On Monday at 11:13 AM (Bangkok time), the share price of Delta Electronics (Thailand) Public Company Limited (SET: DELTA) advanced by 1.24% or THB 3.00 to THB 244.00, with a trading value of THB 2.14 billion.
Hana Microelectronics Public Company Limited (SET: HANA) jumped by 3.66% or THB 1.75 to THB 49.50, with a trading value of THB 745.93 million.
KCE Electronics Public Company Limited (SET: KCE) climbed by 0.77% or THB 0.50 to THB 65.50, with a trading value of THB 379.84 million.
Cal-Comp Electronics (Thailand) Public Company Limited (SET: CCET) rose by 1.13% or THB 0.10 to THB 8.95, with a trading value of THB 167.92 million.
Asia Plus Securities wrote that DELTA’s earnings outlook is showing a strong recovery in the third quarter of 2026, with potential for continued growth into the fourth quarter, driven by improved sales and gross margins. Net profit is anticipated to reach approximately THB 8.8 billion for 3Q26, an increase of 45% quarter-on-quarter and 19% year-on-year.
Sales for the quarter are projected to reach around THB 78 billion, marking a rise of 19% quarter-on-quarter and 46% year-on-year. This growth comes after a recovery in production and delivery capabilities from 2Q26, which had faced supply chain disruptions from some suppliers, preventing the company from meeting customer demand. However, DELTA was able to secure alternative suppliers to resolve these issues as of July 2026, resulting in the easing of material shortages and subsequent improvement in production.
DELTA’s gross margin is predicted to increase to 29.2%, compared to 26.8% in 2Q26 and 28.3% in 3Q25. The improvement is expected to be driven by higher production efficiency and an increased sales proportion of high-margin products, notably those related to AI, data centers, and liquid cooling. If the company achieves the anticipated net profit for 3Q26, this would represent around 68% of the brokerage’s full-year earnings projection for the first nine months of 2026.
Looking ahead to 4Q26, Asia Plus maintains a positive outlook, expecting further growth quarter-on-quarter and year-on-year. This is due to a backlog of customer orders carried over from 2Q26 and 3Q26, which could potentially push both sales and profit for the final quarter to a yearly high, contrary to previous expectations of a peak in 3Q26.
To align with earnings estimates for 9M26, Asia Plus has revised down its profit forecasts for 2026-2027 by about 3%, now projecting THB 34 billion and THB 48 billion, respectively. The target price for 2027 has also been revised from THB 342 to THB 333 per share, based on a PER of 86.4 times, or approximately +0.5 S.D.
Despite this downward revision, the brokerage maintains a ‘Buy’ rating on DELTA, citing short-term momentum from robust 3Q26 earnings growth as material shortages have subsided and strong demand for AI and data center products continues. DELTA’s earnings over 2026-2027 are anticipated to grow by 38-41%.
Furthermore, Asia Plus notes that DELTA’s share price has already largely priced in the negatives and has underperformed its peers, with a year-to-date gain of approximately 39%, compared to HANA and KCE, which have risen 193% and 257%, respectively.
Financial projections by Asia Plus estimate DELTA’s 2026 sales at THB 293.7 billion, up from THB 198.2 billion in 2025, and rising to THB 381 billion in 2027 and THB 464.6 billion in 2028. Net profit is forecast at THB 34.1 billion in 2026, THB 48.1 billion in 2027, and THB 61 billion in 2028, in line with rising demand for AI and data center infrastructure products.
