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Delta Electronics Inc 2308

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Stock XTAI Rating as of
TWD 320.50 +5.50 (1.75%)
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As of Delayed Price Open
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Company Report

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Taiwan Earthquake Poses Limited Short-Term Downside to Our Taiwan Tech Coverage

Phelix Lee

We retain our fair value estimates on Taiwanese technology companies in our coverage following a powerful earthquake and multiple strong aftershocks near the eastern city of Hualien on April 3, namely: Advantech at TWD 337; Delta Electronics at TWD 331; GlobalWafers at TWD 710; Largan at TWD 3,000; MediaTek at TWD 1,400; Sino-American Silicon at TWD 281; Taiwan Semiconductor Manufacturing Co at TWD 950 (USD 151 per ADR); United Microelectronics Corp at TWD 70; and Win Semiconductors at TWD 245 per share.

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Price vs Fair Value

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2308 is trading at a 10% discount.
Price
TWD 297.50
Fair Value
TWD 278.00
Uncertainty
Medium
1-Star Price
TWD 289.82
5-Star Price
TWD 181.20
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Demand for Delta’s power stations will grow with power-hungry data centers and telecom base stations.

Bears

Building automation remains small if the company faces unexpectedly difficulties integrating its acquisitions.

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Trading Information

Previous Close Price
TWD 321.00
Day Range
TWD 318.00–323.50
52-Week Range
TWD 276.50–388.50
Bid/Ask
TWD 320.50 / TWD 321.00
Market Cap
TWD 833.81 Bil
Volume/Avg
5.3 Mil / 12.2 Mil

Key Statistics

Price/Earnings (Normalized)
24.76
Price/Sales
1.99
Dividend Yield (Trailing)
3.12%
Dividend Yield (Forward)
3.12%
Total Yield
3.22%

Company Profile

Founded in 1971, Delta Electronics, or Delta, is the largest industrial power system supplier globally. It positions itself as a solutions provider in telecom power, renewable energy, surveillance systems, new energy vehicles power systems, smart building, industrial automation, and data centers. Delta also trades under Innergie, Loytec, Delta Controls and Amerlux. The company's headquarters are in Taipei, Taiwan, and employs over 11,000 people in 30 countries. A group of Delta’s subsidiaries consolidated under Delta Electronics (Thailand) Public Company Limited, or DET, is listed on the Stock Exchange of Thailand. DET is 63.8% owned by Delta. The company owns 56.75% of surveillance system provider Vivotek (3454 TW).
Sector
Technology
Industry
Electronic Components
Stock Style Box
Large Core
Total Number of Employees
68,000
Website
https://www.deltaww.com

Competitors

Valuation

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Metric
2308
300124
SU
Price/Earnings (Normalized)
 24.7639.5226.99
Price/Book Value
 3.997.034.59
Price/Sales
 1.995.873.43
Price/Cash Flow
 12.9061.9322.27
Price/Earnings
2308
300124
SU

Financial Strength

Metric
2308
300124
SU
Quick Ratio
 1.431.210.90
Current Ratio
 2.061.711.22
Interest Coverage
 40.7825.6712.16
Quick Ratio
2308
300124
SU

Profitability

Metric
2308
300124
SU
Return on Assets (Normalized)
 8.51%9.50%6.93%
Return on Equity (Normalized)
 19.74%18.56%15.86%
Return on Invested Capital (Normalized)
 12.95%15.22%10.98%
Return on Assets
2308
300124
SU
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