External broker reports(aggregated public sources), Capital Securities Corp

Capital Securities

External broker reports(aggregated public sources)

Capital Securities Corp

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

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Equity Bottom-Up

<p>FY22 revenue/earnings may rise; we recommend TRADING BUY given its flat momentum in the short run. Affected by seasonality, Delta Electronics’ 1Q22 revenue/earnings momentum may weaken. Nevertheless, this quarterly decline is milder than that in previous years due to strong market demand and postponed shipment of some orders. Catalyzed by EV, passive components and long-term trends of datacenter, 5G and automation, Delta’s revenue/earnings momentum may strengthen during FY21~22. We recommend TRADING BUY with TP of NTD300 (24x FY22 EPS estimate). </p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

FY22 revenue/earnings may rise; we recommend TRADING BUY given its flat momentum in the short run. Affected by seasonality, Delta Electronics’ 1Q22 revenue/earnings momentum may weaken. Nevertheless, this quarterly decline is milder than that in previous years due to strong market demand and postponed shipment of some orders. Catalyzed by EV, passive components and long-term trends of datacenter, 5G and automation, Delta’s revenue/earnings momentum may strengthen during FY21~22. We recommend TRADING BUY with TP of NTD300 (24x FY22 EPS estimate). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delta Electronics (2308 TT, TRADING BUY, NTD272.50)

<p>Clients’ uncertain pull-in momentum and slow price adjustment; recommend NEUTRAL. Delta Electronics’ 3Q21 revenue met our forecast, but GM missed our forecast. Delta Electronics may continue facing cost pressure on higher materials prices as the price hike discussion with clients appears slow. Additionally, given upstream tight capacity in FY22, clients may still suffer from imbalance of component supply/demand condition.. Clients’ uncertain pull-in momentum and higher materials/component costs may still cast uncertainty of Delta Electronics’ revenue/earnings in FY22. Recommend NEUTRAL with TP of NTD255 (26x FY22 PER). </p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Clients’ uncertain pull-in momentum and slow price adjustment; recommend NEUTRAL. Delta Electronics’ 3Q21 revenue met our forecast, but GM missed our forecast. Delta Electronics may continue facing cost pressure on higher materials prices as the price hike discussion with clients appears slow. Additionally, given upstream tight capacity in FY22, clients may still suffer from imbalance of component supply/demand condition.. Clients’ uncertain pull-in momentum and higher materials/component costs may still cast uncertainty of Delta Electronics’ revenue/earnings in FY22. Recommend NEUTRAL with TP of NTD255 (26x FY22 PER). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delta Electronics (2308 TT, NEUTRAL, NTD245) 

Taiwan

Delta Electronics Inc. manufactures power supplies and video display products. The Company's products include switching power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating current (AC) monitor drives, high resolution color monitors, and projectors.  Delta also manufactures magnetic and networking components.

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Delta Electronics (2308 TT)