บทวิเคราะห์ (Research)

1Q25 net profit (NP) was THB5.5b, up 27.4% y-y and 154.7% q-q, beating, beating market consensus by 30% and ours by 16%. Excluding FX gain, 1Q24 core NP was THB5.06b, up % q-q and 39% y-y, still 7% higher than our estimate. Revenue rose to THB42.7b (+12.5% y-y, +2.4% q-q) from the stronger-than-expected AI power electronics and data center and high-performance computing products to more than offset the weak sales of EV mobility. We maintain BUY and raise our TP to THB99, based on 60x 2025E P/E as we think Delta’s share price is now likely to rerate further thanks to the stronger-than-expected demands for AI-related power electronics that are now moving from first DC-DC phase to more demanding power sources to accommodate the high-powered chips.