บทวิเคราะห์ (Research)

Maintain SELL, expect a tough year for DELTA We maintain SELL on DELTA and reduce our TP to THB63.0 (from THB119) to reflect the increase in royalty expenses and overall slowing growth. We forecast FY25 core earnings to decline by 5% YoY to THB17b as DELTA will face key headwinds to earnings growth from its rising cost structure and implementation of the Global Minimum Tax (GMT increasing its average effective tax rate to 15% from 3-5% historically). Despite the 49% share price correction YTD, we think DELTA remains expensive at 52x FY25E PE. Common peer benchmarks (mainly due to the AI theme), like Nvidia and TSMC, trade at 27x/16x FY25E PE.