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
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
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
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
- 0
- 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
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
内容を開く
- 1
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
- 2
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
- 3
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
- 4
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
- 5
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
- 6
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
- 7
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
- 8
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
- 9
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
- 10
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
- 11
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
- 12
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
- 13
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
- 14
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
- 15
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
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。
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 |
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
- 0
- 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
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
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
内容を開く
- 1
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
- 2
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
- 3
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
- 4
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
- 5
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
- 6
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
- 7
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
- 8
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
- 9
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
- 10
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
- 11
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
- 12
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
- 13
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
- 14
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
- 15
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
- 0
- treasury_shares_at_2026_11_06_proxy
- 0
- 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
- 37
- 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
- 0
- sbc_sub
- 0.01608695652174
- operating_profit_pre_sbc
- 152.81804347826
- operating_profit
- 152.80195652174
- nonoperating_net
- 10.054347826087
- net_finance_income
- 0
- pbt
- 162.85630434783
- tax
- 38.271231521739
- group_ni
- 124.58507282609
- parent_ni
- 111.85247838326
- nci_ni
- 12.732594442826
- da
- 41.551
- capex
- 74.069173913043
- maintenance_capex
- 37.034586956522
- growth_capex
- 37.034586956522
- change_wc
- 15.662993469565
- nci_dividend
- 0
- parent_dividend
- 0
- issuer_buyback_cash
- 0
- capital_borrowing
- 0
- debt_repayment
- 0
- sbc_award_issuer_shares
- 0
- issuer_buyback_shares
- 0
- 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
追加データ・検証記録
- assumptions
- common
内容を開く
- discount_k
- 0.09
- q4_2026_budget_segment_revenues_oku
内容を開く
- power_components
- 1230
- infrastructure
- 730
- automation
- 180
- mobility
- 100
- q4_2026_budget_pre_sbc_operating_margins
内容を開く
- power_components
- 0.194
- infrastructure
- 0.184
- automation
- 0.048
- mobility
- -0.016
- q4_2026_other_revenue_oku
- 6
- q4_2026_other_nonop_gain_oku
- 25
- q4_2026_tax_rate
- 0.235
- q4_2026_nci_share_of_group_net_income
- 0.1022
- q4_2026_capex_ratio
- 0.082
- q4_2026_da_ratio
- 0.046
- q4_2026_wc_ratio_on_sequential_sales_growth
- 0.14
- q4_2026_sbc_subsidiary_expense_oku
- 0.04
- annual_forward_da_ratio_of_sales
- 0.046
- parent_sbc_expense_to_sales_ratio
- 0.00015
- subsidiary_sbc_expense_to_sales_ratio
- 1.4E-5
- incremental_interest_rate_on_debt
- 0.018
- interest_income_on_cash
- 0.01
- annual_cash_debt_paydown_fraction
- 0.09
- long_term_required_capital_growth_terminal_initial
- 0.052
- long_term_required_capital_growth_terminal_mature
- 0.025
- terminal_roe_competitive_fade_years
- 18
- terminal_sbc_market_repurchase_price_premium_to_grant_fair_value
- 0.15
- terminal_sbc_reported_expense_share_of_after_tax_parent_earnings
- 0.0015
- terminal_continuation_cashflows
parent_NI_plus_SBC_non_cash_addback_minus_actual_issuer_stock_repurchases_minus_required_net_reinvestment
- initial_balance_bridge_days
- 37
- initial_postcutoff_days
- 55
- final_partial_days
- 311
- terminal_site_exponent_years
- 10
- other_cash_flows_foreign_exchange_oci
- 0
- parent_additional_paid_in_cash_share_issue
- 0
- cash_flow_tax_basis
issuer_pretax_holder_cashflows; ETF_Taiwan_local_withholding_unknown; excludes_US_and_JP_personal_tax
- per_case
内容を開く
- stress
内容を開く
- prob
- 10.00%
- ja
深刻な逆風
- 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
- wc
- 0.23
- payout
- 0.35
- buyback
- 0
- nci_div
- 0.28
- bear
内容を開く
- prob
- 20.00%
- ja
弱気
- q4_sales_mult
- 0.966
- q4_margin_shift
- -0.013
- tax
- 0.255
- nci_low
- 0.106
- nci_up
- 0.125
- nonop
- 0.005
- growth
内容を開く
- power_components
- 1
- 0.008
- 2
- 0.038
- infrastructure
- 1
- 0.025
- 2
- 0.046
- automation
- 1
- 0.01
- 2
- 0.028
- mobility
- 1
- -0.04
- 2
- 0.025
- prices
内容を開く
- power_components
- -0.004
- infrastructure
- -0.004
- automation
- 0
- mobility
- -0.004
- margin_begin
内容を開く
- power_components
- 0.158
- infrastructure
- 0.136
- automation
- 0.01
- mobility
- -0.033
- margin_end
内容を開く
- power_components
- 0.169
- infrastructure
- 0.161
- automation
- 0.06
- mobility
- 0.012
- capex_begin
- 0.089
- capex_end
- 0.068
- wc
- 0.19
- payout
- 0.44
- buyback
- 0.005
- nci_div
- 0.3
- base
内容を開く
- prob
- 40.00%
- ja
中立
- q4_sales_mult
- 1
- q4_margin_shift
- 0
- tax
- 0.232
- nci_low
- 0.107
- nci_up
- 0.119
- nonop
- 0.006
- growth
内容を開く
- power_components
- 1
- 0.135
- 2
- 0.04
- infrastructure
- 1
- 0.195
- 2
- 0.045
- automation
- 1
- 0.066
- 2
- 0.03
- mobility
- 1
- 0.04
- 2
- 0.024
- prices
内容を開く
- power_components
- 0.012
- infrastructure
- 0.012
- automation
- 0.007
- mobility
- 0.005
- margin_begin
内容を開く
- power_components
- 0.207
- infrastructure
- 0.207
- automation
- 0.055
- mobility
- -0.005
- margin_end
内容を開く
- power_components
- 0.19
- infrastructure
- 0.183
- automation
- 0.078
- mobility
- 0.025
- capex_begin
- 0.089
- capex_end
- 0.063
- wc
- 0.15
- payout
- 0.53
- buyback
- 0.03
- nci_div
- 0.33
- bull
内容を開く
- prob
- 22.00%
- ja
強気
- q4_sales_mult
- 1.06
- q4_margin_shift
- 0.014
- tax
- 0.222
- nci_low
- 0.109
- nci_up
- 0.125
- nonop
- 0.007
- growth
内容を開く
- power_components
- 1
- 0.225
- 2
- 0.07
- infrastructure
- 1
- 0.285
- 2
- 0.085
- automation
- 1
- 0.105
- 2
- 0.045
- mobility
- 1
- 0.07
- 2
- 0.04
- prices
内容を開く
- power_components
- 0.018
- infrastructure
- 0.019
- automation
- 0.012
- mobility
- 0.012
- margin_begin
内容を開く
- power_components
- 0.226
- infrastructure
- 0.231
- automation
- 0.072
- mobility
- 0.005
- margin_end
内容を開く
- power_components
- 0.207
- infrastructure
- 0.209
- automation
- 0.095
- mobility
- 0.04
- capex_begin
- 0.105
- capex_end
- 0.073
- wc
- 0.15
- payout
- 0.55
- buyback
- 0.045
- nci_div
- 0.35
- superbull
内容を開く
- prob
- 8.00%
- ja
大幅上振れ
- q4_sales_mult
- 1.12
- q4_margin_shift
- 0.023
- tax
- 0.213
- nci_low
- 0.11
- nci_up
- 0.135
- nonop
- 0.009
- growth
内容を開く
- power_components
- 1
- 0.325
- 2
- 0.12
- infrastructure
- 1
- 0.395
- 2
- 0.135
- automation
- 1
- 0.16
- 2
- 0.06
- mobility
- 1
- 0.12
- 2
- 0.05
- prices
内容を開く
- power_components
- 0.024
- infrastructure
- 0.028
- automation
- 0.017
- mobility
- 0.017
- margin_begin
内容を開く
- power_components
- 0.248
- infrastructure
- 0.256
- automation
- 0.085
- mobility
- 0.011
- margin_end
内容を開く
- power_components
- 0.226
- infrastructure
- 0.235
- automation
- 0.11
- mobility
- 0.045
- capex_begin
- 0.128
- capex_end
- 0.092
- wc
- 0.17
- payout
- 0.5
- buyback
- 0.055
- nci_div
- 0.4