Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years experience researching capital markets across 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>Valuation gap remains extreme and unsupported by fundamentals. <a href="https://www.smartkarma.com/entities/delta-electronics-inc" target="_blank" data-smartkarma-citation="entities:12688:1" rel="noopener">Delta Electronics (2308 TT)</a> trades at 28.5x 2025E PER, while <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a>  trades at 66.8x.</li>
<li>LONG <a href="https://www.smartkarma.com/entities/delta-electronics-inc" target="_blank" data-smartkarma-citation="entities:12688:1" rel="noopener">Delta Electronics (2308 TT)</a> vs. SHORT <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a>. Delta Taiwan delivering materially higher revenue and net income growth 2025E–2026E with a dramatically lower valuation.</li>
<li>Thailand SET50 Index capping introduces a market structure headwind for Delta Thailand into 2026E; Delta Taiwan expected to outperform Delta Thailand in the new year.</li>
</ul>


Valuation gap remains extreme and unsupported by fundamentals. Delta Electronics (2308 TT) trades at 28.5x 2025E PER, while Delta Electronics Thailand (DELTA TB)  trades at 66.8x.
LONG Delta Electronics (2308 TT) vs. SHORT Delta Electronics Thailand (DELTA TB). Delta Taiwan delivering materially higher revenue and net income growth 2025E–2026E with a dramatically lower valuation.
Thailand SET50 Index capping introduces a market structure headwind for Delta Thailand into 2026E; Delta Taiwan expected to outperform Delta Thailand in the new year.


デルタ台湾 vs. デルタタイ：成長の主導権が親会社に移っても、評価額の高騰は続く