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2617

Taiwan Navigation TWSE:2617 Stock Report

Last Price

NT$24.55

Market Cap

NT$10.2b

7D

-12.8%

1Y

-42.4%

Updated

28 Sep, 2022

Data

Company Financials
2617 fundamental analysis
Snowflake Score
Valuation4/6
Future Growth0/6
Past Performance4/6
Financial Health4/6
Dividends3/6

2617 Stock Overview

Taiwan Navigation Co., Ltd. provides shipping services in Taiwan.

Taiwan Navigation Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Taiwan Navigation
Historical stock prices
Current Share PriceNT$24.55
52 Week HighNT$46.30
52 Week LowNT$24.55
Beta0.80
1 Month Change-10.57%
3 Month Change-14.76%
1 Year Change-42.37%
3 Year Change30.59%
5 Year Change66.44%
Change since IPO79.97%

Recent News & Updates

Shareholder Returns

2617TW ShippingTW Market
7D-12.8%-7.5%-5.1%
1Y-42.4%-51.0%-19.0%

Return vs Industry: 2617 exceeded the TW Shipping industry which returned -51% over the past year.

Return vs Market: 2617 underperformed the TW Market which returned -19% over the past year.

Price Volatility

Is 2617's price volatile compared to industry and market?
2617 volatility
2617 Average Weekly Movement5.3%
Shipping Industry Average Movement6.7%
Market Average Movement5.1%
10% most volatile stocks in TW Market8.3%
10% least volatile stocks in TW Market2.5%

Stable Share Price: 2617 is not significantly more volatile than the rest of TW stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: 2617's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1946n/aJong-Lin Chyouhttps://www.taiwanline.com.tw

Taiwan Navigation Co., Ltd. provides shipping services in Taiwan. It offers passenger and freight transportation services through water; port warehousing; aquatic sand mining; and navigation channel dredging services, as well as acts as a shipping agency and provides tugboats. The company also acts as a land owner in agreements with construction companies for the use of its land for the construction of residential and commercial buildings for sale and rental.

Taiwan Navigation Fundamentals Summary

How do Taiwan Navigation's earnings and revenue compare to its market cap?
2617 fundamental statistics
Market CapNT$10.24b
Earnings (TTM)NT$2.21b
Revenue (TTM)NT$3.58b

4.6x

P/E Ratio

2.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
2617 income statement (TTM)
RevenueNT$3.58b
Cost of RevenueNT$2.20b
Gross ProfitNT$1.38b
Other Expenses-NT$822.14m
EarningsNT$2.21b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)5.29
Gross Margin38.65%
Net Profit Margin61.60%
Debt/Equity Ratio47.4%

How did 2617 perform over the long term?

See historical performance and comparison

Dividends

8.1%

Current Dividend Yield

38%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is 2617 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2617?

Other financial metrics that can be useful for relative valuation.

2617 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue3.6x
Enterprise Value/EBITDA9.8x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does 2617's PE Ratio compare to its peers?

2617 PE Ratio vs Peers
The above table shows the PE ratio for 2617 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average18.1x
2605 Sincere Navigation
22.1xn/aNT$10.9b
2612 Chinese Maritime Transport
16.1x-16.8%NT$6.2b
2601 First Steamship
31.1xn/aNT$6.6b
5608 Shih Wei Navigation
3xn/aNT$7.9b
2617 Taiwan Navigation
4.6xn/aNT$10.2b

Price-To-Earnings vs Peers: 2617 is good value based on its Price-To-Earnings Ratio (4.6x) compared to the peer average (18.1x).


Price to Earnings Ratio vs Industry

How does 2617's PE Ratio compare vs other companies in the Asian Shipping Industry?

Price-To-Earnings vs Industry: 2617 is good value based on its Price-To-Earnings Ratio (4.6x) compared to the Asian Shipping industry average (6.5x)


Price to Earnings Ratio vs Fair Ratio

What is 2617'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.

2617 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.6x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 2617's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of 2617 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2617 (NT$24.55) is trading below our estimate of fair value (NT$32.62)

Significantly Below Fair Value: 2617 is trading below fair value by more than 20%.


Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.


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Future Growth

How is Taiwan Navigation forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-71.4%

Forecasted Transportation industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Taiwan Navigation has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


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  • Examine whether Taiwan Navigation is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.

Past Performance

How has Taiwan Navigation performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


24.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 2617 has a high level of non-cash earnings.

Growing Profit Margin: 2617's current net profit margins (61.6%) are higher than last year (24.1%).


Past Earnings Growth Analysis

Earnings Trend: 2617 has become profitable over the past 5 years, growing earnings by 24.4% per year.

Accelerating Growth: 2617's earnings growth over the past year (233.2%) exceeds its 5-year average (24.4% per year).

Earnings vs Industry: 2617 earnings growth over the past year (233.2%) exceeded the Shipping industry 224.7%.


Return on Equity

High ROE: 2617's Return on Equity (14.4%) is considered low.


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Financial Health

How is Taiwan Navigation's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 2617's short term assets (NT$6.0B) exceed its short term liabilities (NT$1.8B).

Long Term Liabilities: 2617's short term assets (NT$6.0B) do not cover its long term liabilities (NT$7.6B).


Debt to Equity History and Analysis

Debt Level: 2617's net debt to equity ratio (16.7%) is considered satisfactory.

Reducing Debt: 2617's debt to equity ratio has increased from 34.5% to 47.4% over the past 5 years.

Debt Coverage: 2617's debt is well covered by operating cash flow (28.5%).

Interest Coverage: 2617 earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is Taiwan Navigation current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


8.15%

Current Dividend Yield

Dividend Yield vs Market

Taiwan Navigation Dividend Yield vs Market
How does Taiwan Navigation dividend yield compare to the market?
SegmentDividend Yield
Company (Taiwan Navigation)8.1%
Market Bottom 25% (TW)2.5%
Market Top 25% (TW)6.9%
Industry Average (Shipping)23.2%
Analyst forecast in 3 Years (Taiwan Navigation)n/a

Notable Dividend: 2617's dividend (8.15%) is higher than the bottom 25% of dividend payers in the TW market (2.51%).

High Dividend: 2617's dividend (8.15%) is in the top 25% of dividend payers in the TW market (6.91%)


Stability and Growth of Payments

Stable Dividend: 2617's dividend payments have been volatile in the past 10 years.

Growing Dividend: 2617's dividend payments have fallen over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (37.8%), 2617's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: 2617 is paying a dividend but the company has no free cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

3.4yrs

Average management tenure


CEO

Jong-Lin Chyou

2.33yrs

Tenure

Mr. Jong-Lin Chyou serves as President and Director at Taiwan Navigation Co., Ltd. since May 1, 2020 and served as Senior Vice President of Technical Department since April 01, 2019 until May 1, 2020. He h...


Leadership Team

Experienced Management: 2617's management team is considered experienced (3.4 years average tenure).


Board Members

Experienced Board: 2617's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

What is the ownership structure of 2617?
Owner TypeNumber of SharesOwnership Percentage
Institutions6,507,2301.6%
Employee Share Scheme6,544,6761.6%
Private Companies12,277,0002.9%
Public Companies70,758,24317.0%
General Public321,206,85177.0%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 9 shareholders own 23.03% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
16.96%
Yang Ming Marine Transport Corporation
70,758,243NT$1.7b0%no data
2.94%
Yunwang Investment Co., Ltd.
12,277,000NT$301.4m0%no data
1.57%
Taiwan Navigation Co., Ltd., ESOP
6,544,676NT$160.7m0%no data
1.22%
Dimensional Fund Advisors LP
5,079,748NT$124.7m0.46%no data
0.18%
BNY Mellon Asset Management
731,482NT$18.0m2.32%no data
0.088%
State Street Global Advisors, Inc.
368,000NT$9.0m0.55%no data
0.045%
American Century Investment Management Inc
188,000NT$4.6m0.53%no data
0.022%
Northern Trust Global Investments
93,000NT$2.3m0%no data
0.011%
Christian Brothers Investment Services, Inc.
47,000NT$1.2m0%no data

Company Information

Taiwan Navigation Co., Ltd.'s employee growth, exchange listings and data sources


Key Information

  • Name: Taiwan Navigation Co., Ltd.
  • Ticker: 2617
  • Exchange: TWSE
  • Founded: 1946
  • Industry: Marine
  • Sector: Transportation
  • Implied Market Cap: NT$10.245b
  • Shares outstanding: 417.29m
  • Website: https://www.taiwanline.com.tw

Location

  • Taiwan Navigation Co., Ltd.
  • No 29, Chi Nan Road
  • Section 2
  • Taipei
  • 100
  • Taiwan


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
2617TWSE (Taiwan Stock Exchange)YesCommon StockTWTWDJul 1998

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.