Phillip Securities estimates that DELTA's third-quarter profit will come in at 8.319 billion baht, up 11.8% year-on-year and 37.0% quarter-on-quarter, driven by faster deliveries of AI and data center products than in the previous quarter, as well as new liquid cooling equipment products that are starting to accelerate. The company expects revenue of 2.287 billion dollars, up 38.5% year-on-year and 13.7% quarter-on-quarter, helped by an average weaker baht of 33.3 baht per dollar, translating into baht revenue of 77 billion baht, up 45.2% year-on-year and 18.6% quarter-on-quarter. The gross margin is expected at 29.4%, higher both year-on-year and quarter-on-quarter, thanks to an improved product mix, since most AI products fall within the power electronics business, which has good margins. The research team has raised its base price for 2025 to 330.00 baht, based on a P/E of 120.0 times, up from the previous average P/E of 100-110 times, and upgraded its recommendation to Buy, seeing third-quarter earnings as strong in the short term, though the fourth quarter may raise concerns over higher costs from annual supplier negotiations.
Delta Electronics (Thailand) Public Company LimitedPhillip Securities raised its 2025 target price to 330 baht and upgraded DELTA to Buy on expected strong Q3 profit of 8.319 billion baht.
