Finansia Syrus Securities (FSS) has released an analysis on Delta Electronics (Thailand) Public Company Limited (SET: DELTA), estimating that its net profit for 2Q26 may reach THB 8.29 billion—a decrease of 8.7% from the previous quarter, but an increase of 79.1% from the same period last year. This figure is below the previous estimate of THB 9.4 billion, marking a downward adjustment of about 11%.
The main pressure comes from tighter-than-expected shortages of raw materials in both Active and Passive components—such as MOSFETs, a situation that has intensified since May. As a result, the company has been unable to meet high purchase orders. Meanwhile, some customers are facing component shortages, such as Memory, prompting them to delay accepting deliveries from DELTA.
FSS’ research team initially expects DELTA’s total revenue for 2Q26 to grow only 5% quarter-on-quarter, which is lower than the company’s earlier target of 10-15%. However, this revenue is still considered high compared to the same period last year, with a projected year-on-year increase of around 44.9%.
At the same time, DELTA’s 2Q26 gross profit margin is anticipated to be around 29.2%, a decrease from the previously forecasted 30.5%, and a decline from 31.7% reported in 1Q26. This is due to pressure from both supply shortages and increased raw material costs, including PCB, metal, and plastic packaging.
Although some factors were affected by the war situation, FSS believed that the main pressure comes from the surge in AI-related product demand, leading to global competition for electronic components. Additionally, DELTA has begun operation of two new factories, resulting in additional associated costs, while revenue acceleration has not met expectations, further weighing on the gross margin for the quarter.
Nevertheless, DELTA still maintains its 2026 revenue growth target at 25-30% year-on-year. First-half of 2026 revenues are expected to rise by 52.6%, while maintaining a gross margin target at 30%, up from 27.1% in 2025. The company expects raw material conditions to begin improving starting in July, thanks to more diversified sourcing.
FSS, however, remains cautious about this forecast as ongoing raw material shortages and rising component prices could persist longer than expected. This mirrors broader supply chain issues affecting multiple industries.
As such, there is an increased downside risk to the 2026 net profit forecast, which stands at THB 38.2 billion, representing a 54.1% increase year-on-year. The analyst also projected that the first half of 2026 profits will account for 45.4% of the full-year estimate.
