Delta Electronics Parentco April/May softness is supply timing, not demand; maintain our forecast and OW

研报英文原文证据摘录

Delta Electronics Parentco April/May softness is supply timing, not demand; maintain our forecast and OW

J P M O R G A N Asia Pacific Equity Research

10 June 2026

Delta Electronics Overweight

DELTA.BK, DELTA TB

Parentco April/May softness is supply timing, not Price (10 Jun 26):Bt352.00

demand; maintain our forecast and OW Price Target (Jun-27):Bt360.00

Parent company Delta Electronics Inc. (covered by Albert Hung) reported May ASEAN Tech Hardware / Technology

ACrevenue of NT$59bn (flattish MoM, +44% Y/Y), implying ~NT$118bn for April- Samuel Tan

May combined and trailing expectations of high-teens % Q/Q growth in 2Q26 on (60-3) 2718 0781

supply constraints. June is likely to see an uptick, followed by a stronger 3Q26, samuel.tan@jpmorgan.com

aided by potential price hikes. The read-through for Delta Thailand (~38% of JPMorganX) Securities (Malaysia) Sdn. Bhd. (18146-

parentco revenue in 1Q26, up from 35% in 4Q25) is neutral to positive: The Technology and Telecoms

parentco’s implied 2Q26 revenue of ~NT$185bn yields Bt69bn, comfortably

Gokul Hariharanabove our 2Q26E of Bt65bn (+7.5% Q/Q), which embeds a conservative ~35-36%

(852) 2800-8564

contribution and leaves cushion for a supply-led slippage. Our engagement with gokul.hariharan@jpmorgan.com

Delta Thailand this week corroborates the demand picture. Stay OW. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

• Parentco’s May print shows supply friction, not demand weakness. Server Technology - Hardware

power revenue was flattish MoM, at ~NT$17bn, on datacenter infrastructure Albert Hung

readiness and component shortages, while liquid cooling rose 5% MoM, to NT (886-2) 2725-9875

$6.6bn, on new project ramps and a recovery in Meta’s GB300 project. The albert.hung@jpmchase.com