Core Viewpoint - Morgan Stanley maintains an "Overweight" rating and target price of HKD 59 for Delta Electronics Holdings (00179) despite a mixed operational update [1] Group 1: Financial Performance - Delta Electronics reported that revenue for the first three fiscal quarters remained flat year-on-year, but third-quarter revenue increased by 2% 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] Group 2: Business Segments - The industrial products segment continues to perform well due to structural market share growth [1] - Limited data disclosure regarding humanoid robots and AI data center cooling businesses, along with uncertainty in the recovery speed of the automotive products segment, restricts short-term visibility [1]
小摩：德昌电机控股(00179)渐见复苏但仍稍逊预期 短期能见度受限 目标价59港元