Delpha Construction Co Ltd

Delpha Construction maintains a capital structure with a debt-to-equity ratio of 1.04, indicating a moderate reliance on debt financing. The company's liquidity position is assessed as medium, with a current ratio of 1.94, suggesting it can cover short-term obligations but with limited excess capacity. The price-to-book ratio of 1.57 and price-to-tangible-book ratio of 1.57 indicate that the company's market value is slightly above its book value, but not significantly so.

Profitability metrics show a return on equity (ROE) of 1.92% and a return on assets (ROA) of 0.79%, both of which are below the typical thresholds for strong performance in the real estate development and operations industry. The company's operating margin is 35.2%, and its net profit margin is 25.7%, which are in line with the industry's median profitability but do not suggest a competitive advantage.

The company's revenue is concentrated in its core real estate development and operations business, with no disclosed diversification into other segments. Geographically, Delpha Construction operates primarily in Taiwan, with no material international exposure reported in the latest financial data.

Looking ahead, the company's revenue is projected to grow by 10.5% in the current fiscal year and by 12.3% in the next fiscal year, based on analyst estimates and historical performance. However, the company's operating cash flow is negative at -465.36 million TWD, which may constrain its ability to fund operations without external financing.

The risk assessment highlights a key flag: the company has negative net cash after subtracting total debt, which could pose liquidity challenges. The dilution risk is assessed as low, with no significant dilution expected in the near term, and the company's capital structure does not indicate recent or planned equity issuances that would dilute existing shareholders.

Recent filings and transcripts do not indicate any material events or strategic shifts that would significantly alter the company's trajectory. The company's capital expenditure is minimal at -1.27 million TWD, suggesting a conservative approach to reinvestment.

Revenue surged 212.3% year-over-year, reflecting substantial top-line growth momentum in the latest period.

Net income increased 218.9% year-over-year, highlighting robust earnings expansion compared to the prior period.

Capex to revenue ratio is above the 75th percentile, suggesting efficient capital deployment relative to peers.

Cash conversion ratio of -2.38 places the company in the bottom quartile, signaling poor cash generation.

High credit risk flag indicates significant potential for loan losses or financial instability.

Debt-to-equity ratio of 1.04 is double the 0.52 cohort median, implying higher financial leverage risk.

Return on equity of 1.92% is slightly below the 1.94% cohort median, indicating average capital efficiency.

Revenue TWD 140.7M, −90,8% YoY; Operating income −104,5% YoY.

• ▍Revenue TWD 140.7M, −90,8% YoY
• ▍Operating income −104,5% YoY
• ▍Net income −108,9% YoY
• ▍Free cash flow −893,1% YoY
• ▍Net margin -24.8%

Revenue TWD 2.56B, +28,0% YoY; Operating income +22,2% YoY.

• ▍Revenue TWD 2.56B, +28,0% YoY
• ▍Operating income +22,2% YoY
• ▍Net income +29,5% YoY
• ▍Free cash flow +407,9% YoY
• ▍Net margin 26.7%

Revenue TWD 3.48B, +93,4% YoY; Operating income +103,0% YoY.

• ▍Revenue TWD 3.48B, +93,4% YoY
• ▍Operating income +103,0% YoY
• ▍Net income +100,6% YoY
• ▍Free cash flow +101,3% YoY
• ▍Net margin 29.8%

Revenue TWD 161.6M, −78,7% YoY; Operating income −86,6% YoY.

• ▍Revenue TWD 161.6M, −78,7% YoY
• ▍Operating income −86,6% YoY
• ▍Net income −91,0% YoY
• ▍Free cash flow −91,0% YoY
• ▍Net margin 10.9%

Revenue TWD 1.54B; Operating income TWD 457.3M.

• ▍Revenue TWD 1.54B
• ▍Operating income TWD 457.3M
• ▍Net margin 25.4%

Revenue TWD 6.34B, +4,0% YoY; Operating income +5,4% YoY.

• ▍Revenue TWD 6.34B, +4,0% YoY
• ▍Operating income +5,4% YoY
• ▍Net income +4,4% YoY
• ▍Free cash flow +94,6% YoY
• ▍Net margin 26.8%