Delta Electronics (2308.TW): Near-term Uncertainties Priced in; Outlook Intact

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Delta Electronics (2308.TW): Near-term Uncertainties Priced in; Outlook Intact

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22 Jul 2026 05:56:46 ET │ 15 pages

Delta Electronics (2308.TW)

Near-term Uncertainties Priced in; Outlook Intact

CITI'S TAKE

Delta’s share price has corrected more than 20% since recent peak due to

market volatility and market concern on slow 800V deployment. While we Buy

believe near-term momentum may be impacted by new projects ramping Price (22 Jul 26 13:30) NT$1,880.00schedule and tight component supply, the structural power solution

upgrade trend remains intact. Delta will host its 2Q26 analyst meet on July Target price NT$2,280.00↓

30. Maintain Buy as we believe near-term uncertainties are priced in. from NT$2,480.00

800V delayed? Power rack value upgrade trend remains intact — While Nvidia’s Expected share price 21.3%

Vera Rubin NVL72 platform does not mandate an 800V power architecture, we return

continue to view 800V DC as the long-term trend for AI data center power delivery. Expected dividend yield 1.0%

Nvidia’s rack power design will start transforming the traditional PSU sidecar from a

simple AC/DC power shelf into an intelligent rack-level power management Expected total return 22.3%

platform. The most significant additions include an integrated Battery Backup Market Cap NT$4,883,381M

Unit (BBU), bidirectional DC/DC converters, power smoothing circuitry, advanced US$150,997Mdigital controllers, and future-ready 800V HVDC interfaces. New spec enables the

sidecar to buffer rapid power fluctuations, reduce stress on the utility grid,

coordinate multiple power shelves, and improve overall power efficiency. As rack

power goes up beyond 200kW and eventually toward 500kW+ in future AI systems,

higher-voltage distribution becomes increasingly important.