Delta Electronics, Inc.: Capex steps up on data center strength; earnings re-acceleration ahead in 2H26

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Delta Electronics, Inc.: Capex steps up on data center strength; earnings re-acceleration ahead in 2H26

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

31 July 2026

Delta Electronics, Inc. Overweight

2308.TW, 2308 TT

Capex steps up on data center strength; earnings re- Price (30 Jul 26):NT$1,530.00

acceleration ahead in 2H26 ▼Price Target (Jun-27):NT$2,500.00 Prior (Jun-27):NT$2,600.00

Key takeaways from Delta’s 2Q26 analyst meeting included: (1) a better-than-

seasonal 3Q26 revenue outlook, with some order backlog exiting 2Q26 amid tight Technology - Hardware

component supply; (2) management expects stable GMs through 2H26, while we Albert Hung AC

are more constructive on margin upside on a more favorable mix and product price (886-2) 2725-9875

increases; (3) reiterated server power product roll-out timeline, with initial HVDC albert.hung@jpmchase.com

J.P. Morgan Securities (Taiwan) Limited/ J.P.

products launching in 4Q26; (4) continued pressure in EV and automation Morgan Securities (Asia Pacific) Limited/ J.P.

businesses on soft end demand and component constraints; and (5) 30%+ opex Morgan Broking (Hong Kong) Limited

growth this year amid ongoing R&D investment in system integration and elevated Gokul Hariharan AC

logistics fees. We remain constructive on the data center power outlook, while (852) 2800-8564

gokul.hariharan@jpmorgan.com

component supply remains the key overhang. Overall, we trim our 2026/27/28 J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

earnings estimates by 4%/3%/3% to reflect higher-than-expected opex, and lower Morgan Broking (Hong Kong) Limited

our Jun-27 PT to NT$2,500 (based on 33x 12M fwd EPS, higher than the historical Anthony Leng

valuation range due to the secular AI server power consumption growth). Delta has (886-2) 2725-9240