On April 9, the share price of Delta Electronics (Thailand) Public Company Limited (SET: DELTA) surged to an intraday high of THB 299 before closing at THB 298, with a total trading value of THB 9,002 million. This uptick is attributed to expectations of robust 1Q26 earnings.
Cheng An, Director of DELTA, stated that the 2026 Annual General Meeting of Shareholders on April 8, 2026 has a resolution to approve the dividend payment for the fiscal year ended December 31, 2025, at the rate of THB 0.60 per share, totaling THB 7,484,289,684. The payment date is scheduled for April 28, 2026.
Meanwhile, the meeting also resolved to approve the transfer of business from Delta Green Industrial (Thailand) Co., Ltd. (Delta Green), a wholly owned subsidiary. The transfer comprises all current business assets, including investments such as shares of Eltech Power, also 100% held by Delta Green. The business transfer is expected to be completed within 2026. Upon completion, Delta Green will register for dissolution and liquidation.
Additionally, the meeting also approved the acquisition of two plots of land in Bangpoo Industrial Estate, Samut Prakan Province: 1) a 7-rai, 2-ngan, 23.7-square wah plot, and 2) a 6-rai, 3-ngan, 41.1-square wah plot. The combined transaction value is approximately THB 209 million, accounting for 0.136% of the company’s total assets as of December 31, 2025. The purchase, planned for 2Q26, will support business expansion and will be financed through the company’s operating cash flow.
UOB Kay Hian Securities (Thailand) estimated that DELTA will achieve a net profit of THB 7.6 billion in 1Q26, up 38% year-over-year and 4% quarter-over-quarter. Sales are projected at THB 58.69 billion, up 37% from a year earlier and 2% from the previous quarter.
Although Q1 typically marks the lowest-performing quarter due to long holidays and subdued customer demand, DELTA’s operating margin is expected to remain strong throughout 2026. This resilience is driven by improved product mix, which helps offset rising operating costs associated with royalty fees for power supply devices and liquid cooling systems using DELTA Taiwan’s technology.
The new liquid cooling system product is scheduled for launch in 1Q26 and is anticipated to play an increasingly significant role in revenue from the second half of 2026 onwards. While concrete data on market share and market size is still lacking, the analyst firm estimated that this product will account for about 7% of DELTA’s sales in 2026, 9% in 2027, and 12% in 2028.
Compared with parent company Delta Taiwan, the liquid cooling system comprised around 10% of total sales in 2025, reflecting promising future growth for this business.
Business outlook remains strong, with DELTA shares now trading close to THB 300 per share, reflecting positive expectations for 2026-2027 and the upside from the liquid cooling system business already partially priced in. The recommendation remains “Hold,” with a revised target price raised to THB 280 per share.
