Delta Electronics (Thailand): 2Q26 preview: Navigating supply constraints

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Delta Electronics (Thailand): 2Q26 preview: Navigating supply constraints

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Delta Electronics (Thailand)

2Q26 preview: Navigating supply

constraints

Maintain Rating: UNDERPERFORM | PO: 285.00 THB | Price: 314.00 THB

Growth falls short of expectations 26 June 2026 Corrected

We expect pre-exceptional profit of Bt8.0bn (+78% YoY but down 9% QoQ). Revenue is Equity

expected to grow 43% YoY and 3% QoQ, below management's guidance of around 15%

QoQ growth. The shortfall is mainly driven by raw material supply constraints, which Suppapong Iemkongaek, CFA, CMT ^^^ Research Analyst

have pressured both the production ramp-up and margins, as well as the impact of EU Kiatnakin Phatra Securities

sanctions affecting the China supply chain. We maintain our Underperform rating on +66suppapong.iemk@kkpfg.com2 305 9925

DELTA given its stretched valuation.

Pressure along the supply chain

Stock DataRaw material shortages, such as for power modules and PCBs, remained the key

headwind during the quarter. This was driven by three factors: (1) suppliers reallocating Price 314.00 THB

capacity toward AI-related products amid stronger AI demand, resulting in tighter supply Price Objective 285.00 THB

for non-AI components; (2) supply constraints within the AI supply chain itself, as Date Established 11-Jun-2026

demand continues to outpace capacity; and (3) higher procurement lead times due to Investment Opinion C-3-7

elevated demand and prolonged geopolitical tensions. As a result, the ramp-up of the 52-Week Range 92.00 THB-372.00 THB

new factory has been slower than expected, delaying product deliveries and limiting Mrkt Val / Shares Out (mn) 117,190 USD /

revenue growth. The slower production ramp-up and higher raw material cost also led to 12,473.8