Financials Sincere Navigation Corporation

Equities

2605

TW0002605003

Marine Freight & Logistics

End-of-day quote Taiwan S.E. Other stock markets 18:00:00 2024-05-16 EDT			5-day change	1st Jan Change
28.7 ^TWD	-2.71%		+6.89%	+13.21%

05-10	Sincere Navigation Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-13	Sincere Navigation Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	9,863	13,288	17,092	11,707	14,839	16,800	-
Enterprise Value (EV) ¹	9,863	13,288	17,092	11,707	14,839	16,800	16,800
P/E ratio	112 x	94.6 x	24.3 x	58.8 x	33.4 x	19.8 x	14.1 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	2.28 x	3.33 x	3.98 x	2.76 x	3.51 x	3.45 x	3.47 x
EV / Revenue	2.28 x	3.33 x	3.98 x	2.76 x	3.51 x	3.45 x	3.47 x
EV / EBITDA	5.7 x	6.55 x	-	-	7.97 x	8.03 x	6.66 x
EV / FCF	-	-	-	31.2 x	15.5 x	6.21 x	-
FCF Yield	-	-	-	3.2%	6.44%	16.1%	-
Price to Book	-	0.92 x	1.18 x	0.74 x	0.93 x	1 x	-
Nbr of stocks (in thousands)	585,353	585,353	585,353	585,353	585,353	585,353	-
Reference price ²	16.85	22.70	29.20	20.00	25.35	28.70	28.70
Announcement Date	20-03-26	21-03-22	22-03-15	23-03-09	24-03-13	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	4,317	3,986	4,297	4,243	4,230	4,871	4,836
EBITDA ¹	1,731	2,027	-	-	1,861	2,092	2,522
EBIT ¹	364	695.9	1,064	480.3	425.7	705	1,222
Operating Margin	8.43%	17.46%	24.77%	11.32%	10.06%	14.47%	25.27%
Earnings before Tax (EBT) ¹	195	364	784.9	300.4	573.5	923.3	1,382
Net income ¹	88.32	141.3	704.2	197.2	444.3	850	1,190
Net margin	2.05%	3.55%	16.39%	4.65%	10.5%	17.45%	24.61%
EPS ²	0.1500	0.2400	1.200	0.3400	0.7600	1.450	2.030
Free Cash Flow ¹	-	-	-	374.7	956.3	2,706	-
FCF margin	-	-	-	8.83%	22.61%	55.55%	-
FCF Conversion (EBITDA)	-	-	-	-	51.38%	129.35%	-
FCF Conversion (Net income)	-	-	-	190.04%	215.24%	318.35%	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	20-03-26	21-03-22	22-03-15	23-03-09	24-03-13	-	-

¹TWD in Million²TWD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,439	-	1,021	1,355	1,007	1,024	2,030	1,067	1,132	1,140	1,114	1,197	1,335	1,127	1,181
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	499.3	-	6.283	283.8	32.58	232.6	-	64.74	95.77	315.4	174.3	163.3	233.3	233	282
Operating Margin	34.69%	-	0.62%	20.95%	3.24%	22.72%	-	6.06%	8.46%	27.68%	15.65%	13.65%	17.48%	20.67%	23.88%
Earnings before Tax (EBT) ¹	234.1	-	-90.19	300.6	111.4	190.6	-	106.7	164.8	355	154	202	316	273	322
Net income ¹	269.8	56.16	-97.74	241.9	125.5	102	227.5	103.8	112.9	353.4	116	190	297	237	276
Net margin	18.74%	-	-9.57%	17.86%	12.47%	9.96%	11.2%	9.73%	9.98%	31.02%	10.41%	15.87%	22.25%	21.03%	23.37%
EPS ²	0.4600	0.1000	-0.1700	0.4200	0.2100	0.1800	-	0.1800	0.1900	0.6000	0.2000	0.3200	0.5100	0.4000	0.4700
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	22-03-15	22-08-10	22-11-08	23-03-09	23-05-10	23-08-08	23-08-08	23-11-08	24-03-13	24-05-10	-	-	-	-	-

¹TWD in Million²TWD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	375	956	2,706	-
ROE (net income / shareholders' equity)	0.57%	0.94%	-	1.3%	2.8%	4.74%	6.19%
ROA (Net income/ Total Assets)	0.37%	0.64%	-	0.91%	2.08%	3.94%	5.2%
Assets ¹	23,863	22,223	-	21,600	21,391	21,574	22,885
Book Value Per Share ²	-	24.70	24.60	27.00	27.10	28.60	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	247	302	356	1,129	1,355	51	52
Capex / Sales	5.72%	7.58%	8.28%	26.6%	32.03%	1.05%	1.08%
Announcement Date	20-03-26	21-03-22	22-03-15	23-03-09	24-03-13	-	-

¹TWD in Million²TWD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Sincere Navigation Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

28.7 TWD

Average target price

32 TWD

Spread / Average Target

+11.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
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COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+34.73%	4.15B
STAR BULK CARRIERS CORP.	+22.01%	2.93B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+91.34%	2.28B
HÖEGH AUTOLINERS ASA	+26.29%	2.08B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+20.71%	1.91B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-15.45%	1.9B
WISDOM MARINE LINES CO., LIMITED (CAYMAN)	+36.15%	1.74B

Deep Sea Freight