JPMorgan has launched coverage on Delta Electronics (Thailand) Public Company Limited (SET: DELTA) with an ‘Overweight’ recommendation and a December 2026 price target of THB 154 per share, citing the company’s unique exposure to the booming demand for power solutions in data centers and artificial intelligence (AI) servers.
As the region’s biggest listed electronics company and a top provider of power solutions for data centers and electric vehicles, Delta Electronics stands to capitalize on strong, sustained growth in these industries.
JPMorgan analysts project revenue growth for the company at 9%, 18%, and 12% over FY2025, FY2026, and FY2027, respectively. This forecast is underpinned by sustained investments from cloud service providers (CSPs) and persistent momentum in AI-driven spending.
DELTA’s earnings are expected to accelerate at a compound annual growth rate (CAGR) of 23% from FY2025 to FY2027, with margins set to improve notably as the company expands into liquid cooling solutions starting 2026.
According to JPMorgan, DELTA’s premium valuation is justified by its scarcity value as the only direct listed proxy on the Thai bourse to global data center and AI server growth trends. The firm’s strong market capitalization and industry relevance reinforce its anchor role in major Thai equity benchmarks, the SET50 and SET100 indices.
