Equity Research Analyst - Long-Short

Raj S, CA, CFA

I am Raj - CA and CFA. A Buy-side analyst.

I cover BFSI, Autos, Tech, AI and several other sectors across geographies.
   
I am a CA and CFA, with 10+ years experience in fundamental equity research across buy-side and sell-side and across geographies.

My research process is fundamental driven, focused on the catalysts which would have a direct impact on a stocks performance and market valuation. These days, I look for names which have a clear mis-pricing evident in its valuation vs. fundamental business moats/ growth/ NAV. Fortunately, there are always such stories around. More importantly, the timeline of when the mis-pricing is resolved and what triggers this resolution is what interests me.

Delta Electronics (2308 TT) - Buy Into Short-Term Weakness - Architecture Confidence Increasing.

Vertiv Holdings Co (VRT US): Buy Into Near-Term Weakness - Gray-Space Leadership, White-Space Upside

Delta Taiwan Vs. Delta Thailand: Valuation Gap Widens After Strong 1Q25; Why AI Now Needs Microgrids

Primer: Delta Electronics (2308 TT) - Jun 2026

Delta Taiwan Vs. Thailand Monitor: Taiwan's Nvidia Solutions Show Why TW Better Value Than Thailand

Equity Bottom-Up

<ul>
<li>
Market position: Delta is a leading AI data-center PSU supplier, with estimated 50%+ share, giving it direct exposure as AI racks require more power per rack.</li>
<li>
Product cycle: PSU upgrades from 5.5kW to 12kW and 30-36kW drive higher ASP per watt, more power-shelf content and margin expansion.</li>
<li>
Valuation: Our base case is consensus PSU growth; the upside case where Delta captures DC/DC and 800VDC power-rack content content can lead to &lt;100% upside over near to medium term.</li>
</ul>



Market position: Delta is a leading AI data-center PSU supplier, with estimated 50%+ share, giving it direct exposure as AI racks require more power per rack.

Product cycle: PSU upgrades from 5.5kW to 12kW and 30-36kW drive higher ASP per watt, more power-shelf content and margin expansion.

Valuation: Our base case is consensus PSU growth; the upside case where Delta captures DC/DC and 800VDC power-rack content content can lead to &lt;100% upside over near to medium term.


Delta Electronics (Thailand) (DELTA-R TB)

Delta Electronics (2308 TT) - AI Power Architecture Upgrade