Soonest Express Co Ltd (2643) AI Stock Analysis

Soonest Express Co Ltd

(TPEx:2643)

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Rating:62Neutral

Price Target:TWD 68.00▲(4.62% Upside)

Action:initiatedcoverage

Date:11/09/26

Soonest Express scores in the mid range, held back primarily by weak cash generation and margin erosion. Despite a roughly 60% revenue surge, gross margin has halved since 2022 and three consecutive years of negative operating cash flow show profits are not converting into cash. Offsetting this is a very conservative balance sheet — debt-to-equity of only 0.09 — plus an inexpensive 8.4x P/E and a near 7% dividend yield. Technicals are mildly supportive, with price above all key moving averages and neutral momentum readings. Investors should watch for stabilizing margins and a return to positive operating cash flow as confirmation that growth is creating shareholder value.

Positive Factors

Revenue RecoveryThe recent revenue rebound shows that Soonest Express can regain demand after a downturn, supporting network utilization and operating scale. If growth continues, higher parcel volumes could improve fixed-cost absorption and provide a foundation for rebuilding profitability over the next several quarters.

Negative Factors

Negative Cash GenerationPersistent negative operating and free cash flow means reported profits are not translating into internally generated liquidity. This can constrain investment, dividends, and financial flexibility, while increasing reliance on working-capital movements or external funding to support ongoing operations.

Soonest Express Co Ltd (2643) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.37B
Dividend Yield: 6.92%
Average Volume (3M): 31.74K
Price to Earnings (P/E): 8.4
Beta (1Y): 0.07
Revenue Growth: 2.08%
EPS Growth: 20.69%
Country: TW
Employees: 350
Sector: General
Sector Strength: 55
Industry: Integrated Freight & Logistics

Soonest Express Co Ltd Business Overview & Revenue Model

Company Description

Soonest Express Co., Ltd. offers a full suite of logistical services to clients domestically in Taiwan and across international markets. Their comprehensive offerings include air and sea cargo forwarding, customs brokerage, warehousing solutions, tra...

Soonest Express Co Ltd Financial Statement Overview

Summary

A mixed financial profile. The balance sheet is a genuine strength (score 79): debt-to-equity of just 0.09, declining debt, and equity funding about 65% of the NT$3.05 billion asset base. However, the income statement (score 52) shows aggressive top-line growth — revenue up roughly 60% to NT$8.40 billion — without earnings follow-through, as gross margin compressed from 16.4% in 2022 to 7.4% and net margin fell to 2.6%, leaving net income of NT$220.6 million flat year over year and less than half the 2022 level. Cash flow is the weakest link (score 24), with a third straight year of negative operating cash flow (-NT$33.5 million) and free cash flow of -NT$107.6 million, pointing to growth funded by working capital rather than internally generated cash and raising quality-of-earnings concerns.

Income Statement

52Neutral

Balance Sheet

79Positive

Cash Flow

24Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.83B	8.40B	5.26B	4.17B	5.70B	5.07B
Gross Profit	589.96M	624.37M	493.37M	543.14M	933.57M	565.72M
EBITDA	368.40M	421.70M	361.89M	389.27M	703.63M	433.77M
Net Income	251.43M	220.60M	213.86M	234.83M	500.38M	291.50M
Balance Sheet
Total Assets	3.18B	3.05B	2.86B	3.02B	2.50B	1.87B
Cash, Cash Equivalents and Short-Term Investments	845.24M	552.16M	842.91M	1.16B	1.22B	593.24M
Total Debt	54.82M	171.48M	185.25M	185.83M	70.02M	69.31M
Total Liabilities	1.23B	1.06B	893.58M	1.16B	968.26M	756.33M
Stockholders Equity	1.96B	2.00B	1.97B	1.86B	1.54B	1.11B
Cash Flow
Free Cash Flow	342.21M	-107.58M	-44.08M	-125.57M	740.36M	132.94M
Operating Cash Flow	482.46M	-33.52M	-13.06M	-90.67M	753.72M	137.36M
Investing Cash Flow	-211.31M	297.16M	-371.93M	18.65M	-183.93M	-6.63M
Financing Cash Flow	-293.29M	-179.83M	-202.63M	40.11M	-196.98M	-178.99M

Soonest Express Co Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2643 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5601	66Neutral	TWD 2.13B	80.32	―	1.16%	1.53%	4.98%
TW:2643	62Neutral	TWD 2.27B	8.37	―	6.92%	2.08%	20.69%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:2643 and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	TW:2643	Soonest Express Co Ltd	65.00	-2.46	-3.64%
	TW:5601	Taiwan Allied Container Terminal Corp.	32.90	-4.95	-13.09%

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

Soonest Express Co Ltd AI Stock Analysis