Delta Electronics Investment Research

Goldman Sachs reiterates a Buy rating on Delta Electronics with a raised target price of NT$4,500, citing strong growth in AI power products.

Key Takeaways

• 1.Reiterating Buy rating on Delta Electronics and raising 12-month TP to NT$4,500 due to strong AI power revenue growth prospects.
• 2.Expect significant growth in AI power-related products driven by high-density 12kW PSU adoption and HVDC power racks.

Table of Contents

• Delta Electronics (2308.TW)
• Strong demand and pricing uptrend for 12kW PSU suggests better revenue and profit outlook throughout 2026
• Power rack contribution to start earlier in 2H26, and will be the key growth driver throughout 2027-30
• Earnings revision and where we stand vs. consensus
• Valuation and risks - Raise TP to NT$4,500
• Investment Thesis & PT methodology and risks
• Disclosure Appendix

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