Delta Thailand (DELTA TB): Buy: 2Q results missed followed by a gradual earnings recovery in 2H26

研报英文原文证据摘录

Delta Thailand (DELTA TB): Buy: 2Q results missed followed by a gradual earnings recovery in 2H26

31 July 2026

Delta Thailand (DELTA TB) Equities Electronic Equipment &

Instruments

Buy: 2Q results missed followed by a gradual

earnings recovery in 2H26 Thailand

◆ 2Q26 margin missed mainly on inflationary costs MAINTAIN BUY

◆ We expect 2H26 earnings to regain momentum thanks to

TARGET PRICE (THB) PREVIOUS TARGET (THB)

accelerating revenue growth and mild recovery of margins

340.00 390.00

◆ Maintain Buy; cut TP to THB340 (from THB390)

SHARE PRICE (THB) UPSIDE/DOWNSIDE

2Q26 results missed: Delta Thailand reported its 2Q26 results on 24 Jul 2026 (see 264.00 +28.8%

Results missed on margin headwinds, 27 Jul 2026). 2Q26 gross margin came in c520bps (as of 30 Jul 2026)

lower than 1Q26 level, which management attributed to three major factors: (1) higher-

than-expected component costs resulted in around c2pcts margin deterioration; (2) one- MARKET DATA

Market cap (THBm) 3,293,087 Free float 36%

off and reversable shipment expedition costs related to pulling in second-source power Market cap (USDm) 98,316 BBG DELTA TB

semi vendors and additional freight costs; (3) inventory provision across several business 3m ADTV (USDm) 169 RIC DELTA.BK

segments, which impacted the gross margin at around c1pcts. We see the 2Q26 margin FINANCIALS AND RATIOS (THB)

shortfall as a mixture of several supply chain disruptions, but the majority of them are Year to 12/2025a 12/2026e 12/2027e 12/2028e

HSBC EPS 1.99 2.90 4.47 5.88

related to upstream power semi, especially SiC and Si MOSFET, shortages. We note that HSBC EPS (prev) 1.99 3.46 5.17 6.98

several global vendors have raised their prices in 1H26. Meanwhile, Delta Electronic’s Change (%) 0.0 -16.3 -13.6 -15.7

Consensus EPS 1.96 3.03 4.03 5.28