Taiwan Navigation Co., Ltd. (2617) AI Stock Analysis

Taiwan Navigation Co., Ltd.

(TWSE:2617)

Select Model

Rating:70Outperform

Price Target:TWD 32.00▲(6.49% Upside)

Action:initiatedcoverage

Date:11/10/26

Strong profitability, a conservative balance sheet, and attractive valuation are the primary strengths. These are offset by inconsistent free cash flow and weak technical momentum, despite oversold indicators that may support a potential rebound.

Positive Factors

Strong Profitability and Multi-Year GrowthStrong 2025 gross and net margins, alongside revenue growth from about 2.5B in 2020 to 4.3B in 2025, indicate meaningful operating scale and earnings capacity. This creates a durable base for reinvestment and resilience across the next several quarters.

Negative Factors

Recent Revenue SoftnessThe slight 2025 revenue decline and normalization from unusually high prior net margins indicate that recent earnings strength may not fully represent a continuing peak. Slower top-line momentum could limit operating leverage and make future profit growth more dependent on shipping conditions.

Taiwan Navigation Co., Ltd. (2617) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 12.48B
Dividend Yield: 4.99%
Average Volume (3M): 1.61M
Price to Earnings (P/E): 8.2
Beta (1Y): 0.39
Revenue Growth: 16.08%
EPS Growth: 14.41%
Country: TW
Employees: 646
Sector: General
Sector Strength: 55
Industry: Marine Shipping

Taiwan Navigation Co., Ltd. Business Overview & Revenue Model

Company Description

Taiwan Navigation Co., Ltd., together with its subsidiaries, provides shipping services in Taiwan. The company is involved in the provision of passenger and freight transportation services through water, and navigation channel and dredging services;...

Taiwan Navigation Co., Ltd. Financial Statement Overview

Summary

Strong profitability and a solid, low-leverage balance sheet support the score. Positive operating cash flow is a strength, but uneven free cash flow, including a 14.8% decline in 2025, reduces the overall financial rating.

Income Statement

84Very Positive

Balance Sheet

83Very Positive

Cash Flow

61Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.63B	4.30B	4.40B	3.99B	3.87B	3.23B
Gross Profit	2.03B	1.79B	1.84B	1.44B	1.34B	1.28B
EBITDA	3.09B	2.86B	2.78B	3.22B	2.90B	1.89B
Net Income	1.55B	1.33B	1.28B	1.66B	2.02B	1.32B
Balance Sheet
Total Assets	27.77B	26.41B	27.97B	24.56B	24.62B	23.28B
Cash, Cash Equivalents and Short-Term Investments	2.89B	3.41B	3.94B	2.90B	4.31B	6.71B
Total Debt	7.26B	6.71B	7.92B	6.55B	7.31B	6.45B
Total Liabilities	9.81B	8.57B	9.72B	8.59B	8.91B	7.64B
Stockholders Equity	17.96B	17.84B	18.25B	15.97B	15.71B	15.64B
Cash Flow
Free Cash Flow	558.61M	1.73B	-1.07B	-73.77M	-958.64M	-2.78B
Operating Cash Flow	2.62B	2.34B	2.41B	2.06B	2.36B	1.88B
Investing Cash Flow	-2.03B	60.45M	-2.06B	-294.26M	-1.22B	-3.03B
Financing Cash Flow	-453.10M	-1.82B	-136.23M	-2.04B	-784.25M	1.16B

Taiwan Navigation Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2617 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5609	70Outperform	TWD 11.17B	9.34	―	7.15%	15.14%	7.70%
TW:2617	70Outperform	TWD 12.58B	8.20	―	4.99%	16.08%	14.41%
TW:2608	61Neutral	TWD 12.96B	14.66	―	5.89%	22.67%	-5.65%
TW:2612	61Neutral	TWD 11.20B	11.05	―	3.87%	1.54%	-21.98%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:2617 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2617	Taiwan Navigation Co., Ltd.	30.05	1.84	6.50%
TW:2608	Kerry TJ Logistics Co., Ltd.	28.00	-4.05	-12.63%
TW:2612	Chinese Maritime Transport Ltd.	56.80	7.07	14.22%
TW:5609	Dimerco Express Corporation	78.30	3.46	4.62%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

Taiwan Navigation Co., Ltd. AI Stock Analysis