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]
小摩：降德昌电机控股(00179)目标价至54港元 评级“增持”