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Size Sincere Navigation (2605.TW) is a Taiwan Industrials company (Marine Shipping) with a market value of $548M, the 416th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$30.95 on 6 Nov 2026.
Performance Over six months the shares fell 11.3%, against -3.9% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 22.3% over the last twelve months (peer median +21.4%); the operating margin is 30.8% (peer median 22.9%).
Valuation It trades at 8.9× forward earnings against a peer median of 7.4× (7th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -18% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.8 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$5.08B | NT$4.41B | NT$4.41B | NT$4.03B | NT$3.97B |
| Revenue growth | — | 0% | +10% | +1% | — |
| Gross profit | NT$2.06B | NT$1.14B | NT$1.32B | NT$686M | NT$593M |
| EBITDA | NT$3.03B | NT$2.33B | NT$2.55B | NT$1.86B | NT$1.66B |
| Net income | NT$2.87B | NT$847M | NT$1.50B | NT$444M | NT$197M |
| Free cash flow | NT$2.74B | NT$2.42B | NT$827M | NT$778M | NT$261M |
| Capital expenditure | NT$510M | NT$248M | NT$1.98B | NT$1.37B | NT$1.13B |
| Total debt | NT$5.71B | NT$4.07B | NT$3.67B | NT$4.63B | NT$3.89B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2605.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.9% | -9.2% | 9th lowest of 21 |
| 6-month return | -11.3% | -3.9% | 9th lowest of 21 |
| Distance from 52-week high | -33.1% | -21.9% | 4th lowest of 21 |
| Revenue growth (TTM) | +22.3% | +21.4% | 10th highest of 20 |
| Operating margin | 30.8% | 22.9% | 9th highest of 21 |
| Forward P/E | 8.9× | 7.4× | 7th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -18.5% | -0.8% | least demanding of 13 |
| Growth delivered (Del g) | +2.3% | +10.5% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | -20.8 pp | -9.0 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +6.8 pp | +1.6 pp | 5th highest of 20 |
| EV / EBITDA | 3.1× | 7.2× | 4th cheapest of 16 |
| Net debt / EBITDA | -2.9× | 1.6× | 3rd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sincere Navigation 2605.TW | Taiwan | $548M | -11% | +22% | 31% | 8.9× | -18.5% | +2.3% |
| Phoenix Shipping (Wuhan) 000520.SZ | China | $527M | -12% | +78% | 5% | n/a | n/a | n/a |
| Ningbo Marine 600798.SS | China | $575M | -12% | +39% | 3% | n/a | -7.5% | +3.5% |
| Rederiaktiebolaget Gotland GOTL-A.ST | Sweden | $582M | -16% | +42% | 1% | 66.5× | n/a | n/a |
| Dong Fang Offshore 7786.TW | Taiwan | $583M | -19% | +52% | 19% | 11.4× | n/a | n/a |
| Xingtong Shipping 603209.SS | China | $603M | -5% | +28% | 25% | 11.4× | n/a | n/a |
| Pangaea Logistics Solutions PANL | United States | $496M | -3% | +22% | 9% | 7.4× | 1.6% | +10.5% |
| Solstad Offshore SOFF.OL | Norway | $606M | +4% | +21% | 31% | 6.8× | 3.4% | -9.1% |
| Klaveness Combination Carriers KCC.OL | Norway | $661M | 0% | +21% | 26% | 5.8× | n/a | n/a |
| Yasuda Logistics 9324.T | Japan | $453M | +12% | +2% | 5% | n/a | 12.3% | +10.9% |
| Costamare Bulkers CMDB | United States | $449M | -4% | n/a | -3% | n/a | -7.8% | n/a |
| Korea Line 005880.KS | South Korea | $420M | -30% | -19% | 21% | 2.9× | -12.2% | +7.6% |
| Euroseas ESEA | United States | $417M | -13% | +3% | 59% | 3.4× | n/a | n/a |
| Himalaya Shipping HSHP.OL | Norway | $729M | -2% | +36% | 61% | 7.5× | -3.3% | +36.0% |
| Sea1 Offshore Incorporation SEA1.OL | Norway | $406M | -12% | -23% | 36% | 4.9× | n/a | n/a |
| Seacon Shipping 2409.HK | Hong Kong | $400M | +32% | +40% | 11% | 6.2× | 4.8% | +12.7% |
| Safe Bulkers SB | United States | $809M | +1% | +11% | 33% | 9.4× | 3.6% | +6.8% |
| Taiwan Navigation 2617.TW | Taiwan | $368M | -1% | +8% | 40% | 6.5× | -7.9% | +11.5% |
| Samudera Shipping Line S56.SI | Singapore | $365M | -16% | +4% | 11% | n/a | -15.6% | +10.5% |
| Algoma Central ALC.TO | Canada | $846M | +30% | +18% | 34% | 13.6× | n/a | n/a |
| Gujarat Pipavav Port GPPL.NS | India | $851M | +4% | +25% | 52% | 14.7× | 16.2% | +9.6% |