Delta Electronics Inc

2308: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 544.00	Xvbbl	Yplqrtd

Delta Electronics Earnings: Automation and Data Centers Lead; EV Weak Point Is Temporary

Phelix Lee

Mar 4, 2024

We maintain our fair value estimate of TWD 331 for narrow-moat Delta Electronics despite short-term headwinds in the electric vehicle business. Shares look slightly undervalued as better-than-expected demand in artificial intelligence servers and a recovery in the automation business outweigh milder EV growth in 2024. Though some carmakers have second thoughts on EV adoption, we believe this is merely a speed bump in the electrification trend.

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