บทวิเคราะห์ (Research)

After a stronger-than-expected 1Q25 net profit of THB5.5b due to higher-than-expected margins on lower costs, we think DELTA’s net profit is likely to improve further in 2H25 into 2027, given 1) capacity expansion of 2 new plans in Wellgo Industrial Estate (IE) (COD in Jun-25) and 4 new plants in Bangpoo IE (mid-26); 2) the stronger demands for the high-margin AI and data center as well as power electronics thanks to industry booming growth. We maintain BUY and raise our TP from THB99, based on 60x 2025E P/E, to THB125, based on 75x 2025E P/E as we think Delta’s share price is likely to rerate thanks to the stronger-than-expected demands for AI-related power and the growth from the recent US-ME AI deal.