Declared Dividend • Jun 13
Dividend of NT$1.50 announced Dividend of NT$1.50 is the same as last year. Ex-date: 15th July 2026 Payment date: 12th August 2026 Dividend yield will be 5.0%, which is lower than the industry average of 32%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: NT$0.71 (vs NT$0.58 in 1Q 2025) First quarter 2026 results: EPS: NT$0.71 (up from NT$0.58 in 1Q 2025). Revenue: NT$1.08b (up 5.7% from 1Q 2025). Net income: NT$298.0m (up 23% from 1Q 2025). Profit margin: 28% (up from 24% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$3.18 (vs NT$3.08 in FY 2024) Full year 2025 results: EPS: NT$3.18 (up from NT$3.08 in FY 2024). Revenue: NT$4.30b (down 2.3% from FY 2024). Net income: NT$1.33b (up 3.3% from FY 2024). Profit margin: 31% (up from 29% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Mar 10
Taiwan Navigation Co., Ltd., Annual General Meeting, Jun 11, 2026 Taiwan Navigation Co., Ltd., Annual General Meeting, Jun 11, 2026, at 09:00 Taipei Standard Time. Location: 4 floor no,2-1, sec.1 chi nan rd., taipei city Taiwan Buy Or Sell Opportunity • Dec 04
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to NT$33.60. The fair value is estimated to be NT$27.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has declined by 17%. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: NT$1.35 (vs NT$0.96 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.35 (up from NT$0.96 in 3Q 2024). Revenue: NT$1.08b (down 6.3% from 3Q 2024). Net income: NT$564.8m (up 41% from 3Q 2024). Profit margin: 52% (up from 35% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: NT$0.43 (vs NT$0.58 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.43 (down from NT$0.58 in 2Q 2024). Revenue: NT$1.02b (down 9.4% from 2Q 2024). Net income: NT$178.6m (down 26% from 2Q 2024). Profit margin: 18% (down from 22% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 14
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 21 July 2025. Payment date: 13 August 2025. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (11%). Declared Dividend • Jun 26
Dividend reduced to NT$1.50 Dividend of NT$1.50 is 6.3% lower than last year. Ex-date: 21st July 2025 Payment date: 13th August 2025 Dividend yield will be 5.3%, which is lower than the industry average of 32%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 25
Taiwan Navigation Co., Ltd. announces Annual dividend, payable on August 13, 2025 Taiwan Navigation Co., Ltd. announced Annual dividend of TWD 1.5000 per share payable on August 13, 2025, ex-date on July 21, 2025 and record date on July 22, 2025. Reported Earnings • May 01
First quarter 2025 earnings released: EPS: NT$0.58 (vs NT$0.81 in 1Q 2024) First quarter 2025 results: EPS: NT$0.58 (down from NT$0.81 in 1Q 2024). Revenue: NT$1.02b (flat on 1Q 2024). Net income: NT$242.0m (down 28% from 1Q 2024). Profit margin: 24% (down from 33% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 10% per year. Announcement • Apr 23
Taiwan Navigation Co., Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Taiwan Navigation Co., Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Buy Or Sell Opportunity • Apr 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to NT$23.15. The fair value is estimated to be NT$28.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has declined by 4.7%. 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$25.30, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 8x in the Shipping industry in Taiwan. Total loss to shareholders of 14% over the past three years. Announcement • Mar 25
Taiwan Navigation Co., Ltd. Announces Dismissal of Peng, Wen-Hsun as Members of the Sustainable Development Committee on March 30, 2025 Taiwan Navigation Co., Ltd. announced dismissal of Peng, Wen-Hsun as members of the Sustainable Development Committee. Reason for the change: Dismissal due to retirement from the company on March 30, 2025. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$3.08 (vs NT$3.99 in FY 2023) Full year 2024 results: EPS: NT$3.08 (down from NT$3.99 in FY 2023). Revenue: NT$4.40b (up 10% from FY 2023). Net income: NT$1.28b (down 23% from FY 2023). Profit margin: 29% (down from 42% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 3% per year. Announcement • Mar 10
Taiwan Navigation Co., Ltd., Annual General Meeting, Jun 10, 2025 Taiwan Navigation Co., Ltd., Annual General Meeting, Jun 10, 2025, at 09:00 Taipei Standard Time. Location: 4 floor no,2-1, sec.1 chi nan rd., taipei city Taiwan Announcement • Feb 28
Taiwan Navigation Co., Ltd. to Report Fiscal Year 2024 Results on Mar 07, 2025 Taiwan Navigation Co., Ltd. announced that they will report fiscal year 2024 results on Mar 07, 2025 Buy Or Sell Opportunity • Feb 14
Now 20% overvalued Over the last 90 days, the stock has fallen 5.4% to NT$30.95. The fair value is estimated to be NT$25.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 3.6%. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.96 (vs NT$2.65 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.96 (down from NT$2.65 in 3Q 2023). Revenue: NT$1.15b (up 22% from 3Q 2023). Net income: NT$399.6m (down 64% from 3Q 2023). Profit margin: 35% (down from 116% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Nov 05
Taiwan Navigation Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Taiwan Navigation Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Buy Or Sell Opportunity • Oct 16
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to NT$32.05. The fair value is estimated to be NT$26.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 16%. Buy Or Sell Opportunity • Sep 24
Now 21% overvalued Over the last 90 days, the stock has fallen 16% to NT$32.15. The fair value is estimated to be NT$26.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 16%. Buy Or Sell Opportunity • Aug 28
Now 20% overvalued Over the last 90 days, the stock has fallen 15% to NT$31.90. The fair value is estimated to be NT$26.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 16%. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.58 (vs NT$0.40 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.58 (up from NT$0.40 in 2Q 2023). Revenue: NT$1.13b (up 9.3% from 2Q 2023). Net income: NT$242.6m (up 46% from 2Q 2023). Profit margin: 22% (up from 16% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 07
Now 22% overvalued Over the last 90 days, the stock has fallen 11% to NT$32.80. The fair value is estimated to be NT$26.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 23%. Announcement • Jul 24
Taiwan Navigation Co., Ltd. to Report Q2, 2024 Results on Aug 01, 2024 Taiwan Navigation Co., Ltd. announced that they will report Q2, 2024 results on Aug 01, 2024 Upcoming Dividend • Jul 12
Upcoming dividend of NT$1.60 per share Eligible shareholders must have bought the stock before 19 July 2024. Payment date: 15 August 2024. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Within top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (4.0%). Declared Dividend • Jun 22
Dividend reduced to NT$1.60 Dividend of NT$1.60 is 27% lower than last year. Ex-date: 19th July 2024 Payment date: 15th August 2024 Dividend yield will be 4.2%, which is lower than the industry average of 32%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.81 (vs NT$0.34 in 1Q 2023) First quarter 2024 results: EPS: NT$0.81 (up from NT$0.34 in 1Q 2023). Revenue: NT$1.03b (up 9.8% from 1Q 2023). Net income: NT$337.1m (up 136% from 1Q 2023). Profit margin: 33% (up from 15% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Apr 24
Taiwan Navigation Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Taiwan Navigation Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$3.98 (vs NT$4.83 in FY 2022) Full year 2023 results: EPS: NT$3.98 (down from NT$4.83 in FY 2022). Revenue: NT$3.99b (up 3.0% from FY 2022). Net income: NT$1.66b (down 18% from FY 2022). Profit margin: 42% (down from 52% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Taiwan Navigation Co., Ltd., Annual General Meeting, Jun 11, 2024 Taiwan Navigation Co., Ltd., Annual General Meeting, Jun 11, 2024. Location: National Taiwan University Alumni Club, 4F, NO.2-1, Sec.1, Chi-nan Rd. Taipei, ROC Taipei Taiwan Agenda: To report the 2023 business; to review the 2023 audit committee review report; to consider 2023 directors' remuneration and employees' compensation; to consider 2023 business report and financial statements; to consider the proposal for distribution of 2023 profits. Announcement • Dec 21
Taiwan Navigation Co., Ltd. Announces Executive Changes, Effective on January 1 2024 Taiwan Navigation Co., Ltd. announced executive changes. Name, title, and resume of the previous position holder: Chen Chien-Chou, Executive Vice President. Name, title, and resume of the new position holder: Chiang Ko-Pei, Deputy General Manager of Financial Department. Effective date: January 1 2024. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$35.35, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 10x in the Shipping industry in Taiwan. Total returns to shareholders of 122% over the past three years. New Risk • Nov 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 113% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: NT$2.65 (vs NT$0.75 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.65 (up from NT$0.75 in 3Q 2022). Revenue: NT$948.8m (down 2.4% from 3Q 2022). Net income: NT$1.10b (up 254% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. New Risk • Aug 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% Dividend per share is over 880x cash flows per share. Dividend yield: 8.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Dividend per share is over 880x cash flows per share. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (25% net profit margin). New Risk • Aug 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 880x cash flows per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (25% net profit margin). Reported Earnings • Aug 05
Second quarter 2023 earnings released: EPS: NT$0.40 (vs NT$2.54 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.40 (down from NT$2.54 in 2Q 2022). Revenue: NT$1.03b (up 2.7% from 2Q 2022). Net income: NT$166.8m (down 84% from 2Q 2022). Profit margin: 16% (down from 106% in 2Q 2022). 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 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 13
Upcoming dividend of NT$2.20 per share at 7.2% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 17 August 2023. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 7.2%. Within top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (38%). Announcement • Jun 16
Taiwan Navigation Co., Ltd Announces Cash Dividend for the Year Ended December 31, 2022, Payable on August 17, 2023 Taiwan Navigation Co., Ltd. at its shareholders meeting held on June 15, 2023 cash dividend to shareholders of TWD 2.2 per share for the year ended December 31, 2022. Total amount of cash distributed to shareholders is TWD 918,047,871. Ex-rights (ex-dividend) record date: July 27, 2023. Payment date of cash dividend distribution: August 17, 2023. Announcement • May 05
Taiwan Navigation Co., Ltd. Proposes Cash Dividend for the Year Ended December 31, 2022 Taiwan Navigation Co., Ltd. proposed cash dividend to shareholders of TWD 2.2 per share for the year ended December 31, 2022. Total amount of cash distributed to shareholders is TWD 918,047,871. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$4.83 (vs NT$3.16 in FY 2021) Full year 2022 results: EPS: NT$4.83 (up from NT$3.16 in FY 2021). Revenue: NT$3.87b (up 20% from FY 2021). Net income: NT$2.02b (up 53% from FY 2021). Profit margin: 52% (up from 41% in FY 2021). The increase in margin was primarily driven by higher revenue. 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 37% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Shin-Min Lee was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: NT$0.75 (vs NT$1.15 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.75 (down from NT$1.15 in 3Q 2021). Revenue: NT$972.2m (up 13% from 3Q 2021). Net income: NT$312.4m (down 35% from 3Q 2021). Profit margin: 32% (down from 56% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$29.19, 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. Earnings per share has grown by 42%. Buying Opportunity • Sep 28
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be NT$32.62, 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. Earnings per share has grown by 42%. Buying Opportunity • Sep 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be NT$32.90, 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. Earnings per share has grown by 42%. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$2.54 (vs NT$0.63 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.54 (up from NT$0.63 in 2Q 2021). Revenue: NT$1.00b (up 24% from 2Q 2021). Net income: NT$1.06b (up 302% from 2Q 2021). 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 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 10 August 2022. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (18%). Buying Opportunity • Jul 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be NT$34.56, 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. Earnings per share has grown by 19%. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$29.50, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 8x in the Shipping industry in Taiwan. Total returns to shareholders of 71% over the past three years. Reported Earnings • May 17
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$0.59 (up from NT$0.37 in 1Q 2021). Revenue: NT$817.2m (up 25% from 1Q 2021). Net income: NT$244.5m (up 57% from 1Q 2021). Profit margin: 30% (up from 24% in 1Q 2021). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) exceeded analyst estimates by 2.1%. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 21% per year. Announcement • Apr 28
Taiwan Navigation Co., Ltd. Proposes Cash Dividends for the Year Ended December 31, 2021 Taiwan Navigation Co., Ltd. proposed appropriations of earnings in cash dividends to shareholders of TWD 2.00 per share for the year ended December 31, 2021. Total amount of cash distributed to shareholders TWD 834,588,974. 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. 5 non-independent directors. Independent Director Shih-Tong Lu was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$1.15 (vs NT$0.17 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$859.4m (up 32% from 3Q 2020). Net income: NT$480.6m (up NT$408.5m from 3Q 2020). Profit margin: 56% (up from 11% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$44.75, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 25x in the Shipping industry in Taiwan. Total returns to shareholders of 182% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 22% share price gain to NT$52.90, the stock trades at a trailing P/E ratio of 33.5x. Average trailing P/E is 26x in the Shipping industry in Taiwan. Total returns to shareholders of 218% over the past three years. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$0.63 (vs NT$0.26 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$809.6m (up 40% from 2Q 2020). Net income: NT$261.9m (up 138% from 2Q 2020). Profit margin: 32% (up from 19% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$50.00, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 36x in the Shipping industry in Taiwan. Total returns to shareholders of 197% over the past three years. Upcoming Dividend • Jul 20
Upcoming dividend of NT$0.90 per share Eligible shareholders must have bought the stock before 27 July 2021. Payment date: 18 August 2021. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improved over the past week After last week's 27% share price gain to NT$73.80, the stock trades at a trailing P/E ratio of 60.4x. Average trailing P/E is 44x in the Shipping industry in Taiwan. Total returns to shareholders of 413% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improved over the past week After last week's 19% share price gain to NT$52.10, the stock trades at a trailing P/E ratio of 42.6x. Average trailing P/E is 33x in the Shipping industry in Taiwan. Total returns to shareholders of 263% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 17% share price gain to NT$42.00, the stock trades at a trailing P/E ratio of 34.4x. Average trailing P/E is 29x in the Shipping industry in Taiwan. Total returns to shareholders of 187% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.37 (vs NT$0.39 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$654.6m (up 3.9% from 1Q 2020). Net income: NT$155.8m (down 4.8% from 1Q 2020). Profit margin: 24% (down from 26% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • May 11
Taiwan Navigation Co., Ltd. Announces Dividend for the Year 2020 Taiwan Navigation Co., Ltd. announced dividend of TWD 0.90 per share for the year 2020. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 16% share price gain to NT$48.70, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 31x in the Shipping industry in Taiwan. Total returns to shareholders of 226% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 16% share price gain to NT$27.50, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 23x in the Shipping industry in Taiwan. Total returns to shareholders of 99% over the past three years. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS NT$1.24 (vs NT$1.44 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: NT$2.49b (down 20% from FY 2019). Net income: NT$518.1m (down 14% from FY 2019). Profit margin: 21% (up from 19% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 18% share price gain to NT$25.40, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 22x in the Shipping industry in Taiwan. Total returns to shareholders of 96% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 15% share price gain to NT$20.35, the stock is trading at a trailing P/E ratio of 16.9x, 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 53%. Is New 90 Day High Low • Jan 04
New 90-day high: NT$22.15 The company is up 28% from its price of NT$17.30 on 06 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 107% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: NT$20.80 The company is up 24% from its price of NT$16.80 on 18 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 62% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: NT$17.90 The company is up 5.0% from its price of NT$17.00 on 27 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 33% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.17 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$650.5m (down 21% from 3Q 2019). Net income: NT$72.1m (down 60% from 3Q 2019). Profit margin: 11% (down from 22% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year.