Delta Electronics (Thailand): Navigating supply chain tightness ahead of H2 ramp; higher royalties to stay

研报英文原文证据摘录

Delta Electronics (Thailand): Navigating supply chain tightness ahead of H2 ramp; higher royalties to stay

Global Research

29 July 2026ab

Delta Electronics (Thailand) Equities

ThailandNavigating supply chain tightness ahead of H2

ramp; higher royalties to stay Electric Components & Equipment

12-month rating Neutral

12m price target Bt320.00Robust underlying demand to support H226 ramp

Prior : Bt350.00

We hosted an earnings call with Delta Thailand's management post Q226 result release

(see here). Management remains positive on Delta Thailand's revenue growth trajectory Price (27 Jul 2026) Bt285.00

in H226, indicating a potential 40:60 revenue split for H1:H2 which implies a ~50% HoH RIC: DELTA.BK BBG: DELTA TB

revenue growth. Key drivers for a strong H226 ramp would include Delta Thailand's

transition to a higher mix 12kW PSUs along with increasing demand for battery backups Trading data and key metrics

(BBUs), capacitor banks as well as liquid cooling components to support the latest 52-wk range Bt364.00-142.00

generation of server rack and power architectures. Market cap. Bt3,555b/US$106b

Shares o/s 12,474m (ORD)

Q226 margin weakness could be temporary; royalties trending up Free float 37%

Management sees supply bottleneck in Q226 as temporary, noting that Delta Thailand Avg. daily volume ('000) 16,787

has made progress in securing 2nd sources and qualifying new vendors. Management Avg. daily value (m) Bt5,476.3

attributed the 5ppt QoQ contraction in Q226 GPM to: 1) 2.5ppt from price adjustments Common s/h equity (12/26E) Bt122b

of key components, including power MOSFETs and capacitors, coupled with temporary P/BV (12/26E) 29.0x

open market sourcing; 2) 1.5ppt from higher inventory provisioning for dated Net debt to EBITDA (12/26E) NM