Delta Electronics Inc

2308: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 875.00	Rdyjd	Hhfhkbjbg

Delta Electronics Earnings: EV Strength Makes up for Near-Term Woes in Automation and Telecom

Phelix Lee

Nov 2, 2023

We lower our fair value estimate for narrow-moat Delta Electronics to TWD 331 from TWD 357 to account for higher minority interests in the electric vehicle business. After falling 23% over the past three months, shares have become attractive after pricing in near-term negatives for sluggish demand in non-artificial intelligence servers and factory automation. We think Delta’s shares are undervalued, and a combination of China’s recovery, the end of the United Auto Workers union strikes in the U.S., and secular EV adoption will be the catalysts.

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