Delta Electronics (Thailand): China H200 approval unlikely to benefit DELTA Thailand

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Delta Electronics (Thailand): China H200 approval unlikely to benefit DELTA Thailand

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Delta Electronics (Thailand)

China H200 approval unlikely to benefit

DELTA Thailand

Maintain Rating: UNDERPERFORM | PO: 174.00 THB | Price: 331.00 THB

Nvidia H200 approved for selected Chinese firms 14 May 2026

The media has reported that the US has given the approval for several Chinese firms, Equity

including Alibaba, Tencent, ByteDance, and JD.com, to purchase Nvidia’s H200 AI chips

under export license arrangements. However, no shipment has taken place so far, as Suppapong Iemkongaek, CFA, CMT ^^^ Research Analyst

China remains cautious on relying too heavily on US technology while continuing to Kiatnakin Phatra Securities

support domestic AI development. Still, the news raised expectations that part of China’s +66suppapong.iemk@kkpfg.com2 305 9925

AI demand could reopen to the Nvidia ecosystem after facing tight restrictions over the

past quarters. We believe DELTA (Thailand) would not benefit from this development.

Little direct upside from China H200 reopening Stock Data

China accounted for only around 6% of DELTA Thailand’s total revenue in FY2025. Price 331.00 THB

According to the company, actual exposure to China is likely even lower, as customer Price Objective 174.00 THB

geography is based on billing location rather than end-demand. Several customers that Date Established 28-Apr-2026

previously operated in China have already relocated production outside the country but Investment Opinion C-3-7

continue to use the same Chinese entities for billing purposes. In addition, most AI- 52-Week Range 91.25 THB-332.00 THB

related projects for Chinese customers are mainly handled by Delta Taiwan rather than Mrkt Val / Shares Out (mn) 127,433 USD /

DELTA Thailand.