New Risk • Aug 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 62% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 21% per year over the past 5 years. High level of non-cash earnings (62% accrual ratio). Minor Risk Dividend is not well covered by cash flows (339% cash payout ratio). Reported Earnings • Aug 14
Second quarter 2026 earnings released: EPS: NT$2.37 (vs NT$2.63 in 2Q 2025) Second quarter 2026 results: EPS: NT$2.37 (down from NT$2.63 in 2Q 2025). Revenue: NT$9.59b (up 29% from 2Q 2025). Net income: NT$333.8m (down 9.8% from 2Q 2025). Profit margin: 3.5% (down from 5.0% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Upcoming Dividend • Jun 10
Upcoming dividend of NT$5.60 per share Eligible shareholders must have bought the stock before 17 June 2026. Payment date: 15 July 2026. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 6.7%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (5.4%). Declared Dividend • May 15
Dividend increased to NT$5.60 Dividend of NT$5.60 is 7.7% higher than last year. Ex-date: 17th June 2026 Payment date: 15th July 2026 Dividend yield will be 7.1%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 22% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.3% EPS decline seen over the last 5 years. Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.63 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$7.13b (flat on 1Q 2025). Net income: NT$234.1m (up 1.8% from 1Q 2025). Profit margin: 3.3% (up from 3.2% in 1Q 2025). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$8.00 (vs NT$6.78 in FY 2024) Full year 2025 results: EPS: NT$8.00 (up from NT$6.78 in FY 2024). Revenue: NT$29.7b (up 2.5% from FY 2024). Net income: NT$1.13b (up 18% from FY 2024). Profit margin: 3.8% (up from 3.3% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Tillkännagivande • Mar 13
Dimerco Express Corporation, Annual General Meeting, Jun 01, 2026 Dimerco Express Corporation, Annual General Meeting, Jun 01, 2026. Location: 2 floor no,55, yueh ch`un 2nd rd., jhongshan district, taipei city Taiwan Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$1.87 (vs NT$1.44 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.87 (up from NT$1.44 in 3Q 2024). Revenue: NT$7.17b (down 9.2% from 3Q 2024). Net income: NT$263.2m (up 30% from 3Q 2024). Profit margin: 3.7% (up from 2.6% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: NT$2.63 (vs NT$2.11 in 2Q 2024) Second quarter 2025 results: EPS: NT$2.63 (up from NT$2.11 in 2Q 2024). Revenue: NT$7.44b (up 11% from 2Q 2024). Net income: NT$369.9m (up 25% from 2Q 2024). Profit margin: 5.0% (up from 4.4% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 30
Upcoming dividend of NT$5.20 per share Eligible shareholders must have bought the stock before 06 June 2025. Payment date: 26 June 2025. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 6.2%. Within top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (5.7%). Declared Dividend • May 10
Dividend reduced to NT$5.20 Dividend of NT$5.20 is 13% lower than last year. Ex-date: 6th June 2025 Payment date: 26th June 2025 Dividend yield will be 6.7%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$1.63 (vs NT$1.58 in 1Q 2024) First quarter 2025 results: EPS: NT$1.63 (up from NT$1.58 in 1Q 2024). Revenue: NT$7.19b (up 28% from 1Q 2024). Net income: NT$230.0m (up 2.9% from 1Q 2024). Profit margin: 3.2% (down from 4.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Tillkännagivande • Apr 30
Dimerco Express Corporation to Report Q1, 2025 Results on May 08, 2025 Dimerco Express Corporation announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$67.20, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 12x in the Logistics industry in Taiwan. Total loss to shareholders of 12% over the past three years. Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: NT$6.78 (vs NT$7.24 in FY 2023) Full year 2024 results: EPS: NT$6.78 (down from NT$7.24 in FY 2023). Revenue: NT$28.9b (up 31% from FY 2023). Net income: NT$954.8m (down 6.7% from FY 2023). Profit margin: 3.3% (down from 4.6% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Tillkännagivande • Mar 13
Dimerco Express Corporation, Annual General Meeting, Jun 05, 2025 Dimerco Express Corporation, Annual General Meeting, Jun 05, 2025. Location: 2 floor no,55, yueh ch`un 2nd rd., jhongshan district, taipei city Taiwan Tillkännagivande • Dec 27
Announcement of the Establishment and the Appointment of the ESG Committee Dimerco Express Corporation announced the establishment and the appointment of the ESG committee, effective November 12, 2024. New position holders are George Chiou/President; Kelly Chou/Chief Legal Officer; and Jeffrey Tsai/HR Manager. The term of the office is effective till the term of the board of directors expires. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.44 (vs NT$1.83 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.44 (down from NT$1.83 in 3Q 2023). Revenue: NT$7.89b (up 51% from 3Q 2023). Net income: NT$202.9m (down 22% from 3Q 2023). Profit margin: 2.6% (down from 5.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Tillkännagivande • Nov 05
Dimerco Express Corporation to Report Q3, 2024 Results on Nov 12, 2024 Dimerco Express Corporation announced that they will report Q3, 2024 results at 9:00 AM, Taipei Standard Time on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$2.11 (vs NT$2.13 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.11 (down from NT$2.13 in 2Q 2023). Revenue: NT$6.72b (up 28% from 2Q 2023). Net income: NT$296.6m (flat on 2Q 2023). Profit margin: 4.4% (down from 5.7% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Tillkännagivande • Aug 03
Dimerco Express Corporation to Report Q2, 2024 Results on Aug 12, 2024 Dimerco Express Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • May 30
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 06 June 2024. Payment date: 26 June 2024. Payout ratio is on the higher end at 83%, and the cash payout ratio is above 100%. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (5.1%). Tillkännagivande • May 09
Dimerco Express Corporation to Report Q1, 2024 Results on May 13, 2024 Dimerco Express Corporation announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 13, 2024 Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: NT$7.24 (vs NT$17.82 in FY 2022) Full year 2023 results: EPS: NT$7.24 (down from NT$17.82 in FY 2022). Revenue: NT$22.0b (down 47% from FY 2022). Net income: NT$1.02b (down 60% from FY 2022). Profit margin: 4.6% (down from 6.2% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 14
Dimerco Express Corporation, Annual General Meeting, Jun 06, 2024 Dimerco Express Corporation, Annual General Meeting, Jun 06, 2024. Location: Grand Mayfull Hotel No.55, Lequn 2nd Rd., Zhongshan Dist Taipei Taiwan Agenda: To consider 2023 Annual Business Report; to consider Audit Committee’s Audited Report on 2023 Financial Statements; to consider Report of 2023 distribution of compensation of directors and employee bonus; to consider Report on the execution status of the repurchase of treasury stock; to consider Report of the proposal of 2023 profits distribution; to consider Adoption of 2023 Business Report and Financial Statements; to consider Adoption of the proposal for distribution of 2023 profits; and to consider Election for Directors and independent directors. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$1.83 (vs NT$3.91 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.83 (down from NT$3.91 in 3Q 2022). Revenue: NT$5.23b (down 50% from 3Q 2022). Net income: NT$261.5m (down 53% from 3Q 2022). Profit margin: 5.0% (down from 5.4% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$2.12 (vs NT$7.04 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.12 (down from NT$7.04 in 2Q 2022). Revenue: NT$5.23b (down 55% from 2Q 2022). Net income: NT$298.5m (down 70% from 2Q 2022). Profit margin: 5.7% (down from 8.7% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 26
Upcoming dividend of NT$10.71 per share at 12% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (6.5%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Kuo Hsing Chou was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: NT$4.10 (vs NT$4.23 in 3Q 2021) Third quarter 2022 results: EPS: NT$4.10 (down from NT$4.23 in 3Q 2021). Revenue: NT$10.4b (up 3.6% from 3Q 2021). Net income: NT$558.5m (down 3.0% from 3Q 2021). Profit margin: 5.4% (down from 5.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$7.39 (vs NT$4.12 in 2Q 2021) Second quarter 2022 results: EPS: NT$7.39 (up from NT$4.12 in 2Q 2021). Revenue: NT$11.6b (up 35% from 2Q 2021). Net income: NT$1.01b (up 79% from 2Q 2021). Profit margin: 8.7% (up from 6.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$86.50, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 7x in the Logistics industry in Taiwan. Total returns to shareholders of 437% over the past three years. Upcoming Dividend • Jun 09
Upcoming dividend of NT$10.20 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 08 July 2022. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 9.2%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (6.2%). Reported Earnings • May 15
First quarter 2022 earnings released: EPS: NT$4.54 (vs NT$2.21 in 1Q 2021) First quarter 2022 results: EPS: NT$4.54 (up from NT$2.21 in 1Q 2021). Revenue: NT$11.4b (up 63% from 1Q 2021). Net income: NT$617.5m (up 106% from 1Q 2021). Profit margin: 5.4% (up from 4.3% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Wei-Tian Yeung was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS NT$4.23 (vs NT$2.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$10.0b (up 79% from 3Q 2020). Net income: NT$575.8m (up 111% from 3Q 2020). Profit margin: 5.8% (up from 4.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 18% share price gain to NT$150, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 18x in the Logistics industry in Taiwan. Total returns to shareholders of 804% over the past three years. Upcoming Dividend • Jun 08
Upcoming dividend of NT$5.20 per share Eligible shareholders must have bought the stock before 15 June 2021. Payment date: 09 July 2021. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 21% share price gain to NT$90.80, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 13x in the Logistics industry in Taiwan. Total returns to shareholders of 411% over the past three years. Reported Earnings • May 24
First quarter 2021 earnings released: EPS NT$2.38 (vs NT$0.77 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$6.98b (up 68% from 1Q 2020). Net income: NT$300.0m (up 208% from 1Q 2020). Profit margin: 4.3% (up from 2.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$2.38 (vs NT$0.77 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$6.98b (up 68% from 1Q 2020). Net income: NT$300.0m (up 208% from 1Q 2020). Profit margin: 4.3% (up from 2.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$8.62 (vs NT$3.20 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$22.9b (up 29% from FY 2019). Net income: NT$1.09b (up 169% from FY 2019). Profit margin: 4.7% (up from 2.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year whereas the company’s share price has increased by 54% per year. Is New 90 Day High Low • Jan 12
New 90-day low: NT$60.50 The company is down 4.0% from its price of NT$62.80 on 15 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Logistics industry, which is up 11% over the same period. Reported Earnings • Nov 22
Third quarter 2020 earnings released: EPS NT$2.16 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$5.60b (up 21% from 3Q 2019). Net income: NT$272.5m (up 160% from 3Q 2019). Profit margin: 4.9% (up from 2.3% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS NT$2.16 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$5.60b (up 21% from 3Q 2019). Net income: NT$272.5m (up 160% from 3Q 2019). Profit margin: 4.9% (up from 2.3% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. 
