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.

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

Primer: Delta Electronics (2308 TT) - Jun 2026

Delta Electronics (2308 TT) - AI Power Architecture Upgrade

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

Equity Bottom-Up

<ul>
<li>
 Medium term: Delta remains well placed to capture the AI power upgrade cycle, with PSU leadership extending into DC/DC, BBU and HVDC power racks as 800VDC adoption scales through 2027-28e.</li>
<li>
 Short term: 2Q26 margin pressure was driven by supply constraints and input-cost inflation; 3Q/4Q should show price pass-through. Even if normalization slips into 1Q27, this is not a thesis breaker.</li>
<li>
 Valuation: Rolling FY2 P/E has corrected to ~28x from ~35-39x at the recent peak, while earnings remain strong. That creates a better entry point with original upside thesis intact.</li>
</ul>



 Medium term: Delta remains well placed to capture the AI power upgrade cycle, with PSU leadership extending into DC/DC, BBU and HVDC power racks as 800VDC adoption scales through 2027-28e.

 Short term: 2Q26 margin pressure was driven by supply constraints and input-cost inflation; 3Q/4Q should show price pass-through. Even if normalization slips into 1Q27, this is not a thesis breaker.

 Valuation: Rolling FY2 P/E has corrected to ~28x from ~35-39x at the recent peak, while earnings remain strong. That creates a better entry point with original upside thesis intact.


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