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

Delta Electronics Thailand  / Equity Bottom-Up

<ul>
<li>
Delta Thailand's rally looks sentiment-driven, not fundamental: 1Q25 results were decent but not a major beat.</li>
<li>
Valuation gap widened to unjustifiable levels: Delta Thailand trades at 52x trailing PER vs. Delta Taiwan at 25x.</li>
<li>
Delta Taiwan remains the structurally stronger,cheaper exposure to the group's long-term growth themes.</li>
</ul>



Delta Thailand's rally looks sentiment-driven, not fundamental: 1Q25 results were decent but not a major beat.

Valuation gap widened to unjustifiable levels: Delta Thailand trades at 52x trailing PER vs. Delta Taiwan at 25x.

Delta Taiwan remains the structurally stronger,cheaper exposure to the group's long-term growth themes.


Delta Taiwan Vs. Thailand Monitor: Delta Thai Rally Looks Overdone; Taiwan Remains Better Value