1. Taiwan Stocks

  2. •

    Transportation

  3. •

    Marine shipping
Sincere Navigation Corporation

Sincere Navigation Corporation

TTWSE:2605
35.30
TWD
-0.20
(-0.56%)
4.91EPS
6.00P/E
17.27BMarket Cap
Nov 06Next Earn
Sincere Navigation Corporation
TWSE:2605
(Taiwan Stock Exchange)

Recent

price

35.30

P/E

ratio

6.00

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TWD
10.9
9.87
9.41
7.07
7.63
7.5
5.96
5.69
6.45
7.03
6.71
7.34
6.78
6.88
7.54
7.53
8.71
Revenue per Share
3.59
3.01
2.78
1.88
1.47
1.61
1.03
0.87
0.11
0.15
0.24
1.2
0.34
0.76
2.56
1.45
4.92
Basic EPS, GAAP
3.12
-1.46
3.67
3.43
1.06
4.22
2.9
-0.82
0.19
2.76
3.64
3.2
0.64
1.63
1.65
4.29
4.84
Free Cash Flow per Basic Share
2.91
2.43
1.46
1.21
1.07
0.97
0.97
0.68
0.58
0.19
0.5
0.5
1.26
0.55
0.75
1.3
- -
Dividend per Share
22.18
23.68
23.95
25.33
27.45
29.26
28.73
26.45
26.92
26.48
24.74
24.64
27.04
27.14
31.19
29.84
33.02
Book Value per Share
22.18
23.68
23.95
25.33
27.45
29.26
28.73
26.45
26.92
26.48
24.74
24.64
27.04
27.14
31.19
29.84
33.02
Tangible Book Value per Share
585
585
585
585
585
585
585
585
585
585
585
585
585
585
585
585
583
Basic Weighted Avg Shares
6,379
5,777
5,510
4,140
4,468
4,391
3,490
3,332
3,773
4,117
3,929
4,297
3,970
4,029
4,412
4,408
5,077
Sales/Revenue/Turnover
58.72
49.15
42.25
34.66
32.3
31.2
24.12
22.37
9.38
8.36
19.75
24.78
9.71
10.55
22.31
17.84
30.9
Operating Margin (%)
1,209
1,262
1,373
1,356
1,319
1,339
1,341
1,272
1,334
1,367
1,332
1,218
1,277
1,435
1,567
1,535
1,467
Depreciation Expense
2,103
1,759
1,627
1,099
858
944
600
511
62
88
141
704
197
444
1,499
847
2,866
Net Income, GAAP
16
6.56
11.1
5.74
10.42
21.92
23.08
11.09
29.77
19.42
7.63
1.47
- -
10.04
2.57
11.19
7.26
Effective Tax Rate (%)
32.97
30.45
29.52
26.55
19.21
21.51
17.2
15.35
1.64
2.15
3.6
16.39
4.97
11.03
33.97
19.22
56.45
Profit Margin (%)
2,018
2,324
2,910
2,796
4,041
3,546
3,317
2,256
2,496
3,206
3,571
4,080
3,235
1,476
3,319
4,229
7,962
Working Capital
7,218
9,613
9,154
7,732
7,274
5,671
4,217
4,175
4,442
4,424
3,357
3,112
1,909
1,296
211
3
- -
LT Debt
14,646
15,877
16,078
16,807
18,418
19,563
18,568
17,091
17,503
16,703
15,638
15,867
17,469
15,886
18,257
17,466
19,331
Total Equity
11.99
10.43
7.77
5.21
4.97
4.06
2.6
2.81
1.05
1.21
3.36
5.01
- -
1.81
4.5
3.24
6.58
Return on Invested Capital (%)
5.95
4.84
4.13
2.52
2.1
2.39
1.6
2.22
0.82
1
0.82
3.13
- -
2.16
7.49
4.23
13.45
Return on Capital (%)
15.61
13.11
11.67
7.62
5.56
5.69
3.54
3.17
0.4
0.57
0.94
4.87
1.3
2.8
8.78
4.74
16.55
Return on Common Equity (%)

Capital Structure

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
4,063
4,121
5,712
LT Borrowings
- -
- -
- -
LT Finance Leases
3
1
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
585
585
585
Market Capitalization
15,248
24,585
17,268

Working Capital

TWD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
8,764
9,808
15,057
Cash, Cash Equivalents & STI
8,267
9,204
14,390
Accounts Receivable, Net
369
344
396
Inventories
10
72
32
Total Current Liabilities
4,535
5,258
7,095
Payables & Accruals
- -
- -
- -
ST Debt
4,063
4,121
5,712
Deferred Revenue
- -
- -
- -

Growth Rates

TWD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-0.85%
2.62%
-4.33%
Free Cash Flow
132.3%
44.69%
159.72%
Net Income, GAAP
60.94%
129.13%
-43.47%
Sales/Revenue/Turnover
0.54%
2.53%
-0.1%
Total Cash Common Dividend
- -
- -
73.33%

Quarterly Revenue

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,083
1,205
1,100
1,024
4,412
2025
946
1,082
997
1,382
4,408
2026
1,367
1,330
- -
- -
- -

Quarterly Earnings Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.6
1.2
0.42
0.34
2.56
2025
0.02
0.2
0.27
0.96
1.45
2026
0.66
3.01
- -
- -
- -

Quarterly Dividends Per Share

TWD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.75
2025
- -
- -
- -
- -
1.3
2026
- -
- -
- -
- -
- -
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Business
Sincere Navigation Corporation (2605.TW), founded in 1968 and headquartered at 14/F, No. 368, Fuxing South Road, Section 1, Taipei, Taiwan, operates as one of Taiwan's leading dry bulk shipping companies, providing integrated marine transportation solutions for bulk cargoes worldwide. The company owns and operates a diverse fleet including dry bulk carriers such as handysize, panamax, capesize, kamsarmax, and self-unloading vessels; tankers; woodchip carriers; and multi-purpose lightweight bulk ships, extra-large bulk ships, super-large iron ore special vessels, and extra-large oil tankers, primarily transporting commodities like iron ore, coal, crude oil, and woodchips to serve coal and iron ore miners, steel mills, energy firms, and paper manufacturers across domestic and international markets. It also engages in ship management, manufacturing supervision, tugging, and shipping agency services through subsidiaries including Norley Corporation Inc. (Liberia), Heywood Limited (Marshall Islands), SNC (Singapore) PTE. LTD., and others such as Sharon Glory Limited and Carmel Splendor Limited. Recent developments include the wholly-owned subsidiary Sharon Glory Limited's purchase of a capesize bulker in May 2024; SNC (Singapore)'s acquisition of a bulk carrier from related party Everprime Shipping Limited and sale of the vessel Heng Shan in April 2024; ongoing provision of bank guarantees and collateral deposits by subsidiaries like Heywood Limited and Norley Corporation Inc. for group loan facilities through May 2025; approval of Norley Corporation Inc.'s cash dividend distribution of US$6.2 million in May 2024; and capital injections such as Norley's US$42.3 million into Sharon Glory Limited in May 2024, alongside routine fleet transactions and financial reporting in line with sustainable management goals.