Sincere Navigation Corporation

TWSE:2605 Stock Report

Market Cap: NT$14.7b

Sincere Navigation Valuation

Is 2605 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2605 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2605 (NT$25.15) is trading below our estimate of fair value (NT$137.52)

Significantly Below Fair Value: 2605 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2605?

Key metric: As 2605 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2605. This is calculated by dividing 2605's market cap by their current earnings.
What is 2605's PE Ratio?
PE Ratio14x
EarningsNT$1.05b
Market CapNT$14.69b

Price to Earnings Ratio vs Peers

How does 2605's PE Ratio compare to its peers?

The above table shows the PE ratio for 2605 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.7x
2617 Taiwan Navigation
10xn/aNT$12.2b
2612 Chinese Maritime Transport
17.2x11.5%NT$8.1b
2641 Franbo Lines
9.2xn/aNT$5.6b
2606 U-Ming Marine Transport
10.6x-1.3%NT$49.8b
2605 Sincere Navigation
14x16.6%NT$14.7b

Price-To-Earnings vs Peers: 2605 is expensive based on its Price-To-Earnings Ratio (14x) compared to the peer average (11.7x).

Price to Earnings Ratio vs Industry

How does 2605's PE Ratio compare vs other companies in the Asian Shipping Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
2605 14.0xIndustry Avg. 9.4xNo. of Companies18PE0612182430+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2605 is expensive based on its Price-To-Earnings Ratio (14x) compared to the Asian Shipping industry average (9.4x).

Price to Earnings Ratio vs Fair Ratio

What is 2605's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2605 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14x
Fair PE Ratio11.6x

Price-To-Earnings vs Fair Ratio: 2605 is expensive based on its Price-To-Earnings Ratio (14x) compared to the estimated Fair Price-To-Earnings Ratio (11.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2605 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$25.15
NT$33.33
+32.5%
3.7%NT$35.00NT$32.00n/a3
Dec ’25NT$26.35
NT$33.00
+25.2%
4.3%NT$35.00NT$32.00n/a3
Nov ’25NT$26.65
NT$33.00
+23.8%
4.3%NT$35.00NT$32.00n/a3
Oct ’25NT$29.60
NT$33.00
+11.5%
4.3%NT$35.00NT$32.00n/a3
Sep ’25NT$27.80
NT$33.00
+18.7%
4.3%NT$35.00NT$32.00n/a3
Aug ’25NT$27.50
NT$32.33
+17.6%
5.8%NT$35.00NT$31.00n/a3
Jul ’25NT$30.15
NT$33.33
+10.6%
14.4%NT$40.00NT$29.00n/a3
Jun ’25NT$32.70
NT$33.33
+1.9%
14.4%NT$40.00NT$29.00n/a3
May ’25NT$26.00
NT$32.00
+23.1%
9.2%NT$36.00NT$29.00n/a3
Apr ’25NT$24.30
NT$32.00
+31.7%
9.2%NT$36.00NT$29.00n/a3
Mar ’25NT$27.20
NT$32.67
+20.1%
7.2%NT$36.00NT$31.00n/a3
Feb ’25NT$23.45
NT$24.00
+2.3%
5.9%NT$25.00NT$22.00n/a3
Jan ’25NT$25.35
NT$24.00
-5.3%
5.9%NT$25.00NT$22.00n/a3
Dec ’24NT$23.85
NT$24.00
+0.6%
5.9%NT$25.00NT$22.00NT$26.353
Nov ’24NT$21.25
NT$26.00
+22.4%
5.4%NT$28.00NT$25.00NT$26.653
Oct ’24NT$23.75
NT$26.00
+9.5%
5.4%NT$28.00NT$25.00NT$29.603
Sep ’24NT$19.80
NT$24.17
+22.1%
14.6%NT$28.00NT$19.50NT$27.803
Aug ’24NT$19.20
NT$22.17
+15.5%
10.1%NT$25.00NT$19.50NT$27.503
Jul ’24NT$20.10
NT$25.50
+26.9%
10.5%NT$28.50NT$22.00NT$30.153
Jun ’24NT$20.45
NT$25.50
+24.7%
10.5%NT$28.50NT$22.00NT$32.703
May ’24NT$22.50
NT$25.50
+13.3%
10.5%NT$28.50NT$22.00NT$26.003
Apr ’24NT$24.75
NT$25.50
+3.0%
10.5%NT$28.50NT$22.00NT$24.303
Mar ’24NT$25.40
NT$24.00
-5.5%
8.3%NT$26.00NT$22.00NT$27.202
Feb ’24NT$20.40
NT$24.00
+17.6%
8.3%NT$26.00NT$22.00NT$23.452
Jan ’24NT$20.00
NT$27.00
+35.0%
18.5%NT$32.00NT$22.00NT$25.352
Dec ’23NT$20.20
NT$27.00
+33.7%
18.5%NT$32.00NT$22.00NT$23.852

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/31 12:02
End of Day Share Price 2024/12/31 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Sincere Navigation Corporation is covered by 16 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Yayue HsuehCapital Securities Corporation
Philip ChowCLSA
HungBIn TohCredit Suisse