Taiwan Pelican Express Co., Ltd. (2642) AI Stock Analysis

Taiwan Pelican Express Co., Ltd.

(TWSE:2642)

Select Model

Rating:42Neutral

Price Target:TWD 18.00▼(-4.26% Downside)

Action:initiatedcoverage

Date:11/09/26

Taiwan Pelican Express scores in the lower band, driven primarily by deteriorating operating performance: four straight years of revenue decline, gross margins more than halved since 2020, and a widening net loss that has pushed the business into negative operating territory. Partially offsetting this, the balance sheet is reasonably sound with roughly half the asset base equity-funded and debt being reduced, and the company still generates healthy free cash flow of about NT$229 million, indicating losses stem largely from depreciation rather than cash burn. Technicals add further pressure, with the share price below all major moving averages and negative MACD momentum. Valuation offers little support — earnings are negative, leaving the 2.64% dividend yield as the main attraction, though its durability depends on an earnings turnaround. A stabilization in revenue and gross margin would be the key catalyst for improvement.

Positive Factors

Positive Free Cash FlowThe return to positive and stronger free cash flow provides internally generated funding for operations, investment, and shareholder distributions despite accounting losses. If maintained, this cash generation can support liquidity and reduce reliance on additional borrowing over the next several quarters.

Negative Factors

Multi-Year Revenue DeclineSeveral years of declining revenue point to persistent pressure on shipment volume, pricing, or customer demand rather than an isolated quarterly setback. A shrinking top line reduces operating leverage, limits reinvestment capacity, and makes restoring sustainable profitability more difficult.

Taiwan Pelican Express Co., Ltd. (2642) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.79B
Dividend Yield: 2.66%
Average Volume (3M): 51.29K
Price to Earnings (P/E): -9.8
Beta (1Y): 0.37
Revenue Growth: -13.24%
EPS Growth: -147.24%
Country: TW
Employees: 2,057
Sector: General
Sector Strength: 55
Industry: Integrated Freight & Logistics

Taiwan Pelican Express Co., Ltd. Business Overview & Revenue Model

Company Description

Founded in 1999 and headquartered in Taipei, Taiwan, Taiwan Pelican Express Co., Ltd. is a prominent provider of transportation and domestic last-mile delivery solutions. The company facilitates a range of delivery types, including consumer-to-consum...

Taiwan Pelican Express Co., Ltd. Financial Statement Overview

Summary

A weak income statement (score 24) dominates the picture: four consecutive years of revenue decline to roughly NT$3.81 billion, gross margin collapsing from ~17.2% in 2020 to 6.9%, a negative EBIT margin of -3.9%, and a widening net loss of nearly NT$100 million. The balance sheet (57) provides stability — about half of the NT$4.04 billion asset base is equity-funded and debt was trimmed to NT$1.35 billion (D/E ~0.66) — though ROE is negative at -4.8% and the asset base is contracting. Cash flow (61) is the brightest spot, with operating cash flow improving to ~NT$290 million and free cash flow more than doubling to ~NT$229 million, showing losses are largely depreciation-driven rather than cash burn. Net result: adequate financial footing but deteriorating earnings quality.

Income Statement

24Negative

Balance Sheet

57Neutral

Cash Flow

61Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.45B	3.81B	4.05B	4.19B	4.51B	4.47B
Gross Profit	199.22M	263.02M	383.24M	555.43M	673.63M	752.94M
EBITDA	161.77M	238.71M	334.07M	444.49M	547.95M	575.42M
Net Income	-182.92M	-99.48M	-9.30M	94.50M	176.44M	240.50M
Balance Sheet
Total Assets	3.59B	4.04B	4.27B	4.35B	4.57B	5.01B
Cash, Cash Equivalents and Short-Term Investments	643.02M	696.97M	719.26M	927.50M	832.40M	905.34M
Total Debt	1.24B	1.35B	1.49B	1.27B	1.35B	1.26B
Total Liabilities	1.76B	1.99B	2.22B	2.12B	2.37B	2.26B
Stockholders Equity	1.83B	2.05B	2.05B	2.23B	2.20B	2.75B
Cash Flow
Free Cash Flow	214.54M	228.82M	100.53M	228.45M	339.75M	348.81M
Operating Cash Flow	254.83M	289.53M	238.78M	295.42M	514.12M	463.92M
Investing Cash Flow	121.48M	18.28M	-153.18M	-64.66M	-175.94M	-120.55M
Financing Cash Flow	-349.42M	-328.94M	-294.47M	-353.56M	-411.98M	-337.72M

Taiwan Pelican Express Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2642 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4442	72Outperform	TWD 1.69B	10.04	―	6.71%	18.82%	10.63%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2743	54Neutral	TWD 1.93B	11.28	―	7.77%	2.46%	1.89%
TW:9950	42Neutral	TWD 1.69B	-36.78	―	―	-18.50%	-248.31%
TW:2642	42Neutral	TWD 1.79B	-9.84	―	2.66%	-13.24%	-147.24%
TW:2616	40Underperform	TWD 1.71B	-2.12	―	2.38%	8.63%	-1.04%

* General Sector Average

Performance Comparison

TW:2642 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2642	Taiwan Pelican Express Co., Ltd.	18.80	-8.87	-32.06%
TW:2616	Shan-Loong Transportation Co., Ltd.	12.60	-1.04	-7.64%
TW:2743	Richmond International Travel & Tours Co Ltd	41.20	-44.23	-51.77%
TW:4442	J&B International Inc.	50.70	-1.52	-2.91%
TW:7863	Central Taiwan Science Park Logistics Co. Ltd.	57.30	14.13	32.74%
TW:9950	Eminent Luggage Corporation	10.05	-0.70	-6.51%

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 09, 2026

Taiwan Pelican Express Co., Ltd. AI Stock Analysis