Delta Electronics (Thailand): Q226 preview: Near-term moderation; longer-term trajectory intact

研报英文原文证据摘录

Delta Electronics (Thailand): Q226 preview: Near-term moderation; longer-term trajectory intact

Global Research

15 July 2026ab

Delta Electronics (Thailand) Equities

ThailandQ226 preview: Near-term moderation; longer-

term trajectory intact Electric Components & Equipment

12-month rating Neutral

12m price target Bt350.00Supply chain constraints limiting sequential ramp

Prior : Bt340.00

Delta Thailand is due to report its 1H26 results on 24 July. We forecast Q226 sequential

revenue growth to come in at a modest +5% QoQ in THB terms, lower than Refinitiv Price (15 Jul 2026) Bt312.00

consensus forecast of +10% QoQ, noting that its parent company Delta Electronics RIC: DELTA.BK BBG: DELTA TB

recorded Q2 sales growth of +15% QoQ which was slightly below UBS/street

expectations of +18%/17% (see here). For Delta Thailand, we see supply chain Trading data and key metrics

constraints (ie IGBT/MOSFETs) potentially limiting the company's ability to ramp its 52-wk range Bt364.00-114.50

power electronics production, while higher input costs coupled with higher depreciation Market cap. Bt3,892b/US$116b

from ongoing capacity expansions could impact near-term profitability. As such, we trim Shares o/s 12,474m (ORD)

our GP margin forecasts for 2026E by 2ppt to 30%, down from 31.7% recorded in Free float 37%

Q126, resulting to a 11% cut to our 2026E EPS forecasts. For Q226E, we forecast EPS to Avg. daily volume ('000) 15,988

trend down by ~20% QoQ, though we expect earnings momentum to pick up into Avg. daily value (m) Bt5,242.9

H226E. Common s/h equity (12/26E) Bt123b

P/BV (12/26E) 31.7x

Medium-term outlook remains intact with notable capacity adds Net debt to EBITDA (12/26E) NM

We expect Delta Thailand to see better sequential topline growth of +12%/10% QoQ in

Q3/Q426E.