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]
小摩：降德昌电机控股目标价至54港元 评级“增持”