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.
