External broker reports(aggregated public sources), Capital Securities Corp

Capital Securities

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Capital Securities Corp

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<p>Clients’ uncertain pull-in momentum and slow price adjustment; recommend NEUTRAL. Delta Electronics’ 3Q21 revenue met our forecast, but GM missed our forecast. Delta Electronics may continue facing cost pressure on higher materials prices as the price hike discussion with clients appears slow. Additionally, given upstream tight capacity in FY22, clients may still suffer from imbalance of component supply/demand condition.. Clients’ uncertain pull-in momentum and higher materials/component costs may still cast uncertainty of Delta Electronics’ revenue/earnings in FY22. Recommend NEUTRAL with TP of NTD255 (26x FY22 PER). </p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Clients’ uncertain pull-in momentum and slow price adjustment; recommend NEUTRAL. Delta Electronics’ 3Q21 revenue met our forecast, but GM missed our forecast. Delta Electronics may continue facing cost pressure on higher materials prices as the price hike discussion with clients appears slow. Additionally, given upstream tight capacity in FY22, clients may still suffer from imbalance of component supply/demand condition.. Clients’ uncertain pull-in momentum and higher materials/component costs may still cast uncertainty of Delta Electronics’ revenue/earnings in FY22. Recommend NEUTRAL with TP of NTD255 (26x FY22 PER). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delta Electronics (2308 TT, NEUTRAL, NTD245) 