On May 29, Taiwanese fitness equipment manufacturer Dyaco International held an institutional investor conference and announced a major breakthrough in its commercial fitness equipment business, having successfully entered several large chain gyms in North America, including the world’s largest gym chain Anytime Fitness as well as brands such as Orangetheory Fitness and Snap Fitness. Chairman Lin Yu-ying stated that the commercial business will contribute more significant revenue in the second half of the year, and overall revenue is expected to return to a growth trajectory.
First-Quarter Profit Turnaround Lays the Foundation
Dyaco’s consolidated revenue for the first quarter reached NT$1.638 billion, down 12.1% year over year. Gross margin was 42.1%, up 6.3 percentage points year over year. Operating profit was NT$57.36 million, net profit after tax was NT$41.64 million, and earnings per share after tax was NT$0.25, marking the first time since 2021 that the company posted an operating profit in the first quarter. Lin Yu-ying noted that this performance is indicative for profitability in the following quarters.
ReFit Plan Strengthens Expense Control
The company continues to promote its ReFit operational optimization plan, with a goal of keeping the operating expense ratio below 36% by year-end while moving toward a long-term return on equity target of 15%. The home fitness equipment business is focusing on profitability first, adjusting its product mix to increase the share of high-margin products. Its new rehabilitation and medical product has obtained EU MDR certification and is expected to begin contributing revenue in the second quarter.
Commercial Product Line Targets Higher Market Share
Dyaco has launched its new commercial strength-training product line, i-Strength. Its current global market share is about 0.3%, with a goal of surpassing 1% within five years. The home business continues to improve software systems and after-sales service, while the e-bike business is pursuing a dual-track strategy of brand development and OEM manufacturing.
Dyaco : Recent Fundamentals, Shareholding, and Technical Performance
Fundamental Highlights
Dyaco (1598) is one of the world’s top three home fitness equipment manufacturers. Its main revenue comes from exporting treadmills and exercise bikes. In April 2026, monthly revenue was NT$452.73 million, down 16.34% year over year; March revenue was NT$673.29 million, up 16.8% year over year. The company’s P/E ratio is 20.3x, dividend yield is 2.4%, and it is focusing on expanding its commercial business and optimizing its product mix.
Shareholding and Institutional Investor Observations
As of May 29, the three major institutional investors were net buyers of 259 lots over the past five trading days, with foreign investors net buying 257 lots. The closing price was NT$20.45. Major players were net buyers of 12.2% over the past five days and 13.8% over the past 20 days, while the difference in the number of buyers versus sellers was -59, indicating a recovery in institutional buying but continued selling pressure from retail investors.
Technical Focus
As of April 30, the stock closed at NT$20.80, with a roughly 60-day trading range of NT$18.55 to NT$26.20. MA5 and MA10 are below the share price, while MA20 and MA60 are above it, indicating short-term weakness. Trading volume that day was 476 lots, below the 20-day average volume, suggesting insufficient momentum. In the near term, attention should be paid to whether volume can be sustained.
Key Follow-up Indicators and Risk Reminder
Investors may continue to monitor the conversion of commercial business orders, second-quarter revenue performance, and progress in controlling operating expense ratios. Revenue volatility risk during the adjustment period of the home-use business should also be noted.
About Dyaco
Dyaco is a business on the move. The company started life in 1990 as a Taipei-based trading company connecting global sporting brands with manufacturers in Taiwan. The region was rapidly becoming a manufacturing powerhouse, and by the early 90’s supplied over 30% of all US sporting goods.
Moving fast in a whirlwind of growth and competition, Dyaco invested in becoming a manufacturer itself, and with its own research and development facilities, is now emerging as a brand portfolio business through product ownership, licensing, partnership and distribution agreements.
With 7 direct offices and a global distribution network spanning 86 countries, with more than 130 business partners, Dyaco is rapidly expanding its reach within the worldwide home, commercial and rehabilitation markets.
For more information about Dyaco, visit dyaco.com
