Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

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Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

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Delta Taiwan delivered record 1Q25 results, driven by strong AI data center demand; EPS beat Bloomberg consensus by 8%.</li>
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Management highlights microgrids as essential for resilient AI infrastructure amid power grid instability, and challenges keeping national power supply up with data center expansion.</li>
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Valuation gap widens sharply: Delta Taiwan trades at 22x PER vs. 60x for Delta Thailand, despite having stronger 2025–2026E growth. Weak macroeconomic situation also makes Delta Thailand highly vulnerable.</li>
</ul>



Delta Taiwan delivered record 1Q25 results, driven by strong AI data center demand; EPS beat Bloomberg consensus by 8%.

Management highlights microgrids as essential for resilient AI infrastructure amid power grid instability, and challenges keeping national power supply up with data center expansion.

Valuation gap widens sharply: Delta Taiwan trades at 22x PER vs. 60x for Delta Thailand, despite having stronger 2025–2026E growth. Weak macroeconomic situation also makes Delta Thailand highly vulnerable.


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

Delta Electronics

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