Sincere Navigation Corp (2605) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Sincere Navigation Corp stock TWD 26.02, price TWD 30.95, that is 15.9% below the price, quality 68 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range 16.98 TWD – 52.32 TWD · fair‑value band 19.51 TWD – 32.52 TWD · the 30.95 TWD price screens above the 26.02 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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Sincere Navigation Corporation, a shipping transportation company, owns and operates bulk cargo vessels in Taiwan. Its fleet includes dry bulk carriers, tankers, and woodchip carriers. Sincere Navigation Corporation serves coal and iron ore miner, steel, energy, and paper industries.
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The company was founded in 1960 and is headquartered in Taipei, Taiwan.
Stock analysis
Sincere Navigation Corp (2605) currently trades at 30.95 TWD, while our model-based Fair Value estimate is 26.02 TWD, 16% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 44.62 TWD per share, and 11 of the 24 models we run sit above the 30.95 TWD price.
Bear case: the Asset-Based group reads lowest at 7.20 TWD, and 13 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 19.51 TWD (bear) to 32.52 TWD (bull), the price of 30.95 TWD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Industrials sector.
Mixed Growth: Spin-off in 2019: revenue and profit before it include the divested business. Growth is measured afresh from 2019.
Sincere Navigation Corp reported revenue of 4.4B TWD in FY2025 versus 4.3B TWD in FY2021, a compound +0.6%/yr. Reported net income was 847M TWD in FY2025, compounding +4.7%/yr from FY2021.
Key figures
Market cap 18.4B TWD (≈ $562M) Small · P/E ratio 6.6 · P/S ratio 3.62 · EPS (TTM) 4.69 TWD · Dividend yield 3.2% · Net margin 56.5% · Return on equity 16.6% · Return on assets (EBIT) 3.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).
What moves the price
The share trades about 29% below its 52-week high and 35% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at −16%, 2605 screens richer than that median.
Fair Value models
Bear19.51 TWDFair Value 26.02 TWDBull32.52 TWD
Price 30.95 TWD · Downside -15.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (3.15 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2019: revenue and profit before it include the divested business. Growth is measured afresh from 2019.
Revenue growth 1 year
−0.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.3%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.1%
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What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +46.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +43.1%
Dividend (yield on the price)3.2%
Per share before 2019divided by the spin-off factor 1.03
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 43.1% / 0.2%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 18%
2025 sits 91% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.24 per share, median 0.92 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−9.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −10.7% a year for the price and +0.7% for the forecasts.
Compare Sincere Navigation Corp with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Marine Shipping · 220 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside−15.9% · Below median
Profitability
Return on equity (12 months)16.6% · Top 25%
Return on assets3.9% · Below median
Net margin (12 months)56.5% · Top 25%
Operating margin (12 months)31.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)23.0% · Above median
Dividend yield (12 months)3.2% · Above median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
P/E (12 months)6.6× · Cheapest 25%
P/B1.05× · Cheaper than median
P/S (12 months)3.62× · Priciest 25%
Price / free cash flow (fiscal year)7.6× · Cheaper than median
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Is Sincere Navigation Corp (2605) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of 26.02 TWD versus a price of 30.95 TWD, about 16% lower (overvalued).
What is the fair value of 2605?
Our model-based fair value for Sincere Navigation Corp is 26.02 TWD (as of Nov 2, 2026), built from audited fundamentals. The current price: 30.95 TWD.
What is the quality score of 2605?
Sincere Navigation Corp has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Sincere Navigation Corp (2605)?
Our model-based price target is the fair value of 26.02 TWD (as of Nov 2, 2026) from 24 valuation models. Cautious scenario 19.51 TWD, optimistic scenario 32.52 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Sincere Navigation Corp stock forecast for 2026?
Our models put fair value at 26.02 TWD, about 16% lower versus a price of 30.95 TWD (overvalued). Cautious scenario 19.51 TWD, optimistic scenario 32.52 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Sincere Navigation Corp (2605)?
Sincere Navigation Corp reported trailing-twelve-month revenue of about 5.1B TWD (latest available figure, as of Nov 2, 2026).
Does Sincere Navigation Corp pay a dividend?
Sincere Navigation Corp currently shows a dividend yield of 3.23% relative to its recent price (as of Nov 2, 2026).
How much is the dividend of Sincere Navigation Corp (2605) and when is the ex-dividend date?
Sincere Navigation Corp pays a dividend of 1.00 TWD per share a year, a dividend yield of 3.2%. The last ex-dividend date was Jun 30, 2026. The payout ratio is 21.3% of earnings. Free cash flow covers the dividend 4.14 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Sincere Navigation Corp (2605)?
For today's price to be fair in a discounted-cash-flow model, Sincere Navigation Corp would have to grow free cash flow by -9.3 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.3 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of 2605 use?
Our models discount Sincere Navigation Corp at 11.8 %: a base by market capitalisation (small), country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Sincere Navigation Corp that is -9.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Sincere Navigation Corp (2605) delivered so far?
Over the past 5 years revenue at Sincere Navigation Corp grew +2.3 % a year. The price currently implies free-cash-flow growth of -9.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Sincere Navigation Corp (2605) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Sincere Navigation Corp (-9.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Sincere Navigation Corp (2605)?
The free-cash-flow yield on the price is 13.33 %: that much free cash flow Sincere Navigation Corp produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sincere Navigation Corp (2605)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sincere Navigation Corp it is 26.02 TWD per share (as of Nov 2, 2026), against a price of 30.95 TWD. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Sincere Navigation Corp stock overvalued or undervalued in 2026?
As of Nov 2, 2026, 2605 trades above its calculated fair value: price 30.95 TWD, fair value 26.02 TWD, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2605?
No. The price is what the market pays today (30.95 TWD); the fair value is what the company's own numbers justify (26.02 TWD). For Sincere Navigation Corp the two are 4.93 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Sincere Navigation Corp worth?
The market values Sincere Navigation Corp at about 18.4B TWD (market capitalisation, as of Nov 2, 2026). Per share that is 30.95 TWD; our models calculate a fair value of 26.02 TWD per share.
What do the bullish and bearish scenarios say about 2605?
Our models span a range for Sincere Navigation Corp: cautious scenario 19.51 TWD, base 26.02 TWD, optimistic 32.52 TWD per share (as of Nov 2, 2026, price 30.95 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2605?
Sincere Navigation Corp trades at a price-to-earnings ratio of 6.6 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 26.02 TWD is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings, FY2025 ex one-offs: 33.4. Other multiples: PEG 1.4, P/B 1.1, P/S 3.6, EV/EBITDA 4.7.
What is the PEG ratio of 2605?
The PEG ratio of Sincere Navigation Corp is 1.38 (P/E divided by earnings growth, as of Nov 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Sincere Navigation Corp (2605)?
Balance-sheet figures for Sincere Navigation Corp (as of Nov 2, 2026): return on equity 16.6%. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is 2605 from its 52-week high?
Sincere Navigation Corp trades at 30.95 TWD, about 29% below its 52-week high of 43.35 TWD and 35% above the low of 22.90 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 26.02 TWD is for.
Which stocks are comparable to Sincere Navigation Corp?
From the same area (Industrials) we also value Adani Ports and Special Economic Zone Limited, COSCO SHIPPING Holdings, Hapag-Lloyd Aktiengesellschaft,, Shanghai International Port (Group) Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Sincere Navigation Corp stock attractive at the current price?
The data as of Nov 2, 2026: price 30.95 TWD, calculated fair value 26.02 TWD (−16%), Quality Score 68/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2605 calculated?
We run Sincere Navigation Corp through 24 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 26.02 TWD builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Sincere Navigation Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Sincere Navigation Corp (2605)?
The closing price on Nov 6, 2026 was 30.95 TWD. Our model-based fair value is 26.02 TWD, about 16% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sincere Navigation Corp right now?
Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Sincere Navigation Corp (2605) come from?
Earnings per share at Sincere Navigation Corp grew +1.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.6 %, EBIT margin −6.0 %, tax rate +1.7 %, residual (interest, one-offs) +5.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Sincere Navigation Corp
How large is the market capitalisation of Sincere Navigation Corp (2605)?
The market capitalisation of Sincere Navigation Corp is 18.4B TWD (≈ $562M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Sincere Navigation Corp (2605)?
The price-to-sales ratio of Sincere Navigation Corp is 3.62 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Sincere Navigation Corp (2605)?
Earnings per share at Sincere Navigation Corp are 4.69 TWD (price ÷ EPS = P/E 6.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sincere Navigation Corp (2605)?
The dividend yield of Sincere Navigation Corp is 3.2% (payout 21.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Sincere Navigation Corp (2605)?
The net margin of Sincere Navigation Corp is 56.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Sincere Navigation Corp (2605)?
The return on equity (ROE) of Sincere Navigation Corp is 16.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Sincere Navigation Corp (2605)?
On an EBIT basis the return on assets of Sincere Navigation Corp is 3.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Sincere Navigation Corp (2605)?
The operating margin of Sincere Navigation Corp is 31.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sincere Navigation Corp (2605)?
Revenue at Sincere Navigation Corp is growing +23.0% versus a year earlier (3y avg +3.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Sincere Navigation Corp (2605)?
Earnings per share at Sincere Navigation Corp are growing +14.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Sincere Navigation Corp (2605) hold?
Sincere Navigation Corp holds more cash than debt, 725K TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 2, 2026