บทวิเคราะห์ (Research)

D/G to SELL due to GMT impact and high valuation We D/G our rating for DELTA to SELL from HOLD, and trim our DDM-derived TP by 4% to THB119 from THB124 previously. We revise FY24E/25E core earnings downwards by 3%/6% due to higher-than-expected SG&A expenses/impact from the Global Minimum Tax (GMT), respectively. Despite expected slowing earnings growth (11% FY24-28E CAGR vs. 56% FY19-23), DELTA is trading at 105x/87x FY25/26E PE, both +1SD premium their 5-year average. Our new rating reflects DELTA’s expensive valuation, the negative impact of the increased GMT tax burden on FY25E core earnings, and potential risk of being excluded from the SET50.