Released October 10, 2025

Delpha Construction: Who We Are, a Rising Star with Superior Growth and Market-Leading Returns.

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Dominant Financial Growth: The company achieved an exponential 74.8% two-year sales CAGR (FY22–24) and maintains a sector-leading 31% average operating margin.
Market-Leading Returns: Delpha outperforms peers and the TWSE with a 139% five-year Total Shareholder Return (TSR) and a top-tier 15.6% ROE for FY24.
Shareholder-First Payouts: Management maintains an aggressive ~90% cash dividend payout ratio, resulting in a 7.1% yield that surpasses both industry competitors and major banking stocks.
Robust Future Pipeline: Long-term value is supported by a massive NT$77.8 billion (and increasing) project pipeline scheduled through 2029.

Released March 18, 2026

BES Engineering, Consistently Miserable Performance Have Failed to Deliver. Lags Peers in Every Key Shareholder Metric.

BES Engineering Miserable Underperformance

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Chronic Market Underperformance: BES has consistently lagged behind its peers and the TWSE across 1-year, 3-year, and 5-year Total Shareholder Return (TSR) metrics.
Stagnant Profitability: Despite rising revenues, profit has remained flat due to a heavy reliance on low-margin government infrastructure contracts.
Sector-Bottom Margins: The company reports the lowest gross, operating, and net margins among its competitors, signaling an ineffective business strategy.
Inefficient Capital Use: BES maintains the lowest Return on Equity (3.2%) and Return on Assets (1.2%) in its peer group, reflecting a failure to utilize assets effectively for shareholder value.

Released March 31, 2026

Delpha-BES Comparison, Why Delpha is Best-suited to Turn BES Around. A Complete Real Estate and Infrastructure Platform Capable of Delivering Long-term, Stable Growth.

Delpha Construction to Turn BES Engineering Around

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Transformation via Synergetic Collaboration: Since 2020, Delpha has seen a 7,155% revenue surge and achieved a net profit turnaround, bolstered by its position within the PJ Group, which ranks No. 1 in Taiwan property development with a 186 billion TWD pipeline.
Superior Operating Performance: Delpha significantly outperforms BES across all key financial metrics, maintaining a 26.8% net margin (8.7 times higher than BES) and vastly superior capital efficiency with a 16.5% ROE compared to 2.8% for BES.
Stagnant BES Financials: BES Engineering is characterized by stagnant revenue growth, declining profitability, and consistent TSR underperformance against Delpha across 1-year, 3-year, and 5-year periods.

Released April 8, 2026

BES Engineering’s Detrimental Long-term Governance Failings, Controversies, and Illegalities Warrant Board Change.

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Serious governance and legal issues tied to leadership: Ching-Jing Sheen was sentenced to 10 years for bribery, with evidence of funds routed through BES; history of governance abuses (e.g., AGM manipulation, shareholder rights suppression).
Repeated misuse of company resources and related-party concerns: Allegations include self-dealing transactions, overpaying for assets to cover personal debts, and poor asset disposals.
Extensive track record of scandals and operational failures: Multiple bribery cases, controversial project bids, construction defects, and environmental liabilities leading to lawsuits and compensation claims.

Disclaimer

Please read this notice in its entirety. It contains important legal information. This material is intended solely for persons who are permitted to receive such information under applicable laws and regulations in their respective jurisdictions (for example, professional or qualified investors as defined under relevant laws).

Access to this material may be restricted in certain jurisdictions. It is not intended for distribution or use by any person or entity in any jurisdiction where such distribution or use would be contrary to applicable laws or regulations or would subject Delpha Construction Co., Ltd. (“Delpha”) or any of its affiliates to any registration or licensing requirement. Persons accessing this material are responsible for ensuring compliance with all applicable laws and regulations.

This material is provided for general informational purposes only and does not constitute, and shall not be construed as, an offer, solicitation, or recommendation to subscribe for, purchase, or dispose of any securities or other financial instruments under the Securities and Exchange Act of Taiwan or any other applicable laws. It is not intended as investment advice and should not be relied upon in making investment decisions. This material is also not intended as a solicitation of proxies or any voting rights in violation of applicable laws and regulations.

The contents of this material do not take into account your specific objectives, financial situation, or particular needs. You should consult your own legal, tax, financial, or other professional advisers prior to making any investment decision or taking any action based on this material. Delpha does not provide investment advisory services.

The information contained in this material is selective and may be incomplete. It has not been reviewed, approved, or endorsed by any regulatory authority, including the Financial Supervisory Commission of the Republic of China (Taiwan), and may be subject to change without notice. No representation or warranty, express or implied, is made as to the accuracy, completeness, validity, fairness, or timeliness of the information. Delpha disclaims all liability for any loss or damage arising directly or indirectly from reliance upon or use of this material.

Any reproduction or redistribution of this material, in whole or in part, is strictly prohibited without prior written consent of Delpha. The content may include proprietary information protected by applicable intellectual property laws, including copyright and trademark laws. No license is granted with respect to such rights.

By reviewing this material, you acknowledge and agree to comply with the foregoing terms and confirm that you are permitted under applicable laws and regulations to receive such information.

This notice shall be governed by and construed in accordance with the laws of the Republic of China (Taiwan). Any disputes arising out of or in connection with this notice shall be subject to the exclusive jurisdiction of the Taiwan Taipei District Court, or such other competent courts in Taiwan as may have jurisdiction.

Delpha Construction

Delpha Construction Co., Ltd. (Ticker: 2530.TW) is headquartered in Neihu District, Taipei, and is primarily engaged in real estate development, construction, leasing, and property sales. Our operations span across Taipei City, New Taipei City, Taoyuan, Taichung, and Tainan.

Since its establishment more than six decades ago, Delpha Construction has upheld the core values of integrity, prudence, and professionalism, cultivating the fabric of cities and creating spaces that harmoniously integrate with land and communities.

We do not simply build structures — we build trust, relationships, and the future.

Contact

Wang Chen-Kang (Ken)

+886 2 2632 8877 Ext 808

kenwang@delpha.com.tw