瑞银称台达泰国二季度利润率受MOSFET断供及PCB、MLCC、DRAM涨价压制

Delta Electronics (Thailand) saw its Q226 margins pressured by MOSFET supply disruption and inflation in PCB, MLCC and DRAM costs. Assuming selling price adjustments only take effect in Q426E, there is downside risk to H226 profit margin assumptions, with expected GPM of 30% versus 27% in Q226 and NPM of 11% versus 9% in Q226. The company has scheduled discussions on further details on 29 July and 3 August. Additionally, the report includes financial forecasts through 2030, valuation metrics, business overview and risk assessments for the firm.
Business Overview and Group Position
Founded in 1988 as the first overseas production base of Taiwan-based Delta Electronics Group, Delta Electronics (Thailand) contributed 35% of the group's 2025 revenue. Its operations are divided into three core segments: Power electronics, which accounted for 64% of 2025 revenue, supplies power supply and thermal management modules and components for AI/cloud computing infrastructures, industrial and consumer electronics; Infrastructure, making up 17% of revenue, provides solutions for data centers, telco/networking and EVs; Mobility, also 17% of revenue, supplies EV powertrain solutions.
Financial Forecasts and Valuation
The report provides financial forecasts from 2023 to 2030, including revenues, EBIT, net earnings, EPS, DPS and net cash positions. Revenues are projected to grow from 146,371 million baht in 2023 to 807,406 million baht in 2030. EBIT margins are expected to stay around 13-14% from 2026 to 2030, while ROIC (EBIT) is forecast to remain above 40% through 2028 before slightly declining. The company has a 12-month Neutral rating with a price target of Bt350.00, representing a 14.0% forecast price appreciation, combined with a 0.3% dividend yield for a total forecast stock return of 14.3%.
Key Risks to Performance
Downside risks for Delta Electronics (Thailand) include a slowdown in hyperscaler capex or AI infrastructure roll-out, significant improvements in AI server power efficiency reducing power electronics content per server rack, slower EV sales especially among European and Japanese OEMs which form a key part of its customer base, and changes in Thai industrial and labour policies given over 90% of its workforce and manufacturing capacity are based in Thailand. Upside risks include accelerated AI adoption driven by successful monetization of AI use cases boosting infrastructure investments, higher average selling prices for next-generation power electronics improving profit margins, and new customer acquisitions in AI infrastructure and EV segments.