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J.P. Morgan Taiwan FTM 10 Jun 26 Taiwan Economics; Delta Electronics, Inc. and More
Research evidence excerpt
J.P. Morgan Taiwan FTM 10 Jun 26 Taiwan Economics; Delta Electronics, Inc. and More
Asia Pacific Equity Research
Taiwan First to Market 10 June 2026
Top Stories
Taiwan: Broad-based strength in May exports (Tingting Ge)
Upgrade 2Q GDP growth forecast
Exports rebounded sharply in May, more than reversing April’s dip, with momentum broadening from tech into non-tech.
Real exports snapped back strongly even as export price momentum remained elevated, pointing to upside for near-term IP.
Delta Electronics, Inc. (Albert Hung/Gokul Hariharan) (2308 TT, OW)
May sales tracking behind expectations, a bigger rebound in 3Q26E; OW
Delta’s May revenues came in at NT$59bn (flattish MoM and up 44% YoY), tracking behind our and market expectations.
Although management expects a bigger uptick in June sales, 2Q26 revenues are still likely to miss our expectations of high-
teens % QoQ growth. We attribute the softer-than-expected 2Q to supply constraints and anticipate a stronger 3Q26.
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