Delpha Construction Co., Ltd. (2530) AI Stock Analysis

Delpha Construction Co., Ltd.

(TWSE:2530)

Select Model

Rating:56Neutral

Price Target:TWD 18.50▲(2.49% Upside)

Action:initiatedcoverage

Date:11/10/26

Strong profitability and an attractive dividend yield are outweighed by rising leverage, inconsistent cash generation, weak top-line momentum, and bearish price momentum. Oversold technical readings provide limited support.

Positive Factors

Strong ProfitabilityThe return to strong profitability indicates a meaningful operational turnaround from the 2020–2021 loss-making period. A net margin near 26.8% provides earnings capacity to support investment, strengthen equity, and absorb some normal project volatility over the next several quarters.

Negative Factors

Revenue VolatilityThe sharp 2025 revenue decline and wide multi-year swings reduce visibility into the company’s future workload and earnings trajectory. In a project-driven construction business, inconsistent top-line performance can make staffing, investment, and cash planning more difficult across coming quarters.

Delpha Construction Co., Ltd. (2530) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 15.23B
Dividend Yield: 6.70%
Average Volume (3M): 845.81K
Price to Earnings (P/E): 27.0
Beta (1Y): 0.30
Revenue Growth: -59.46%
EPS Growth: -71.61%
Country: TW
Employees: 38
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

Delpha Construction Co., Ltd. Business Overview & Revenue Model

Company Description

Delpha Construction Co., Ltd., along with its various subsidiaries, primarily engages in the development and erection of commercial properties throughout Taiwan. The company's diverse portfolio also extends to the sale and leasing of public housing,...

Delpha Construction Co., Ltd. Financial Statement Overview

Summary

Profitability is strong, but the score is limited by declining revenue growth, rising debt-to-equity leverage, and historically inconsistent cash generation despite 2025 improvement.

Income Statement

76Positive

Balance Sheet

58Neutral

Cash Flow

45Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.91B	6.34B	6.10B	1.95B	1.99B	8.72M
Gross Profit	1.06B	2.60B	2.51B	852.02M	633.42M	8.72M
EBITDA	784.19M	2.19B	2.07B	675.31M	425.79M	-75.41M
Net Income	559.38M	1.70B	1.63B	511.04M	451.65M	-120.55M
Balance Sheet
Total Assets	31.02B	30.70B	29.09B	23.73B	20.32B	17.58B
Cash, Cash Equivalents and Short-Term Investments	2.47B	3.97B	2.69B	1.78B	2.92B	3.32B
Total Debt	16.82B	15.59B	13.77B	10.32B	8.65B	8.26B
Total Liabilities	20.81B	20.39B	18.36B	13.05B	9.80B	8.94B
Stockholders Equity	10.00B	10.09B	10.50B	10.45B	10.28B	8.39B
Cash Flow
Free Cash Flow	-1.48B	1.91B	-2.11B	-2.48B	-2.83B	-7.50B
Operating Cash Flow	-1.48B	1.91B	-2.10B	-2.48B	-2.83B	-7.50B
Investing Cash Flow	-107.62M	-83.50M	-11.37M	18.57M	7.05M	8.13M
Financing Cash Flow	-12.84M	445.25M	1.94B	1.32B	1.79B	8.81B

Delpha Construction Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2530 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2546	74Outperform	TWD 13.19B	6.11	―	5.26%	13.48%	52.98%
TW:2543	57Neutral	TWD 15.06B	10.89	―	5.01%	30.85%	-14.12%
TW:3703	56Neutral	TWD 19.72B	8.71	―	4.40%	17.98%	267.52%
TW:2530	56Neutral	TWD 15.35B	27.01	―	6.70%	-59.46%	-71.61%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:5213	49Neutral	TWD 14.98B	11.69	―	14.40%	-32.16%	-55.65%
TW:2515	41Neutral	TWD 18.32B	22.48	―	―	1.46%	4.78%

* General Sector Average

Performance Comparison

TW:2530 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2530	Delpha Construction Co., Ltd.	18.05	-8.59	-32.25%
TW:2515	BES Engineering Corp.	10.50	-5.21	-33.17%
TW:2543	Hwang Chang General Contractor Co., Ltd.	30.50	-28.92	-48.67%
TW:2546	Kedge Construction Co., Ltd.	91.30	13.56	17.44%
TW:3703	Continental Holdings Corp.	23.85	2.83	13.47%
TW:5213	YeaShin International Development Co. Ltd.	19.45	-1.73	-8.16%

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

Delpha Construction Co., Ltd. AI Stock Analysis