Sincere Navigation Corp
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.
Sincere Navigation Corp (2605) - Net Assets
Latest net assets as of September 2025: NT$16.25 Billion TWD
Based on the latest financial reports, Sincere Navigation Corp (2605) has net assets worth NT$16.25 Billion TWD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (NT$20.78 Billion) and total liabilities (NT$4.54 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | NT$16.25 Billion |
| % of Total Assets | 78.16% |
| Annual Growth Rate | 5.27% |
| 5-Year Change | 16.74% |
| 10-Year Change | -6.68% |
| Growth Volatility | 8.78 |
Sincere Navigation Corp - Net Assets Trend (2000–2024)
This chart illustrates how Sincere Navigation Corp's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Sincere Navigation Corp (2000–2024)
The table below shows the annual net assets of Sincere Navigation Corp from 2000 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | NT$18.26 Billion | +14.93% |
| 2023-12-31 | NT$15.89 Billion | -9.07% |
| 2022-12-31 | NT$17.47 Billion | +10.10% |
| 2021-12-31 | NT$15.87 Billion | +1.46% |
| 2020-12-31 | NT$15.64 Billion | -6.37% |
| 2019-12-31 | NT$16.70 Billion | -4.57% |
| 2018-12-31 | NT$17.50 Billion | +2.41% |
| 2017-12-31 | NT$17.09 Billion | -7.95% |
| 2016-12-31 | NT$18.57 Billion | -5.09% |
| 2015-12-31 | NT$19.56 Billion | +6.22% |
| 2014-12-31 | NT$18.42 Billion | +9.58% |
| 2013-12-31 | NT$16.81 Billion | +4.46% |
| 2012-12-31 | NT$16.09 Billion | +1.27% |
| 2011-12-31 | NT$15.89 Billion | +8.48% |
| 2010-12-31 | NT$14.65 Billion | -4.92% |
| 2009-12-31 | NT$15.40 Billion | +10.29% |
| 2008-12-31 | NT$13.97 Billion | +13.03% |
| 2007-12-31 | NT$12.36 Billion | +8.18% |
| 2006-12-31 | NT$11.42 Billion | +12.79% |
| 2005-12-31 | NT$10.13 Billion | +23.86% |
| 2004-12-31 | NT$8.18 Billion | +21.34% |
| 2003-12-31 | NT$6.74 Billion | +14.66% |
| 2002-12-31 | NT$5.88 Billion | +5.04% |
| 2001-12-31 | NT$5.59 Billion | +5.16% |
| 2000-12-31 | NT$5.32 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Sincere Navigation Corp's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 718.2% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | NT$7.61 Billion | 41.68% |
| Other Components | NT$10.65 Billion | 58.32% |
| Total Equity | NT$18.26 Billion | 100.00% |
Sincere Navigation Corp Competitors by Market Cap
The table below lists competitors of Sincere Navigation Corp ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Jingsu Jingshen Salt&Chem
SHG:603299
|
$451.19 Million |
|
Kalvista Pharmaceuticals Inc
NASDAQ:KALV
|
$451.25 Million |
|
OIL&GAS REGS
IL:OGDC
|
$451.32 Million |
|
Maas Group Holdings Ltd
AU:MGH
|
$451.33 Million |
|
Civista Bancshares Inc
NASDAQ:CIVB
|
$451.14 Million |
|
Serica Energy plc
PINK:SQZZF
|
$451.05 Million |
|
Heimar hf.
IC:HEIMAR
|
$450.95 Million |
|
SOCIETE LDC INH. EO 040
F:LC41
|
$450.90 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Sincere Navigation Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 15,885,858,000 to 18,256,946,000, a change of 2,371,088,000 (14.9%).
- Net income of 1,499,009,000 contributed positively to equity growth.
- Dividend payments of 439,015,000 reduced retained earnings.
- Other comprehensive income decreased equity by 3,275,703,000.
- Other factors increased equity by 4,586,797,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | NT$1.50 Billion | +8.21% |
| Dividends Paid | NT$439.01 Million | -2.4% |
| Other Comprehensive Income | NT$-3.28 Billion | -17.94% |
| Other Changes | NT$4.59 Billion | +25.12% |
| Total Change | NT$- | 14.93% |
Book Value vs Market Value Analysis
This analysis compares Sincere Navigation Corp's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.30x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 2.24x to 1.30x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2006-12-31 | NT$18.13 | NT$40.60 | x |
| 2007-12-31 | NT$19.43 | NT$40.60 | x |
| 2008-12-31 | NT$21.68 | NT$40.60 | x |
| 2009-12-31 | NT$23.85 | NT$40.60 | x |
| 2010-12-31 | NT$22.18 | NT$40.60 | x |
| 2011-12-31 | NT$23.65 | NT$40.60 | x |
| 2012-12-31 | NT$23.97 | NT$40.60 | x |
| 2013-12-31 | NT$25.31 | NT$40.60 | x |
| 2014-12-31 | NT$27.43 | NT$40.60 | x |
| 2015-12-31 | NT$29.23 | NT$40.60 | x |
| 2016-12-31 | NT$28.70 | NT$40.60 | x |
| 2017-12-31 | NT$26.42 | NT$40.60 | x |
| 2018-12-31 | NT$26.91 | NT$40.60 | x |
| 2019-12-31 | NT$26.47 | NT$40.60 | x |
| 2020-12-31 | NT$24.73 | NT$40.60 | x |
| 2021-12-31 | NT$24.63 | NT$40.60 | x |
| 2022-12-31 | NT$27.02 | NT$40.60 | x |
| 2023-12-31 | NT$27.12 | NT$40.60 | x |
| 2024-12-31 | NT$31.19 | NT$40.60 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Sincere Navigation Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 8.21%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 33.97%
- • Asset Turnover: 0.20x
- • Equity Multiplier: 1.22x
- Recent ROE (8.21%) is below the historical average (11.72%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2000 | 10.45% | 22.76% | 0.19x | 2.38x | NT$24.08 Million |
| 2001 | 8.89% | 22.38% | 0.18x | 2.23x | NT$-61.98 Million |
| 2002 | 8.98% | 26.06% | 0.15x | 2.26x | NT$-59.74 Million |
| 2003 | 17.22% | 41.15% | 0.19x | 2.20x | NT$486.38 Million |
| 2004 | 28.99% | 69.49% | 0.22x | 1.89x | NT$1.55 Billion |
| 2005 | 31.49% | 60.99% | 0.23x | 2.24x | NT$2.00 Billion |
| 2006 | 25.87% | 55.90% | 0.21x | 2.21x | NT$1.68 Billion |
| 2007 | 29.09% | 63.43% | 0.23x | 1.96x | NT$2.17 Billion |
| 2008 | 22.76% | 43.91% | 0.25x | 2.06x | NT$1.62 Billion |
| 2009 | 22.07% | 53.00% | 0.21x | 1.97x | NT$1.68 Billion |
| 2010 | 16.20% | 32.14% | 0.25x | 1.99x | NT$805.02 Million |
| 2011 | 12.68% | 29.85% | 0.20x | 2.09x | NT$372.17 Million |
| 2012 | 11.58% | 26.90% | 0.21x | 2.07x | NT$222.25 Million |
| 2013 | 7.41% | 23.08% | 0.17x | 1.87x | NT$-383.25 Million |
| 2014 | 5.34% | 19.21% | 0.15x | 1.81x | NT$-748.30 Million |
| 2015 | 5.51% | 18.65% | 0.18x | 1.66x | NT$-768.48 Million |
| 2016 | 3.57% | 16.76% | 0.14x | 1.52x | NT$-1.08 Billion |
| 2017 | 3.30% | 15.35% | 0.14x | 1.54x | NT$-1.04 Billion |
| 2018 | 0.39% | 1.64% | 0.15x | 1.55x | NT$-1.51 Billion |
| 2019 | 1.04% | 3.73% | 0.19x | 1.50x | NT$-1.39 Billion |
| 2020 | 2.12% | 7.70% | 0.19x | 1.46x | NT$-1.14 Billion |
| 2021 | 4.88% | 16.39% | 0.20x | 1.49x | NT$-738.28 Million |
| 2022 | 2.10% | 7.82% | 0.20x | 1.37x | NT$-1.25 Billion |
| 2023 | 2.80% | 10.50% | 0.20x | 1.33x | NT$-1.14 Billion |
| 2024 | 8.21% | 33.97% | 0.20x | 1.22x | NT$-326.69 Million |
Industry Comparison
This section compares Sincere Navigation Corp's net assets metrics with peer companies in the Marine Shipping industry.
Industry Context
- Industry: Marine Shipping
- Average net assets among peers: $19,367,516,771
- Average return on equity (ROE) among peers: 7.65%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Sincere Navigation Corp (2605) | NT$16.25 Billion | 10.45% | 0.28x | $451.14 Million |
| Evergreen Marine Corp Taiwan Ltd (2603) | $70.22 Billion | 21.60% | 0.85x | $11.43 Billion |
| U-Ming Marine Transport Corp (2606) | $23.18 Billion | 3.79% | 1.62x | $907.57 Million |
| Yang Ming Marine Transport Corp (2609) | $36.70 Billion | 0.14% | 2.79x | $4.18 Billion |
| Tze Shin International Co Ltd (2611) | $2.79 Billion | 0.36% | 0.57x | $49.39 Million |
| China Container Terminal Corp (2613) | $906.02 Million | 3.67% | 3.42x | $55.33 Million |
| Wan Hai Lines Ltd (2615) | $34.18 Billion | 7.44% | 1.24x | $3.69 Billion |
| Taiwan Navigation Co Ltd (2617) | $3.75 Billion | 4.56% | 0.51x | $217.02 Million |
| Wisdom Marine Lines Co Ltd (2637) | $1.26 Billion | 23.34% | 1.37x | $830.08 Million |
| Franbo Lines (2641) | $1.32 Billion | 4.00% | 1.46x | $142.71 Million |