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: Valuation Divergence Hits a New Extreme

Delta Taiwan Vs. Thailand Monitor: Delta Thai Crashes Vs. Taiwan After Results, Can Correct Further

Delta Taiwan Vs. Thailand Monitor: Delta Thai Stages Sharp Rebound; Should SET50 Index Be Fixed?

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

Delta Electronics (DELTA TB / 2308 TT): Waiting for a Reversal

Delta Taiwan Vs. Thailand Monitor: SET50 Re-Inclusion Surge, Biggest Diversion in History

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>Results have come out for both companies. Delta Thailand has delivered massive growth in 2022 however in 2023 consensus expects Delta Taiwan to grow faster.</li>
<li>One way to outperform the Thailand SET Index in 2023E could be to simply hold the index stocks but exclude Delta Thailand.</li>
<li>By essentially any fundamental metric, Delta Thailand is over-priced relative to Delta Taiwan and it's hard to see what the next outperformance driver could be in 2023E.</li>
</ul>


Results have come out for both companies. Delta Thailand has delivered massive growth in 2022 however in 2023 consensus expects Delta Taiwan to grow faster.
One way to outperform the Thailand SET Index in 2023E could be to simply hold the index stocks but exclude Delta Thailand.
By essentially any fundamental metric, Delta Thailand is over-priced relative to Delta Taiwan and it's hard to see what the next outperformance driver could be in 2023E.


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