InnovestX keeps THB 352 target for Delta Thai stock

Published on 10/13/2026 at 05:29 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue reached USD 2.01 billion, up 50.70 percent year over year. For Delta Thai stock this means a 26.80 percent gross margin.

Key points in brief

InnovestX kept an Outperform rating and a THB 352.00 mid-2027 target for Delta Thai on October 7, 2026.
Delta Electronics (Thailand) reported USD 2.01 billion in second-quarter 2026 revenue, up 50.70 percent year over year.
Second-quarter gross margin fell to 26.80 percent as raw-material costs and an USD 800 million inventory provision pressured profitability.
InnovestX forecasts third-quarter 2026 core profit of THB 8.4 billion, up 32.00 percent year over year and 38.00 percent quarter over quarter.

Delta Thai, electronics, AI data centers, analyst target, SET, Illustration mit AI erstellt.

InnovestX kept an Outperform rating and a THB 352.00 mid-2027 target for Delta Thai on October 7, 2026, according to its InnovestX company update. The report puts the latest operating picture in sharper relief: second-quarter 2026 revenue reached USD 2,011 million, up 50.70 percent year over year.

Three milestones shape the story

The company's recent chronology combines expansion and rising AI exposure. On July 27, 2026, Delta Electronics (Thailand) reported second-quarter revenue of USD 2,011 million and net profit of USD 186 million in its earnings call, according to Yahoo Finance. On September 14, 2026, Delta Thailand said it had entered the FTSE4Good Index Series for the eighth time, while on October 2, 2026, it unveiled an AI modular data center using 800 VDC architecture, according to the company's investor-relations page.

What weighs on second-quarter margins?

Revenue growth came with a clear profitability trade-off. Gross margin fell to 26.80 percent in the second quarter of 2026 from 31.70 percent in the first quarter, while net profit declined 35.00 percent quarter over quarter to USD 186 million despite a 33.40 percent year-over-year increase.

Management attributed the pressure to higher semiconductor, DRAM, PCB and other material costs, alongside an USD 800 million inventory provision, according to Yahoo Finance. The company said price negotiations with customers are expected to continue into the fourth quarter, giving investors a measurable test for margin recovery.

InnovestX sees a third-quarter rebound

InnovestX forecasts third-quarter 2026 core profit of THB 8.4 billion, representing growth of 32.00 percent year over year and 38.00 percent quarter over quarter. Its forecast assumes gross margin recovery to 29.00 percent from 26.80 percent in the second quarter, supported by a better AI-related product mix and lower raw-material pressure.

The same report places the THB 352.00 target 29.41 percent above its reference price of THB 272.00 on October 6, 2026. It also flags AI infrastructure spending, supply-chain bottlenecks, automotive demand and exchange-rate volatility as the main factors that could change the earnings path.

Market value and investor context

Delta Electronics (Thailand) had a market capitalization of THB 3.3 trillion as of October 12, 2026. Its business spans power electronics, infrastructure and automation, with data-center power systems, cooling and energy infrastructure linking the company to the continuing build-out of AI computing capacity.