智通财经APP获悉，摩根大通发布研报称，先前发表对德昌电机控股(00179)模型中发现货币换算计算错 误，经修正后，修订目标价格为59港元。修正并不反映该行对德昌电机的基本看法有任何改变，而只是 针对货币兑换上的错误。所有相关的假设、预测及评级维持不变。小摩昨日将德昌目标价由67港元下调 至54港元，维持增持评级。 ...

Core Viewpoint - Morgan Stanley's report indicates that the mid-term performance of Delta Electronics Holdings (00179) as of the end of September met expectations, with revenue showing a slight year-on-year decline but a half-year increase, while net profit experienced a year-on-year growth [1] Financial Performance - Revenue decreased by 1% year-on-year but increased by 2% half-year-on-half to reach $1.8 billion [1] - Net profit grew by 3% year-on-year and remained flat half-year-on-half, amounting to $133 million [1] - The improvement in automotive products (APG) and contributions from industrial products (IPG) were key factors in the financial performance [1] Market Sentiment and Future Outlook - The company provided limited details on new business plans during the earnings briefing, maintaining its usual communication style [1] - The lack of updates regarding AIDC and robotics order progress is expected to keep market sentiment towards the stock subdued [1] - Any specific updates on these business channels could potentially trigger significant valuation reassessments [1] Target Price and Rating - The target price for Delta Electronics Holdings has been reduced from HKD 67 to HKD 54, while the rating remains "Overweight" [1]

Core Viewpoint - Morgan Stanley's report indicates that the mid-term performance of Delta Electronics Holdings (00179) as of the end of September met expectations, with revenue showing a slight decline year-on-year but a modest increase on a half-year basis [1] Financial Performance - Revenue decreased by 1% year-on-year but increased by 2% on a half-year basis, reaching $1.8 billion [1] - Net profit grew by 3% year-on-year and remained flat on a half-year basis, amounting to $133 million [1] - The improvement in automotive products (APG) and contributions from industrial products (IPG) were key factors in the financial performance [1] Target Price and Rating - The target price for the stock has been reduced from HKD 67 to HKD 54, while maintaining an "Overweight" rating [1] Communication and Market Sentiment - The company provided limited details on new business plans during the earnings briefing, continuing its usual communication style [1] - The lack of updates regarding AIDC and robotics order progress is expected to keep market sentiment towards the stock subdued [1] - Any specific updates on these business channels could potentially trigger significant valuation reassessments [1]

Core Viewpoint - Morgan Stanley's report indicates that the mid-term performance of Delta Electronics for the period ending September met expectations, with revenue and net profit showing slight variations year-on-year and half-on-half [1] Financial Performance - Revenue decreased by 1% year-on-year but increased by 2% half-on-half to reach 1.8 billion USD [1] - Net profit grew by 3% year-on-year and remained flat half-on-half at 133 million USD [1] Business Segments - The improvement in the automotive products (APG) segment and contributions from the industrial products (IPG) segment were key factors in the financial performance [1] Communication and Market Sentiment - The company provided limited details on new business plans during the earnings briefing, maintaining its usual communication style [1] - The lack of updates regarding AI DC and robotics order progress is expected to keep market sentiment towards the stock subdued [1] Valuation and Target Price - Any specific updates on these business pipelines could trigger significant valuation reassessments [1] - The target price has been reduced from 67 HKD to 54 HKD, while maintaining a "buy" rating [1]

Group 1 - Chang'an Minsheng Logistics announced a dividend of RMB 0.050000 per share, with an ex-dividend date of December 2, 2025, and a payment date of December 31, 2025. It is part of the Hang Seng primary industry of air freight and logistics, and is included in the CSI Central Enterprises Dividend Index [1] - Dechang Motor Holdings declared a dividend of HKD 0.17 per share, with an ex-dividend date of December 3, 2025, and a payment date of January 6, 2026. It belongs to the automotive parts sector and is also part of the CSI Central Enterprises Dividend Index [1] - Eagle Beauty announced a dividend of HKD 0.24 per share, with an ex-dividend date of November 25, 2025, and a payment date of December 11, 2025. It is categorized under the clothing industry and is included in the CSI Central Enterprises Dividend Index [1] Group 2 - The CSI Central Enterprises Dividend Index (931233.CSI) selects 50 listed companies with stable dividend levels and high dividend yields from the Hong Kong Stock Connect. As of November 12, the index has a one-year dividend yield of 5.49%, surpassing the 10-year government bond yield of 3.67%. The largest investment vehicle tracking this index is the Hong Kong Central Enterprises Dividend ETF (513910) [2] - The Hang Seng Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) focuses on high dividend stocks among mainland companies listed in Hong Kong. As of November 12, this index has a one-year dividend yield of 5.20%, which is higher than the 10-year government bond yield of 3.38%. The only ETF tracking this index is the Hang Seng Dividend ETF (159726) [2]

每经AI快讯，德昌电机控股(00179.HK)跌超11%，截至发稿，跌11.59%，报29.6港元，成交额1.91亿港 元。 ...

Core Viewpoint - 德昌电机控股 reported a mixed performance in its interim results, with a slight decline in revenue but an increase in net profit attributable to shareholders [1] Financial Performance - Revenue for the six months ending September 30, 2025, was $1.833 billion, a year-on-year decrease of 1% [1] - Net profit attributable to shareholders increased by 3% to $133 million, translating to a diluted earnings per share of 14.21 cents [1] - Basic net profit decreased by 8% to $123 million [1] - The board declared an interim dividend of 17 Hong Kong cents per share [1] Market Conditions - The global economy showed resilience despite the impact of the abrupt changes in U.S. international trade policy [1] - Consumer confidence in major economies remains cautious due to cost-of-living pressures and a weak labor market [1] - The automotive, consumer, and industrial hardware sectors experienced mixed impacts, with some emerging applications showing favorable growth [1] Challenges - Growth in mature product lines is slow, and ongoing uncertainties in demand and global supply chain configurations have led to delays in new project launches by original equipment manufacturer clients [1]

智通财经APP获悉，德昌电机控股(00179)跌超11%，截至发稿，跌11.59%，报29.6港元，成交额1.91亿 港元。 公告指出，尽管全球经济在面对美国国际贸易政策急剧转变带来的冲击下展现韧性，但由于生活成本压 力加上劳动市场疲软，世界主要经济体的整体消费者信心维持审慎。在德昌电机的汽车和消费者领域及 工业硬件产品等主要终端市场，所受的影响好坏参半。多个新兴驱动应用领域呈现有利的增长动力，惟 因更多成熟期的产品增长缓慢，加上因需求及全球供应链配置持续不明朗，原始设备制造商客户延迟推 出新项目，导致整体增长受到抵销。 消息面上，德昌电机控股公布截至 2025 年9月30日止六个月中期业绩，营业额为18.33亿美元，同比下 跌1%；股东应占溢利净额上升3%至1.33亿美元；或按完全摊薄基础后为每股14.21美仙。基本净溢利下 跌8%至1.23亿美元。董事会宣布派发中期股息每股17港仙。 ...

Financial Performance - Sales decreased slightly by 1% from US$1,854.2 million to US$1,833.5 million[76, 83] - Gross profit increased slightly from US$438.1 million to US$440.7 million, with gross margin improving by 0.4% to 24.0%[76] - Adjusted net profit decreased from US$133.3 million to US$123.0 million, primarily due to price adjustments and wage inflation[76, 101] - Capital expenditure increased significantly by US$33.2 million, reaching US$130.8 million, representing 7.1% of sales[76] - Free cash flow from operations increased by US$30.1 million, reaching US$174.5 million[76] Business Segments and Markets - Automotive Products Group (APG) sales softened due to unfavorable customer mix in China and competitive price adjustments[83] - Industry Products Group (IPG) sales were flat amid varied regional dynamics, with Asia-Pacific declining due to price competition[83, 97] - The company is well-positioned for growth in New Energy Vehicles (NEV), targeting hybrid and BEV applications[7, 46] Strategic Initiatives - The company is expanding into the humanoid robotics sector through joint ventures in China with SMEIC[127, 131] - Focus on technological innovation to provide unique motion solutions and redefine industry standards[15] - The company is focusing on sustainable growth prospects, supported by megatrends[58]

Core Viewpoint - 德昌电机控股 reported a slight decline in revenue for the first half of the fiscal year 2025/26, indicating challenges in maintaining growth amidst currency fluctuations and market conditions [1] Financial Performance - The total revenue for the first half of the fiscal year 2025/26 was $1.833 billion, a decrease of 1% compared to the same period last year [1] - Excluding the impact of foreign exchange fluctuations, revenue decreased by 2% [1] - Gross profit amounted to $441 million, representing 24.0% of total revenue, compared to $438 million or 23.6% in the previous fiscal year [1] - Net profit attributable to shareholders increased by 3% to $133 million, equating to a diluted earnings per share of 14.21 cents [1] - Basic net profit decreased by 8% to $123 million [1] - The interim dividend declared was 17 Hong Kong cents per share, equivalent to 2.18 US cents [1]