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

Delta Taiwan Vs. Thailand Monitor: Results Released, 2023E Could See Delta Taiwan Grow Faster

Delta Taiwan Vs. Thailand Monitor: Valuation Divergence Hits a New Extreme

Delta Taiwan Vs. Thailand Monitor: Delta Thai Crashes Vs. Taiwan After Results, Can Correct Further

Delta Taiwan Vs. Thailand Monitor: Delta Taiwan Reports Better Margin Trend, Rel Valuation Reverts

Delta Taiwan Vs. Thailand Monitor: Delta Thai Joining SET50, Could Open Up Rare Rel Valuation Level

Delta Taiwan Vs. Thailand Pairs Monitor: SET50 Index Driver, But Taiwan Margins Always Higher

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

<ul>
<li>Delta Thailand has surged post SET50 re-inclusion and the stock has dramatically outperformed both Delta Taiwan and Thailand's SET Index.</li>
<li>For both stocks, forward growth rates are expected to be similar for 2023E and 2024E.</li>
<li>Delta Taiwan's stake in Delta Thailand alone is now worth nearly 90% of its market cap.</li>
</ul>


Delta Thailand has surged post SET50 re-inclusion and the stock has dramatically outperformed both Delta Taiwan and Thailand's SET Index.
For both stocks, forward growth rates are expected to be similar for 2023E and 2024E.
Delta Taiwan's stake in Delta Thailand alone is now worth nearly 90% of its market cap.


Delta Taiwan Vs. Thailand Monitor: SET50 Re-Inclusion Surge, Biggest Diversion in History

Delta Electronics

Delta Taiwan Vs. Thailand Monitor: SET50 Re-Inclusion Surge, Biggest Diversion in History