Top Investment Banks Cut Delta Thailand’s Target Price After 3Q26 Earnings Release

On Wednesday, four international financial institutions and securities firms—Macquarie, UBS, JPMorgan, and Citi—have reportedly downgraded their target prices for Delta Electronics (Thailand) Public Company Limited (SET: DELTA), with each firm applying different target reductions.

Macquarie cut its target price for DELTA to THB 290 per share from THB 370, representing a reduction of THB 80 or 21.62%, marking the largest cut among the group.

Meanwhile, UBS lowered its target price to THB 300 per share from THB 320, down THB 20 or 6.25%.

JPMorgan reduced its target price to THB 320 per share from THB 360, a drop of THB 40 or 11.11%.

Citi trimmed its target price to THB 315 per share from THB 367, representing a decline of THB 52 or 14.17%.

The target price adjustment came as DELTA’s third-quarter 2026 financial results fell short of market expectations. The Thai electronic components maker reported a 42.4% year-on-year surge in sales revenue to THB 75,801 million, while net profit rose 4.3% from the last year to THB 7,757 million, recovering 27.7% sequentially.

The bottom line was well-below Bloomberg consensus, estimating at THB 8,734 million for the quarter.

DELTA’s net earning was pressured by rising costs from external factors. In 3Q26, operating margin contracted to 10.4% from 14.1% a year prior as SG&A expenses jumped 69.4% YoY. Cost headwinds included higher parent-company technology royalty, freight expenses, U.S. customs duties recognized under customer reimbursement terms, and a THB 1,363 million OECD Pillar Two top-up tax provision, although these were partly offset by THB 503 million in foreign exchange gains.