DELTA (2308 TT, NT$2,160) - 2Q26 sales likely to miss; small shipment of 800V HVDC in 2H26

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DELTA (2308 TT, NT$2,160) - 2Q26 sales likely to miss; small shipment of 800V HVDC in 2H26

Taiwan Equity | Tech

Company Snapshot

Fubon Research DELTA (2308 TT)

June 11, 2026

2Q26 sales likely to miss; small shipment of 800V HVDC in 2H26

Buy

Price Target Reiterate Buy, maintain target price, 39% upside

NT$2,160 NT$3000 1. 2Q26 revenue expected to miss due to component constraints

○Initiating coverage ○Visit notes

2. 3Q26 revenue projected to increase by 17.7% QoQ

●Company update ●Earnings revision

3. Still expecting small shipment of 800V in 2H26

○Earnings preview ○Rating change

2Q26 revenue expected to miss due to component constraints

Shares out. (mn) 2,597.5

Mkt cap (NT$mn) 5,714,500 Delta Electronics (2308 TT) announced May revenue of NT$58.96bn, up 44% YoY and

Mkt cap (US$mn) 180,134 0.5% MoM. Accumulated April and May revenue reached NT$117.65bn, accounting for 59%

FINI holding (%) 64.01 and 63% of Fubon/consensus 2Q26 revenue estimates, respectively, falling short of

Local IM holding (%) 4.58 expectations. We attribute the lower-than-expected revenue to component constraints.

Directors holding (%) 7.32

Given the rising revenue scale, we forecast 2Q26 GM of 37.1%, largely flattish with 1Q26’s. 52-week high (NT$) 2,520.00

52-week low (NT$) 372.87 Thanks to the operating leverage, we project this quarter’s OpM to be 18.6%, up from

Day-trading % 36.26 1Q26’s 17.8%, with EPS of NT$9.42, up 75% YoY.

ESG Rating 8 Industry Rank 5/210 3Q26 revenue projected to increase by 17.7% QoQ

We forecast 3Q26 revenue of NT$213bn, up 17.7% QoQ and 41.8% YoY, driven by 1) strong

AI server AC/DC and DC/DC orders as well as regular server demand; and 2) the rest of

products including mobility, automation, components, liquid cooling, and fans which will

grow QoQ due to seasonality.