Delta Electronics, Inc. Key takeaways from the JPM APAC All Stars London Conference

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Delta Electronics, Inc. Key takeaways from the JPM APAC All Stars London Conference

J P M O R G A N Asia Pacific Equity Research

25 June 2026

Delta Electronics, Inc. Overweight

2308.TW, 2308 TT

Key takeaways from the JPM APAC All Stars London Price (25 Jun 26):NT$1,980.00

Conference Price Target (Jun-27):NT$2,600.00

We hosted Delta’s senior IR manager, Rodney Liu, and senior management, Technology - Hardware

ACLanford Liu, during the JPM APAC All Stars London Conference. Key takeaways Albert Hung

were: (886-2) 2725-9875

albert.hung@jpmchase.com

J.P. Morgan Securities (Taiwan) Limited/ J.P.• 20% HVDC adoption rate next year bodes well for Delta’s server power

revenues. Management targets a 20% HVDC adoption rate next year. MorganMorgan SecuritiesBroking (Hong(AsiaKong)Pacific)LimitedLimited/ J.P.

Assuming 70k Vera Rubin rack next year, this implies a 5-10k 660kW HVDC Gokul Hariharan

power rack, which is largely in line with our expectations. Delta indicates that (852) 2800-8564

HVDC could become a mandatory adoption in Vera Rubin Ultra generation, gokul.hariharan@jpmorgan.com

while we see potential uncertainty given Kyber delay. Overall, we still expect J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

growing HVDC power rack adoption rate into Vera Rubin Ultra generation. We

Anthony Leng

also see initial HVDC power rack adoption in AI ASIC servers in 2H26 and

(886-2) 2725-9240

continued ramp into next year. Rising HVDC attach rate bodes well for Delta anthony.leng@jpmorgan.com

due to higher content value (both PSU and non PSU). J.P. Morgan Securities (Taiwan) Limited

• Power content increases with SST, but still distant from large-scale

deployment. While SST could diminish the content value of traditional AC/