Equity Snap: Delta Thailand (DELTA TB): Results missed on margin headwinds

研报英文原文证据摘录

Equity Snap: Delta Thailand (DELTA TB): Results missed on margin headwinds

27 July 2026

Equity Snap: Delta Thailand Equities Electronic Equipment &

(DELTA TB) Instruments

Results missed on margin headwinds Thailand

◆ 2Q26 results missed on cost inflation, expedited shipping Carol Juan*

amid supply shortage, and inventory provisions Analyst, Technology HSBC Securities (Taiwan) Corporation Limited

carol.cc.juan@hsbc.com.tw

+886 2 6631 2862

Delta Thailand (DELTA TB, THB307.00, Buy, TP THB390.00)

Lorraine Ou*

(Priced as of 24 Jul 2026) Research Associate

HSBC Securities (Taiwan) Corporation Limited

2Q26 results missed expectations on margin disappointment: Revenue came in lorraine.yt.ou@hsbc.com.tw

at THB65bn, +6% q-o-q and +47% y-o-y, missing HSBCe by 5% but 2% higher than +886 2 6631 2867

Bloomberg consensus. GPM of 26.8% came in 504bps/391bps lower than HSBCe

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

and consensus. OPM of 9.4% came in 774bps/632bps lower than HSBCe and not registered/ qualified pursuant to FINRA regulations

consensus. OP of THB6bn, -37% q-o-q and +20% y-o-y, missed HSBCe/consensus

by 48%/39%. EPS of THB0.49 missed HSBCe and consensus by 37%/30%.

Revenue growth in line after a mid-quarter guidance cut: 2Q26 revenue growth

came in at mid-single-digit q-o-q, in line with the guidance the company updated

during mid-quarter, when they trimmed from the low-teens q-o-q growth provided at

end-1Q26. The downgrade was driven by raw material shortages and capacity

constraints, compounded by the impact of MOSFET supply shortages, which also

disrupted shipment timing. Management now guides revenue and OPM improvement

to be more backend loaded in 2H26.

Gross margin missed on cost inflation, expedited shipping, and inventory