Core Viewpoint - Morgan Stanley maintains an "Overweight" rating and a target price of HKD 59 for Delta Electronics Holdings (00179), despite a mixed performance in recent operational data [1] Financial Performance - Delta's revenue for the first three fiscal quarters ending December remained flat year-on-year, but the third fiscal quarter saw a 2% increase to USD 893 million, indicating a gradual recovery [1] - The revenue growth in the third quarter was slightly below Morgan Stanley's expectations, primarily due to the slower-than-expected project initiation by Chinese automotive companies [1] Business Segments - The industrial products segment continues to outperform due to structural market share growth [1] - Limited data disclosure regarding humanoid robots and AI data center cooling businesses adds uncertainty to short-term visibility [1] - The recovery speed of the automotive products business remains uncertain, impacting short-term outlook [1]
小摩：德昌电机控股渐见复苏但仍稍逊预期 短期能见度受限 目标价59港元