Delta Electronics Inc

2308: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 521.00	Mywchy	Qbfyqngtw

Delta Electronics Earnings: More Visibility in AI Servers and EVs; Automation Outlook Uncertain

Phelix Lee

Aug 2, 2023

We nudge our fair value estimate on narrow-moat Delta Electronics up by 5% to TWD 357, corresponding to 22 times 2024 P/E, after incorporating a more bullish view on electric vehicle and artificial intelligence server demand. However, after Delta’s shares rallied 25% in the last three months, we think EVs and server-related upside is priced in.

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