Dimerco Express (5609) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Dimerco Express TWD 124, price TWD 78.60, upside +57.8%, quality 73 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Dimerco Express Corporation, together with its subsidiaries, operates as a shipping and logistics company in Asia, the Americas, and Europe.
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Dimerco Express Corporation, together with its subsidiaries, operates as a shipping and logistics company in Asia, the Americas, and Europe. The company provides air freight services, including consolidated, standard, and expedited and next flight out, as well as charter services; ocean freight services, such as buyer's consolidation, cross-dock, project logistics, and EDI/API support for rapid data integration services; road and rail services; and multimodal transport, including sea/air freight, air/sea freight, and cross-border road freight services. It also offers customs brokerage services, such as customs clearance, trade compliance consulting, FTZ operation, and digitization of custom procedures; and contract logistics services comprising warehousing and distribution, bonded warehouse, and service logistics solutions. In addition, the company provides supply chain solutions, such as project logistics, purchase order management, data integration, and supply chain consulting services; customs brokerage and compliance; and cargo insurance, as well as automotive logistics services. It serves aerospace, automotive, consumer electronics, semiconductors, medical devices and equipment, and fashion and lifestyle industries. The company was formerly known as Dimerco Express Taiwan Corp. and changed its name to Dimerco Express Corporation in June 2012. Dimerco Express Corporation was founded in 1971 and is headquartered in Taipei, Taiwan.
Stock analysis
Dimerco Express (5609) currently trades at 78.60 TWD, while our model-based Fair Value estimate is 124.05 TWD, implying the stock looks roughly 36.6% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 174.32 TWD per share, and 20 of the 24 models we run sit above the 78.60 TWD price.
Bear case: the Asset-Based group reads lowest at 30.18 TWD, and 4 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 93.04 TWD (bear) to 153.20 TWD (bull), the price of 78.60 TWD sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Dimerco Express reported revenue of 29.7B TWD in FY2025 versus 39.0B TWD in FY2021, a compound −6.6%/yr. Reported net income was 1.1B TWD in FY2025, compounding −16.4%/yr from FY2021.
Key figures
Market cap 11.1B TWD (≈ $348M) · P/E ratio 9.9 · P/S ratio 0.38 · EPS (TTM) 7.94 TWD · Dividend yield 7.1% · Net margin 3.8% · Return on equity 18.8% · Return on assets (EBIT) 18.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 10% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at 58%, 5609 screens cheaper than that median.
Fair Value models
Bear 93.04 TWDFair Value 124.05 TWDBull 153.20 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1.72 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−10.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
Start year 2020 (pandemic). Over 10 years: +6.7% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.4%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+8.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.3%
Dividend (yield on the price)7.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.1% vs 19%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 4%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−17.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −18.4% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Integrated Freight & Logistics · 217 stocks
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Cite: Fair Value Calculator (2026). "Dimerco Express Fair Value". https://www.fairvalue-calculator.com/stock/5609
Frequently asked questions
Is Dimerco Express (5609) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 124.05 TWD versus a price of 78.60 TWD, about +58% upside (undervalued).
What is the fair value of 5609?
Our model-based fair value for Dimerco Express is 124.05 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 78.60 TWD.
What is the quality score of 5609?
Dimerco Express has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Dimerco Express (5609)?
Our model-based price target is the fair value of 124.05 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 93.04 TWD, optimistic scenario 153.20 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Dimerco Express stock forecast for 2026?
Our models put fair value at 124.05 TWD, about +58% upside versus a price of 78.60 TWD (undervalued). Cautious scenario 93.04 TWD, optimistic scenario 153.20 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Dimerco Express (5609)?
Dimerco Express reported trailing-twelve-month revenue of about 29.6B TWD (latest available figure, as of Sep 24, 2026).
Does Dimerco Express pay a dividend?
Dimerco Express currently shows a dividend yield of about 7.12% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Dimerco Express (5609)?
For today's price to be fair in a discounted-cash-flow model, Dimerco Express would have to grow free cash flow by -17.1 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 5609 use?
Our models discount Dimerco Express at 10.4 %: a base by market capitalisation (small), damped by beta 0.54, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Dimerco Express that is -17.1 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Dimerco Express (5609) delivered so far?
Over the past 5 years revenue at Dimerco Express grew +5.3 % a year. The price currently implies -17.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Dimerco Express (5609) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Dimerco Express (-17.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dimerco Express (5609)?
The free-cash-flow yield on the price is 13.63 %: that much free cash flow Dimerco Express produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dimerco Express (5609)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dimerco Express it is 124.05 TWD per share (as of Sep 24, 2026), against a price of 78.60 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Dimerco Express stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5609 trades below its calculated fair value: price 78.60 TWD, fair value 124.05 TWD, a gap of about +58% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 5609?
No. The price is what the market pays today (78.60 TWD); the fair value is what the company's own numbers justify (124.05 TWD). For Dimerco Express the two are 45.45 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Dimerco Express worth?
The market values Dimerco Express at about 11.1B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 78.60 TWD; our models calculate a fair value of 124.05 TWD per share.
What do the bullish and bearish scenarios say about 5609?
Our models span a range for Dimerco Express: cautious scenario 93.04 TWD, base 124.05 TWD, optimistic 153.20 TWD per share (as of Sep 24, 2026, price 78.60 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5609?
Dimerco Express trades at a price-to-earnings ratio of 9.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 124.05 TWD is built from several models across several years. Other multiples: P/B 1.8, P/S 0.4, EV/EBITDA 4.9.
How solid is the balance sheet of Dimerco Express (5609)?
Balance-sheet figures for Dimerco Express (as of Sep 24, 2026): return on equity 18.8%. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is 5609 from its 52-week high?
Dimerco Express trades at 78.60 TWD, about 1% below its 52-week high of 79.50 TWD and 10% above the low of 71.30 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 124.05 TWD is for.
Which stocks are comparable to Dimerco Express?
From the same area (Industrials) we also value United Parcel Service, Inc, FedEx Corporation, Deutsche Post AG, DSV A/S, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Dimerco Express stock attractive at the current price?
The data as of Sep 24, 2026: price 78.60 TWD, calculated fair value 124.05 TWD (+58%), Quality Score 73/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 5609 calculated?
We run Dimerco Express through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 124.05 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Dimerco Express currently trades 58 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Dimerco Express (5609)?
The closing price on Sep 24, 2026 was 78.60 TWD. Our model-based fair value is 124.05 TWD, about +58% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dimerco Express right now?
The rarer combination: high quality (73/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (93.04 TWD). The market is more pessimistic than our downside scenario.
Where does the earnings growth of Dimerco Express (5609) come from?
Earnings per share at Dimerco Express grew +32.2 % a year from 2012 to 2023. Broken into its drivers: revenue per share +9.5 %, EBIT margin +17.4 %, tax rate +1.2 %, residual (interest, one-offs) +1.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Dimerco Express
How large is the market capitalisation of Dimerco Express (5609)?
The market capitalisation of Dimerco Express is 11.1B TWD (≈ $348M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Dimerco Express (5609)?
The price-to-sales ratio of Dimerco Express is 0.38 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dimerco Express (5609)?
Earnings per share at Dimerco Express are 7.94 TWD (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dimerco Express (5609)?
The dividend yield of Dimerco Express is 7.1% (payout 70.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Dimerco Express (5609)?
The net margin of Dimerco Express is 3.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Dimerco Express (5609)?
The return on equity (ROE) of Dimerco Express is 18.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Dimerco Express (5609)?
On an EBIT basis the return on assets of Dimerco Express is 18.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Dimerco Express (5609)?
The operating margin of Dimerco Express is 3.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dimerco Express (5609)?
Revenue at Dimerco Express is growing −0.9% versus a year earlier (3y avg −10.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Dimerco Express (5609)?
Earnings per share at Dimerco Express are growing +1.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Dimerco Express (5609) hold?
Dimerco Express holds more cash than debt, 4.2B TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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