Delta Electronics Inc

2308: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 269.00	Wqvjm	Bqrnzmcs

Delta Electronics Earnings: Electric Vehicles and Industrial Automation Stood Out

Phelix Lee

May 1, 2023

We maintain our fair value estimate for narrow-moat Delta Electronics at TWD 342, corresponding to 24 times 2023 P/E, as there were few surprises in March-quarter numbers. We see Delta being undervalued, as it continues to benefit from electric vehicles, components chargers, incremental cooling, and power supply demands of servers. While we have not explicitly modeled artificial intelligence, or AI, servers, their scale and complexity are potential upsides to our forecasts.

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