Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

Delta Taiwan Vs. Thailand Monitor: Delta Thai Joining SET50, Could Open Up Rare Rel Valuation Level

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Delta Taiwan Vs. Thailand Monitor: Results Released, 2023E Could See Delta Taiwan Grow Faster

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Delta Taiwan Vs. Thailand Monitor: Delta Taiwan Reports Better Margin Trend, Rel Valuation Reverts

Delta Electronics: Taiwan Vs. Thailand Pairs Monitor, Call with Management

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Equity Bottom-Up

<ul>
<li>Delta Taiwan has outperformed Delta Thailand, but remains at a historically low relative valuation.</li>
<li>China concerns, which may have impacted Delta Taiwan on a relative basis, appear to be incrementally improving.</li>
<li>We continue to favor Delta Taiwan vs. Delta Thailand, historical data implies Delta Taiwan is more likely to outperform Delta Thailand than vice-versa.</li>
</ul>


Delta Taiwan has outperformed Delta Thailand, but remains at a historically low relative valuation.
China concerns, which may have impacted Delta Taiwan on a relative basis, appear to be incrementally improving.
We continue to favor Delta Taiwan vs. Delta Thailand, historical data implies Delta Taiwan is more likely to outperform Delta Thailand than vice-versa.


Delta Taiwan Vs. Thailand Monitor: China Concerns Easing, EV in 2023 Favor Delta Taiwan