Delta Electronics’ Taiwan-listed unit posted August 2026 revenue of NT$64.5 billion, up 35% year-on-year but down 4% from July, as Maybank Securities (Thailand) flagged a second consecutive month of decelerating growth and pushed back its expected turnaround to the fourth quarter of 2026.
In a research note dated September 10, 2026, Maybank Securities (Thailand) said Delta Taiwan’s year-on-year sales growth remains in strong double-digit territory, but momentum for the July-August period has continued to soften. The company reportedly confirmed that shipments to several new AI server customers may slip further, adding to signs of a slowdown.
The brokerage’s note showed Power Electronics and Infrastructure Solutions together made up 88% of Delta Taiwan’s total sales over the first eight months of 2026, a slight increase from 86% in the same period last year.
Maybank had earlier upgraded its rating on Delta Thailand to “Buy” with a target price of THB 313, on expectations that business momentum would recover in the second half of 2026. However, after reviewing June-to-August sales figures, the brokerage said the recovery is now more likely to materialize in the fourth quarter of 2026, or potentially not until 2027 — a period during which Delta may also be able to pass higher costs on to customers.
Maybank currently carries no formal rating on Delta Taiwan, with shares last trading at NT$1,795.
Given the uncertainty, Maybank recommends investors take a wait-and-see approach until clearer signals emerge. The brokerage noted that a significant pullback in the share price could present an attractive entry opportunity for investors.
