บทวิเคราะห์ (Research)

DELTA is now standing qat the super growth junction, thanks to the recent approval of Trump’s government to allow US companies to export AI chips to China, particularly for NVIDIA’s H20 chip. DELTA, as the undisputedly leading producer of high-tech power supplies to AI servers and data centers will doubtless benefit from the coming growth. We maintain BUY but lift our TP from THB125, previously based on 75x 2025E P/E, to THB160, now based on a combination of 2026E 85x P/E and DCF valuations. We think DELTA’s valuation should be perceived similar to NVIDIA’s valuation of 5-year average at 74x P/E (2021-2025E) as the forward P/Es are unable to catch up with the strong net profit growths, for NVIDIA’s AI chips and for DELTA’s power electronics, both critical components for AI servers in data centers.