บทวิเคราะห์ (Research)

We believe most downsides have already been priced in and Delta is now attractive for re-entry ahead of its net profit growth of 8% CAGR in 2024-2027E, rising from THB18.4b in 2024 to THB24.2b in 2027E. Key catalysts are 1) improving demands for AI, EV, and data center for Delta’s proprietary products; 2) higher revenues from Germany, India, Singapore, and Thailand to capture demand growths but avoid the geopolitical risks of potentially hiking import tariffs by US government; and 3) lower SG&A to sales on revenue shift to Germany and India. We initiated coverage on DELTA with a BUY and a TP of THB89, based on 50x 2025E P/E. Unlike other big cap peers in SET and its local and global electronics peers, we think DELTA is a unique stock that should command valuation premiums on top of its normal valuation P/E.