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原始內容
M Update October 28, 2026 04:07 PM GMT
Delta Electronics Inc. | Asia Pacific
3Q26 GM Dragged by Inventory Write-off
AlphaSignals Earnings Reaction
Unchanged
odest shortfall
Impact to our thesis Financial results versus consensus Direction of next 12-month
Source: Company data, Morgan Stanley Research
Despite the secular tailwinds of increasing power consu ption in AI clusters, we think near-ter senti ent toward Delta could re ain lackluster post weaker 3Q26 results.
3Q26 earnings fell short on lower GM:
- Off revenue of NT$197,059mn (+8% QoQ/+31% YoY), GM ontra ted by 1.6ppt QoQ to 34.1% (vs. MSe/ onsensus at 35.7%/36.2%), whi h was dragged 2ppt lower by the inventory write-off
- Opex was well ontrolled at NT$34,535mn (opex ratio 17.5%), lower than our estimate of NT$36,983mn (opex ratio 18.4%) and onsensus of NT$37,129mn (opex ratio 18.0%)
- Operating profit ame in at NT$32,620mn (+7% QoQ/+31% YoY; OPM 16.6%), 7% lower than MSe of NT$34,992mn (OPM 17.4%) and 13% lower than onsensus of NT$37,677mn (OPM 18.2%).
- With non-op gains of NT$1,046mn (in luding FX gain of NT$415mn), net profit was NT$23,495mn (-7% QoQ/+26% YoY; EPS NT$9.04), 8%/15% short of MSe/ onsensus at NT$25,554mn (EPS NT$9.84)/NT$27,611mn (EPS NT $10.40).
Our view:
- We believe near-term sentiment toward the sto k will stay soft, though the weak finan ial performan e in 3Q26 was mainly impa ted by omponent supply tightness
- We believe Delta should grow its revenue by 10% QoQ with margin expansion in 4Q26, and will ontinue to benefit from the in reasing power onsumption of AI lusters in 2027
- Earnings all at 3pm HKT on O t 29th (details here)
Morgan Stanley Taiwan Limited+
Derri k Yang
Equity Analyst
D rrick.Yang@morganstanl y.com
+886 2 2730-2862
Vivi Huang
R s arch Associat Vivi.Huang@morganstanl y.com
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
+886 2 2730-2860
+852 2239-7689
Morgan Stanley appreciates your support in the 2027 Extel Asia Research Survey. Voting opens 10 Novem er 2026.
Delta Electronics Inc.(2308.TW, 2308 TT)
Greater China Technology Hardware | Taiwan
Stock Rating Industry View
Price target
Shr price, close (Oct 28, 2026)
52- eek Range
Sh out, dil, curr (mn)
Mkt cap, curr (mn)
Overweight
In-Line
NT$2,500.00 NT$1,550.00 NT$2,585.00-886.00 2,598
US$124,238
EV, curr (mn)
US$122,601
Avg daily trading value (mn)
US$618
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
- odest revision lower consensus EPS
M Update
Exhibit 1: 3Q26 r sults summary
| Actual | QoQ | YoY | Ms est. | VarianceConsensus | Variance | ||
|---|---|---|---|---|---|---|---|
| Net sales | 197,059 | 8% | 31% | 201,379 | -2% | 206,646 | -5% |
| COGS | -129,904 | 10% | 33% | -129,404 | 0% | -131,851 | -1% |
| Gross profit | 67,155 | 3% | 28% | 71,976 | -7% | 74,796 | -10% |
| Operating expenses | -34,535 | -1% | 25% | -36,983 | -7% | -37,129 | -7% |
| Operating income | 32,620 | 7% | 31% | 34,992 | -7% | 37,667 | -13% |
| Non-operating income | 1,046 | -76% | -52% | 1,630 | -36% | 1,935 | -46% |
| Pre-tax income | 33,666 | -4% | 25% | 36,622 | -8% | 39,602 | -15% |
| Income tax | -7,608 | -3% | 26% | -7,910 | -4% | -11,992 | -37% |
| Net income | 23,495 | -7% | 26% | 25,554 | -8% | 27,611 | -15% |
| EPS (NT$) | 9.04 | -7% | 26% | 9.84 | -8% | 10.40 | -13% |
| Margin (%) | ppt | ppt | ppt | ppt | |||
| Gross margin | 34.1% | -1.6 | -0.8 | 35.7% | -1.7 | 36.2% | -2.1 |
| Operating margin | 16.6% | -0.1 | 0.0 | 17.4% | -0.8 | 18.2% | -1.7 |
| Pre-tax margin | 17.1% | -2.0 | -0.9 | 18.2% | -1.1 | 19.2% | -2.1 |
| Net margin | 11.9% | -1.8 | -0.5 | 12.7% | -0.8 | 13.4% | -1.4 |
Sourc : Company data, Facts t, Morgan Stanl y R s arch.
M Update
Valuation Methodology and Risks
Delta Electronics Inc. (2308.TW)
Base ase: P/E multiple of 30x based on average 2027-28 EPS. We believe our target multiple is justified by the 63% earnings CAGR we estimate for 2025-28, implying a PEG of 0.5, versus the sto k's ~23x P/E and 23% earnings CAGR during 2022-25, whi h implied a PEG of 1.0.
Risks to Upside
- n Faster-than-expe ted global e onomi growth
- n Falling raw material pri es
- nMargin improvement
Risks to Downside
- n Global e onomi slowdown
- nOngoing omponent supply tightness
- n Rising raw material pri es
- nMargin ontra tion as a result of higher operating expenses or faster ASP erosion
M Update