报告名称：Delta Electronics(2308.TW)First Take： 4Q15 EPS in line but OP misses 8% on highe
报告类型：海外市场
报告日期：2016-03-11
研究机构：高盛集团有限公司
页数：5
简介：News
Delta Electronic (Delta) announced 4Q15 preliminary EPS of NT$1.99 (-13%qoq, +3% yoy), largely in line with GSe and Bloomberg consensus (3%above GSe and 1% below Bloomberg consensus). However, operatingprofit missed GSe by 8% as OPEX ratio in 4Q15 was 17.8% (vs GSe 17.1%),the highest in the past 10 years. Delta also announced DPS of NT$5.0,implying 70% payout ratio, which is on the higher end of the guidancerange of 65%-70% (GSe 65%). Separately, Feb sales were NT$12.4bn (-28%mom, +6% yoy) and Jan-Feb sales reached 62% of GSe, which is slightlybelow the average trend of 63% during 2010-15.
Analysis
Delta is hosting its 4Q15 analyst meeting on Mar 11 (HKT 4PM) and webelieve the key focus will be:
1) Organic growth outlook and businesses that could have a betteroutlook for the next few years (power system [EV chagrining station,PV inverter and wind energy], passive components and industrialautomation).
2) OPEX ratio, which surged to almost a record high level in 4Q15, andhow Delta could manage the OPEX and what’s the long-term target formargins.
3) The progress of Eltek acquisition and the contribution to Delta’s salesand earnings in 2015.
4) M&A targets and strategy.
5) Medium- to long-term growth strategy and shareholders return policy(dividend payout ratio and ROE).
Implications
We maintain our rating, earnings estimates and NT$220 2016E EV/GCI vs.CROCI/WACC-based 12m target price. Risks: Global economic slowdown;lower-than-expected synergies from its Eltek acquisition; higher-thanexpectedoperating expenses.

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