Sincere Navigation Corporation (2605) Fair Value & Analysis
Industrials · TW · Market cap 18.1B TWD
Fair value as of: Jul 21, 2026
From 24 valuation models · updated 20 days ago
Share price +5.0% over the past month.
A solid business, but screening 24% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (30.76 TWD). The favourable scenario is already priced in.
- Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.
How to read this chart
60‑month range 16.98 TWD – 52.32 TWD · fair‑value band 18.46 TWD – 30.76 TWD · the 32.55 TWD price screens above the 24.61 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Sincere Navigation Corporation (2605) currently trades at 32.55 TWD, while our model-based Fair Value estimate is 24.61 TWD, implying the stock looks roughly 24.4% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Sincere Navigation Corporation generated revenue of 4.8B TWD at a net margin of 25.3%. Revenue grew 44.4% year over year. It earns a return on equity of 6.9%. The stock trades on a trailing P/E of 21.8. Fundamentals as of Jul 21, 2026
Our scenario range runs from 18.46 TWD (bear case) to 30.76 TWD (bull case); at 32.55 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high and 59% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 67% fair-value upside, at -24%, 2605 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 24 models by family
Widest divergence: DCF Models (47.11 TWD) versus Dividend Discount (13.22 TWD). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 63
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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. The company was founded in 1960 and is headquartered in Taipei, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Sincere Navigation Corporation 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.
2605 screens 24% overvalued. Compare with Adani Ports and Special Economic Zone Limited →
Peer Group
Marine Shipping · 231 stocks
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.
Valuation Multiples vs Marine Shipping median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Marine Shipping stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Adani Ports and Special Economic Zone Limited ADANIPORTS | ₹1,828 | ₹1,041 | -43% |
| A.P. Møller - Mærsk A/S MAERSKA | kr 16,520 | kr 3,033 | -82% |
| COSCO SHIPPING Holdings 601919 | ¥13.98 | ¥40.37 | +189% |
| Shanghai International Port (Group) Co 600018 | ¥5.17 | ¥6.57 | +27% |
| HMM Co 011200 | 20,050 KRW | 33,855 KRW | +69% |
| Ningbo Zhoushan Port Company 601018 | ¥3.35 | ¥5.58 | +67% |
| Qingdao Port International Co 601298 | ¥8.88 | ¥15.97 | +80% |
| JSW Infrastructure Limited JSWINFRA | ₹330.05 | ₹126.31 | -62% |
| Wan Hai Lines Ltd 2615 | 80.70 TWD | 212.79 TWD | +164% |
| Wallenius Wilhelmsen ASA WAWI | kr 137.70 | kr 50.56 | -63% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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