Delta Electronics Inc

2308: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 849.00	Wpbbg	Sqdccfksb

Delta Electronics Earnings: Data Center Sales Remain Robust, but EV and Automation Slow Down

Phelix Lee

May 3, 2024

We maintain our fair value estimate on narrow-moat Delta Electronics at TWD 331 per share after minor changes to our model. There is no change in our long-term view. Shares look fairly valued, as a rosy outlook for artificial intelligence servers is offset by a disappointing recovery in the automation business. We view more clarity as to the end of inventory clearance among automakers and China’s macroeconomic recovery as being positives for the stock.

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