.06 (up from NT$0.33 in FY 2020). Revenue: NT$4.30b (up 7.8% from FY 2020). Net income: NT$619.7m (up 221% from FY 2020). Profit margin: 14% (up from 4.8% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 9.1%. Over the next year, revenue is expected to shrink by 12% compared to a 25% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Mar 03
Sincere Navigation Corporation Announces Resignation of Ko, Hsiu-Yen as Corporate Governance Officer Sincere Navigation Corporation announced resignation of Ko, Hsiu-Yen as Corporate governance officer of the company, with effect from March 1, 2022. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$0.29 (vs NT$0.23 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.10b (up 6.4% from 3Q 2020). Net income: NT$170.1m (up 27% from 3Q 2020). Profit margin: 16% (up from 13% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$0.23 (vs NT$0.29 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$999.2m (down 4.9% from 2Q 2020). Net income: NT$132.4m (down 23% from 2Q 2020). Profit margin: 13% (down from 16% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 14
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 21 July 2021. Payment date: 18 August 2021. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (1.1%). Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 26% share price decline to NT$23.55, the stock trades at a trailing P/E ratio of 65.6x. Average forward P/E is 10x in the Shipping industry in Taiwan. Total returns to shareholders of 55% over the past three years. Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$0.11 (vs NT$0.072 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$789.0m (down 34% from 1Q 2020). Net income: NT$62.4m (up 48% from 1Q 2020). Profit margin: 7.9% (up from 3.5% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 20% share price gain to NT$25.90, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 8x in the Shipping industry in Taiwan. Total returns to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 15% share price gain to NT$20.00, the stock is trading at a trailing P/E ratio of 16.8x, up from the previous P/E ratio of 14.5x. This compares to an average P/E of 17x in the Shipping industry in Taiwan. Total returns to shareholders over the past three years are 15%. Price Target Changed • Jan 16
Price target raised to NT$24.00 Up from NT$17.00, the current price target is provided by 1 analyst. The new target price is 21% above the current share price of NT$19.80. As of last close, the stock is up 25% over the past year. Major Estimate Revision • Jan 16
Analysts lower EPS estimates to NT$0.70 The 2020 consensus revenue estimate was lowered from NT$4.41b to NT$4.16b. Earning per share (EPS) estimate was also lowered from NT$0.85 to NT$0.70 for the same period. Net income is expected to shrink by 32% next year compared to 70% growth forecast for the Shipping industry in Taiwan . The consensus price target increased from NT$17.00 to NT$24.00. Share price is down by 3.9% to NT$19.80 over the past week. Is New 90 Day High Low • Dec 21
New 90-day high: NT$20.45 The company is up 40% from its price of NT$14.60 on 22 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 71% over the same period. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 17% share price gain to NT$20.45, the stock is trading at a trailing P/E ratio of 17.1x, up from the previous P/E ratio of 14.7x. This compares to an average P/E of 17x in the Shipping industry in Taiwan. Total returns to shareholders over the past three years are 8.0%. Valuation Update With 7 Day Price Move • Dec 09
Market bids up stock over the past week After last week's 18% share price gain to NT$18.60, the stock is trading at a trailing P/E ratio of 15.6x, up from the previous P/E ratio of 13.2x. This compares to an average P/E of 16x in the Shipping industry in Taiwan. Total return to shareholders over the past three years is a loss of 5.6%.