AI 銘柄分析 · 10年

Delta Electronics, Inc. / 台達電子工業股份有限公司

2308 · TWD · 分析基準日 2026-11-06

台達電子：電源・インフラ需要と投資を踏まえた10年評価

10年期待年率2.51%

資本コスト9.00%

直近終値1,055.00 TWD2026-11-06

AIによるシナリオ分析です。基準日以降の出来事、株価や為替の変化は個別に確認が必要です。各数値は元の分析の単位と前提に従います。

分析の要約

会社Q3決算と台湾証取終値を起点に、電源・インフラ事業を5シナリオで評価。Q3財務は一部未レビューに伴う限定付レビュー、基準日の株数は代理値で、台湾ETFの実効源泉税は未反映。配当・買戻し・将来の成長は予測です。

要約の補足

research_cutoff: 2026-11-06 Taiwan market close; 2026-11-06 after_close_news isolated as nonprice_known
price_verified_2026_11_06: はい
insight: 9M2026で高成長・営業利益増。評価は親会社持分だけ、タイ子会社NCI利益を二重計上せずに要再投資を織込む。
asof_company_data: 2026-10-28 reviewed 2026 3Q IFRS; 2026-10-29 IR conference
analysis_edge_dates: 2026-11-07 to 2036-11-06 inclusive=3653 modeled days, with first55 and last311
historical_dividend: 2026-06-17 ex, 2026-07-22 pay, before asof; not included again
known_dividend_entitlement_asof: 未確認
known_dividend_entitlement_asof_reason: No confirmed unpaid post-2026-11-06 parent ordinary dividend identified in 2026Q3 filing; later years unapproved.
ETF_Taiwan_effective_local_withholding: 未確認
ETF_Taiwan_tax_treatment: fund-specific local effective withholding under EWT not confirmed; all holder valuations pre-local withholding; do not model US/Japan personal tax.
verified_vs_proxy_vs_forecast: 2026Q3 reporting actual, Nov6 stock close verified, November balances and shares proxy, events and future cash all explicit forecast.
late_2026_11_06_news: Guanyin plant MOPS disclosure at 17:08 local 2026-11-06 is after TWSE close; omitted from closing information set and treated as next-recheck gate.

結論の補足

recommendation: 金融価値からの合理性を検証。AI成長プレミアムと設備投資・非支配持分に厳格。
stance: scenario_weighted_discounted_old_holder_equity_value_vs_TWSE_market
asof_close_twd: 1055
initial_marketcamp_oku: 27404.08212095
expected_pv_oku: 16216.360658567
expected_value_per_initial_share_twd: 624.29605995484
expected_value_premium_discount_to_market: -0.40825018013759
probability_weighted_cashflow_IRR_site_terminal_exact_t10: 0.02510385602409
probability_weighted_cashflow_IRR_actual_terminal_36525: 0.02510111002111
scenario_individual_IRR_probability_weighted_arithmetic_not_used_for_IRR: 0.00034476697419
coc_k: 0.09
model_fair_price_not_quoted_target: はい
key_uncertainty: 2036年以降AIラック向け電力・液冷成長の持続性とROE競争収斂を数値化。将来の株数・配当日はすべて予測。

事業

company: 製造設備向け電源変換・工業制御・データセンター用電源/冷却等。収益区分は4つのIFRS開示セグメント
9m2026_revenue_oku: 5396.67536
9m2026_revenue_yoy_growth: 0.37391277901976
9m2026_operating_margin: 0.16974798165365
9m2026_parent_ni_oku: 691.85826
data_center_cooling: 会社IR質疑では2026Q3冷却関連約250億TWD、同四半期売上約13%; 内部集計で監査セグメントではない。AI横断領域約50%はセグメント別売上と足さない。
source_company_qualitative: Q3 2026 management English translated transcript Oct29; liquid cooling suppliers power platform, ±400VDC high voltage DC early trials, SOFC pilot not assured.
quantity_price_mix_logic: segment growth=(1+physical_volume_growth)*(1+price_mix_growth)-1; model annual per-segment table contains both; no assured 10-year 2026AI CAGR.
working_capital: Inventories 1,682.02oku at Sep2026 versus1,014.78oku Dec2025; dynamic inventory execution, AR and capex are material.
capex: 9m2026 paid for PPE 448.78oku and intangibles7.93oku (not synonymous with IFRS D&A); future funded in each scenario.
major_customer_concentration: 未確認
major_customer_concentration_unconfirmed: No independently audited customer revenue percentage was established; do not invent explicit Nvidia/Meta share.
mna: 2026 9m includes acquisitions Noda RF 90.23pct stake, Delta Controls Germany 100pct; modeling no standalone speculative acquisition gain.
financing: DET Thailand subsidiary exchangeable bonds and options are on subsidiary equity/NCI, not 2308 newly issued parent common stock.

競争力・事業の質

strengths

1: 高効率電力変換IP・顧客認証・グローバル製造立地
2: AIラックのkW上昇と配電・液冷のクロスセル
3: 2026年前9か月親会社利益692億TWD、現金2090億TWD

risks

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1: NCI662億TWDとDET交換社債: 連結利益/キャッシュを母公司普通株に100%帰属させない
2: 9M2026棚卸資産1682億TWD、前年末から+667億TWD、供給停滞/評価損リスク
3: 設備投資の負担増、電力網/建設日程で検収遅延
4: 競合が液冷と電源に参入し17%前後の営業利益率を圧迫
5: 2026Q3レビューの限定結論: 一部子会社/持分法投資のレビュー未実施、監査意見と混同しない
6: 台湾ドル/米ドル・タイバーツ為替、米中輸出管理/関税
7: 2036 terminal ROE fadeや9%kという大きな主観パラメータ

business_moat

顧客承認・高出力電源設計・液冷統合のスイッチングコストは強みだが永久の独占利潤を認めず、競争でROEは18年かけてCoCへ収斂。

reported_IFRS_review_outcome

qualified_review_due_to_certain_unreviewed_nonsignificant_subsidiaries_and_associates

no_audit_misrepresentation

はい

業界と環境

data_center_power

1: AIアクセラレータのTDP増加→rack kW増大
2: 配電/高圧直流とAC-DC/DC-DCの効率改善
3: 顧客の内製化・原材料調達

cooling

1: 空冷から液冷への移行は設置サイト制約に左右
2: CDU/冷媒・保守標準化と信頼性保証
3: 電力網・施工人員の希少性

automation

1: 製造業景気・設備投資の循環
2: 長期保守サービス、製品差別化
3: ABB/Siemens/Omron/三菱など競合

mobility

1: EV車種ミックスと充電設備投資
2: 2026年9Mセグメント営業赤字約12.67億TWD

pricing_model

具体的な契約単価は非開示; annual price/mix growth is assumed, not reported unit ASP.

industry_demand_guarantees

none

財務・資本配分

reported_2026_Q3_IFRS

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日付: 2026-09-30
種類: reported_IFRS_reviewed_2026Q3
sales_9m_oku: 5396.67536
operating_profit_9m_oku: 916.07475
pretax_profit_9m_oku: 997.5893
income_tax_9m_oku: 226.9709
profit_total_9m_oku: 770.6184
parent_profit_9m_oku: 691.85826
nci_profit_9m_oku: 78.76014
assets_oku: 8356.60191
total_liabilities_including_operating_oku: 4512.30114
親会社持分（億）: 3181.97309
非支配持分資本（億）: 662.32768
cash_and_equivalents_oku: 2090.2269
short_borrowings_oku: 127.79441
current_maturities_long_debt_bonds_and_loans_oku: 264.61754
noncurrent_bonds_oku: 487.97334
noncurrent_long_borrowings_oku: 225.87185
lease_noncurrent_oku: 33.69703
paid_ppe_capex_9m_oku: 448.77977
paid_intangibles_9m_oku: 7.92646
nci_dividends_paid_9m_oku: 27.25886
issued_shares_report_2026Q3_thousands: 2597543
issued_shares_legal_register_exact: 2597543329
treasury_shares_2026Q3_proxy: 0
ordinary_shares_2026Q3_proxy: 2597543329
shares_diluted_2026_9m_employee_remuneration_potential_thousands: 4323
subsidiary_option_outstanding_shares_9m: 5096000
subsidiary_equity_settled_sbc_expense_9m_oku: 0.07926
employee_remuneration_accrued_9m_oku: 74.53931
2026_dividend_per_share_paid_twd: 11.6
2026_dividend_ex_date: 2026-06-17
2026_dividend_payment_date: 2026-07-22
2026_dividend_total_disclosed_oku: 301.315026164
interest_bearing_borrowings_ex_lease_oku: 1106.25714
net_cash_ex_lease_oku: 983.96976
non_interest_liabilities_incl_lease_oku: 3406.044

prior_dividend_ex_and_paid_not_eligible_cashflow

per_share_twd: 11.6
ex_date: 2026-06-17
pay_date: 2026-07-22

ordinary_parent_treasury_shares_2026_09_30_proxy

mother_company_potential_diluted_EPS_employee_remuneration_shares_9m_thousands

4323

employee_remuneration_stock_awards_actual_outstanding_not_automatically_issued

はい

subsidiary_stock_options_actual_outstanding_not_parent_ordinary

5096000

financial_debt_definition

Short loan + current portion bonds&loans + noncurrent bonds + long-term loans, excludes lease obligations, excludes suppliers & other trade liabilities.

2026_11_06_proxy_balance

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cash: 2166.6468924
debt: 1106.25714
parent_equity: 3293.8255683833
nci_equity: 675.07636139935
issuer_shares: 2597543329
old_shares: 2597543329
total_liabilities_other: 3406.044
other_noncash_assets: 6314.5561773826
company_assets: 8481.2030697826

nci_accounting

NCI net profit and NCI equity are kept outside parent profit/equity; NCI dividend paid only from group cash. Thai subsidiary exchangeable bond conversion amount 0 in core path, because no confirmed conversion event and double-counting risk.

debt_and_cash

entity-wide IFRS group cash and financing borrowings are reported as such, not mistakenly deemed entirely freely remittable to listed parent.

subsidiary_exchangeable_bonds

2026 new offshore USD bonds may be exchangable into DELTA THAILAND subsidiary equity, not 2308 common; record in group bonds/debt/NCI. No automatic parent diluted share change.

parent_sbc_treatment

Future hypothetical new stock grants expensed in period operating profit AND as noncash CFO addback + APIC equity credit; actual free issuance increases denominator. Issuer repurchases are actual cash and decrease equity/shares. No expense second deduction.

share_buyback_treatment

Proportional participation of ORIGINAL 2026 shareholders; cash proceeds received as timed positive cashflow, remaining original cohort shares and issuer shares are retired pro-rata, no double counting.

parent_equity_clean_surplus

opening + (parent IFRS NI after SBC) + parent SBC equity credit + cash new issuance + OCI - declared dividends - repurchase expense

nci_equity_clean_surplus

opening+NCI NI+subsidiary SBC equity credit - NCI dividends + NCI conversions. In scenarios all conversions 0 unless independently confirmed.

cash_identity

opening cash + GROUP NI + D&A + SBC noncash addback - delta operating WC - PP&E/intangible capex - parent&NCI dividend - issuer repurchase cash + new financial borrowing - debt cash repayment

total_company_asset_liability_plug

Other non-cash assets and operating liabilities after 2026Q3 are pro forma residuals only; no model-derived number is described as reported IFRS.

lease_liability_excluded_from_debt_proxies

Lease obligation tracked within other liabilities rather than interest-bearing bond/bank debt to avoid double subtraction; scenario debt excludes leases.

cash_and_equivalents_not_all_available_to_parent

Subsidiaries with NCI own some cash; valuation instead uses parent equity + parent earnings residual model.

no_unverified_postcutoff_dividend_asof

はい

評価の前提と確認

forbid_terminal_market_PER_PBR_mean_reversion

はい

terminal_market_PE_PB_multiplier_applied

いいえ

source_exchange_PE_is_only_crosscheck

31.68

terminal_valuation

18 future years of parent common distributable cash using ROE fade to nominal TWD CoC, net reinvestment g*book, and repurchase cost to neutralize SBC; mature value from return-on-capital=CoC, not 10x/15x/30x P/E

initial_price_value_oku

27404.08212095

no_terminal_plus_2037_dividend

2036-11-06 cum-right exit value includes future 2037 cashflows; seller does not also receive pre-ex-date 2037 dividend

initial_2026_dividend_removed

はい

sensitivity

k 8-10%, reinvestment fade and price of SBC neutralizing buyback stressed below in valuation sensitivities

discount_rate_sensitivity

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id: stress
discount_k: 0.08
whole_company_terminal_oku: 4855.302026732
same_original_holder_terminal_oku: 4853.3903273232
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: stress
discount_k: 0.09
whole_company_terminal_oku: 4247.1248272838
same_original_holder_terminal_oku: 4245.452588157
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: stress
discount_k: 0.1
whole_company_terminal_oku: 3727.1285863972
same_original_holder_terminal_oku: 3725.661087676
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: bear
discount_k: 0.08
whole_company_terminal_oku: 10786.704662245
same_original_holder_terminal_oku: 10781.664135198
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: bear
discount_k: 0.09
whole_company_terminal_oku: 9698.4696777249
same_original_holder_terminal_oku: 9693.9376727932
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: bear
discount_k: 0.1
whole_company_terminal_oku: 8756.9946566323
same_original_holder_terminal_oku: 8752.9025942463
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: base
discount_k: 0.08
whole_company_terminal_oku: 21758.943145614
same_original_holder_terminal_oku: 21747.517671595
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: base
discount_k: 0.09
whole_company_terminal_oku: 19872.760069321
same_original_holder_terminal_oku: 19862.32501729
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: base
discount_k: 0.1
whole_company_terminal_oku: 18224.859337661
same_original_holder_terminal_oku: 18215.28958717
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: bull
discount_k: 0.08
whole_company_terminal_oku: 39108.520618324
same_original_holder_terminal_oku: 39084.831155283
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: bull
discount_k: 0.09
whole_company_terminal_oku: 36035.083717899
same_original_holder_terminal_oku: 36013.255948133
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: bull
discount_k: 0.1
whole_company_terminal_oku: 33330.723877615
same_original_holder_terminal_oku: 33310.534237634
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: superbull
discount_k: 0.08
whole_company_terminal_oku: 81210.956138283
same_original_holder_terminal_oku: 81151.858789713
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: superbull
discount_k: 0.09
whole_company_terminal_oku: 75188.446518314
same_original_holder_terminal_oku: 75133.731760065
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

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id: superbull
discount_k: 0.1
whole_company_terminal_oku: 69865.116762899
same_original_holder_terminal_oku: 69814.275800613
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

資本コストの前提

資本コスト: 9.00%
risk_free_nominal_TWD: 未確認
equity_risk_premium: 未確認
k_data_class: judgment_scenario_discount_hurdle_not_market_observation
risk_free_unconfirmed_reason: forward TWD sovereign curve maturity not separately sourced; integrated 9% model hurdle is a subjective stress benchmark
単位: decimal_nominal_TWD_after_corporate_tax_before_ETF_level_Taiwan_source_tax

事業別データ

事業別の内訳と、収録されている年度別データを確認できます。

事業別データを開く →

10年のシナリオ

シナリオごとの確率、期間内の株主還元・追加負担、終価です。金額は億TWD。株主の範囲や受取時点は各分析の前提を確認してください。

シナリオ	確率	株主還元・追加負担	終価
深刻な逆風	10.0%	1,319.50	4,245.45
弱気	20.0%	3,669.57	9,693.94
中立	40.0%	9,204.43	19,862.33
強気	22.0%	15,330.10	36,013.26
大幅上振れ	8.0%	24,217.78	75,133.73

深刻な逆風（確率 10.0%）

電源・部品、インフラ、製造投資と競争環境をケース別に仮定し、旧株主の配当と残存価値を算出します。

日付別キャッシュフロー

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種類: future_dividend_declaration
想定日: 2027-05-20
year: 0.53388090349076
金額: 0
company_total_declaration_oku: 323.60179952842
confirmed: いいえ
注記: 予測：株主総会・取締役会等の正式決議なし。宣言日で親会社資本を減額し、支払時は配当負債を現金決済。
ex_date_model_context: 2027-06-17

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種類: future_dividend_ex_rights
想定日: 2027-06-17
year: 0.61054072553046
金額: 0
confirmed: いいえ
注記: 予測：権利落ち日。未決議。売却前に権利が外れる場合だけ旧株主に配当請求権が残る。
ex_date_model_context: 2027-06-17

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種類: old_holder_dividend_cash
想定日: 2027-07-22
year: 0.70636550308008
金額: 323.60179952842
ex_date: 2027-06-17
declaration_date_assumed: 2027-05-20
company_total_dividend_oku: 323.60179952842
eligible_outstanding_shares: 2597543329
dividend_per_share_twd: 12.457994286971
old_holder_shares_on_ex_date: 2597543329
old_holder_fraction_on_ex_date: 1
confirmed: いいえ
注記: 予測：会社配当総額×権利落ち時旧株主持分。実際の支払日に旧株主現金。

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種類: future_parent_equity_settled_award_issue
想定日: 2027-09-15
year: 0.85694729637235
金額: 0
confirmed: いいえ
issuer_new_shares: 139452
grant_expense_previously_included_in_ifrs_op_oku: 0.94248453540617
noncash_apic_equity_credit_oku: 0.94248453540617
cash_from_old_shareholders_oku: 0
fair_value_per_share_execution_proxy_twd: 675.84645168219
issuer_shares_after: 2597682781
old_holder_shares_after: 2597543329
注記: 予測、2026-09実績では親株SBC交付を確認できず。非現金会計は利益から費用控除済み→資本貸方→CFO加算、旧株主は支払いゼロ・分母増加だけ。

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種類: future_share_buyback_review_gate_none
想定日: 2027-10-15
year: 0.93908281998631
金額: 0
confirmed: いいえ
company_total_repurchase_cash_oku: 0
注記: このシナリオでは買戻し金額ゼロ。実行前に決議と数量を確認する監視日。

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種類: future_dividend_declaration
想定日: 2028-05-20
year: 1.5359342915811
金額: 0
company_total_declaration_oku: 122.83376008536
confirmed: いいえ
注記: 予測：株主総会・取締役会等の正式決議なし。宣言日で親会社資本を減額し、支払時は配当負債を現金決済。
ex_date_model_context: 2028-06-17

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種類: future_dividend_ex_rights
想定日: 2028-06-17
year: 1.6125941136208
金額: 0
confirmed: いいえ
注記: 予測：権利落ち日。未決議。売却前に権利が外れる場合だけ旧株主に配当請求権が残る。
ex_date_model_context: 2028-06-17

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種類: old_holder_dividend_cash
想定日: 2028-07-22
year: 1.7084188911704
金額: 122.82716597247
ex_date: 2028-06-17
declaration_date_assumed: 2028-05-20
company_total_dividend_oku: 122.83376008536
eligible_outstanding_shares: 2597682781
dividend_per_share_twd: 4.7285896870777
old_holder_shares_on_ex_date: 2597543329
old_holder_fraction_on_ex_date: 0.99994631677085
confirmed: いいえ
注記: 予測：会社配当総額×権利落ち時旧株主持分。実際の支払日に旧株主現金。

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種類: future_parent_equity_settled_award_issue
想定日: 2028-09-15
year: 1.8590006844627
金額: 0
confirmed: いいえ
issuer_new_shares: 124530
grant_expense_previously_included_in_ifrs_op_oku: 0.82645268189037
noncash_apic_equity_credit_oku: 0.82645268189037
cash_from_old_shareholders_oku: 0
fair_value_per_share_execution_proxy_twd: 663.65933858859
issuer_shares_after: 2597807311
old_holder_shares_after: 2597543329
注記: 予測、2026-09実績では親株SBC交付を確認できず。非現金会計は利益から費用控除済み→資本貸方→CFO加算、旧株主は支払いゼロ・分母増加だけ。

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種類: future_share_buyback_review_gate_none
想定日: 2028-10-15
year: 1.9411362080767
金額: 0
confirmed: いいえ
company_total_repurchase_cash_oku: 0
注記: このシナリオでは買戻し金額ゼロ。実行前に決議と数量を確認する監視日。

内容を開く

種類: future_dividend_declaration
想定日: 2029-05-20
year: 2.5352498288843
金額: 0
company_total_declaration_oku: 115.69345907867
confirmed: いいえ
注記: 予測：株主総会・取締役会等の正式決議なし。宣言日で親会社資本を減額し、支払時は配当負債を現金決済。
ex_date_model_context: 2029-06-17

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種類: future_dividend_ex_rights
想定日: 2029-06-17
year: 2.611909650924
金額: 0
confirmed: いいえ
注記: 予測：権利落ち日。未決議。売却前に権利が外れる場合だけ旧株主に配当請求権が残る。
ex_date_model_context: 2029-06-17

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種類: old_holder_dividend_cash
想定日: 2029-07-22
year: 2.7077344284737
金額: 115.68170262908
ex_date: 2029-06-17
declaration_date_assumed: 2029-05-20
company_total_dividend_oku: 115.69345907867
eligible_outstanding_shares: 2597807311
dividend_per_share_twd: 4.4535042529439
old_holder_shares_on_ex_date: 2597543329
old_holder_fraction_on_ex_date: 0.99989838276346
confirmed: いいえ
注記: 予測：会社配当総額×権利落ち時旧株主持分。実際の支払日に旧株主現金。

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種類: future_parent_equity_settled_award_issue
想定日: 2029-09-15
year: 2.8583162217659
金額: 0
confirmed: いいえ
issuer_new_shares: 113877
grant_expense_previously_included_in_ifrs_op_oku: 0.75000636123504
noncash_apic_equity_credit_oku: 0.75000636123504
cash_from_old_shareholders_oku: 0
fair_value_per_share_execution_proxy_twd: 658.6135514746
issuer_shares_after: 2597921188
old_holder_shares_after: 2597543329
注記: 予測、2026-09実績では親株SBC交付を確認できず。非現金会計は利益から費用控除済み→資本貸方→CFO加算、旧株主は支払いゼロ・分母増加だけ。

内容を開く

種類: future_share_buyback_review_gate_none
想定日: 2029-10-15
year: 2.9404517453799
金額: 0
confirmed: いいえ
company_total_repurchase_cash_oku: 0
注記: このシナリオでは買戻し金額ゼロ。実行前に決議と数量を確認する監視日。

内容を開く

種類: future_dividend_declaration
想定日: 2030-05-20
year: 3.5345653661875
金額: 0
company_total_declaration_oku: 111.44540456231
confirmed: いいえ
注記: 予測：株主総会・取締役会等の正式決議なし。宣言日で親会社資本を減額し、支払時は配当負債を現金決済。
ex_date_model_context: 2030-06-17

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種類: future_dividend_ex_rights
想定日: 2030-06-17
year: 3.6112251882272
金額: 0
confirmed: いいえ
注記: 予測：権利落ち日。未決議。売却前に権利が外れる場合だけ旧株主に配当請求権が残る。
ex_date_model_context: 2030-06-17

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種類: old_holder_dividend_cash
想定日: 2030-07-22
year: 3.7070499657769
金額: 111.42919519872
ex_date: 2030-06-17
declaration_date_assumed: 2030-05-20
company_total_dividend_oku: 111.44540456231
eligible_outstanding_shares: 2597921188
dividend_per_share_twd: 4.2897915871
old_holder_shares_on_ex_date: 2597543329
old_holder_fraction_on_ex_date: 0.9998545533245
confirmed: いいえ
注記: 予測：会社配当総額×権利落ち時旧株主持分。実際の支払日に旧株主現金。

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種類: future_parent_equity_settled_award_issue
想定日: 2030-09-15
year: 3.8576317590691
金額: 0
confirmed: いいえ
issuer_new_shares: 106132
grant_expense_previously_included_in_ifrs_op_oku: 0.69827042588537
noncash_apic_equity_credit_oku: 0.69827042588537
cash_from_old_shareholders_oku: 0
fair_value_per_share_execution_proxy_twd: 657.92483174591
issuer_shares_after: 2598027320
old_holder_shares_after: 2597543329
注記: 予測、2026-09実績では親株SBC交付を確認できず。非現金会計は利益から費用控除済み→資本貸方→CFO加算、旧株主は支払いゼロ・分母増加だけ。

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種類: future_share_buyback_review_gate_none
想定日: 2030-10-15
year: 3.9397672826831
金額: 0
confirmed: いいえ
company_total_repurchase_cash_oku: 0
注記: このシナリオでは買戻し金額ゼロ。実行前に決議と数量を確認する監視日。

内容を開く

種類: future_dividend_declaration
想定日: 2031-05-20
year: 4.5338809034908
金額: 0
company_total_declaration_oku: 108.86818374899
confirmed: いいえ
注記: 予測：株主総会・取締役会等の正式決議なし。宣言日で親会社資本を減額し、支払時は配当負債を現金決済。
ex_date_model_context: 2031-06-17

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種類: future_dividend_ex_rights
想定日: 2031-06-17
year: 4.6105407255305
金額: 0
confirmed: いいえ
注記: 予測：権利落ち日。未決議。売却前に権利が外れる場合だけ旧株主に配当請求権が残る。
ex_date_model_context: 2031-06-17

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種類: old_holder_dividend_cash
想定日: 2031-07-22
year: 4.7063655030801
金額: 108.84790250687
ex_date: 2031-06-17
declaration_date_assumed: 2031-05-20
company_total_dividend_oku: 108.86818374899
eligible_outstanding_shares: 2598027320
dividend_per_share_twd: 4.1904172027334
old_holder_shares_on_ex_date: 2597543329
old_holder_fraction_on_ex_date: 0.99981370827155
confirmed: いいえ
注記: 予測：会社配当総額×権利落ち時旧株主持分。実際の支払日に旧株主現金。

内容を開く

種類: future_parent_equity_settled_award_issue
想定日: 2031-09-15
year: 4.8569472963723
金額: 0
confirmed: いいえ
issuer_new_shares: 100348
grant_expense_previously_included_in_ifrs_op_oku: 0.66277602986803
noncash_apic_equity_credit_oku: 0.66277602986803
cash_from_old_shareholders_oku: 0
fair_value_per_share_execution_proxy_twd: 660.47430608957
issuer_shares_after: 2598127668
old_holder_shares_after: 2597543329
注記: 予測、2026-09実績では親株SBC交付を確認できず。非現金会計は利益から費用控除済み→資本貸方→CFO加算、旧株主は支払いゼロ・分母増加だけ。

内容を開く

種類: future_share_buyback_review_gate_none
想定日: 2031-10-15
year: 4.9390828199863
金額: 0
confirmed: いいえ
company_total_repurchase_cash_oku: 0
注記: このシナリオでは買戻し金額ゼロ。実行前に決議と数量を確認する監視日。

内容を開く

種類: future_dividend_declaration
想定日: 2032-05-20
year: 5.5359342915811
金額: 0
company_total_declaration_oku: 107.46827723651
confirmed: いいえ
注記: 予測：株主総会・取締役会等の正式決議なし。宣言日で親会社資本を減額し、支払時は配当負債を現金決済。
ex_date_model_context: 2032-06-17

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種類: future_dividend_ex_rights
想定日: 2032-06-17
year: 5.6125941136208
金額: 0
confirmed: いいえ
注記: 予測：権利落ち日。未決議。売却前に権利が外れる場合だけ旧株主に配当請求権が残る。
ex_date_model_context: 2032-06-17

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種類: old_holder_dividend_cash
想定日: 2032-07-22
year: 5.7084188911704
金額: 107.44410679007
ex_date: 2032-06-17
declaration_date_assumed: 2032-05-20
company_total_dividend_oku: 107.46827723651
eligible_outstanding_shares: 2598127668
dividend_per_share_twd: 4.1363739957875
old_holder_shares_on_ex_date: 2597543329
old_holder_fraction_on_ex_date: 0.99977509226848
confirmed: いいえ
注記: 予測：会社配当総額×権利落ち時旧株主持分。実際の支払日に旧株主現金。

内容を開く

種類: future_parent_equity_settled_award_issue
想定日: 2032-09-15
year: 5.8590006844627
金額: 0
confirmed: いいえ
issuer_new_shares: 95934
grant_expense_previously_included_in_ifrs_op_oku: 0.63840431689412
noncash_apic_equity_credit_oku: 0.63840431689412
cash_from_old_shareholders_oku: 0
fair_value_per_share_execution_proxy_twd: 665.46459406518
issuer_shares_after: 2598223602
old_holder_shares_after: 2597543329
注記: 予測、2026-09実績では親株SBC交付を確認できず。非現金会計は利益から費用控除済み→資本貸方→CFO加算、旧株主は支払いゼロ・分母増加だけ。

内容を開く

種類: future_share_buyback_review_gate_none
想定日: 2032-10-15
year: 5.9411362080767
金額: 0
confirmed: いいえ
company_total_repurchase_cash_oku: 0
注記: このシナリオでは買戻し金額ゼロ。実行前に決議と数量を確認する監視日。

内容を開く

種類: future_dividend_declaration
想定日: 2033-05-20
year: 6.5352498288843
金額: 0
company_total_declaration_oku: 106.91564256894
confirmed: いいえ
注記: 予測：株主総会・取締役会等の正式決議なし。宣言日で親会社資本を減額し、支払時は配当負債を現金決済。
ex_date_model_context: 2033-06-17

内容を開く

種類: future_dividend_ex_rights
想定日: 2033-06-17
year: 6.611909650924
金額: 0
confirmed: いいえ
注記: 予測：権利落ち日。未決議。売却前に権利が外れる場合だけ旧株主に配当請求権が残る。
ex_date_model_context: 2033-06-17

内容を開く

種類: old_holder_dividend_cash
想定日: 2033-07-22
year: 6.7077344284736
金額: 106.88764966453
ex_date: 2033-06-17
declaration_date_assumed: 2033-05-20
company_total_dividend_oku: 106.91564256894
eligible_outstanding_shares: 2598223602
dividend_per_share_twd: 4.1149515571578
old_holder_shares_on_ex_date: 2597543329
old_holder_fraction_on_ex_date: 0.99973817765358
confirmed: いいえ
注記: 予測：会社配当総額×権利落ち時旧株主持分。実際の支払日に旧株主現金。

内容を開く

種類: future_parent_equity_settled_award_issue
想定日: 2033-09-15
year: 6.8583162217659
金額: 0
confirmed: いいえ
issuer_new_shares: 92502
grant_expense_previously_included_in_ifrs_op_oku: 0.62190712266289
noncash_apic_equity_credit_oku: 0.62190712266289
cash_from_old_shareholders_oku: 0
fair_value_per_share_execution_proxy_twd: 672.31997446507
issuer_shares_after: 2598316104
old_holder_shares_after: 2597543329
注記: 予測、2026-09実績では親株SBC交付を確認できず。非現金会計は利益から費用控除済み→資本貸方→CFO加算、旧株主は支払いゼロ・分母増加だけ。

内容を開く

種類: future_share_buyback_review_gate_none
想定日: 2033-10-15
year: 6.9404517453799
金額: 0
confirmed: いいえ
company_total_repurchase_cash_oku: 0
注記: このシナリオでは買戻し金額ゼロ。実行前に決議と数量を確認する監視日。

内容を開く

種類: future_dividend_declaration
想定日: 2034-05-20
year: 7.5345653661875
金額: 0
company_total_declaration_oku: 106.9835929856
confirmed: いいえ
注記: 予測：株主総会・取締役会等の正式決議なし。宣言日で親会社資本を減額し、支払時は配当負債を現金決済。
ex_date_model_context: 2034-06-17

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種類: future_dividend_ex_rights
想定日: 2034-06-17
year: 7.6112251882272
金額: 0
confirmed: いいえ
注記: 予測：権利落ち日。未決議。売却前に権利が外れる場合だけ旧株主に配当請求権が残る。
ex_date_model_context: 2034-06-17

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種類: old_holder_dividend_cash
想定日: 2034-07-22
year: 7.7070499657769
金額: 106.9517745914
ex_date: 2034-06-17
declaration_date_assumed: 2034-05-20
company_total_dividend_oku: 106.9835929856
eligible_outstanding_shares: 2598316104
dividend_per_share_twd: 4.117420233085
old_holder_shares_on_ex_date: 2597543329
old_holder_fraction_on_ex_date: 0.99970258622544
confirmed: いいえ
注記: 予測：会社配当総額×権利落ち時旧株主持分。実際の支払日に旧株主現金。

内容を開く

種類: future_parent_equity_settled_award_issue
想定日: 2034-09-15
year: 7.8576317590691
金額: 0
confirmed: いいえ
issuer_new_shares: 89791
grant_expense_previously_included_in_ifrs_op_oku: 0.6111394294153
noncash_apic_equity_credit_oku: 0.6111394294153
cash_from_old_shareholders_oku: 0
fair_value_per_share_execution_proxy_twd: 680.62107944036
issuer_shares_after: 2598405895
old_holder_shares_after: 2597543329
注記: 予測、2026-09実績では親株SBC交付を確認できず。非現金会計は利益から費用控除済み→資本貸方→CFO加算、旧株主は支払いゼロ・分母増加だけ。

内容を開く

種類: future_share_buyback_review_gate_none
想定日: 2034-10-15
year: 7.9397672826831
金額: 0
confirmed: いいえ
company_total_repurchase_cash_oku: 0
注記: このシナリオでは買戻し金額ゼロ。実行前に決議と数量を確認する監視日。

内容を開く

種類: future_dividend_declaration
想定日: 2035-05-20
year: 8.5338809034908
金額: 0
company_total_declaration_oku: 107.5132217181
confirmed: いいえ
注記: 予測：株主総会・取締役会等の正式決議なし。宣言日で親会社資本を減額し、支払時は配当負債を現金決済。
ex_date_model_context: 2035-06-17

内容を開く

種類: future_dividend_ex_rights
想定日: 2035-06-17
year: 8.6105407255305
金額: 0
confirmed: いいえ
注記: 予測：権利落ち日。未決議。売却前に権利が外れる場合だけ旧株主に配当請求権が残る。
ex_date_model_context: 2035-06-17

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種類: old_holder_dividend_cash
想定日: 2035-07-22
year: 8.7063655030801
金額: 107.47753166299
ex_date: 2035-06-17
declaration_date_assumed: 2035-05-20
company_total_dividend_oku: 107.5132217181
eligible_outstanding_shares: 2598405895
dividend_per_share_twd: 4.1376607836746
old_holder_shares_on_ex_date: 2597543329
old_holder_fraction_on_ex_date: 0.99966804031593
confirmed: いいえ
注記: 予測：会社配当総額×権利落ち時旧株主持分。実際の支払日に旧株主現金。

内容を開く

種類: future_parent_equity_settled_award_issue
想定日: 2035-09-15
year: 8.8569472963724
金額: 0
confirmed: いいえ
issuer_new_shares: 87621
grant_expense_previously_included_in_ifrs_op_oku: 0.60463733581687
noncash_apic_equity_credit_oku: 0.60463733581687
cash_from_old_shareholders_oku: 0
fair_value_per_share_execution_proxy_twd: 690.06053108502
issuer_shares_after: 2598493516
old_holder_shares_after: 2597543329
注記: 予測、2026-09実績では親株SBC交付を確認できず。非現金会計は利益から費用控除済み→資本貸方→CFO加算、旧株主は支払いゼロ・分母増加だけ。

内容を開く

種類: future_share_buyback_review_gate_none
想定日: 2035-10-15
year: 8.9390828199863
金額: 0
confirmed: いいえ
company_total_repurchase_cash_oku: 0
注記: このシナリオでは買戻し金額ゼロ。実行前に決議と数量を確認する監視日。

内容を開く

種類: future_dividend_declaration
想定日: 2036-05-20
year: 9.5359342915811
金額: 0
company_total_declaration_oku: 108.39136414267
confirmed: いいえ
注記: 予測：株主総会・取締役会等の正式決議なし。宣言日で親会社資本を減額し、支払時は配当負債を現金決済。
ex_date_model_context: 2036-06-17

内容を開く

種類: future_dividend_ex_rights
想定日: 2036-06-17
year: 9.6125941136208
金額: 0
confirmed: いいえ
注記: 予測：権利落ち日。未決議。売却前に権利が外れる場合だけ旧株主に配当請求権が残る。
ex_date_model_context: 2036-06-17

内容を開く

種類: old_holder_dividend_cash
想定日: 2036-07-22
year: 9.7084188911704
金額: 108.35172884457
ex_date: 2036-06-17
declaration_date_assumed: 2036-05-20
company_total_dividend_oku: 108.39136414267
eligible_outstanding_shares: 2598493516
dividend_per_share_twd: 4.1713155516942
old_holder_shares_on_ex_date: 2597543329
old_holder_fraction_on_ex_date: 0.99963433158707
confirmed: いいえ
注記: 予測：会社配当総額×権利落ち時旧株主持分。実際の支払日に旧株主現金。

内容を開く

種類: future_parent_equity_settled_award_issue
想定日: 2036-09-15
year: 9.8590006844627
金額: 0
confirmed: いいえ
issuer_new_shares: 72958
grant_expense_previously_included_in_ifrs_op_oku: 0.51100381169753
noncash_apic_equity_credit_oku: 0.51100381169753
cash_from_old_shareholders_oku: 0
fair_value_per_share_execution_proxy_twd: 700.4123185759
issuer_shares_after: 2598566474
old_holder_shares_after: 2597543329
注記: 予測、2026-09実績では親株SBC交付を確認できず。非現金会計は利益から費用控除済み→資本貸方→CFO加算、旧株主は支払いゼロ・分母増加だけ。

内容を開く

種類: future_share_buyback_review_gate_none
想定日: 2036-10-15
year: 9.9411362080767
金額: 0
confirmed: いいえ
company_total_repurchase_cash_oku: 0
注記: このシナリオでは買戻し金額ゼロ。実行前に決議と数量を確認する監視日。

その他の数値・前提

data_class

forecast_2026-11-07_to_2036-11-06

期間内株主受取

1319.5005573891

終価

4245.452588157

company_whole_parent_equity_terminal_oku

4247.1248272838

company_issuer_common_mcap_proxy_terminal_oku

4247.1248272838

issuer_2026_11_06_mcap_oku

27404.08212095

terminal_company_value_per_share_twd

163.44106913479

dividend_cash_to_cohort_oku

1319.5005573891

issuer_repurchase_tender_cash_to_cohort_oku

old_holder_terminal_equity_fraction

0.99960626560443

old_holder_residual_shares

2597543329

company_shares_outstanding_at_exit

2598566474

現在価値（億）

2727.3412368015

pv_act36525_terminal_oku

2727.1296892229

net_pv_minus_initial_oku

-24676.740884149

irr

-0.15945366951552

irr_site_exponent_10

-0.15945366951552

irr_act36525_all_event_dates

-0.15943521584416

キャッシュフローの算出方法

timed_holder_cashflows_v1

fiscal_period_ledger_11

内容を開く

period_id

2026_postcutoff_partial

fiscal_year

2026

period_start

2026-11-07

期間末

2026-12-31

inclusive_days

fiscal_year_days

365

fiscal_year_fraction

0.15068493150685

data_class

forecast

opening

内容を開く

親会社持分（億）: 3293.8255683833
group_cash_oku: 2166.6468924
group_interest_bearing_debt_ex_lease_oku: 1106.25714
非支配持分資本（億）: 675.07636139935
issuer_economic_shares: 2597543329
old_holder_cohort_shares: 2597543329
old_holder_fraction: 1

pnl

内容を開く

consolidated_sales_oku

1208.4456521739

segments_sales_oku

内容を開く

power_components: 661.79347826087
infrastructure: 392.77173913043
automation: 96.847826086957
mobility: 53.804347826087

operating_profit_pre_sbc_oku

161.05793478261

parent_share_sbc_expense_oku

subsidiary_share_sbc_expense_oku

0.02391304347826

ifrs_operating_profit_after_sbc_oku

161.03402173913

net_nonoperating_income_oku

14.945652173913

ifrs_profit_before_tax_oku

175.97967391304

income_tax_expense_oku

41.355223369565

consolidated_profit_oku

134.62445054348

parent_net_income_after_sbc_oku

120.86583169793

nci_profit_oku

13.758618845543

税率

23.50%

reported_vs_projected

forecast_only

cashflows_group

内容を開く

operating_cash_flow_proxy_oku: 185.75207893478
pnl_cash_bridge_oku: 134.62445054348
depreciation_and_amortization_addback_oku: 55.5885
parent_non_cash_sbc_addback_oku: 0
subsidiary_non_cash_sbc_addback_oku: 0.02391304347826
working_capital_investment_oku: 4.4847846521739
maintenance_capex_cash_oku: 49.54627173913
growth_capex_cash_oku: 49.54627173913
total_capex_cash_oku: 99.092543478261
company_fcf_pre_distributions_oku: 86.659535456522
parent_declared_and_paid_dividends_oku: 0
nci_cash_dividends_oku: 0
issuer_buyback_cash_oku: 0
new_interest_bearing_borrowing_cash_oku: 0
interest_bearing_debt_principal_repaid_cash_oku: 15.002665323288
cash_end_reconciliation_residual_oku: -4.5E-13

ordinary_shares

内容を開く

company_parent_shares_awarded_free: 0
company_parent_shares_bought_and_cancelled: 0
subsidiary_stock_options_excluded_from_parent_share_number: はい
award_execution_price_twd_proxy: 未確認
buyback_execution_price_twd_proxy: 未確認
old_cohort_shares_tendered_proportionately: 0
old_cohort_ownership_end: 1
treasury_shares_end_assumed: 0

equity_rollforward

内容を開く

parent_net_income_oku: 120.86583169793
sbc_equity_paid_in_oku: 0
parent_dividends_oku: 0
issuer_repurchase_deduction_oku: 0
oci_oku_assumed: 0
paid_new_issues_oku_assumed: 0
parent_equity_end_reconciliation_residual_oku: 0
nci_profit_oku: 13.758618845543
subsidiary_sbc_credit_to_nci_oku_proxy: 0.02391304347826
nci_dividends_oku: 0
delta_thailand_exchangeable_bond_to_nci_oku_assumed: 0
nci_equity_end_reconciliation_residual_oku: 0

closing

内容を開く

親会社持分（億）: 3414.6914000812
group_cash_oku: 2238.3037625332
group_interest_bearing_debt_ex_lease_oku: 1091.2544746767
group_net_cash_ex_lease_oku: 1147.0492878565
非支配持分資本（億）: 688.85889328837
issuer_economic_shares: 2597543329
old_holder_cohort_shares: 2597543329
old_holder_fraction: 1
total_other_liabilities_and_leases_proxy_oku: 3406.044
other_non_cash_assets_plug_proxy_oku: 6362.545005513
total_assets_plug_proxy_oku: 8600.8487680463
assets_liabilities_equity_residual_oku: 9.1E-13

annual_run_rate

full_fiscal_year_sales_oku

7508.4036208696

segment_vol_price_margin_assumptions

内容を開く

power_components

volume_growth: 未確認
price_growth: 未確認
annual_operating_margin_before_sbc: 0.158

infrastructure

volume_growth: 未確認
price_growth: 未確認
annual_operating_margin_before_sbc: 0.148

automation

volume_growth: 未確認
price_growth: 未確認
annual_operating_margin_before_sbc: 0.012

mobility

volume_growth: 未確認
price_growth: 未確認
annual_operating_margin_before_sbc: -0.052

noncapex_working_capital_ratio_on_incremental_revenue

未確認

内容を開く

period_id

FY2027

fiscal_year

2027

period_start

2027-01-01

期間末

2027-12-31

inclusive_days

365

fiscal_year_days

365

fiscal_year_fraction

data_class

forecast

opening

内容を開く

親会社持分（億）: 3414.6914000812
group_cash_oku: 2238.3037625332
group_interest_bearing_debt_ex_lease_oku: 1091.2544746767
非支配持分資本（億）: 688.85889328837
issuer_economic_shares: 2597543329
old_holder_cohort_shares: 2597543329
old_holder_fraction: 1

pnl

内容を開く

consolidated_sales_oku

6283.2302360411

segments_sales_oku

内容を開く

power_components: 3414.5379169822
infrastructure: 1978.9241816407
automation: 577.72869194052
mobility: 297.98342682776

operating_profit_pre_sbc_oku

511.72931401534

parent_share_sbc_expense_oku

0.94248453540617

subsidiary_share_sbc_expense_oku

0.08796522330458

ifrs_operating_profit_after_sbc_oku

510.69886425663

net_nonoperating_income_oku

27.873378025316

ifrs_profit_before_tax_oku

538.57224228195

income_tax_expense_oku

143.79878868928

consolidated_profit_oku

394.77345359267

parent_net_income_after_sbc_oku

350.95360024388

nci_profit_oku

43.819853348786

税率

26.70%

reported_vs_projected

forecast_only

cashflows_group

内容を開く

operating_cash_flow_proxy_oku: 966.62237271981
pnl_cash_bridge_oku: 394.77345359267
depreciation_and_amortization_addback_oku: 289.02859085789
parent_non_cash_sbc_addback_oku: 0.94248453540617
subsidiary_non_cash_sbc_addback_oku: 0.08796522330458
working_capital_investment_oku: -281.78987851054
maintenance_capex_cash_oku: 251.32920944164
growth_capex_cash_oku: 414.69319557871
total_capex_cash_oku: 666.02240502036
company_fcf_pre_distributions_oku: 300.59996769945
parent_declared_and_paid_dividends_oku: 323.60179952842
nci_cash_dividends_oku: 29.470378920743
issuer_buyback_cash_oku: 0
new_interest_bearing_borrowing_cash_oku: 0
interest_bearing_debt_principal_repaid_cash_oku: 98.212902720904
cash_end_reconciliation_residual_oku: -4.5E-13

ordinary_shares

内容を開く

company_parent_shares_awarded_free: 139452
company_parent_shares_bought_and_cancelled: 0
subsidiary_stock_options_excluded_from_parent_share_number: はい
award_execution_price_twd_proxy: 675.84645168219
buyback_execution_price_twd_proxy: 692.74261297424
old_cohort_shares_tendered_proportionately: 0
old_cohort_ownership_end: 0.99994631677085
treasury_shares_end_assumed: 0

equity_rollforward

内容を開く

parent_net_income_oku: 350.95360024388
sbc_equity_paid_in_oku: 0.94248453540617
parent_dividends_oku: 323.60179952842
issuer_repurchase_deduction_oku: 0
oci_oku_assumed: 0
paid_new_issues_oku_assumed: 0
parent_equity_end_reconciliation_residual_oku: 0
nci_profit_oku: 43.819853348786
subsidiary_sbc_credit_to_nci_oku_proxy: 0.08796522330458
nci_dividends_oku: 29.470378920743
delta_thailand_exchangeable_bond_to_nci_oku_assumed: 0
nci_equity_end_reconciliation_residual_oku: 0

closing

内容を開く

親会社持分（億）: 3442.9856853321
group_cash_oku: 2087.6186490626
group_interest_bearing_debt_ex_lease_oku: 993.04157195581
group_net_cash_ex_lease_oku: 1094.5770771068
非支配持分資本（億）: 703.29633293972
issuer_economic_shares: 2597682781
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99994631677085
total_other_liabilities_and_leases_proxy_oku: 3006.733998164
other_non_cash_assets_plug_proxy_oku: 6058.4389393289
total_assets_plug_proxy_oku: 8146.0575883916
assets_liabilities_equity_residual_oku: 9.1E-13

annual_run_rate

full_fiscal_year_sales_oku

6283.2302360411

segment_vol_price_margin_assumptions

内容を開く

power_components

volume_growth: -0.14
price_growth: -0.016
annual_operating_margin_before_sbc: 0.112

infrastructure

volume_growth: -0.19
price_growth: -0.018
annual_operating_margin_before_sbc: 0.078

automation

volume_growth: -0.06
price_growth: -0.02
annual_operating_margin_before_sbc: -0.015

mobility

volume_growth: -0.12
price_growth: -0.018
annual_operating_margin_before_sbc: -0.055

noncapex_working_capital_ratio_on_incremental_revenue

0.23

内容を開く

period_id

FY2028

fiscal_year

2028

period_start

2028-01-01

期間末

2028-12-31

inclusive_days

366

fiscal_year_days

366

fiscal_year_fraction

data_class

forecast

opening

内容を開く

親会社持分（億）: 3442.9856853321
group_cash_oku: 2087.6186490626
group_interest_bearing_debt_ex_lease_oku: 993.04157195581
非支配持分資本（億）: 703.29633293972
issuer_economic_shares: 2597682781
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99994631677085

pnl

内容を開く

consolidated_sales_oku

5509.6845459358

segments_sales_oku

内容を開く

power_components: 3014.1923605961
infrastructure: 1670.9947529755
automation: 543.20672193594
mobility: 266.74273112543

operating_profit_pre_sbc_oku

484.65474461172

parent_share_sbc_expense_oku

0.82645268189037

subsidiary_share_sbc_expense_oku

0.0771355836431

ifrs_operating_profit_after_sbc_oku

483.75115634619

net_nonoperating_income_oku

25.040176379165

ifrs_profit_before_tax_oku

508.79133272535

income_tax_expense_oku

135.84728583767

consolidated_profit_oku

372.94404688768

parent_net_income_after_sbc_oku

330.55274022478

nci_profit_oku

42.3913066629

税率

26.70%

reported_vs_projected

forecast_only

cashflows_group

内容を開く

operating_cash_flow_proxy_oku: 805.20863299049
pnl_cash_bridge_oku: 372.94404688768
depreciation_and_amortization_addback_oku: 253.44548911305
parent_non_cash_sbc_addback_oku: 0.82645268189037
subsidiary_non_cash_sbc_addback_oku: 0.0771355836431
working_capital_investment_oku: -177.91550872423
maintenance_capex_cash_oku: 220.38738183743
growth_capex_cash_oku: 341.60044184802
total_capex_cash_oku: 561.98782368545
company_fcf_pre_distributions_oku: 243.22080930504
parent_declared_and_paid_dividends_oku: 122.83376008536
nci_cash_dividends_oku: 12.26955893766
issuer_buyback_cash_oku: 0
new_interest_bearing_borrowing_cash_oku: 0
interest_bearing_debt_principal_repaid_cash_oku: 89.373741476023
cash_end_reconciliation_residual_oku: 0

ordinary_shares

内容を開く

company_parent_shares_awarded_free: 124530
company_parent_shares_bought_and_cancelled: 0
subsidiary_stock_options_excluded_from_parent_share_number: はい
award_execution_price_twd_proxy: 663.65933858859
buyback_execution_price_twd_proxy: 680.2508220533
old_cohort_shares_tendered_proportionately: 0
old_cohort_ownership_end: 0.99989838276346
treasury_shares_end_assumed: 0

equity_rollforward

内容を開く

parent_net_income_oku: 330.55274022478
sbc_equity_paid_in_oku: 0.82645268189037
parent_dividends_oku: 122.83376008536
issuer_repurchase_deduction_oku: 0
oci_oku_assumed: 0
paid_new_issues_oku_assumed: 0
parent_equity_end_reconciliation_residual_oku: 0
nci_profit_oku: 42.3913066629
subsidiary_sbc_credit_to_nci_oku_proxy: 0.0771355836431
nci_dividends_oku: 12.26955893766
delta_thailand_exchangeable_bond_to_nci_oku_assumed: 0
nci_equity_end_reconciliation_residual_oku: 0

closing

内容を開く

親会社持分（億）: 3651.5311181534
group_cash_oku: 2106.3623978686
group_interest_bearing_debt_ex_lease_oku: 903.66783047979
group_net_cash_ex_lease_oku: 1202.6945673888
非支配持分資本（億）: 733.4952162486
issuer_economic_shares: 2597807311
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99989838276346
total_other_liabilities_and_leases_proxy_oku: 2742.5568618472
other_non_cash_assets_plug_proxy_oku: 5924.8886288604
total_assets_plug_proxy_oku: 8031.251026729
assets_liabilities_equity_residual_oku: -4.5E-13

annual_run_rate

full_fiscal_year_sales_oku

5509.6845459358

segment_vol_price_margin_assumptions

内容を開く

power_components

volume_growth: -0.10435
price_growth: -0.0144
annual_operating_margin_before_sbc: 0.1174

infrastructure

volume_growth: -0.1417
price_growth: -0.0162
annual_operating_margin_before_sbc: 0.0873

automation

volume_growth: -0.04252
price_growth: -0.018
annual_operating_margin_before_sbc: -0.006

mobility

volume_growth: -0.0901
price_growth: -0.0162
annual_operating_margin_before_sbc: -0.04435

noncapex_working_capital_ratio_on_incremental_revenue

0.23

内容を開く

period_id

FY2029

fiscal_year

2029

period_start

2029-01-01

期間末

2029-12-31

inclusive_days

365

fiscal_year_days

365

fiscal_year_fraction

data_class

forecast

opening

内容を開く

親会社持分（億）: 3651.5311181534
group_cash_oku: 2106.3623978686
group_interest_bearing_debt_ex_lease_oku: 903.66783047979
非支配持分資本（億）: 733.4952162486
issuer_economic_shares: 2597807311
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99989838276346

pnl

内容を開く

consolidated_sales_oku

5000.0424082336

segments_sales_oku

内容を開く

power_components: 2746.3425390844
infrastructure: 1474.5438224219
automation: 518.87669845331
mobility: 245.22218969564

operating_profit_pre_sbc_oku

467.61068726825

parent_share_sbc_expense_oku

0.75000636123504

subsidiary_share_sbc_expense_oku

0.07000059371527

ifrs_operating_profit_after_sbc_oku

466.7906803133

net_nonoperating_income_oku

24.797772662984

ifrs_profit_before_tax_oku

491.58845297628

income_tax_expense_oku

131.25411694467

consolidated_profit_oku

360.33433603161

parent_net_income_after_sbc_oku

318.4154416066

nci_profit_oku

41.918894425011

税率

26.70%

reported_vs_projected

forecast_only

cashflows_group

内容を開く

operating_cash_flow_proxy_oku: 708.37398543681
pnl_cash_bridge_oku: 360.33433603161
depreciation_and_amortization_addback_oku: 230.00195077875
parent_non_cash_sbc_addback_oku: 0.75000636123504
subsidiary_non_cash_sbc_addback_oku: 0.07000059371527
working_capital_investment_oku: -117.2176916715
maintenance_capex_cash_oku: 200.00169632934
growth_capex_cash_oku: 290.00245967755
total_capex_cash_oku: 490.00415600689
company_fcf_pre_distributions_oku: 218.36982942992
parent_declared_and_paid_dividends_oku: 115.69345907867
nci_cash_dividends_oku: 11.869565865612
issuer_buyback_cash_oku: 0
new_interest_bearing_borrowing_cash_oku: 0
interest_bearing_debt_principal_repaid_cash_oku: 81.330104743181
cash_end_reconciliation_residual_oku: 4.5E-13

ordinary_shares

内容を開く

company_parent_shares_awarded_free: 113877
company_parent_shares_bought_and_cancelled: 0
subsidiary_stock_options_excluded_from_parent_share_number: はい
award_execution_price_twd_proxy: 658.6135514746
buyback_execution_price_twd_proxy: 675.07889026147
old_cohort_shares_tendered_proportionately: 0
old_cohort_ownership_end: 0.9998545533245
treasury_shares_end_assumed: 0

equity_rollforward

内容を開く

parent_net_income_oku: 318.4154416066
sbc_equity_paid_in_oku: 0.75000636123504
parent_dividends_oku: 115.69345907867
issuer_repurchase_deduction_oku: 0
oci_oku_assumed: 0
paid_new_issues_oku_assumed: 0
parent_equity_end_reconciliation_residual_oku: 0
nci_profit_oku: 41.918894425011
subsidiary_sbc_credit_to_nci_oku_proxy: 0.07000059371527
nci_dividends_oku: 11.869565865612
delta_thailand_exchangeable_bond_to_nci_oku_assumed: 0
nci_equity_end_reconciliation_residual_oku: 0

closing

内容を開く

親会社持分（億）: 3855.0031070425
group_cash_oku: 2115.8390976111
group_interest_bearing_debt_ex_lease_oku: 822.3377257366
group_net_cash_ex_lease_oku: 1293.5013718745
非支配持分資本（億）: 763.61454540171
issuer_economic_shares: 2597921188
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.9998545533245
total_other_liabilities_and_leases_proxy_oku: 2562.4093369367
other_non_cash_assets_plug_proxy_oku: 5887.5256175065
total_assets_plug_proxy_oku: 8003.3647151176
assets_liabilities_equity_residual_oku: 4.5E-13

annual_run_rate

full_fiscal_year_sales_oku

5000.0424082336

segment_vol_price_margin_assumptions

内容を開く

power_components

volume_growth: -0.0768995
price_growth: -0.01296
annual_operating_margin_before_sbc: 0.12199

infrastructure

volume_growth: -0.104509
price_growth: -0.01458
annual_operating_margin_before_sbc: 0.095205

automation

volume_growth: -0.0290604
price_growth: -0.0162
annual_operating_margin_before_sbc: 0.00165

mobility

volume_growth: -0.067077
price_growth: -0.01458
annual_operating_margin_before_sbc: -0.0352975

noncapex_working_capital_ratio_on_incremental_revenue

0.23

内容を開く

period_id

FY2030

fiscal_year

2030

period_start

2030-01-01

期間末

2030-12-31

inclusive_days

365

fiscal_year_days

365

fiscal_year_fraction

data_class

forecast

opening

内容を開く

親会社持分（億）: 3855.0031070425
group_cash_oku: 2115.8390976111
group_interest_bearing_debt_ex_lease_oku: 822.3377257366
非支配持分資本（億）: 763.61454540171
issuer_economic_shares: 2597921188
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.9998545533245

pnl

内容を開く

consolidated_sales_oku

4655.1361725691

segments_sales_oku

内容を開く

power_components: 2562.9522208142
infrastructure: 1344.7864159524
automation: 501.75173708479
mobility: 230.06163958913

operating_profit_pre_sbc_oku

457.46041471948

parent_share_sbc_expense_oku

0.69827042588537

subsidiary_share_sbc_expense_oku

0.06517190641597

ifrs_operating_profit_after_sbc_oku

456.69697238718

net_nonoperating_income_oku

24.976856603128

ifrs_profit_before_tax_oku

481.6738289903

income_tax_expense_oku

128.60691234041

consolidated_profit_oku

353.06691664989

parent_net_income_after_sbc_oku

311.05195356856

nci_profit_oku

42.014963081337

税率

26.70%

reported_vs_projected

forecast_only

cashflows_group

内容を開く

operating_cash_flow_proxy_oku: 647.2950571232
pnl_cash_bridge_oku: 353.06691664989
depreciation_and_amortization_addback_oku: 214.13626393818
parent_non_cash_sbc_addback_oku: 0.69827042588537
subsidiary_non_cash_sbc_addback_oku: 0.06517190641597
working_capital_investment_oku: -79.328434202831
maintenance_capex_cash_oku: 186.20544690276
growth_capex_cash_oku: 251.37735331873
total_capex_cash_oku: 437.5828002215
company_fcf_pre_distributions_oku: 209.71225690171
parent_declared_and_paid_dividends_oku: 111.44540456231
nci_cash_dividends_oku: 11.737290439003
issuer_buyback_cash_oku: 0
new_interest_bearing_borrowing_cash_oku: 0
interest_bearing_debt_principal_repaid_cash_oku: 74.010395316294
cash_end_reconciliation_residual_oku: 0

ordinary_shares

内容を開く

company_parent_shares_awarded_free: 106132
company_parent_shares_bought_and_cancelled: 0
subsidiary_stock_options_excluded_from_parent_share_number: はい
award_execution_price_twd_proxy: 657.92483174591
buyback_execution_price_twd_proxy: 674.37295253956
old_cohort_shares_tendered_proportionately: 0
old_cohort_ownership_end: 0.99981370827155
treasury_shares_end_assumed: 0

equity_rollforward

内容を開く

parent_net_income_oku: 311.05195356856
sbc_equity_paid_in_oku: 0.69827042588537
parent_dividends_oku: 111.44540456231
issuer_repurchase_deduction_oku: 0
oci_oku_assumed: 0
paid_new_issues_oku_assumed: 0
parent_equity_end_reconciliation_residual_oku: 0
nci_profit_oku: 42.014963081337
subsidiary_sbc_credit_to_nci_oku_proxy: 0.06517190641597
nci_dividends_oku: 11.737290439003
delta_thailand_exchangeable_bond_to_nci_oku_assumed: 0
nci_equity_end_reconciliation_residual_oku: 0

closing

内容を開く

親会社持分（億）: 4055.3079264747
group_cash_oku: 2128.3582641952
group_interest_bearing_debt_ex_lease_oku: 748.32733042031
group_net_cash_ex_lease_oku: 1380.0309337749
非支配持分資本（億）: 793.95738995046
issuer_economic_shares: 2598027320
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99981370827155
total_other_liabilities_and_leases_proxy_oku: 2437.3595496869
other_non_cash_assets_plug_proxy_oku: 5906.5939323372
total_assets_plug_proxy_oku: 8034.9521965324
assets_liabilities_equity_residual_oku: 4.5E-13

annual_run_rate

full_fiscal_year_sales_oku

4655.1361725691

segment_vol_price_margin_assumptions

内容を開く

power_components

volume_growth: -0.055762615
price_growth: -0.011664
annual_operating_margin_before_sbc: 0.1258915

infrastructure

volume_growth: -0.07587193
price_growth: -0.013122
annual_operating_margin_before_sbc: 0.10192425

automation

volume_growth: -0.018696508
price_growth: -0.01458
annual_operating_margin_before_sbc: 0.0081525

mobility

volume_growth: -0.04934929
price_growth: -0.013122
annual_operating_margin_before_sbc: -0.027602875

noncapex_working_capital_ratio_on_incremental_revenue

0.23

内容を開く

period_id

FY2031

fiscal_year

2031

period_start

2031-01-01

期間末

2031-12-31

inclusive_days

365

fiscal_year_days

365

fiscal_year_fraction

data_class

forecast

opening

内容を開く

親会社持分（億）: 4055.3079264747
group_cash_oku: 2128.3582641952
group_interest_bearing_debt_ex_lease_oku: 748.32733042031
非支配持分資本（億）: 793.95738995046
issuer_economic_shares: 2598027320
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99981370827155

pnl

内容を開く

consolidated_sales_oku

4418.5068657869

segments_sales_oku

内容を開く

power_components: 2435.9059293675
infrastructure: 1257.3812613025
automation: 489.86137909689
mobility: 219.22869132189

operating_profit_pre_sbc_oku

452.16061543787

parent_share_sbc_expense_oku

0.66277602986803

subsidiary_share_sbc_expense_oku

0.06185909612102

ifrs_operating_profit_after_sbc_oku

451.43598031188

net_nonoperating_income_oku

25.487718157534

ifrs_profit_before_tax_oku

476.92369846942

income_tax_expense_oku

127.33862749133

consolidated_profit_oku

349.58507097808

parent_net_income_after_sbc_oku

307.05222067575

nci_profit_oku

42.532850302333

税率

26.70%

reported_vs_projected

forecast_only

cashflows_group

内容を開く

operating_cash_flow_proxy_oku: 607.98576249019
pnl_cash_bridge_oku: 349.58507097808
depreciation_and_amortization_addback_oku: 203.2513158262
parent_non_cash_sbc_addback_oku: 0.66277602986803
subsidiary_non_cash_sbc_addback_oku: 0.06185909612102
working_capital_investment_oku: -54.424740559919
maintenance_capex_cash_oku: 176.74027463147
growth_capex_cash_oku: 220.92534328934
total_capex_cash_oku: 397.66561792082
company_fcf_pre_distributions_oku: 210.32014456937
parent_declared_and_paid_dividends_oku: 108.86818374899
nci_cash_dividends_oku: 11.764189662774
issuer_buyback_cash_oku: 0
new_interest_bearing_borrowing_cash_oku: 0
interest_bearing_debt_principal_repaid_cash_oku: 67.349459737828
cash_end_reconciliation_residual_oku: 0

ordinary_shares

内容を開く

company_parent_shares_awarded_free: 100348
company_parent_shares_bought_and_cancelled: 0
subsidiary_stock_options_excluded_from_parent_share_number: はい
award_execution_price_twd_proxy: 660.47430608957
buyback_execution_price_twd_proxy: 676.98616374181
old_cohort_shares_tendered_proportionately: 0
old_cohort_ownership_end: 0.99977509226848
treasury_shares_end_assumed: 0

equity_rollforward

内容を開く

parent_net_income_oku: 307.05222067575
sbc_equity_paid_in_oku: 0.66277602986803
parent_dividends_oku: 108.86818374899
issuer_repurchase_deduction_oku: 0
oci_oku_assumed: 0
paid_new_issues_oku_assumed: 0
parent_equity_end_reconciliation_residual_oku: 0
nci_profit_oku: 42.532850302333
subsidiary_sbc_credit_to_nci_oku_proxy: 0.06185909612102
nci_dividends_oku: 11.764189662774
delta_thailand_exchangeable_bond_to_nci_oku_assumed: 0
nci_equity_end_reconciliation_residual_oku: 0

closing

内容を開く

親会社持分（億）: 4254.1547394313
group_cash_oku: 2150.6965756149
group_interest_bearing_debt_ex_lease_oku: 680.97787068248
group_net_cash_ex_lease_oku: 1469.7187049325
非支配持分資本（億）: 824.78790968614
issuer_economic_shares: 2598127668
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99977509226848
total_other_liabilities_and_leases_proxy_oku: 2349.9563779113
other_non_cash_assets_plug_proxy_oku: 5959.1803220963
total_assets_plug_proxy_oku: 8109.8768977112
assets_liabilities_equity_residual_oku: 0

annual_run_rate

full_fiscal_year_sales_oku

4418.5068657869

segment_vol_price_margin_assumptions

内容を開く

power_components

volume_growth: -0.03948721355
price_growth: -0.0104976
annual_operating_margin_before_sbc: 0.129207775

infrastructure

volume_growth: -0.0538213861
price_growth: -0.0118098
annual_operating_margin_before_sbc: 0.1076356125

automation

volume_growth: -0.01071631116
price_growth: -0.013122
annual_operating_margin_before_sbc: 0.013679625

mobility

volume_growth: -0.0356989533
price_growth: -0.0118098
annual_operating_margin_before_sbc: -0.02106244375

noncapex_working_capital_ratio_on_incremental_revenue

0.23

内容を開く

period_id

FY2032

fiscal_year

2032

period_start

2032-01-01

期間末

2032-12-31

inclusive_days

366

fiscal_year_days

366

fiscal_year_fraction

data_class

forecast

opening

内容を開く

親会社持分（億）: 4254.1547394313
group_cash_oku: 2150.6965756149
group_interest_bearing_debt_ex_lease_oku: 680.97787068248
非支配持分資本（億）: 824.78790968614
issuer_economic_shares: 2598127668
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99977509226848

pnl

内容を開く

consolidated_sales_oku

4256.0287792942

segments_sales_oku

内容を開く

power_components: 2347.8520066379
infrastructure: 1198.1841345895
automation: 481.86323092125
mobility: 211.43526628299

operating_profit_pre_sbc_oku

450.34062745246

parent_share_sbc_expense_oku

0.63840431689412

subsidiary_share_sbc_expense_oku

0.05958440291012

ifrs_operating_profit_after_sbc_oku

449.64263873266

net_nonoperating_income_oku

26.273479201041

ifrs_profit_before_tax_oku

475.9161179337

income_tax_expense_oku

127.0696034883

consolidated_profit_oku

348.8465144454

parent_net_income_after_sbc_oku

305.47326448269

nci_profit_oku

43.373249962711

税率

26.70%

reported_vs_projected

forecast_only

cashflows_group

内容を開く

operating_cash_flow_proxy_oku: 582.69178690606
pnl_cash_bridge_oku: 348.8465144454
depreciation_and_amortization_addback_oku: 195.77732384753
parent_non_cash_sbc_addback_oku: 0.63840431689412
subsidiary_non_cash_sbc_addback_oku: 0.05958440291012
working_capital_investment_oku: -37.369959893321
maintenance_capex_cash_oku: 170.24115117177
growth_capex_cash_oku: 195.77732384753
total_capex_cash_oku: 366.0184750193
company_fcf_pre_distributions_oku: 216.67331188676
parent_declared_and_paid_dividends_oku: 107.46827723651
nci_cash_dividends_oku: 11.909198084653
issuer_buyback_cash_oku: 0
new_interest_bearing_borrowing_cash_oku: 0
interest_bearing_debt_principal_repaid_cash_oku: 61.288008361423
cash_end_reconciliation_residual_oku: 0

ordinary_shares

内容を開く

company_parent_shares_awarded_free: 95934
company_parent_shares_bought_and_cancelled: 0
subsidiary_stock_options_excluded_from_parent_share_number: はい
award_execution_price_twd_proxy: 665.46459406518
buyback_execution_price_twd_proxy: 682.10120891681
old_cohort_shares_tendered_proportionately: 0
old_cohort_ownership_end: 0.99973817765358
treasury_shares_end_assumed: 0

equity_rollforward

内容を開く

parent_net_income_oku: 305.47326448269
sbc_equity_paid_in_oku: 0.63840431689412
parent_dividends_oku: 107.46827723651
issuer_repurchase_deduction_oku: 0
oci_oku_assumed: 0
paid_new_issues_oku_assumed: 0
parent_equity_end_reconciliation_residual_oku: 0
nci_profit_oku: 43.373249962711
subsidiary_sbc_credit_to_nci_oku_proxy: 0.05958440291012
nci_dividends_oku: 11.909198084653
delta_thailand_exchangeable_bond_to_nci_oku_assumed: 0
nci_equity_end_reconciliation_residual_oku: 0

closing

内容を開く

親会社持分（億）: 4452.7981309944
group_cash_oku: 2186.7044038191
group_interest_bearing_debt_ex_lease_oku: 619.68986232106
group_net_cash_ex_lease_oku: 1567.0145414981
非支配持分資本（億）: 856.31154596711
issuer_economic_shares: 2598223602
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99973817765358
total_other_liabilities_and_leases_proxy_oku: 2289.1282017297
other_non_cash_assets_plug_proxy_oku: 6031.2233371931
total_assets_plug_proxy_oku: 8217.9277410122
assets_liabilities_equity_residual_oku: -9.1E-13

annual_run_rate

full_fiscal_year_sales_oku

4256.0287792942

segment_vol_price_margin_assumptions

内容を開く

power_components

volume_growth: -0.0269551544335
price_growth: -0.00944784
annual_operating_margin_before_sbc: 0.13202660875

infrastructure

volume_growth: -0.036842467297
price_growth: -0.01062882
annual_operating_margin_before_sbc: 0.112490270625

automation

volume_growth: -0.0045715595932
price_growth: -0.0118098
annual_operating_margin_before_sbc: 0.01837768125

mobility

volume_growth: -0.025188194041
price_growth: -0.01062882
annual_operating_margin_before_sbc: -0.0155030771875

noncapex_working_capital_ratio_on_incremental_revenue

0.23

内容を開く

period_id

FY2033

fiscal_year

2033

period_start

2033-01-01

期間末

2033-12-31

inclusive_days

365

fiscal_year_days

365

fiscal_year_fraction

data_class

forecast

opening

内容を開く

親会社持分（億）: 4452.7981309944
group_cash_oku: 2186.7044038191
group_interest_bearing_debt_ex_lease_oku: 619.68986232106
非支配持分資本（億）: 856.31154596711
issuer_economic_shares: 2598223602
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99973817765358

pnl

内容を開く

consolidated_sales_oku

4146.0474844193

segments_sales_oku

内容を開く

power_components: 2287.6028945773
infrastructure: 1158.5155314403
automation: 476.81782393319
mobility: 205.83279867577

operating_profit_pre_sbc_oku

451.05638032646

parent_share_sbc_expense_oku

0.62190712266289

subsidiary_share_sbc_expense_oku

0.05804466478187

ifrs_operating_profit_after_sbc_oku

450.37642853902

net_nonoperating_income_oku

27.296816454089

ifrs_profit_before_tax_oku

477.67324499311

income_tax_expense_oku

127.53875641316

consolidated_profit_oku

350.13448857995

parent_net_income_after_sbc_oku

305.66740853029

nci_profit_oku

44.467080049653

税率

26.70%

reported_vs_projected

forecast_only

cashflows_group

内容を開く

operating_cash_flow_proxy_oku: 566.8283224719
pnl_cash_bridge_oku: 350.13448857995
depreciation_and_amortization_addback_oku: 190.71818428329
parent_non_cash_sbc_addback_oku: 0.62190712266289
subsidiary_non_cash_sbc_addback_oku: 0.05804466478187
working_capital_investment_oku: -25.295697821225
maintenance_capex_cash_oku: 165.84189937677
growth_capex_cash_oku: 174.13399434561
total_capex_cash_oku: 339.97589372238
company_fcf_pre_distributions_oku: 226.85242874952
parent_declared_and_paid_dividends_oku: 106.91564256894
nci_cash_dividends_oku: 12.144509989559
issuer_buyback_cash_oku: 0
new_interest_bearing_borrowing_cash_oku: 0
interest_bearing_debt_principal_repaid_cash_oku: 55.772087608895
cash_end_reconciliation_residual_oku: -4.5E-13

ordinary_shares

内容を開く

company_parent_shares_awarded_free: 92502
company_parent_shares_bought_and_cancelled: 0
subsidiary_stock_options_excluded_from_parent_share_number: はい
award_execution_price_twd_proxy: 672.31997446507
buyback_execution_price_twd_proxy: 689.1279738267
old_cohort_shares_tendered_proportionately: 0
old_cohort_ownership_end: 0.99970258622544
treasury_shares_end_assumed: 0

equity_rollforward

内容を開く

parent_net_income_oku: 305.66740853029
sbc_equity_paid_in_oku: 0.62190712266289
parent_dividends_oku: 106.91564256894
issuer_repurchase_deduction_oku: 0
oci_oku_assumed: 0
paid_new_issues_oku_assumed: 0
parent_equity_end_reconciliation_residual_oku: 0
nci_profit_oku: 44.467080049653
subsidiary_sbc_credit_to_nci_oku_proxy: 0.05804466478187
nci_dividends_oku: 12.144509989559
delta_thailand_exchangeable_bond_to_nci_oku_assumed: 0
nci_equity_end_reconciliation_residual_oku: 0

closing

内容を開く

親会社持分（億）: 4652.1718040784
group_cash_oku: 2238.7245924012
group_interest_bearing_debt_ex_lease_oku: 563.91777471216
group_net_cash_ex_lease_oku: 1674.8068176891
非支配持分資本（億）: 888.69216069199
issuer_economic_shares: 2598316104
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99970258622544
total_other_liabilities_and_leases_proxy_oku: 2247.5580465883
other_non_cash_assets_plug_proxy_oku: 6113.6151936696
total_assets_plug_proxy_oku: 8352.3397860708
assets_liabilities_equity_residual_oku: 0

annual_run_rate

full_fiscal_year_sales_oku

4146.0474844193

segment_vol_price_margin_assumptions

内容を開く

power_components

volume_growth: -0.0173054689138
price_growth: -0.008503056
annual_operating_margin_before_sbc: 0.1344226174375

infrastructure

volume_growth: -0.02376869981869
price_growth: -0.009565938
annual_operating_margin_before_sbc: 0.11661673003125

automation

volume_growth: 0.00015989911324
price_growth: -0.01062882
annual_operating_margin_before_sbc: 0.0223710290625

mobility

volume_growth: -0.01709490941157
price_growth: -0.009565938
annual_operating_margin_before_sbc: -0.01077761560937

noncapex_working_capital_ratio_on_incremental_revenue

0.23

内容を開く

period_id

FY2034

fiscal_year

2034

period_start

2034-01-01

期間末

2034-12-31

inclusive_days

365

fiscal_year_days

365

fiscal_year_fraction

data_class

forecast

opening

内容を開く

親会社持分（億）: 4652.1718040784
group_cash_oku: 2238.7245924012
group_interest_bearing_debt_ex_lease_oku: 563.91777471216
非支配持分資本（億）: 888.69216069199
issuer_economic_shares: 2598316104
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99970258622544

pnl

内容を開く

consolidated_sales_oku

4074.2628627687

segments_sales_oku

内容を開く

power_components: 2247.678759125
infrastructure: 1132.8042733763
automation: 474.05266386103
mobility: 201.84398536089

operating_profit_pre_sbc_oku

453.64321419135

parent_share_sbc_expense_oku

0.6111394294153

subsidiary_share_sbc_expense_oku

0.05703968007876

ifrs_operating_profit_after_sbc_oku

452.97503508185

net_nonoperating_income_oku

28.533777430268

ifrs_profit_before_tax_oku

481.50881251212

income_tax_expense_oku

128.56285294074

consolidated_profit_oku

352.94595957139

parent_net_income_after_sbc_oku

307.1806334803

nci_profit_oku

45.76532609109

税率

26.70%

reported_vs_projected

forecast_only

cashflows_group

内容を開く

operating_cash_flow_proxy_oku: 557.54069334787
pnl_cash_bridge_oku: 352.94595957139
depreciation_and_amortization_addback_oku: 187.41609168736
parent_non_cash_sbc_addback_oku: 0.6111394294153
subsidiary_non_cash_sbc_addback_oku: 0.05703968007876
working_capital_investment_oku: -16.510462979633
maintenance_capex_cash_oku: 162.97051451075
growth_capex_cash_oku: 154.82198878521
total_capex_cash_oku: 317.79250329596
company_fcf_pre_distributions_oku: 239.74819005192
parent_declared_and_paid_dividends_oku: 106.9835929856
nci_cash_dividends_oku: 12.450782413903
issuer_buyback_cash_oku: 0
new_interest_bearing_borrowing_cash_oku: 0
interest_bearing_debt_principal_repaid_cash_oku: 50.752599724095
cash_end_reconciliation_residual_oku: 0

ordinary_shares

内容を開く

company_parent_shares_awarded_free: 89791
company_parent_shares_bought_and_cancelled: 0
subsidiary_stock_options_excluded_from_parent_share_number: はい
award_execution_price_twd_proxy: 680.62107944036
buyback_execution_price_twd_proxy: 697.63660642637
old_cohort_shares_tendered_proportionately: 0
old_cohort_ownership_end: 0.99966804031593
treasury_shares_end_assumed: 0

equity_rollforward

内容を開く

parent_net_income_oku: 307.1806334803
sbc_equity_paid_in_oku: 0.6111394294153
parent_dividends_oku: 106.9835929856
issuer_repurchase_deduction_oku: 0
oci_oku_assumed: 0
paid_new_issues_oku_assumed: 0
parent_equity_end_reconciliation_residual_oku: 0
nci_profit_oku: 45.76532609109
subsidiary_sbc_credit_to_nci_oku_proxy: 0.05703968007876
nci_dividends_oku: 12.450782413903
delta_thailand_exchangeable_bond_to_nci_oku_assumed: 0
nci_equity_end_reconciliation_residual_oku: 0

closing

内容を開く

親会社持分（億）: 4852.9799840025
group_cash_oku: 2308.2858073296
group_interest_bearing_debt_ex_lease_oku: 513.16517498807
group_net_cash_ex_lease_oku: 1795.1206323415
非支配持分資本（億）: 922.06374404925
issuer_economic_shares: 2598405895
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99966804031593
total_other_liabilities_and_leases_proxy_oku: 2220.2468285383
other_non_cash_assets_plug_proxy_oku: 6200.1699242486
total_assets_plug_proxy_oku: 8508.4557315781
assets_liabilities_equity_residual_oku: 9.1E-13

annual_run_rate

full_fiscal_year_sales_oku

4074.2628627687

segment_vol_price_margin_assumptions

内容を開く

power_components

volume_growth: -0.00987521106362
price_growth: -0.0076527504
annual_operating_margin_before_sbc: 0.13645922482188

infrastructure

volume_growth: -0.01370189886039
price_growth: -0.0086093442
annual_operating_margin_before_sbc: 0.12012422052656

automation

volume_growth: 0.00380312231719
price_growth: -0.009565938
annual_operating_margin_before_sbc: 0.02576537470313

mobility

volume_growth: -0.01086308024691
price_growth: -0.0086093442
annual_operating_margin_before_sbc: -0.00676097326797

noncapex_working_capital_ratio_on_incremental_revenue

0.23

内容を開く

period_id

FY2035

fiscal_year

2035

period_start

2035-01-01

期間末

2035-12-31

inclusive_days

365

fiscal_year_days

365

fiscal_year_fraction

data_class

forecast

opening

内容を開く

親会社持分（億）: 4852.9799840025
group_cash_oku: 2308.2858073296
group_interest_bearing_debt_ex_lease_oku: 513.16517498807
非支配持分資本（億）: 922.06374404925
issuer_economic_shares: 2598405895
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99966804031593

pnl

内容を開く

consolidated_sales_oku

4030.9155721125

segments_sales_oku

内容を開く

power_components: 2222.9255721403
infrastructure: 1117.3383625196
automation: 473.07714215164
mobility: 199.06540291886

operating_profit_pre_sbc_oku

457.62513009189

parent_share_sbc_expense_oku

0.60463733581687

subsidiary_share_sbc_expense_oku

0.05643281800957

ifrs_operating_profit_after_sbc_oku

456.96405993806

net_nonoperating_income_oku

29.96954721196

ifrs_profit_before_tax_oku

486.93360715002

income_tax_expense_oku

130.01127310906

consolidated_profit_oku

356.92233404097

parent_net_income_after_sbc_oku

309.68961183621

nci_profit_oku

47.232722204755

税率

26.70%

reported_vs_projected

forecast_only

cashflows_group

内容を開く

operating_cash_flow_proxy_oku: 552.9753973629
pnl_cash_bridge_oku: 356.92233404097
depreciation_and_amortization_addback_oku: 185.42211631717
parent_non_cash_sbc_addback_oku: 0.60463733581687
subsidiary_non_cash_sbc_addback_oku: 0.05643281800957
working_capital_investment_oku: -9.9698768509295
maintenance_capex_cash_oku: 161.2366228845
growth_capex_cash_oku: 137.05112945182
total_capex_cash_oku: 298.28775233632
company_fcf_pre_distributions_oku: 254.68764502657
parent_declared_and_paid_dividends_oku: 107.5132217181
nci_cash_dividends_oku: 12.814291305505
issuer_buyback_cash_oku: 0
new_interest_bearing_borrowing_cash_oku: 0
interest_bearing_debt_principal_repaid_cash_oku: 46.184865748926
cash_end_reconciliation_residual_oku: 0

ordinary_shares

内容を開く

company_parent_shares_awarded_free: 87621
company_parent_shares_bought_and_cancelled: 0
subsidiary_stock_options_excluded_from_parent_share_number: はい
award_execution_price_twd_proxy: 690.06053108502
buyback_execution_price_twd_proxy: 707.31204436214
old_cohort_shares_tendered_proportionately: 0
old_cohort_ownership_end: 0.99963433158707
treasury_shares_end_assumed: 0

equity_rollforward

内容を開く

parent_net_income_oku: 309.68961183621
sbc_equity_paid_in_oku: 0.60463733581687
parent_dividends_oku: 107.5132217181
issuer_repurchase_deduction_oku: 0
oci_oku_assumed: 0
paid_new_issues_oku_assumed: 0
parent_equity_end_reconciliation_residual_oku: 0
nci_profit_oku: 47.232722204755
subsidiary_sbc_credit_to_nci_oku_proxy: 0.05643281800957
nci_dividends_oku: 12.814291305505
delta_thailand_exchangeable_bond_to_nci_oku_assumed: 0
nci_equity_end_reconciliation_residual_oku: 0

closing

内容を開く

親会社持分（億）: 5055.7610114564
group_cash_oku: 2396.4610735836
group_interest_bearing_debt_ex_lease_oku: 466.98030923914
group_net_cash_ex_lease_oku: 1929.4807643445
非支配持分資本（億）: 956.53860776651
issuer_economic_shares: 2598493516
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99963433158707
total_other_liabilities_and_leases_proxy_oku: 2203.685012492
other_non_cash_assets_plug_proxy_oku: 6286.5038673705
total_assets_plug_proxy_oku: 8682.9649409541
assets_liabilities_equity_residual_oku: 9.1E-13

annual_run_rate

full_fiscal_year_sales_oku

4030.9155721125

segment_vol_price_margin_assumptions

内容を開く

power_components

volume_growth: -0.00415391251899
price_growth: -0.00688747536
annual_operating_margin_before_sbc: 0.13819034109859

infrastructure

volume_growth: -0.0059504621225
price_growth: -0.00774840978
annual_operating_margin_before_sbc: 0.12310558744758

automation

volume_growth: 0.00660840418424
price_growth: -0.0086093442
annual_operating_margin_before_sbc: 0.02865056849766

mobility

volume_growth: -0.00606457179012
price_growth: -0.00774840978
annual_operating_margin_before_sbc: -0.00334682727777

noncapex_working_capital_ratio_on_incremental_revenue

0.23

内容を開く

period_id

2036_preexit_partial

fiscal_year

2036

period_start

2036-01-01

期間末

2036-11-06

inclusive_days

311

fiscal_year_days

366

fiscal_year_fraction

0.84972677595628

data_class

forecast

opening

内容を開く

親会社持分（億）: 5055.7610114564
group_cash_oku: 2396.4610735836
group_interest_bearing_debt_ex_lease_oku: 466.98030923914
非支配持分資本（億）: 956.53860776651
issuer_economic_shares: 2598493516
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99963433158707

pnl

内容を開く

consolidated_sales_oku

3406.6920779836

segments_sales_oku

内容を開く

power_components: 1877.642815151
infrastructure: 942.8284993249
automation: 402.3690538821
mobility: 167.57356973105

operating_profit_pre_sbc_oku

393.13203341174

parent_share_sbc_expense_oku

0.51100381169753

subsidiary_share_sbc_expense_oku

0.04769368909177

ifrs_operating_profit_after_sbc_oku

392.57333591095

net_nonoperating_income_oku

26.847637622656

ifrs_profit_before_tax_oku

419.42097353361

income_tax_expense_oku

111.98539993347

consolidated_profit_oku

307.43557360013

parent_net_income_after_sbc_oku

265.93177116412

nci_profit_oku

41.503802436018

税率

26.70%

reported_vs_projected

forecast_only

cashflows_group

内容を開く

operating_cash_flow_proxy_oku: 468.95361419786
pnl_cash_bridge_oku: 307.43557360013
depreciation_and_amortization_addback_oku: 156.70783558724
parent_non_cash_sbc_addback_oku: 0.51100381169753
subsidiary_non_cash_sbc_addback_oku: 0.04769368909177
working_capital_investment_oku: -4.2515075096984
maintenance_capex_cash_oku: 136.26768311934
growth_capex_cash_oku: 102.20076233951
total_capex_cash_oku: 238.46844545885
company_fcf_pre_distributions_oku: 230.48516873902
parent_declared_and_paid_dividends_oku: 108.39136414267
nci_cash_dividends_oku: 13.225162217331
issuer_buyback_cash_oku: 0
new_interest_bearing_borrowing_cash_oku: 0
interest_bearing_debt_principal_repaid_cash_oku: 35.712510534436
cash_end_reconciliation_residual_oku: 0

ordinary_shares

内容を開く

company_parent_shares_awarded_free: 72958
company_parent_shares_bought_and_cancelled: 0
subsidiary_stock_options_excluded_from_parent_share_number: はい
award_execution_price_twd_proxy: 700.4123185759
buyback_execution_price_twd_proxy: 717.9226265403
old_cohort_shares_tendered_proportionately: 0
old_cohort_ownership_end: 0.99960626560443
treasury_shares_end_assumed: 0

equity_rollforward

内容を開く

parent_net_income_oku: 265.93177116412
sbc_equity_paid_in_oku: 0.51100381169753
parent_dividends_oku: 108.39136414267
issuer_repurchase_deduction_oku: 0
oci_oku_assumed: 0
paid_new_issues_oku_assumed: 0
parent_equity_end_reconciliation_residual_oku: 0
nci_profit_oku: 41.503802436018
subsidiary_sbc_credit_to_nci_oku_proxy: 0.04769368909177
nci_dividends_oku: 13.225162217331
delta_thailand_exchangeable_bond_to_nci_oku_assumed: 0
nci_equity_end_reconciliation_residual_oku: 0

closing

内容を開く

親会社持分（億）: 5213.8124222896
group_cash_oku: 2469.6172054282
group_interest_bearing_debt_ex_lease_oku: 431.26779870471
group_net_cash_ex_lease_oku: 2038.3494067235
非支配持分資本（億）: 984.86494167429
issuer_economic_shares: 2598566474
old_holder_cohort_shares: 2597543329
old_holder_fraction: 0.99960626560443
total_other_liabilities_and_leases_proxy_oku: 2195.3533452671
other_non_cash_assets_plug_proxy_oku: 6355.6813025074
total_assets_plug_proxy_oku: 8825.2985079356
assets_liabilities_equity_residual_oku: 0

annual_run_rate

full_fiscal_year_sales_oku

4009.1617380771

segment_vol_price_margin_assumptions

内容を開く

power_components

volume_growth: 0.00025148736038
price_growth: -0.006198727824
annual_operating_margin_before_sbc: 0.1396617899338

infrastructure

volume_growth: 1.814416567E-5
price_growth: -0.006973568802
annual_operating_margin_before_sbc: 0.12563974933044

automation

volume_growth: 0.00876847122186
price_growth: -0.00774840978
annual_operating_margin_before_sbc: 0.03110298322301

mobility

volume_growth: -0.00236972027839
price_growth: -0.006973568802
annual_operating_margin_before_sbc: -0.00044480318611

noncapex_working_capital_ratio_on_incremental_revenue

0.23

forecast_full_fiscal_year_runrates

内容を開く

2028

内容を開く

full_year_annual_sales_oku

6283.2302360411

full_year_annual_segment_sales_oku

内容を開く

power_components: 3414.5379169822
infrastructure: 1978.9241816407
automation: 577.72869194052
mobility: 297.98342682776

full_year_annual_parent_net_income_oku

350.95360024388

period_realized_fraction

forecast_annual_unit_price

内容を開く

power_components

volume_growth: -0.14
price_growth: -0.016
annual_operating_margin_before_sbc: 0.112

infrastructure

volume_growth: -0.19
price_growth: -0.018
annual_operating_margin_before_sbc: 0.078

automation

volume_growth: -0.06
price_growth: -0.02
annual_operating_margin_before_sbc: -0.015

mobility

volume_growth: -0.12
price_growth: -0.018
annual_operating_margin_before_sbc: -0.055

2029

内容を開く

full_year_annual_sales_oku

5509.6845459358

full_year_annual_segment_sales_oku

内容を開く

power_components: 3014.1923605961
infrastructure: 1670.9947529755
automation: 543.20672193594
mobility: 266.74273112543

full_year_annual_parent_net_income_oku

330.55274022478

period_realized_fraction

forecast_annual_unit_price

内容を開く

power_components

volume_growth: -0.10435
price_growth: -0.0144
annual_operating_margin_before_sbc: 0.1174

infrastructure

volume_growth: -0.1417
price_growth: -0.0162
annual_operating_margin_before_sbc: 0.0873

automation

volume_growth: -0.04252
price_growth: -0.018
annual_operating_margin_before_sbc: -0.006

mobility

volume_growth: -0.0901
price_growth: -0.0162
annual_operating_margin_before_sbc: -0.04435

2030

内容を開く

full_year_annual_sales_oku

5000.0424082336

full_year_annual_segment_sales_oku

内容を開く

power_components: 2746.3425390844
infrastructure: 1474.5438224219
automation: 518.87669845331
mobility: 245.22218969564

full_year_annual_parent_net_income_oku

318.4154416066

period_realized_fraction

forecast_annual_unit_price

内容を開く

power_components

volume_growth: -0.0768995
price_growth: -0.01296
annual_operating_margin_before_sbc: 0.12199

infrastructure

volume_growth: -0.104509
price_growth: -0.01458
annual_operating_margin_before_sbc: 0.095205

automation

volume_growth: -0.0290604
price_growth: -0.0162
annual_operating_margin_before_sbc: 0.00165

mobility

volume_growth: -0.067077
price_growth: -0.01458
annual_operating_margin_before_sbc: -0.0352975

2031

内容を開く

full_year_annual_sales_oku

4655.1361725691

full_year_annual_segment_sales_oku

内容を開く

power_components: 2562.9522208142
infrastructure: 1344.7864159524
automation: 501.75173708479
mobility: 230.06163958913

full_year_annual_parent_net_income_oku

311.05195356856

period_realized_fraction

forecast_annual_unit_price

内容を開く

power_components

volume_growth: -0.055762615
price_growth: -0.011664
annual_operating_margin_before_sbc: 0.1258915

infrastructure

volume_growth: -0.07587193
price_growth: -0.013122
annual_operating_margin_before_sbc: 0.10192425

automation

volume_growth: -0.018696508
price_growth: -0.01458
annual_operating_margin_before_sbc: 0.0081525

mobility

volume_growth: -0.04934929
price_growth: -0.013122
annual_operating_margin_before_sbc: -0.027602875

2032

内容を開く

full_year_annual_sales_oku

4418.5068657869

full_year_annual_segment_sales_oku

内容を開く

power_components: 2435.9059293675
infrastructure: 1257.3812613025
automation: 489.86137909689
mobility: 219.22869132189

full_year_annual_parent_net_income_oku

307.05222067575

period_realized_fraction

forecast_annual_unit_price

内容を開く

power_components

volume_growth: -0.03948721355
price_growth: -0.0104976
annual_operating_margin_before_sbc: 0.129207775

infrastructure

volume_growth: -0.0538213861
price_growth: -0.0118098
annual_operating_margin_before_sbc: 0.1076356125

automation

volume_growth: -0.01071631116
price_growth: -0.013122
annual_operating_margin_before_sbc: 0.013679625

mobility

volume_growth: -0.0356989533
price_growth: -0.0118098
annual_operating_margin_before_sbc: -0.02106244375

2033

内容を開く

full_year_annual_sales_oku

4256.0287792942

full_year_annual_segment_sales_oku

内容を開く

power_components: 2347.8520066379
infrastructure: 1198.1841345895
automation: 481.86323092125
mobility: 211.43526628299

full_year_annual_parent_net_income_oku

305.47326448269

period_realized_fraction

forecast_annual_unit_price

内容を開く

power_components

volume_growth: -0.0269551544335
price_growth: -0.00944784
annual_operating_margin_before_sbc: 0.13202660875

infrastructure

volume_growth: -0.036842467297
price_growth: -0.01062882
annual_operating_margin_before_sbc: 0.112490270625

automation

volume_growth: -0.0045715595932
price_growth: -0.0118098
annual_operating_margin_before_sbc: 0.01837768125

mobility

volume_growth: -0.025188194041
price_growth: -0.01062882
annual_operating_margin_before_sbc: -0.0155030771875

2034

内容を開く

full_year_annual_sales_oku

4146.0474844193

full_year_annual_segment_sales_oku

内容を開く

power_components: 2287.6028945773
infrastructure: 1158.5155314403
automation: 476.81782393319
mobility: 205.83279867577

full_year_annual_parent_net_income_oku

305.66740853029

period_realized_fraction

forecast_annual_unit_price

内容を開く

power_components

volume_growth: -0.0173054689138
price_growth: -0.008503056
annual_operating_margin_before_sbc: 0.1344226174375

infrastructure

volume_growth: -0.02376869981869
price_growth: -0.009565938
annual_operating_margin_before_sbc: 0.11661673003125

automation

volume_growth: 0.00015989911324
price_growth: -0.01062882
annual_operating_margin_before_sbc: 0.0223710290625

mobility

volume_growth: -0.01709490941157
price_growth: -0.009565938
annual_operating_margin_before_sbc: -0.01077761560937

2035

内容を開く

full_year_annual_sales_oku

4074.2628627687

full_year_annual_segment_sales_oku

内容を開く

power_components: 2247.678759125
infrastructure: 1132.8042733763
automation: 474.05266386103
mobility: 201.84398536089

full_year_annual_parent_net_income_oku

307.1806334803

period_realized_fraction

forecast_annual_unit_price

内容を開く

power_components

volume_growth: -0.00987521106362
price_growth: -0.0076527504
annual_operating_margin_before_sbc: 0.13645922482188

infrastructure

volume_growth: -0.01370189886039
price_growth: -0.0086093442
annual_operating_margin_before_sbc: 0.12012422052656

automation

volume_growth: 0.00380312231719
price_growth: -0.009565938
annual_operating_margin_before_sbc: 0.02576537470313

mobility

volume_growth: -0.01086308024691
price_growth: -0.0086093442
annual_operating_margin_before_sbc: -0.00676097326797

2036

内容を開く

full_year_annual_sales_oku

4030.9155721125

full_year_annual_segment_sales_oku

内容を開く

power_components: 2222.9255721403
infrastructure: 1117.3383625196
automation: 473.07714215164
mobility: 199.06540291886

full_year_annual_parent_net_income_oku

309.68961183621

period_realized_fraction

forecast_annual_unit_price

内容を開く

power_components

volume_growth: -0.00415391251899
price_growth: -0.00688747536
annual_operating_margin_before_sbc: 0.13819034109859

infrastructure

volume_growth: -0.0059504621225
price_growth: -0.00774840978
annual_operating_margin_before_sbc: 0.12310558744758

automation

volume_growth: 0.00660840418424
price_growth: -0.0086093442
annual_operating_margin_before_sbc: 0.02865056849766

mobility

volume_growth: -0.00606457179012
price_growth: -0.00774840978
annual_operating_margin_before_sbc: -0.00334682727777

2037

内容を開く

full_year_annual_sales_oku

4009.1617380771

full_year_annual_segment_sales_oku

内容を開く

power_components: 2209.7018339076
infrastructure: 1109.5666583695
automation: 473.52756823424
mobility: 197.20876695037

full_year_annual_parent_net_income_oku

312.96150561436

period_realized_fraction

0.84972677595628

forecast_annual_unit_price

内容を開く

power_components

volume_growth: 0.00025148736038
price_growth: -0.006198727824
annual_operating_margin_before_sbc: 0.1396617899338

infrastructure

volume_growth: 1.814416567E-5
price_growth: -0.006973568802
annual_operating_margin_before_sbc: 0.12563974933044

automation

volume_growth: 0.00876847122186
price_growth: -0.00774840978
annual_operating_margin_before_sbc: 0.03110298322301

mobility

volume_growth: -0.00236972027839
price_growth: -0.006973568802
annual_operating_margin_before_sbc: -0.00044480318611

quarter_bridges

内容を開く

2026_FY_realized_9M_parent_income_oku: 691.85826
2026_Oct01_to_Nov06_37day_parent_proxy_oku: 111.85247838326
2026_Nov07_to_Dec31_55day_parent_forecast_oku: 120.86583169793
2026_full_FY_parent_income_actual_plus_proxy_plus_forecast_oku: 924.5765700812
2026_FY_revenue_actual_plus_proxy_plus_forecast_oku: 7508.4036208696
first_partial_55_92_of_Q4: 0.59782608695652
last_partial_311_366_of_FY2036: 0.84972677595628

scenario_drivers

内容を開く

prob

10.00%

q4_sales_mult

0.9

q4_margin_shift

-0.036

tax

0.267

nci_low

0.111

nci_up

0.135

nonop

0.004

growth

内容を開く

power_components

1: -0.14
2: 0.015

infrastructure

1: -0.19
2: 0.02

automation

1: -0.06
2: 0.016

mobility

1: -0.12
2: 0.01

prices

内容を開く

power_components: -0.016
infrastructure: -0.018
automation: -0.02
mobility: -0.018

margin_begin

内容を開く

power_components: 0.112
infrastructure: 0.078
automation: -0.015
mobility: -0.055

margin_end

内容を開く

power_components: 0.148
infrastructure: 0.14
automation: 0.045
mobility: 0.016

capex_begin

0.106

capex_end

0.07

0.23

payout

0.35

buyback

nci_div

0.28

terminal

内容を開く

日付

2036-11-06

year_of_actual_elapsed_days

10.001368925394

site_exponent_years

strict_exit_before_any_2037_ex_date

はい

post_exit_seller_dividend_receivable_oku

sells_cum_future_rights_at_exit

はい

方法

finite_18_year_competitive_ROE_fade_equity_FCFE_DCF_plus_mature_book_value; not_mkt_PE_or_PB

method_equivalent

current_parent_book +PV(residual_earnings_minus_extra_SBC_buyback_cost)

parent_book_equity_at_exit_oku

5213.8124222896

2036_full_fiscal_year_parent_profit_proxy_oku

312.96150561436

2037_full_fiscal_year_parent_profit_proxy_oku

313.58742862559

next12mo_2036_Nov07_to_Dec31_days

next12mo_2037_Jan01_to_Nov06_days

310

next12mo_NI_from_2036_FY_and_2037_FY_proxy_oku

313.36426287198

next12mo_roe

0.06010271131587

end_18_year_book_equity_oku

10100.207764013

book_equity_mature_value_after_year18_oku

10100.207764013

mature_year19_extra_sbc_buyback_over_grant_value_oku

0.20452920722126

mature_cash_FCFE_capital_growth_rate

0.025

perpetuity_extra_sbc_repurchase_cost_capitalized_at_year18_oku

3.1466031880194

mature_year18_continuation_value_oku

10097.061160825

finite_18_year_cash_FCFE_PV_oku

2106.6110672741

tail_PV_oku

2140.5137600097

company_parent_equity_valuation_DCF_oku

4247.1248272838

company_parent_equity_valuation_RI_crosscheck_oku

4247.1248272838

sbc_continuation_duplicate_count_prevention

NI after SBC; CFO plus noncash SBC; exact-granted-shares buyback at 15pct above grant FV; extra cash premium deducted; parent shares flat thereafter

18_year_owner_distribution_and_reinvestment

内容を開く

forward_year: 2037
years_after_exit: 1
start_book_equity_oku: 5213.8124222896
sustainable_roe: 0.06010271131587
parent_ni_after_sbc_oku: 313.36426287198
required_book_reinvestment_oku: 271.11824595906
book_growth_rate: 0.052
employee_sbc_expense_already_in_ni_oku: 0.47004639430797
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 0.54055335345416
repurchase_minus_sbc_addback_oku: 0.0705069591462
sustainable_distributable_to_parent_common_cash_oku: 42.175509953776
end_book_equity_oku: 5484.9306682486
residual_profit_after_capital_charge_oku: -155.94936209323
present_value_owner_fcfe_oku: 38.69312839796

内容を開く

forward_year: 2038
years_after_exit: 2
start_book_equity_oku: 5484.9306682486
sustainable_roe: 0.06223418026751
parent_ni_after_sbc_oku: 341.35016396259
required_book_reinvestment_oku: 274.9923089926
book_growth_rate: 0.05013596809609
employee_sbc_expense_already_in_ni_oku: 0.51202524594388
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 0.58882903283546
repurchase_minus_sbc_addback_oku: 0.07680378689158
sustainable_distributable_to_parent_common_cash_oku: 66.281051183098
end_book_equity_oku: 5759.9229772412
residual_profit_after_capital_charge_oku: -152.37039996668
present_value_owner_fcfe_oku: 55.787434713491

内容を開く

forward_year: 2039
years_after_exit: 3
start_book_equity_oku: 5759.9229772412
sustainable_roe: 0.0643365253178
parent_ni_after_sbc_oku: 370.57343045388
required_book_reinvestment_oku: 278.16281605326
book_growth_rate: 0.04829280133647
employee_sbc_expense_already_in_ni_oku: 0.55586014568083
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 0.63923916753295
repurchase_minus_sbc_addback_oku: 0.08337902185212
sustainable_distributable_to_parent_common_cash_oku: 92.327235378774
end_book_equity_oku: 6038.0857932945
residual_profit_after_capital_charge_oku: -147.90301651968
present_value_owner_fcfe_oku: 71.293565919199

内容を開く

forward_year: 2040
years_after_exit: 4
start_book_equity_oku: 6038.0857932945
sustainable_roe: 0.06640824092751
parent_ni_after_sbc_oku: 400.97865610205
required_book_reinvestment_oku: 280.59972001832
book_growth_rate: 0.04647163515463
employee_sbc_expense_already_in_ni_oku: 0.60146798415308
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 0.69168818177604
repurchase_minus_sbc_addback_oku: 0.09022019762296
sustainable_distributable_to_parent_common_cash_oku: 120.28871588611
end_book_equity_oku: 6318.6855133128
residual_profit_after_capital_charge_oku: -142.53928549208
present_value_owner_fcfe_oku: 85.215558940377

内容を開く

forward_year: 2041
years_after_exit: 5
start_book_equity_oku: 6318.6855133128
sustainable_roe: 0.06844763116646
parent_ni_after_sbc_oku: 432.49905547207
required_book_reinvestment_oku: 282.27938962261
book_growth_rate: 0.04467375200552
employee_sbc_expense_already_in_ni_oku: 0.64874858320811
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 0.74606087068933
repurchase_minus_sbc_addback_oku: 0.09731228748122
sustainable_distributable_to_parent_common_cash_oku: 150.12235356198
end_book_equity_oku: 6600.9649029354
residual_profit_after_capital_charge_oku: -136.27995301356
present_value_owner_fcfe_oku: 97.569229364906

内容を開く

forward_year: 2042
years_after_exit: 6
start_book_equity_oku: 6600.9649029354
sustainable_roe: 0.07045276919067
parent_ni_after_sbc_oku: 465.0562567422
required_book_reinvestment_oku: 283.18544175512
book_growth_rate: 0.04290061315569
employee_sbc_expense_already_in_ni_oku: 0.69758438511329
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 0.80222204288029
repurchase_minus_sbc_addback_oku: 0.10463765776699
sustainable_distributable_to_parent_common_cash_oku: 181.76617732931
end_book_equity_oku: 6884.1503446905
residual_profit_after_capital_charge_oku: -129.13522217976
present_value_owner_fcfe_oku: 108.3812326732

内容を開く

forward_year: 2043
years_after_exit: 7
start_book_equity_oku: 6884.1503446905
sustainable_roe: 0.07242144400351
parent_ni_after_sbc_oku: 498.56010869973
required_book_reinvestment_oku: 283.30963879997
book_growth_rate: 0.04115390057082
employee_sbc_expense_already_in_ni_oku: 0.7478401630496
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 0.86001618750704
repurchase_minus_sbc_addback_oku: 0.11217602445744
sustainable_distributable_to_parent_common_cash_oku: 215.13829387531
end_book_equity_oku: 7167.4599834905
residual_profit_after_capital_charge_oku: -121.12559834687
present_value_owner_fcfe_oku: 117.68801412696

内容を開く

forward_year: 2044
years_after_exit: 8
start_book_equity_oku: 7167.4599834905
sustainable_roe: 0.07435108899017
parent_ni_after_sbc_oku: 532.908455066
required_book_reinvestment_oku: 282.65289370446
book_growth_rate: 0.03943557332103
employee_sbc_expense_already_in_ni_oku: 0.799362682599
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 0.91926708498884
repurchase_minus_sbc_addback_oku: 0.11990440238985
sustainable_distributable_to_parent_common_cash_oku: 250.13565695914
end_book_equity_oku: 7450.112877195
residual_profit_after_capital_charge_oku: -112.28284785054
present_value_owner_fcfe_oku: 125.53465157159

内容を開く

forward_year: 2045
years_after_exit: 9
start_book_equity_oku: 7450.112877195
sustainable_roe: 0.07623868353268
parent_ni_after_sbc_oku: 567.9867979272
required_book_reinvestment_oku: 281.22645484858
book_growth_rate: 0.03774794549884
employee_sbc_expense_already_in_ni_oku: 0.8519801968908
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 0.97977722642442
repurchase_minus_sbc_addback_oku: 0.12779702953362
sustainable_distributable_to_parent_common_cash_oku: 286.63254604908
end_book_equity_oku: 7731.3393320435
residual_profit_after_capital_charge_oku: -102.65115804988
present_value_owner_fcfe_oku: 131.97358671448

内容を開く

forward_year: 2046
years_after_exit: 10
start_book_equity_oku: 7731.3393320435
sustainable_roe: 0.07808061343166
parent_ni_after_sbc_oku: 603.6677176943
required_book_reinvestment_oku: 279.05339375382
book_growth_rate: 0.03609379717654
employee_sbc_expense_already_in_ni_oku: 0.90550157654144
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 1.0413268130227
repurchase_minus_sbc_addback_oku: 0.13582523648122
sustainable_distributable_to_parent_common_cash_oku: 324.478498704
end_book_equity_oku: 8010.3927257973
residual_profit_after_capital_charge_oku: -92.288647426103
present_value_owner_fcfe_oku: 137.06322445786

内容を開く

forward_year: 2047
years_after_exit: 11
start_book_equity_oku: 8010.3927257973
sustainable_roe: 0.07987246553779
parent_ni_after_sbc_oku: 639.80981693545
required_book_reinvestment_oku: 276.17061195444
book_growth_rate: 0.03447653834312
employee_sbc_expense_already_in_ni_oku: 0.95971472540318
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 1.1036719342137
repurchase_minus_sbc_addback_oku: 0.14395720881048
sustainable_distributable_to_parent_common_cash_oku: 363.4952477722
end_book_equity_oku: 8286.5633377518
residual_profit_after_capital_charge_oku: -81.26948559512
present_value_owner_fcfe_oku: 140.86634946257

内容を開く

forward_year: 2048
years_after_exit: 12
start_book_equity_oku: 8286.5633377518
sustainable_roe: 0.08160871162452
parent_ni_after_sbc_oku: 676.25575778888
required_book_reinvestment_oku: 272.63176580053
book_growth_rate: 0.03290046243398
employee_sbc_expense_already_in_ni_oku: 1.0143836366833
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 1.1665411821858
repurchase_minus_sbc_addback_oku: 0.1521575455025
sustainable_distributable_to_parent_common_cash_oku: 403.47183444285
end_book_equity_oku: 8559.1951035523
residual_profit_after_capital_charge_oku: -69.68710015428
present_value_owner_fcfe_oku: 143.44824774572

内容を開く

forward_year: 2049
years_after_exit: 13
start_book_equity_oku: 8559.1951035523
sustainable_roe: 0.08328219294454
parent_ni_after_sbc_oku: 712.82853806397
required_book_reinvestment_oku: 268.51189542841
book_growth_rate: 0.03137116191182
employee_sbc_expense_already_in_ni_oku: 1.069242807096
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 1.2296292281604
repurchase_minus_sbc_addback_oku: 0.16038642106439
sustainable_distributable_to_parent_common_cash_oku: 444.15625621449
end_book_equity_oku: 8827.7069989807
residual_profit_after_capital_charge_oku: -57.659407676804
present_value_owner_fcfe_oku: 144.87428665716

内容を開く

forward_year: 2050
years_after_exit: 14
start_book_equity_oku: 8827.7069989807
sustainable_roe: 0.08488321333444
parent_ni_after_sbc_oku: 749.32413644843
required_book_reinvestment_oku: 263.91545899138
book_growth_rate: 0.02989626400399
employee_sbc_expense_already_in_ni_oku: 1.1239862046727
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 1.2925841353735
repurchase_minus_sbc_addback_oku: 0.1685979307009
sustainable_distributable_to_parent_common_cash_oku: 485.24007952635
end_book_equity_oku: 9091.6224579721
residual_profit_after_capital_charge_oku: -45.338091390536
present_value_owner_fcfe_oku: 145.20637848977

内容を開く

forward_year: 2051
years_after_exit: 15
start_book_equity_oku: 9091.6224579721
sustainable_roe: 0.08639776491681
parent_ni_after_sbc_oku: 785.4958598363
required_book_reinvestment_oku: 258.9919664324
book_growth_rate: 0.02848688093128
employee_sbc_expense_already_in_ni_oku: 1.1782437897545
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 1.3549803582176
repurchase_minus_sbc_addback_oku: 0.17673656846317
sustainable_distributable_to_parent_common_cash_oku: 526.32715683544
end_book_equity_oku: 9350.6144244045
residual_profit_after_capital_charge_oku: -32.926897949649
present_value_owner_fcfe_oku: 144.4968267275

内容を開く

forward_year: 2052
years_after_exit: 16
start_book_equity_oku: 9350.6144244045
sustainable_roe: 0.08780345191166
parent_ni_after_sbc_oku: 821.01622395771
required_book_reinvestment_oku: 253.97179015493
book_growth_rate: 0.02716097345348
employee_sbc_expense_already_in_ni_oku: 1.2315243359366
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 1.416252986327
repurchase_minus_sbc_addback_oku: 0.18472865039048
sustainable_distributable_to_parent_common_cash_oku: 566.85970515238
end_book_equity_oku: 9604.5862145594
residual_profit_after_capital_charge_oku: -20.72380288909
present_value_owner_fcfe_oku: 142.77481940538

内容を開く

forward_year: 2053
years_after_exit: 17
start_book_equity_oku: 9604.5862145594
sustainable_roe: 0.08905705986594
parent_ni_after_sbc_oku: 855.35620949761
required_book_reinvestment_oku: 249.27501862392
book_growth_rate: 0.02595374887114
employee_sbc_expense_already_in_ni_oku: 1.2830343142464
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 1.4754894613834
repurchase_minus_sbc_addback_oku: 0.19245514713696
sustainable_distributable_to_parent_common_cash_oku: 605.88873572655
end_book_equity_oku: 9853.8612331834
residual_profit_after_capital_charge_oku: -9.2490049598812
present_value_owner_fcfe_oku: 140.00463492976

内容を開く

forward_year: 2054
years_after_exit: 18
start_book_equity_oku: 9853.8612331834
sustainable_roe: 0.09
parent_ni_after_sbc_oku: 886.8475109865
required_book_reinvestment_oku: 246.34653082958
book_growth_rate: 0.025
employee_sbc_expense_already_in_ni_oku: 1.3302712664798
shares_awarded_and_offset_at_equal_counts_price_proxy: はい
market_cash_repurchase_to_keep_parent_shares_flat_oku: 1.5298119564517
repurchase_minus_sbc_addback_oku: 0.19954068997196
sustainable_distributable_to_parent_common_cash_oku: 640.30143946695
end_book_equity_oku: 10100.207764013
residual_profit_after_capital_charge_oku: -0.19954068997196
present_value_owner_fcfe_oku: 135.73989697623

scenario_verification

内容を開く

rows

period_days

内容を開く

1: 55
2: 365
3: 366
4: 365
5: 365
6: 365
7: 366
8: 365
9: 365
10: 365
11: 311

max_absolute_balance_rollforward_residual_oku

4.5E-13

event_receipts_equals_payout_difference_oku

oldcohort_terminal_fraction_check_oku

terminal_DCF_minus_RI_oku

-5.46E-12

site_irr_npv_reconciliation_oku

-7.28E-12

act_irr_npv_reconciliation_oku

-1.091E-11

弱気（確率 20.0%）

電源・部品、インフラ、製造投資と競争環境をケース別に仮定し、旧株主の配当と残存価値を算出します。

このシナリオの数値・キャッシュフローを開く →

中立（確率 40.0%）

電源・部品、インフラ、製造投資と競争環境をケース別に仮定し、旧株主の配当と残存価値を算出します。

このシナリオの数値・キャッシュフローを開く →

強気（確率 22.0%）

電源・部品、インフラ、製造投資と競争環境をケース別に仮定し、旧株主の配当と残存価値を算出します。

このシナリオの数値・キャッシュフローを開く →

大幅上振れ（確率 8.0%）

電源・部品、インフラ、製造投資と競争環境をケース別に仮定し、旧株主の配当と残存価値を算出します。

このシナリオの数値・キャッシュフローを開く →

事業の詳細

company: 製造設備向け電源変換・工業制御・データセンター用電源/冷却等。収益区分は4つのIFRS開示セグメント
9m2026_revenue_oku: 5396.67536
9m2026_revenue_yoy_growth: 0.37391277901976
9m2026_operating_margin: 0.16974798165365
9m2026_parent_ni_oku: 691.85826
data_center_cooling: 会社IR質疑では2026Q3冷却関連約250億TWD、同四半期売上約13%; 内部集計で監査セグメントではない。AI横断領域約50%はセグメント別売上と足さない。
source_company_qualitative: Q3 2026 management English translated transcript Oct29; liquid cooling suppliers power platform, ±400VDC high voltage DC early trials, SOFC pilot not assured.
quantity_price_mix_logic: segment growth=(1+physical_volume_growth)*(1+price_mix_growth)-1; model annual per-segment table contains both; no assured 10-year 2026AI CAGR.
working_capital: Inventories 1,682.02oku at Sep2026 versus1,014.78oku Dec2025; dynamic inventory execution, AR and capex are material.
capex: 9m2026 paid for PPE 448.78oku and intangibles7.93oku (not synonymous with IFRS D&A); future funded in each scenario.
major_customer_concentration: 未確認
major_customer_concentration_unconfirmed: No independently audited customer revenue percentage was established; do not invent explicit Nvidia/Meta share.
mna: 2026 9m includes acquisitions Noda RF 90.23pct stake, Delta Controls Germany 100pct; modeling no standalone speculative acquisition gain.
financing: DET Thailand subsidiary exchangeable bonds and options are on subsidiary equity/NCI, not 2308 newly issued parent common stock.

競争力の詳細

strengths

1: 高効率電力変換IP・顧客認証・グローバル製造立地
2: AIラックのkW上昇と配電・液冷のクロスセル
3: 2026年前9か月親会社利益692億TWD、現金2090億TWD

risks

内容を開く

1: NCI662億TWDとDET交換社債: 連結利益/キャッシュを母公司普通株に100%帰属させない
2: 9M2026棚卸資産1682億TWD、前年末から+667億TWD、供給停滞/評価損リスク
3: 設備投資の負担増、電力網/建設日程で検収遅延
4: 競合が液冷と電源に参入し17%前後の営業利益率を圧迫
5: 2026Q3レビューの限定結論: 一部子会社/持分法投資のレビュー未実施、監査意見と混同しない
6: 台湾ドル/米ドル・タイバーツ為替、米中輸出管理/関税
7: 2036 terminal ROE fadeや9%kという大きな主観パラメータ

business_moat

顧客承認・高出力電源設計・液冷統合のスイッチングコストは強みだが永久の独占利潤を認めず、競争でROEは18年かけてCoCへ収斂。

reported_IFRS_review_outcome

qualified_review_due_to_certain_unreviewed_nonsignificant_subsidiaries_and_associates

no_audit_misrepresentation

はい

業界の詳細

data_center_power

1: AIアクセラレータのTDP増加→rack kW増大
2: 配電/高圧直流とAC-DC/DC-DCの効率改善
3: 顧客の内製化・原材料調達

cooling

1: 空冷から液冷への移行は設置サイト制約に左右
2: CDU/冷媒・保守標準化と信頼性保証
3: 電力網・施工人員の希少性

automation

1: 製造業景気・設備投資の循環
2: 長期保守サービス、製品差別化
3: ABB/Siemens/Omron/三菱など競合

mobility

1: EV車種ミックスと充電設備投資
2: 2026年9Mセグメント営業赤字約12.67億TWD

pricing_model

具体的な契約単価は非開示; annual price/mix growth is assumed, not reported unit ASP.

industry_demand_guarantees

none

財務・資本配分の詳細

reported_2026_Q3_IFRS

内容を開く

日付: 2026-09-30
種類: reported_IFRS_reviewed_2026Q3
sales_9m_oku: 5396.67536
operating_profit_9m_oku: 916.07475
pretax_profit_9m_oku: 997.5893
income_tax_9m_oku: 226.9709
profit_total_9m_oku: 770.6184
parent_profit_9m_oku: 691.85826
nci_profit_9m_oku: 78.76014
assets_oku: 8356.60191
total_liabilities_including_operating_oku: 4512.30114
親会社持分（億）: 3181.97309
非支配持分資本（億）: 662.32768
cash_and_equivalents_oku: 2090.2269
short_borrowings_oku: 127.79441
current_maturities_long_debt_bonds_and_loans_oku: 264.61754
noncurrent_bonds_oku: 487.97334
noncurrent_long_borrowings_oku: 225.87185
lease_noncurrent_oku: 33.69703
paid_ppe_capex_9m_oku: 448.77977
paid_intangibles_9m_oku: 7.92646
nci_dividends_paid_9m_oku: 27.25886
issued_shares_report_2026Q3_thousands: 2597543
issued_shares_legal_register_exact: 2597543329
treasury_shares_2026Q3_proxy: 0
ordinary_shares_2026Q3_proxy: 2597543329
shares_diluted_2026_9m_employee_remuneration_potential_thousands: 4323
subsidiary_option_outstanding_shares_9m: 5096000
subsidiary_equity_settled_sbc_expense_9m_oku: 0.07926
employee_remuneration_accrued_9m_oku: 74.53931
2026_dividend_per_share_paid_twd: 11.6
2026_dividend_ex_date: 2026-06-17
2026_dividend_payment_date: 2026-07-22
2026_dividend_total_disclosed_oku: 301.315026164
interest_bearing_borrowings_ex_lease_oku: 1106.25714
net_cash_ex_lease_oku: 983.96976
non_interest_liabilities_incl_lease_oku: 3406.044

prior_dividend_ex_and_paid_not_eligible_cashflow

per_share_twd: 11.6
ex_date: 2026-06-17
pay_date: 2026-07-22

ordinary_parent_treasury_shares_2026_09_30_proxy

mother_company_potential_diluted_EPS_employee_remuneration_shares_9m_thousands

4323

employee_remuneration_stock_awards_actual_outstanding_not_automatically_issued

はい

subsidiary_stock_options_actual_outstanding_not_parent_ordinary

5096000

financial_debt_definition

Short loan + current portion bonds&loans + noncurrent bonds + long-term loans, excludes lease obligations, excludes suppliers & other trade liabilities.

2026_11_06_proxy_balance

内容を開く

cash: 2166.6468924
debt: 1106.25714
parent_equity: 3293.8255683833
nci_equity: 675.07636139935
issuer_shares: 2597543329
old_shares: 2597543329
total_liabilities_other: 3406.044
other_noncash_assets: 6314.5561773826
company_assets: 8481.2030697826

nci_accounting

debt_and_cash

entity-wide IFRS group cash and financing borrowings are reported as such, not mistakenly deemed entirely freely remittable to listed parent.

subsidiary_exchangeable_bonds

2026 new offshore USD bonds may be exchangable into DELTA THAILAND subsidiary equity, not 2308 common; record in group bonds/debt/NCI. No automatic parent diluted share change.

parent_sbc_treatment

share_buyback_treatment

parent_equity_clean_surplus

opening + (parent IFRS NI after SBC) + parent SBC equity credit + cash new issuance + OCI - declared dividends - repurchase expense

nci_equity_clean_surplus

opening+NCI NI+subsidiary SBC equity credit - NCI dividends + NCI conversions. In scenarios all conversions 0 unless independently confirmed.

cash_identity

opening cash + GROUP NI + D&A + SBC noncash addback - delta operating WC - PP&E/intangible capex - parent&NCI dividend - issuer repurchase cash + new financial borrowing - debt cash repayment

total_company_asset_liability_plug

Other non-cash assets and operating liabilities after 2026Q3 are pro forma residuals only; no model-derived number is described as reported IFRS.

lease_liability_excluded_from_debt_proxies

Lease obligation tracked within other liabilities rather than interest-bearing bond/bank debt to avoid double subtraction; scenario debt excludes leases.

cash_and_equivalents_not_all_available_to_parent

Subsidiaries with NCI own some cash; valuation instead uses parent equity + parent earnings residual model.

no_unverified_postcutoff_dividend_asof

はい

評価根拠の詳細

forbid_terminal_market_PER_PBR_mean_reversion

はい

terminal_market_PE_PB_multiplier_applied

いいえ

source_exchange_PE_is_only_crosscheck

31.68

terminal_valuation

initial_price_value_oku

27404.08212095

no_terminal_plus_2037_dividend

2036-11-06 cum-right exit value includes future 2037 cashflows; seller does not also receive pre-ex-date 2037 dividend

initial_2026_dividend_removed

はい

sensitivity

k 8-10%, reinvestment fade and price of SBC neutralizing buyback stressed below in valuation sensitivities

discount_rate_sensitivity

内容を開く

id: stress
discount_k: 0.08
whole_company_terminal_oku: 4855.302026732
same_original_holder_terminal_oku: 4853.3903273232
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: stress
discount_k: 0.09
whole_company_terminal_oku: 4247.1248272838
same_original_holder_terminal_oku: 4245.452588157
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: stress
discount_k: 0.1
whole_company_terminal_oku: 3727.1285863972
same_original_holder_terminal_oku: 3725.661087676
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: bear
discount_k: 0.08
whole_company_terminal_oku: 10786.704662245
same_original_holder_terminal_oku: 10781.664135198
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: bear
discount_k: 0.09
whole_company_terminal_oku: 9698.4696777249
same_original_holder_terminal_oku: 9693.9376727932
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: bear
discount_k: 0.1
whole_company_terminal_oku: 8756.9946566323
same_original_holder_terminal_oku: 8752.9025942463
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: base
discount_k: 0.08
whole_company_terminal_oku: 21758.943145614
same_original_holder_terminal_oku: 21747.517671595
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: base
discount_k: 0.09
whole_company_terminal_oku: 19872.760069321
same_original_holder_terminal_oku: 19862.32501729
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: base
discount_k: 0.1
whole_company_terminal_oku: 18224.859337661
same_original_holder_terminal_oku: 18215.28958717
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: bull
discount_k: 0.08
whole_company_terminal_oku: 39108.520618324
same_original_holder_terminal_oku: 39084.831155283
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: bull
discount_k: 0.09
whole_company_terminal_oku: 36035.083717899
same_original_holder_terminal_oku: 36013.255948133
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: bull
discount_k: 0.1
whole_company_terminal_oku: 33330.723877615
same_original_holder_terminal_oku: 33310.534237634
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: superbull
discount_k: 0.08
whole_company_terminal_oku: 81210.956138283
same_original_holder_terminal_oku: 81151.858789713
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: superbull
discount_k: 0.09
whole_company_terminal_oku: 75188.446518314
same_original_holder_terminal_oku: 75133.731760065
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

内容を開く

id: superbull
discount_k: 0.1
whole_company_terminal_oku: 69865.116762899
same_original_holder_terminal_oku: 69814.275800613
valuation_sensitivity_changes_k_only: cashflow path and mature ROE held fixed for finite shock, not joint re-solving competitiveness
出典: analyst sensitivity

分析基準とデータ

日付

2026-11-06

価格・単価

1055

株数

2597543329

shares_unit

ordinary_parent_ex_treasury_proxy

currency

TWD

株価の出所

TWSE 2026-11-06 MI_INDEX individual security row 2308 (primary TWSE)

株数の出所

2026-09-30 IFRS issued/outstanding rounded thousands + Taiwan legal register 2597543329 shares; Nov06 unchanged is proxy

price_data_class

verified_TWSE_closing_price

shares_data_class

2026-09-30_verified_plus_2026-11-06_proxy

issued_shares_9m_exact_register

2597543329

treasury_shares_at_2026_09_30_proxy

treasury_shares_at_2026_11_06_proxy

treasury_shares_latest_date_after_2026_09_30

未確認

shares_verification_limitation

A 2026-11-06 independent MOPS instantaneous treasury register was not located; use 2026-09-30 issuance and zero-balance treasury inference. MOPS recheck gate required.

終価

27404.08212095

initial_old_shareholder_cohort_shares

2597543329

initial_old_shareholder_cohort_value_oku

27404.08212095

basis_old_cohort_scale

all economically outstanding 2308 common shares acquired at Nov06 close, then future issuer buybacks tendered proportionately

ex_date_2026_pre_asof

2026-06-17

paid_date_2026_pre_asof

2026-07-22

2026_pre_asof_dividend_in_future_cashflows

いいえ

asof_bridge_to_11_06

内容を開く

basis_balance_date

2026-09-30

days_2026_oct01_to_nov06_inclusive

assumption

37/92 x the common 2026Q4 analyst proxy; not publicly reported as of close

reported_2026_09_30

内容を開く

cash: 2090.2269
debt: 1106.25714
parent_equity: 3181.97309
nci_equity: 662.32768
issuer_shares: 2597543329
old_shares: 2597543329
total_liabilities_other: 3406.044

2026_q4_37_day_proxy

内容を開く

segment_sales

内容を開く

power_components: 494.67391304348
infrastructure: 293.58695652174
automation: 72.391304347826
mobility: 40.217391304348

other_sales

2.4130434782609

sales

903.28260869565

sbc_parent

sbc_sub

0.01608695652174

operating_profit_pre_sbc

152.81804347826

operating_profit

152.80195652174

nonoperating_net

10.054347826087

net_finance_income

pbt

162.85630434783

tax

38.271231521739

group_ni

124.58507282609

parent_ni

111.85247838326

nci_ni

12.732594442826

41.551

capex

74.069173913043

maintenance_capex

37.034586956522

growth_capex

37.034586956522

change_wc

15.662993469565

nci_dividend

parent_dividend

issuer_buyback_cash

capital_borrowing

debt_repayment

sbc_award_issuer_shares

issuer_buyback_shares

projected_buyback_price_twd

未確認

projected_award_price_twd

未確認

modeled_2026_11_06

内容を開く

cash: 2166.6468924
debt: 1106.25714
parent_equity: 3293.8255683833
nci_equity: 675.07636139935
issuer_shares: 2597543329
old_shares: 2597543329
total_liabilities_other: 3406.044
other_noncash_assets: 6314.5561773826
company_assets: 8481.2030697826

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分析に使用した資料

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