Delta Electronics (Thailand) Public Company Limited

Tisco Securities sees Thai stocks entering a recovery phase, with listed-company profits in the second quarter of 2026 setting record highs in revenue, net profit and EBITDA, while valuations remain attractive. Excluding DELTA, the Thai stock market trades at a 12-month forward PER of just 11.8 times, and about 60% of Thai listed companies still trade below their book value. The Thai market also offers an average dividend yield of around 3.9%, higher than the regional average of about 3.4%. Apichat Poobanjerdkul, senior director of the strategic analysis department at Tisco Securities, said the Thai economy and stock market are entering a period of stronger fundamentals, driven by private-sector investment, the AI and data center investment cycle, and continued growth in electronic component exports. He added that there is also long-term upside from large-scale infrastructure investment, especially the PDP 2026 power development plan, which is expected to involve investment worth as much as 2 to 3 trillion baht and is initially expected to add no less than 0.5% per year to GDP growth, making it the most important structural positive factor for Thailand in several decades. Tisco Securities assesses key support levels at 1,560 to 1,580 points and 1,540 points, with resistance at 1,610, 1,630 and 1,660 points respectively. It recommends gradually accumulating during market weakness, and its top picks for October are BH, DELTA, KBANK, PTTEP, SJWD, TRUE and TVO.

The research department of Asia Plus Securities has issued an analysis of the electronics sector, noting that the current flooding situation, with northern runoff flowing in, has not yet been reported to have flooded the Hi-Tech Industrial Estate in Ayutthaya Province, where the factories of KCE and HANA are located. However, it is necessary to monitor whether flooding in surrounding areas will affect key transport routes and the production of both companies. The research department views the flooding issue as only a short-term pressure factor that may somewhat affect transportation and employee commuting in early the fourth quarter of 2026, but it will not affect the production base as in 2011. Meanwhile, demand trends for electronics products remain high, so the overall profit picture for the electronics sector in the third quarter of 2026 is expected to grow both QoQ and YoY and to climb to a peak level in the fourth quarter of 2026, driven by DELTA's profit, which is the key driver of the sector's profit. The research department therefore maintains an "overweight" rating on the electronics sector, selecting DELTA as the sector's top pick with a target price of 333 baht, because demand in AI and data centers that continues to rise will benefit DELTA the most. At the same time, it is expected to be affected by flooding less than both HANA and KCE. In addition, DELTA's share price is still a laggard in the sector, having risen 51% year-to-date, still less than HANA and KCE, whose share prices have already risen 219% to 312%.

Bualuang Securities (BLS) said in an analysis that the flood situation has widened, covering 30 provinces and 191 districts in Bangkok as of 1 October 2026, affecting 1.18 million households and about 3.35 million people. The impact on the economy remains limited, however, if the situation does not drag on and does not hit core production bases. The Bank of Thailand estimates the effect on GDP at about 0.03–0.10%, while the research team expects the impact on GDP to be no more than 0.1% and on SET earnings no more than 2%, far below the major floods of 2011. The key thing to watch is the length of production stoppages in the industrial sector rather than the amount of flooded area. At AMATA City Chonburi, about 150 factories were affected and 34 temporarily halted production, while KCE and HANA have some production bases in Ayutthaya. As for DELTA's plants in Bang Pu and Wellgrow, no water entered the factories and operations have returned to normal. Other groups saw fairly limited impact. Consumer finance firms are expected to see about a 2% hit to 2026 earnings for TIDLOR and MTC and 1% for SAWAD, while banks face their main risk from higher provisioning, with an estimated 1–2% impact on earnings, larger than the effect on interest income. BGRIM said its SPP power plants in Amata City Chonburi and its floating solar operations are still running normally. Bualuang sees the flood-driven volatility as a chance to gradually accumulate stocks with resilient earnings and quick recovery prospects, namely CRC, AWC, CENTEL, BDMS, BH, GULF, GUNKUL, DELTA, KCE and HANA, which still have support from demand for AI and data centers.

Pie Securities reported that US non-farm payrolls and the unemployment rate came in below analyst expectations, pushing bond yields lower and supporting US stock markets, with the DJIA closing up 250 points, or 0.49%, and the S&P500 closing up 0.7%. Meanwhile, Brent crude oil fell 0.06% after European leaders planned to release strategic oil reserves, with Europe's release volume at 100 million barrels, equivalent to just 5 days of shipments through the Strait of Hormuz compared with 20 million barrels per day. The standout gainers on Friday night were semiconductor stocks. For the Thai stock market, Pie Securities estimates the SET index range at 1560 to 1580 points, viewing the market as having moved past flood concerns, with foreign investors beginning to sell less on a net basis. It recommends a short-term strategy of trading TECH stocks in the DELTA HANA KCE group, supported by the rise in US semiconductor stocks. Recommended stocks include CPN with a target price of 80 baht and WHA with a target price of 5.6 baht.

CGSI International (Thailand), or CGSI, expects the SET Index to post a strong gain this morning, tracking the direction of Asian stock markets, with a trading range of 1,560-1,585 points, after weaker-than-expected US employment figures eased pressure on the Federal Reserve's monetary policy and bolstered hopes that the Fed will hold interest rates at its October meeting. Earlier, the Dow Jones closed at 51,176.96 points, up 250.40 points, or 0.49%, while the S&P 500 closed at 7,722.72 points, up 0.73%, and the Nasdaq closed at 27,190.86 points, up 1.19%. Crude oil prices rose after Houthi forces in Yemen fired missiles and drones at a Saudi Aramco facility in Riyadh and the Khurais oil field, while OPEC+ decided to keep its oil production policy for November unchanged for a second consecutive month, sending Brent crude up 81 cents, or 0.79%, to 103.06 dollars per barrel, and WTI up 46 cents, or 0.50%, to 91.57 dollars per barrel. Among its recommended stocks, CGSI said DELTA is expected to post revenue growth of about 15% in the third quarter of 2026 compared with the previous quarter, with a profit target of 267.00 baht and a stop-loss at 258.00 baht. SPRC is expected to see refining margins remain above the industry cycle average of about 5-6 US dollars per barrel in 2027, with a profit target of 15.10 baht and a stop-loss at 14.50 baht.

Several brokers expect the Thai stock market to trade in positive territory today. Finansia Syrus Securities sees the SET Index in a range of 1,565-1,583 points, helped by US Nonfarm Payrolls for September 2026, which rose by 29,000, below economists' forecast of 84,000 and below the prior 12-month average of 45,000, while the unemployment rate came in at 4.2%, higher than expected. As a result, the market has cut the probability of an October rate hike to just 22%. CGS International (Thailand) sees a range of 1,560-1,585 points, and DAOL sees a range of 1,545-1,552 up to 1,600 points. All three brokers are also watching Thailand's September inflation figures, with the market expecting headline inflation of 3.1% year-on-year and core inflation of 1.56% year-on-year, as well as the US ISM services index for September, expected to rise to 55.7, and the Fed meeting minutes due Wednesday night. The stock they all recommend is DELTA, with Finansia setting a 2027 target price of 290 baht and expecting third-quarter 2026 profit to accelerate to 8.3 billion baht and fourth-quarter 2026 profit momentum to reach 10 billion baht, lifting full-year 2026 profit to 32 billion baht. DAOL recommends bank stocks KTB, KBANK and KKP, along with data center and power plant theme stocks GPSC, BGRIM and ADVANC. It also noted that foreign investors were net sellers of Thai stocks to the tune of 850.49 million baht on October 2, 2026, and that the baht closed at 33.55 baht per dollar.

Krungsri Securities expects the Thai stock market to recover this week and test resistance at 1,594-1,600 points, with support at 1,556-1,547 points, after the market has already priced in part of the US central bank's rising interest rate cycle, limiting volatility from external factors. Meanwhile, the Conference Board's September 2026 survey on the difficulty of finding a job came in at its lowest level in five years, signaling that US labor data late last week will begin to slow and that the chance of a positive surprise beyond market expectations of 100,000 plus or minus is limited. On the domestic front, the market is closely monitoring the flood situation, but reservoir levels and late-season rainfall show no unusually severe signals, so the market is expected to recover if flood impacts remain within normal levels. Top picks this week are DELTA, which benefits most from the AI CAPEX cycle with a 2027 forecast target price of 320 baht; PTTGC, which has upside synergy from a petrochemical joint venture with SCC and a BB Consensus target price of 59 baht; and KBANK, whose share price has already reflected flood concerns with limited actual risk and a 2027 forecast target price of 300 baht. Last week's recommended stocks DELTA, AOT and AWC delivered an average return of negative 1.59%, still better than the SET Index, which fell 2.24%.

Four brokerages assess that the flood situation in Bangkok and its vicinity in 2026 will cause limited economic damage, as the waters have not yet spread into industrial estates or key production bases, unlike the great flood of 2011 that disrupted production chains on a wide scale. Finansia Syrus Securities estimates preliminary damage at around 20–40 billion baht, or roughly 0.1–0.2% of GDP, and views pressure on the stock market as reflecting short-term concerns rather than affecting earnings. Kasikorn Securities estimates damage at about 3,000–4,000 million baht per day, or roughly 20–30 billion baht per week; if severe conditions persist for one week, it could drag on GDP by about 0.1%. As of 27 September 2026, 25 provinces and 128 districts have been affected, with about 545,000 people impacted, compared with 2011 when floods hit 66 provinces, affected about 13.6 million people and caused damage of approximately 1.4 trillion baht. CGS International notes that Bangkok and its vicinity account for about 47.3% of the country's economy, and divides the situation into two scenarios: if water can be drained within 4–5 days, the impact will be limited, but if it drags on beyond 5 days, it could weigh more on purchasing power and consumption. For stocks that benefit after the waters recede, Finansia Syrus favours HMPRO, GLOBAL, DOHOME, TOA, SCGD, DCC and DRT, while Kasikorn favours retail and food groups as well as the ICT group. Pi Securities estimates a SET range of 1,590–1,620 points and picks BDMS, BCH, CPALL, PTT, PTTEP, PTTGC, TOP, ITC and TU, while CGS International says to watch DELTA, HANA and KCE if the SET falls below 1,600 points, on the theme of investment in artificial intelligence and digital infrastructure.

Kanthara Ladawan Na Ayudhya, an executive director at Finansia Syrus Securities Public Company Limited, or FSS, said the overall Thai stock market still faces short-term pressure, with the SET Index likely to move in a sideways-down pattern after falling more than 35 points earlier, and this is not yet the moment to aggressively add to positions. Key support sits at 1,561 points, while resistance is at 1,612-1,620 points. Over the longer term, the firm still targets the index above 1,700 points next year if a major positive catalyst emerges. External factors to watch include crude oil prices holding high around 102 dollars per barrel, which would add pressure on inflation and interest rates, as well as bond yields that may stay elevated for a prolonged period. The market prices only about a 25% chance that the Fed will raise rates at its October 2026 meeting, but as high as roughly 80% for the December 2026 meeting. On foreign fund flows, slight positive signals have emerged after foreign investors flipped back to long futures positions following seven consecutive days of short positions. For investment strategy, FSS recommends a wait-and-see approach and a focus on stock-specific selection. Its top picks for October are BBL, DELTA and STA, while PTTEP benefits from high oil prices. FSS sets a fundamental value of 290 baht for DELTA and 166 baht for PTTEP.

The analyst team at Krungsri Securities has raised its recommendation on the electronic components sector to Bullish from Neutral, expecting every company in the group to post stronger earnings in the third quarter of 2026 than in the second quarter, with momentum continuing through the fourth quarter of 2026 and into 2027. The brokerage expects the industry's combined profit to grow 52% in 2027, accelerating from 42% in 2026, driven by demand for both AI-related and non-AI products. It recommends buying all three stocks under coverage: DELTA with a target price of 320 baht and KCE with a target price of 97 baht, naming them top picks on the theme of product price increases, which should deliver the strongest net profit per share growth in 2027. DELTA is expected to post profit growth of 51% in 2027, up from 42% in 2026, while KCE is seen growing from 77% in 2026 to 82% in 2027, and HANA from 24% in 2026 to 45% in 2027. The brokerage also raised its earnings forecasts for KCE by 5% for 2026 and by 28% for 2027 to reflect its positive view that KCE is entering a sustained cycle of product price increases, including one more price increase in October 2026 on top of the two previously expected in July 2026 and January 2027. Among non-AI stocks, it still prefers KCE over HANA because KCE operates further upstream and owns its own laminate factory, giving it better control over raw material costs.

Three securities firms have shared their outlooks for the Thai stock market in the final stretch of the year, along with their SET index targets and top stock picks for investment in the fourth quarter of 2026. Each has a different view and set of recommendations based on fundamentals and market trends. InnovestX has set a SET index target of 1,715 points for 2027 and named its top picks for Q4/2026: AMATA, CENTEL, CRC, KTB and PR9. ASPS estimates a SET index target of 1,720 points for 2026 and selected CPN, CBG, THAI, BDMS, BBL, COM7, STECON and GUNKUL as its top picks. KSS expects the SET index to trade in a target range of 1,680 to 1,750 points in 2026 and highlights TOP, PTTGC, SCC, IVL, GULF, DELTA and KBANK as its top picks.

The Investment Analysts Association (IAA) released a survey of analysts and fund managers from 25 firms, forecasting that the SET Index in the fourth quarter of 2026 will move within a range of 1,537 to 1,683 points and close the year at 1,680 points. The end-2027 target stands at 1,727 points. Market earnings per share are expected to average 103.38 baht in 2026, growing 16.41%, and 104.29 baht in 2027. The main supporting factor is the investment trend in technology and the AI supply chain at 96%, followed by listed-company earnings in 2026 at 88%, foreign capital inflows into the Thai stock market at 80%, and domestic economic recovery at 76%. The biggest risks are the US-Iran-Israel conflict situation and the direction of US interest rates, tied at 84%, followed by global oil prices at 80%. Under its economic assumptions, the association estimates average crude oil prices this year at 88.12 US dollars per barrel, GDP growth in 2026 averaging 2.20%, revised up from the 1.93% forecast in July, and GDP growth in 2027 averaging 2.07%. All analysts surveyed agree that the Bank of Thailand will hold its policy rate at 1% through the end of 2026. On investment strategy, the association recommends diversifying portfolios with 30% in foreign stocks or funds, 24.79% in Thai stocks or funds, 18.02% in bond funds, 10.21% in gold or gold funds, 10.02% in cash and short-term deposits, and 6.96% in property funds or REITs. The five standout stocks recommended by four or more firms are BDMS, KBANK, DELTA, GULF, and CRC. The association also recommends underweighting energy, petrochemical, airline, and property stocks.

Four brokerages agree that the third-quarter 2026 profit of Delta Electronics (Thailand) Public Company Limited, or DELTA, will recover significantly, forecasting net profit or core business profit in the range of 7,900 to 8,970 million baht, rising both year on year and quarter on quarter, after raw material shortage problems began to ease, while orders from the Data Center and AI groups remain strong. KGI Securities (Thailand) maintains a Buy rating with a target price of 320 baht, expecting core profit in the third quarter of 2026 at 8.3 billion baht, up 30% year on year and 50% quarter on quarter, on sales of 2.3 billion US dollars, up 39% year on year and 14% quarter on quarter, driven by investment from Cloud Service Providers that aim to raise their 2026 capital expenditure by 77% year on year. Finansia Syrus Securities recommends Buy with a 2027 target price of 290 baht, expecting third-quarter 2026 profit at 8.3 billion baht and forecasting fourth-quarter 2026 profit to reach a new high of more than 10 billion baht from the gradual delivery of delayed orders. UOB Kay Hian maintains a Buy rating with a target price of 300 baht, expecting third-quarter 2026 net profit at 8.97 billion baht, up 21% year on year and 48% quarter on quarter. Liberator Securities recommends Buy with a fair value of 322 baht, expecting third-quarter 2026 net profit at 7,900 million baht, up 6% year on year and 30% quarter on quarter, and has raised its 2026 sales estimate to 8.71 billion US dollars, up 45% year on year, and lifted its net profit estimate to 31,939 million baht, up 29% year on year. It views that the issuance of a 1.5 billion US dollar Exchangeable Bond by Delta Electronics International (Singapore), a subsidiary of the Taiwanese parent company, will not affect operations, and that this issue has already been reflected in the share price.

Koraphat Worachet, Head of Research at Krungsri Securities Public Company Limited, or KSS, said on the stock-focused market news program on October 1, 2026, that the Thai stock market has a chance to begin forming a base from now on if there are no additional significant negative factors from the flood situation. He assessed that overall water conditions have about a 65% chance of having already passed their peak, although some areas still face the risk of another round of flooding, the severity is not expected to exceed that of the past weekend. On the impact, KSS stated that water levels in the northern region that could flow down and add to the situation remain at about 70-75% of the level seen during the great flood of 2011, and if the impact is limited to one to two weeks, it could affect GDP by about 0.3%, compared with 2011, when the impact on GDP reached as much as about 3%. On investment strategy, KSS recommended six standout stocks: KBANK and KTB in the banking group, on the trend of large corporate customer loans growing in line with investment in data centers and AI infrastructure; KCE and DELTA in the electronic components group, with KSS raising its target price for KCE to 69.70 baht; PTTGC in the petrochemical group, on its joint venture cooperation with the Siam Cement Group and the chance of support from the MSCI index review in November; and COM7 in the consumer and finance group, on the trend of continued growth in smartphone and IT equipment sales. It also gave a support range for the SET Index at 1,545-1,550 points and a resistance level at 1,580 points.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, DELTA and STA, giving DELTA a strategic target price of 320 baht, equivalent to a FY69F P/E of 117x, with resistance estimated at 279 baht, support at 258 baht, and a stop loss at 250 baht. It expects Q3/69F profit to recover both quarter on quarter and year on year after the raw material shortage in Q2/69 eased, while a product mix shift toward higher-margin AI and data center and liquid cooling products supports gross profit margin recovering to around 30%, and it expects profit momentum to accelerate further in Q4/69. For STA, it gives a strategic target price of 23.9 baht, equivalent to a FY69F P/E of 11.3x, with resistance estimated at 23.5 baht, support at 21.6 baht, and a stop loss at 20.7 baht. It expects normal profit in Q3/69F to rise year on year even as it softens quarter on quarter from a high base in Q2/69, helped by a rise in SICOM TSR20 rubber prices in Q3/69, and it expects sales volume to increase to around 30,000 tonnes in Q3/69 from 17,214 tonnes in Q2/69 and to more than 60,000 tonnes in Q4/69, supporting both average selling price and gross profit margin, while global rubber supply remains tight due to limited output from Indonesia and Ivory Coast.

Krungsri Securities maintains its Base-Best target for the Thai stock market index this year at 1,680-1,750 points, based on EPS of 103 baht, up from 98 baht, at a P/E of 17.0 times. The near-term momentum comes from the earnings quality of two main groups: those benefiting from energy and inflation, and those gaining momentum from the upstream AI CAPEX cycle, which is expected to help listed companies' profits continue expanding for at least two more quarters, namely the third and fourth quarters of this year. The research team assigns an Overweight investment weighting to three main groups: the group benefiting from the CAPEX cycle, covering the power sector with a recommendation for GULF, banking with a recommendation for KBANK, electronic components with a recommendation for DELTA, and construction contracting with a recommendation for SCC; the NTM Re-ratings group with potential to recover over the next 12 months or re-enter the MSCI index, such as THAI, PTTGC and TOP; and the agriculture and food group, covering agricultural substitutes, which benefits from Super El Niño, such as IVL. At the same time, it has raised its forecast for Thailand's GDP this year to 2.1% from 1.9%, supported by private investment rising 8.6% and exports rising 14.0%. Meanwhile, the pipeline of large-scale investment covers FDI/BOI, the PDP2026 worth 2.14 to 2.48 trillion baht, and mega projects worth 1.3 trillion baht. For the fourth quarter of 2026, the research team expects the index to move within a support range of 1,560 to 1,550 points and a resistance range of 1,680 to 1,750 points, with top picks for the fourth quarter of 2026 being TOP, PTTGC, SCC, IVL, GULF, DELTA and KBANK.

Chaiyot Jiwangkul, Assistant Director of the Securities Analysis Department at Krungsri Securities Public Company Limited, or KSS, said on the stock news program Stock Market Insight that the current wave of foreign selling is driven mainly by US government bond yields having risen to their highest level in nearly 20 years, with the 10-year US bond yield at around 5.2%. As a result, some investors are shifting money out of risk assets into bonds, which offer higher returns, and if US bond yields do not fall significantly, foreign capital flows, or fund flows, are likely to keep flowing out of risk assets. However, KSS views the selling as a basket portfolio adjustment across regional markets rather than a targeted sell-off of the Thai stock market alone, since the Philippine, Indonesian, and Vietnamese stock markets have all weakened in the same direction. It assesses that the foreign funds that had accumulated net buying earlier are unlikely to flow out entirely, because this reflects short-term concern and risk reduction rather than a full withdrawal of investment from the Thai market. On investment strategy, KSS recommends a focus on selective buying, with the first top pick being Ch. Karnchang Public Company Limited, or CK, which stands to benefit from water management investment and government infrastructure projects. It recommends buying with a target price of 25.35 baht. The other recommended stock is Delta Electronics (Thailand) Public Company Limited, or DELTA, whose third-quarter profit for the year 2569 is estimated at around 8 billion baht, up about 33% from the same period a year earlier, with a buy recommendation and a target price of 320 baht. In addition, DELTA has a supporting factor from passive fund portfolio adjustments. KSS estimates that DELTA's current weight has fallen below 8% and that there is room to increase the weight by another roughly 2% compared with the 10% ceiling, so about 2 billion baht from passive funds could flow in. As for the flood situation, Chaiyot said that if it intensifies and causes widespread damage, the Thai stock market may initially decline before investors turn to assessing government relief and economic stimulus measures. He cited statistics from the major floods in 2554, when after about two weeks to one month the index was able to rebound and rally by another roughly 10%, but stressed that past events should not be compared directly with the current situation.

The Constitutional Court has ruled that the Election Commission's use of barcodes and QR codes on constituency MP ballots on 8 February 2026 does not violate the constitution, after the Ombudsman filed a petition arguing that the codes could be traced back to individual voters and would breach the principle of secret voting. The court found that in practice tracing is extremely difficult and that adequate safeguards are in place. That election therefore remains valid and does not need to be rerun, and the court merely recommended considering alternative security measures for future elections. The outcome removes the most severe scenario the capital markets had feared, namely a nationwide annulment of the election leading to a political and policy vacuum. With the ruling of no wrongdoing, it is expected to be positive for overall market sentiment and for foreign investor confidence thanks to reduced political risk, especially for large-cap stocks with high foreign holdings and sectors that depend on continuity of government policy, such as construction contractors, power, industrial estates and banks, since the government can continue administering the country as normal. The investment themes that benefit most include industrial estates AMATA and WHA, power producers GULF, GPSC, BGRIM and GUNKUL, contractors STECON, CK, PYLON and INSET, banks KBANK, KTB and KKP, and component makers DELTA and HANA. Meanwhile, in overall trading yesterday, the Thai stock index closed at 1,594.30 points, down 8.07 points, while Thai Airways, or THAI, closed at 6.05 baht, down 0.10 baht or 1.36%, amid a backlog of more than 5,600 pieces of unclaimed baggage. Thai Airways management explained that the main cause was a shortage of manpower, especially baggage handling teams and staff holding ground operation licences who were affected by flooding and unable to travel to work. In addition, Bangkok is Thai Airways' main aviation hub, so when a large number of employees are affected at the same time, the operating system comes under heavy pressure. The issue arose while Thai Airways is pressing ahead with its rehabilitation plan and its operating results have begun returning to profit. What the market and investors must therefore monitor from here on is not just the numbers in the financial statements, but also the efficiency of the operating system and the ability to cope with a crisis.

EVgo Inc. has announced a next-generation charging system capable of delivering up to 750kW of charging power. Design, development, and testing of the new charger are being carried out at EVgo's Innovation Lab in El Segundo, California, with co-development support from longtime partner Delta Electronics, making EVgo one of the only American charging networks to design its own chargers. CEO Badar Khan said the 750kW architecture future-proofs the network, noting that charge rates on the EVgo network are up nearly 20% over the last two years. The design draws on learnings from 1.8 million customer accounts and data from over 10 million sessions per year, and includes better cable maneuverability, a touchless payment interface, and NACS connectors as part of EVgo's strategy to double its addressable market. The system is expected to charge the fastest charging vehicles in the U.S. market in around 10 minutes, and the final charger design is expected to be unveiled in 2027 as EVgo begins deploying the new architecture.

Delta Electronics unveiled its new AI Modular Data Center and Microgrid Solutions at Data Center World Asia 2026 in Singapore, aiming to accelerate deployment and boost the energy efficiency and resilience of AI infrastructure. The prefabricated AI MDC integrates next-generation 800 VDC In-Row Power and liquid cooling systems for fast deployment and scalability of AI data centers based on the NVIDIA Vera Rubin architecture. The showcased 800 VDC In-Row Power architecture features 660kW output power, up to 98% AC-DC efficiency, 480kW capacity in battery backup units, and aluminium capacitors to optimize GPU workloads. Delta's prefabricated AI Containerized Data Center Solutions deliver up to 60 kW per rack of AI compute within the footprint of a single parking space, with a Liquid-to-Air CDU system achieving a PUE as low as 1.19. The Microgrid Solution integrates renewable energy, energy storage, Solid Oxide Fuel Cell systems and Solid State Transformers that directly convert medium voltage power to 800 VDC, while Delta's thermal management portfolio includes a dedicated cold plate for the NVIDIA Vera Rubin NVL72. Jason Yuan, President of Southeast Asia and ANZ at Delta Electronics, said AI workloads are scaling faster than most data centers were designed to handle, and that infrastructure planning must move from reactive to integrated and future-ready.

Delta Electronics (Thailand), or DELTA, may see its weighting increased in the end-of-quarter rebalancing of the SET50 and SET100 indices on 30 September 2026, which would force passive funds to buy additional shares worth an estimated 2 billion baht. Meanwhile, the National Broadcasting and Telecommunications Commission selection committee resolved to impose administrative enforcement measures against Dr. Soran Boonbaichaiyapruck, known as Dr. Hai, and filed a petition with the Administrative Court seeking a temporary protection order for him to cease performing his duties as NBTC chairman after he was stripped of the post for lacking qualifications and for obstructing other NBTC commissioners from carrying out their duties. On another front, Airports of Thailand, or AOT, is pressing ahead with accelerating Suvarnabhumi Airport, with Kittipong Kittikhachon, director of Suvarnabhumi Airport, disclosing that over 20 years Suvarnabhumi has handled more than 899.9 million passengers, over 5.57 million flights and more than 24.9 million tonnes of air cargo. For the 11 months of fiscal year 2026, there were 118 scheduled airlines and 346,905 flights, up 1.83%, 59.63 million passengers, up 2.43%, and cargo volume of more than 1.4 million tonnes, up 4.63%. There is also a major investment plan, the East Expansion, worth 12 billion baht over an area of 81,000 square metres, which will raise passenger capacity from 60 million per year to 70 million per year, with construction during 2027-2031. It is currently awaiting placement on the Cabinet agenda. Meanwhile, PTG Energy, or PTG, is investing jointly with Paisal Capital Co., Ltd., extending from the energy business into the financial business. Rangsan Puangprang, chief executive of finance and sustainability at PTG, said the cooperation stems from the funding needs of customers in the commercial vehicle and truck operator group. Sukrit Rianpinyawat, chief executive of Paisal Capital Co., Ltd., said the two sides began cooperating early last year and plan to expand the business nationwide, focusing on the truck group, and are preparing to file for an IPO early in 2027, expecting to begin trading on the stock exchange in the third quarter of 2027, with a five-year goal of driving loan volume from about 3 billion baht at present to 10 billion baht.

Kasikornbank Securities said Thailand is accelerating negotiations on a Thailand-EU FTA, which is now more than two-thirds complete, with a decisive round of talks set for September 28. It is also reviving the Thailand-UAE CEPA after a hiatus of more than three years. Both agreements would help expand exports, attract FDI and diversify markets toward Europe and the Middle East, though conclusions are still needed on sensitive issues covering agriculture, medicine and regulations. The research team views this as a positive for sentiment toward food exporters, autos, electronics and industrial estates such as CPF, TU, DELTA, KCE, HANA, AMATA and WHA, but the impact on earnings will become clear only after negotiations conclude and the agreements take effect.

The research department of Asia Plus Securities issued an analysis of the electronics sector, noting that continuous heavy rain from September 24 to September 27, 2026 caused flooding in many areas across the country, but the main factories of sector companies such as DELTA, HANA and KCE have not been flooded. The research department views that all three companies will not be severely affected like in the great flood of 2011, because currently no production base has been flooded, most areas have begun to see water levels recede and rain has started to ease since September 27, 2026, and the volume of water discharged from dams into the central region is still not as high as in 2011. It therefore views the flood issue in September 2026 as only a short-term pressure factor. Meanwhile, it expects the sector's third-quarter 2026 profit to grow both QoQ and YoY and to climb to a peak level in the fourth quarter of 2026, driven by DELTA's profit as the main contributor to sector earnings. The research department therefore maintains an investment weighting in the electronics sector above the market and selects DELTA as Top pick, because it expects the impact from flooding to be lower than both HANA and KCE. Rising investment in AI and data centers worldwide is expected to directly benefit DELTA the most, and DELTA's share price is still a laggard, having risen 52% year-to-date, still less than HANA and KCE, which have already risen 210% to 264%.

Nakorn Hataisattha, Head of Retail Investment Strategy Research and Economist at CGS International Securities (Thailand), or CGSI, said on the Stock News Market Focus programme on 28 September 2026 that the flooding in Bangkok and its surrounding provinces this time differs from the great flood of 2011, because Bangkok and its vicinity account for about 47.3% of the Thai economy, making it a hugely important area for the country's economic activity. However, water levels in northern dams in 2026 stand at around 70%, compared with about 94% during the 2011 crisis, so the overall national risk still differs from that past event. Nakorn estimates the SET index could weaken below 1,600 points on selling driven by flood worries, but if the flooding eases within about four to five days, the market's correction could be a chance to buy certain stock groups. If the situation drags on beyond four to five days, the downside risk for the stock market will increase. Groups likely to come under pressure include property, stocks with factories in at-risk areas including electronic components such as KCE, insurers burdened by claims, and commercial banks on concerns about ECL provisioning. Retail stocks, meanwhile, may get a short-term positive sentiment boost from demand for consumer goods and home repair products. For high-dividend bank stocks such as TISCO and KKP, they could be an option if the situation eases quickly, with KKP also supported by the expansion of its investment platform business. CGSI believes that if the index falls below 1,600 points, the electronic components group is attractive to buy, especially DELTA, which still has a positive outlook from growing Thai exports of electronics and electrical appliances, and from the global investment cycle in AI, digital infrastructure, chips and memory, which continues to expand. If DELTA's share price falls sharply because of the floods, which are a one-off event, CGSI sees it as a chance to accumulate. Investors who do not want much volatility can consider HANA and KCE, and Nakorn said he likes HANA if the price falls to an attractive level.

Analysts at Kasikorn Securities remain positive on the electronics group in the fourth quarter of 2026, expecting second-half 2026 earnings to accelerate notably, led by DELTA benefiting from capacity utilization and recovering margins, HANA from the ramp-up of AI-related products, and KCE from higher PCB sales volumes and upward ASP adjustments. AI and data centers are the main structural growth drivers underpinning continued demand for power electronics, advanced PCB, PCBA, and semiconductor components, supported by high demand from hyperscalers, gradually easing component constraints, an improved product mix, and a weaker baht, which is a positive factor for exporters' gross margins. However, risks remain from high raw material costs, particularly copper, fiberglass, copper clad laminate, and various electronic components, as well as the uneven recovery of end markets unrelated to AI, especially the automotive and EV segments. Strategically, the analysts recommend gradually accumulating electronics stocks on market dips, with DELTA rated Buy at a 300 baht target price, HANA rated Buy at a 56 baht target price, and KCE rated Hold at a 60 baht target price.

The Ministry of Commerce reported Thailand's trade figures for August 2026, with exports expanding 24.3% year-on-year. Although this was below the market expectation of 24.8% year-on-year, it accelerated from 21.6% year-on-year in July 2026. Meanwhile, imports expanded 25.1% year-on-year, below market expectations and below July 2026's 30.0% year-on-year and 36.7% year-on-year respectively. Among export goods that grew well in the agricultural product group were fresh, chilled, frozen and dried fruit, up 24.0%; rubber, up 23.2%; fresh, chilled and frozen shrimp, up 18.8%; and processed chicken, up 10.5%. In the agro-industrial product group, pet food grew 17.5% and canned and processed seafood grew 4.8%. In the industrial product group, video and audio equipment and parts grew 1,155.7%; telephones, equipment and parts grew 151.2%; electrical transformers and parts grew 55.6%; computers, equipment and parts grew 42.1%; electrical appliances and parts grew 40.9%; integrated circuit boards grew 19.2%; and gems and jewelry, excluding gold, grew 3.2%, returning to growth after contracting the previous month. The research team at Phillip Securities sees this as positive sentiment for export stocks in the categories that grew well, as well as stocks related to those export goods, and views it as a boost for industrial estate and utility stocks. It selected 17 standout stocks: in the agricultural product group, CPF, NER, STA and TEGH; in the agro-industrial product group, AAI, ITC and TU; in the industrial product group, CCET, DELTA, HANA, HTECH and KCE; and in the industrial estate and utility group, AMATA, BGRIM, GPSC, ROJNA and WHA.

DELTA shares rose 3.14%, or 8.00 baht, to 263 baht, with trading value of 4.9318 billion baht, after President Donald Trump and President Xi Jinping discussed AI for the first time. Trump backed free development, while Xi was open to setting boundaries and stressed that AI must remain under human control. The two sides remain at odds over chip export restrictions, but have begun looking for a joint mechanism to manage risk, and extended their trade truce to January 10. Kasikorn Securities maintained its buy rating with a target price of 300 baht, viewing the correction as merely a short-term reset and expecting normal profit CAGR of about 32% in 2026-2028. Bualuang Securities maintained its buy rating with a target price of 330 baht, after Morgan Stanley raised its power assumptions for the Vera Rubin rack to 234kW from 149kW and for Rubin Ultra to 600kW from 415kW, and revised its global Server/Rack power demand forecasts for 2026-2028 to 18GW, 35GW and 52GW, compared with our assumptions of 15GW, 20GW and 25GW respectively, and raised its liquid cooling capex assumption by 30%. DELTA's third-quarter 2026 sales are expected at 2.2 billion US dollars, with a gross margin of 29.2% and core profit of about 9 billion baht, before the fourth quarter of 2026 has a chance to set a new record high.

The Ministry of Commerce reported that Thailand's exports in August 2026 were worth 34.618 billion dollars, expanding 24.3% year-on-year, the highest growth in 56 months since December 2021. Imports were worth 37.101 billion dollars, expanding 25.1%, resulting in a trade deficit of 2.482 billion dollars for August. The main supporting factors came from electronics and technology products, continued expansion of exports to the United States, and the recovery of fruit exports along with potential agricultural and food products such as pet food. For the first eight months of this year, total exports were worth 266.149 billion dollars, expanding 18.9%, while total imports were 303.986 billion dollars, expanding 36.1%, leaving a trade deficit of 37.837 billion dollars. The Trade Policy and Strategy Office still forecasts 2026 exports at 5% to 11%, with a midpoint of 8%, and will review the target again in November. But given the eight-month growth rate of 18.9%, full-year 2026 exports are estimated to expand by as much as 15%, representing a record high of 391.2674 billion dollars, which would require average monthly exports of 31 billion dollars over the remaining four months. Krungsri Securities said Thailand's August export figures were close to market expectations, but high imports still pushed Thailand to a trade deficit of 2.48 billion dollars. Notable expanding export categories included electronic components, rubber, shrimp, chicken, and pet food. It holds a positive view on DELTA, HANA, GFPT, ITC, and AAI, recommending trading with a focus on DELTA. Phillip Securities sees positive sentiment for export stocks in categories that grew well in August, as well as stocks in the industrial estate and utilities groups.

Shares of Delta Electronics (Thailand) Public Company Limited, or DELTA, rose 2.75% to 262 baht, up 7.00 baht, on trading value of 4.88 billion baht. Bualuang Securities recommends buying with a target price of 330 baht and keeps its weighting for the electronics sector at market weight. Bualuang research expects DELTA's fourth-quarter operating results to have a chance of setting a new record high on deliveries of orders backlogged from the second and third quarters of this year. Meanwhile, component supply constraints are likely to gradually ease in the third quarter. Delta Taiwan's Power Electronics sales rose 59% year on year and 17% month on month in July, before falling 9% month on month in August, but were still 40% higher than a year earlier. Bualuang research also expects third-quarter sales of 2.2 billion US dollars, up 34% year on year and 10% quarter on quarter, a gross margin of 29.2%, and core profit of about 9 billion baht, up 21% year on year and 60% quarter on quarter. Higher power usage per rack supports the value of power delivery and cooling systems per rack, while Morgan Stanley has raised its liquid cooling capital expenditure assumption by 30% and sees cooling as an increasingly essential infrastructure. In addition, the 800VDC architecture helps improve system efficiency by about 5%, cuts copper usage by about 45%, and supports racks drawing more than 1MW.

Kasikorn Securities estimates the SET index range today at 1,590-1,620 points, after the Thai stock market closed yesterday at 1,602.58 points, down 8.12 points or 0.50%, on selling pressure in media, finance, petrochemical and construction stocks. Foreign investors were net sellers of Thai shares for a third consecutive day, at 661 million baht. The brokerage recommends DELTA and CK as its top picks for the day. For DELTA, it sets a fair value of 300 baht, viewing the recent correction as merely a short-term pause while AI demand remains strong, and expects normal profit to grow at a CAGR of about 32% during 2026-2028, maintaining a buy rating. For CK, it sets a fair value of 29.27 baht after CK sold 200 million BEM shares at 6.50 baht each, reducing its holding to 40.95% and raising about 1.3 billion baht in cash for working capital. It expects a one-off gain to be recognised in the third quarter of 2026 after tax of about 242 million baht, and takes a positive view on the chance of winning state contracts in 2027, when projects worth no less than 200 billion baht are expected to be put out to tender. On the domestic front, the Ministry of Commerce reported that Thailand's exports in August 2026 came to 347 billion baht, up 24.8% from the same period a year earlier. News items to watch include US-Iran talks over the Strait of Hormuz, talks between Donald Trump and President Xi Jinping on AI, Google's investment in a data centre in Thailand worth 36 billion baht, and the collection of a 450 baht fee on foreign tourists.

Analysts at TTB Wealth Securities Public Company Limited maintain a Buy recommendation on DELTA shares, viewing the current share price as a good opportunity to re-enter the stock to capture a strong recovery in the second half of 2026, after supply shortages in the second quarter of 2026 and part of the third quarter of 2026 have been resolved, with sufficient raw materials for remaining orders in the second half of 2026. Although sales in part of the third quarter of 2026 recovered more slowly than expected, prompting a 16% cut to 2026 profit forecasts, the brokerage keeps its estimates for subsequent years unchanged, as the raw material shortage has eased. It expects third-quarter 2026 profit to recover 19% from the same period a year earlier and 55% from the previous quarter, while forecasting second-half 2026 EPS to grow 45% from the first half. Investment trends in AI and data centers remain strong, and Delta Group remains the supplier of Power Supply Units with the largest market share, so EPS is still expected to grow an average of 64% per year in 2027-2029 based on a shift to a 2027 base year, with the target price raised to 450 baht from 420 baht.

Pie Securities stated that crude oil prices falling below the three-digit level for both Brent and WTI is a factor easing pressure on global bond yields and supporting Anti Oil and Non Bank stocks, after investors began to expect that the situation between the United States and Iran will move toward greater easing. Last night, Brent crude closed down 1.2% after reports that Saudi Arabia will reopen its oil pipeline. Meanwhile, the Dow Jones Industrial Average closed down 185 points, or 0.4%, on concerns that high oil prices could prompt the Fed to raise interest rates, and the latest CME Fed reading gives about 54% weight to the Fed raising rates at its October meeting. This morning, the KOSPI rose 1.6%, supporting Thai SEMI stocks such as DELTA, HANA, and KCE. Pie Securities estimates today's SET range at 1590 to 1620 points and recommends buying BA with a target price of 22.4 baht, citing the rise in passengers passing through Samui Airport in July and August both year on year and quarter on quarter. It also recommends buying TIDLOR with a target price of 24 baht, citing second-half 2026 profit trends expected to grow as much as 25% year on year.

CGS International (Thailand), or CGSI, expects the Stock Exchange of Thailand Index, or SET Index, to move in a range of 1,595 to 1,630 points today, with a tendency to remain volatile around the 1,600 level. It flagged overseas factors that warrant close monitoring, including inflation concerns from still-high oil prices, which could affect the monetary policy outlook of the US Federal Reserve, and the summit meeting between President Donald Trump and President Xi Jinping. The mood in technology stocks remains strong after the Nasdaq closed at a record high, driven by buying of artificial intelligence-related shares and stocks in the AI supply chain. For investment strategy, CGSI recommends Delta Electronics (Thailand), or DELTA, expecting revenue in the second half of 2026 to improve on gradually recovering margins, with third-quarter 2026 revenue seen growing about 15% from the previous quarter. It sets a take-profit level of 256 baht and a stop-loss at 249 baht. It also recommends Praram 9 Hospital, or PR9, citing a strong recovery in the hospital group's third-quarter 2026 earnings, helped by a rise in foreign patients and seasonal factors. It expects combined net profit for the hospital group under coverage to rise 11% from a year earlier and 31% from the previous quarter. It sets a take-profit level for PR9 at 19.70 baht and a stop-loss at 19.10 baht.

Phillip Securities (Thailand) has issued an "outperform" rating on the electronics sector, selecting DELTA as its Top Pick for the third quarter of 2026, citing its share price lagging the sector and its strongest exposure to the AI theme. KCE and HANA stand to benefit from higher PCB selling prices and their expansion into High Density PCBA and Power Management. First-half sector profit came in at 16 billion baht, up 46.2% year on year, with growth spread across nearly every company, and the bulk of the profit came from DELTA, which benefited from greater recognition of revenue tied to AI and data centers than a year earlier. Other companies showed a picture of revenue recovering more strongly in the second quarter of 2026. For the third-quarter 2026 outlook, DELTA's profit is expected to rise quarter on quarter on higher AI product shipments, helped by a low base in the second quarter of 2026. In the U.S. stock market, investors are watching the CPU stock theme after GPT-6 Astra shifted fully into Agentic AI competition, forcing the CPU-to-GPU ratio up to 1:1, which supports the appeal of INTC and AMD. Cybersecurity names such as CRWD and PANW are also looking more attractive amid the push to enforce rules governing AI usage.

Kasikorn Thai Securities said in a Thai equity strategy analysis for the fourth quarter of 2026 that Thailand is entering a new upward investment cycle, driven by data center investment and the new Power Development Plan, or PDP2026. It raised its target for the Stock Exchange of Thailand index to 1,680 points, shifting the calculation base to an end-2027 index target under the assumption of market earnings per share of 105 points in 2027 and a price-to-earnings ratio of 16 times, which is in line with the long-term average. Kasikorn Thai Securities expects electricity generating capacity serving data center demand in Thailand to rise to roughly 5 to 7 gigawatts by 2030, following the expansion of data center operators and investment in artificial intelligence infrastructure. For its fourth-quarter 2026 investment strategy, Kasikorn Thai Securities divided its approach into two main themes and selected five standout stocks: BBL, DELTA, BGRIM, SCGP and CPALL. The first theme covers stocks that benefit from the new investment cycle, namely BBL, DELTA and BGRIM, while the second focuses on stocks whose earnings are likely to recover and which can pass on costs, namely SCGP and CPALL.

Foreign investors returned to buying Thai stocks, with net purchases of 52.68226 billion baht from the start of the year through September 22, comprising 6.60989403 trillion baht in buys and 6.55721177 trillion baht in sells. In September alone, net buying reached 1.31328 billion baht, from 626.56138 billion baht in buys and 625.24810 billion baht in sells, marking the highest foreign buying in two months and making the Thai stock market the most sought-after in ASEAN. The supporting factor came from Meta's launch of a new AI model with higher processing efficiency, offered free of charge, which the market expects will extend its advertising business and accelerate demand for AI CAPEX, benefiting Thai component stocks, especially DELTA and HANA. Meanwhile, Infra Tech stocks drew support from the NBTC's proposal for a data center board to set new investment criteria, including requiring operators to have power purchase agreements and water supply certificates, to use domestic materials no less than 50%, and to add sustainability requirements. This is expected to boost industrial estate stocks such as AMATA and WHA, power stocks such as GULF, BGRIM and GUNKUL, bank stocks such as KBANK, KTB, KKP and BBL, as well as contractor stocks such as STECON, PYLON and INSET. At the same time, the Cabinet meeting approved extending the Thai Help Thai Plus 40/60 Phase 2 project by another 2 months, from October 1 to November 30, 2026, with a total budget of 42.69 billion baht, and approved an additional 700 baht per person in product purchase credit for state welfare cardholders for October only, bringing the total injection to 1,000 baht per person. This measure is expected to benefit retail stocks such as CPAXT, BJC and CPALL, as well as consumer goods stocks such as CBG and OSP, in a second-round effect.

Trinity Securities assesses that Delta Electronics (Thailand) Public Company Limited, or DELTA, which currently carries a weight of about 7.6% in the SET50 index, has a chance to see its weight rise back to the 10% cap level in this month-end's index rebalance, expected on September 28. This is because the capped-weight process used by international indices generally starts counting anew on the day the index basket is adjusted, with the capped factor reset regardless of the stock's weighting over the past three months. The research team notes that based on DELTA's latest market cap, the stock would still account for nearly 20% of the SET50 index, so its weight would be capped and reset back to 10% once again. If this assessment proves correct, DELTA could once again become a target for index and passive funds to add exposure to in the short term. Whether volatility on the rebalance day is severe will depend on how far DELTA's actual weight in the index on September 28 diverges from the 10% cap. On the other hand, the research team warns investors to watch stocks that currently carry high weights in the index, such as PTT Public Company Limited, or PTT, and Advanced Info Service Public Company Limited, or ADVANC, since the latest pro forma calculations show that in the upcoming rebalance, both stocks could see their weights fall well below their current levels, even though the decline would not be considered very significant.

CGS International Securities (Thailand), or CGSI, estimates that the SET Index could rise above 1,600 points, with a trading range of 1,600-1,630 points, supported by lower oil prices and falling US government bond yields. The Nasdaq closed at a record high on buying in AI stocks, particularly AMD and Nvidia, whose forward P/E ratios are in their lowest zone in 10 years. The Dow Jones closed at 52,048.83 points, up 366.19 points or 0.71%. The S&P 500 closed at 7,764.70 points, up 114.20 points or 1.49%, and the Nasdaq closed at 27,122.09 points, up 599.55 points or 2.26%. Meanwhile, October-delivery WTI crude oil futures fell 4.52 dollars, or 4.51%, to close at 95.78 dollars per barrel, following signs of diplomatic progress between Iran and the United States and reports that Saudi Arabia's oil exports are starting to recover. Among its recommended stocks, CGSI said DELTA will post higher revenue growth in the second half of 2026, with third-quarter 2026 revenue estimated to grow about 15% quarter-on-quarter, and set a profit target of 252.00 and a stop-loss level of 244.00. GULF is expected to see renewable energy projects, data centers, and the MTP3 LNG Terminal drive long-term profit after 2030, with a profit target of 63.25 and a stop-loss level of 61.50.