บทวิเคราะห์ (Research)

There are some risks for DELTA that could wipe out the positives from sales including: i) higher expenses related to royalty fees, and ii) global minimum tax rate. Meanwhile, the share price has been trading at a rich valuation. We maintain a rating of Underperform with an end-2025 target price of Bt111.0 based on PER 57.0x (+0.5 S.D its historical average).