Electronic Components

The Thai stock market swung lower and fell below the 1,600-point level during September 14-18, 2026, with DELTA the main stock weighing on the index after its parent company issued a $1.5 billion convertible bond exchangeable into DELTA shares. The conversion price was set at a premium of 15-20% for a one-year tenor, equivalent to 289-302 baht, and 30-40% for a five-year tenor, equivalent to 327-353 baht. As a result, bondholders short-sold the shares to reduce price risk. The bond was split into a one-year tranche worth $500 million and a five-year tranche worth $1.0 billion, issued by Delta of Taiwan to fund business expansion. Meanwhile, the Fed meeting raised interest rates by 25 basis points to 3.75-4.00%, as the market expected, and the Dot Plot projected rates at 4.1% for both end-2026 and end-2027. Tourism-related stocks AOT, MINT and CENTEL were pressured by the delay of the Thai Tiew Thai Plus measure from late 2026 to 2027. Oil and refinery stocks TOP, SPRC and BCP were pressured by an announcement in the Royal Gazette cutting the ex-refinery price for high-speed diesel by 4.00 baht per litre, from a previous reduction of 2.40 baht per litre. Banking stocks KBANK, KTB and BBL, along with insurers BLA and TLI, rose on expectations that interest rates are on an upward trend.

Jim Cramer told Mad Money viewers to wait for Corning Incorporated to fall further before trimming or holding, citing the company's at-the-market selling program. Corning disclosed on September 11 that it had entered an agreement with Goldman Sachs to sell up to $2 billion of common stock through an at-the-market offering, with proceeds intended for general corporate purposes. The prospectus assumes raising the full $2 billion at $165.96 per share would require issuing 12,051,097 shares, increasing shares outstanding from 861,388,331 to 873,439,428. The offering came as Corning's optical business remained strong: at a September 9 Citi conference, CFO Ed Schlesinger said optical demand was very strong and orders continue to pick up, and second-quarter Optical Communications sales rose 32% year over year to $2.07 billion while core sales increased 17% to $4.74 billion. The bear case centers on execution, as Corning targets a $10 billion scale-up photonics business by the end of the decade tied largely to adoption of NPO and CPO technologies, and expects full-year 2026 capital expenditures of approximately $2 billion compared with $754 million spent in the first half of the year.

Halo Microelectronics announced after market close on September 17 that it had received a Notice of Case Acceptance served by the Nanhai District People's Court of Foshan City, Guangdong Province. Nam David Ingyun, the former foreign CEO of a controlled subsidiary, has sued the company on the grounds of a labor dispute, with the amount involved being 48.4406 million yuan. The case has been accepted by the court but has not yet been heard. The plaintiff's core claim is to require the company to exercise 3.2576 million stock options at an exercise cost of 1.73 yuan per share and register them in his name. If registration cannot be completed, he requests a judgment ordering compensation of 48.4406 million yuan for the loss of being unable to exercise the options. He also demands that the company provide a business registration certificate or copy in accordance with the Measures for the Administration of Funds for Foreign Employees of Domestically Listed Companies Participating in Equity Incentives, and that the company bear the litigation costs. The company stated that in March and April 2025, it discovered that Nam David Ingyun and others were suspected of stealing trade secrets, breaching fiduciary duties, and engaging in unfair competition during their employment. It has taken judicial measures to pursue their legal responsibility, and in accordance with the 2021 stock option incentive plan, it has suspended the exercise of options that had vested but not yet been exercised and temporarily withheld cooperation with foreign exchange registration and other capital outflow procedures. This lawsuit is related to the above measures. The plaintiff is a former director of Zinitix, Halo Microelectronics' Korean subsidiary. Zinitix is engaged in system semiconductor design, with its core product being touch controller chips, and is one of Samsung's suppliers. On September 2, 2026, the company disclosed that Zinitix had been designated as an administrative stock by the Korea Exchange starting September 3, 2026, because its total market value of common shares had been below 20 billion Korean won for 30 consecutive trading days, and there are risks such as delisting. In terms of performance, Halo Microelectronics' 2026 semi-annual report showed operating revenue of 529 million yuan, up 13.35% year on year, and a net loss attributable to the parent company of 30.3779 million yuan, narrowing the loss by 32.02% year on year. The company's acquisition of Zinitix formed goodwill of 64.2175 million yuan. If Zinitix ultimately triggers delisting, there is a risk of goodwill impairment.

Halo Microelectronics announced on September 17 that it recently received a Notice of Case Acceptance delivered by the Nanhai District People's Court of Foshan City, Guangdong Province. Nam David Ingyun has sued the company on the grounds of a labor dispute. The case has been filed and accepted by the court but has not yet been heard. Nam David Ingyun previously served as chief executive officer of a controlled subsidiary of Halo Microelectronics. He has filed four litigation claims, including requesting the company to exercise 3.2568 million stock options he intends to exercise at an exercise cost of 1.73 yuan per share and register them under his own name, and if registration cannot be completed, to compensate for the loss of being unable to exercise the options totaling 48.4406 million yuan, as well as requiring the company to provide business registration vouchers that comply with the Administrative Measures for Foreign Employees of Domestically Listed Companies Participating in Equity Incentives. Halo Microelectronics stated that between March and April 2025, the company discovered that Nam David Ingyun and others were suspected of engaging in unlawful acts such as misappropriating trade secrets, breaching fiduciary duties, and unfair competition during their employment at the company and its subsidiaries, and has decided to take judicial measures against them to pursue legal responsibility, including but not limited to filing relevant lawsuits and arbitrations in the United States and South Korea. The company has, in accordance with the relevant provisions of the 2021 stock option incentive plan, suspended the exercise of vested but unexercised options held by Nam David Ingyun and other involved incentive recipients, and has temporarily withheld cooperation with foreign exchange registration and other fund outflow procedures. Halo Microelectronics said it will actively respond to the lawsuit and present its defense, and that this litigation will not have a material adverse impact on the company's daily production and operations.

Shares of Delta Electronics (Thailand) Public Company Limited, or DELTA, rose 1.29% to 236.00 baht at 10:06 a.m. on September 16, 2026, after the company announced that Delta Electronics International (Singapore) Pte. Ltd., a shareholder and subsidiary of Delta Electronics Inc., or Delta Taiwan, plans to issue and offer two tranches of zero-coupon overseas exchangeable bonds convertible into DELTA shares with a combined value of $1.5 billion on or about September 21, 2026. The offering comprises Tranche A, a one-year bond worth $500 million maturing on September 21, 2027, with an initial exchange price of 266.80 baht per share, 15% above the reference price, and Tranche B, a five-year bond worth $1 billion maturing on September 21, 2031, with an initial exchange price of 301.60 baht per share, 30% above the reference price. If bondholders exercise all exchange rights, approximately 172.09 million DELTA shares would be used to support the exchange, or about 1.38% of total issued shares. These would be existing shares held by Delta Taiwan, so the number of DELTA shares would not increase and there would be no direct impact on earnings per share from capital increase, or EPS dilution, though Delta Taiwan's stake in DELTA would fall from 62.3% to 60.9%. Analysts at Kasikorn Securities Public Company Limited, Asia Plus Securities Public Company Limited, and Bualuang Securities Public Company Limited assess that this exchangeable bond issuance could pressure DELTA's share price in the short term from the risk of share overhang and the use of DELTA shares held by the parent company for financial value creation, or share monetization. Bualuang Securities said this risk is likely higher than the exchangeable bond issuance in January 2025, since the value of this bond issue rose from $525 million to $1.5 billion, an increase of about 2.86 times. Asia Plus Securities said the exchange price could become a resistance level for the share price, and if selling pressure is similar to the previous exchangeable bond issuance, every 1 baht decline in DELTA's share price could push the Thai stock market index down by about 1 point. Suwat Sinsadok, managing director of Global Securities Company Limited, expects DELTA's share price to fall in the short term to 230 baht before recovering again, supported by the profit outlook for the third quarter of 2026, which is expected to rise more than 30-50% from the same period last year, with continued growth expected in the fourth quarter of 2026 and in 2027. He set a target price of 330 baht. KGI Securities (Thailand) Public Company Limited said in a research note dated September 16, 2026, that if bondholders exercise all exchange rights, about 172 million DELTA shares would be used, representing 1.4% of total issued and paid-up shares and 2.2% of the DELTA shares currently held by Delta Taiwan, split into about 62 million shares from Tranche A and about 110 million shares from Tranche B. The initial exchange prices of 266.80 baht and 301.60 baht are about 6% and 20% above DELTA's closing price on September 14, 2026, respectively, which is lower than the 26% premium from the previous closing price used in the earlier exchangeable bond issuance, potentially increasing the chance that bondholders will decide to exercise their exchange rights. KGI Securities assesses that the issuance could pressure confidence in DELTA's share price in the short term, considering the movement after Delta Taiwan's previous exchangeable bond issuance in early 2025, when DELTA's share price fell 21%, 54%, and 22% after one month, three months, and six months, respectively, before recovering above the reference price in the ninth month. However, the significantly larger size of the latest bond issue compared with the previous one reflects Delta Taiwan's business expansion plan, with capital expenditure for 2026-2027 set at 70,000-80,000 million Taiwan dollars, and is consistent with the view of KGI Taiwan that the AI server supply chain is entering a technology upgrade cycle, which could indirectly benefit DELTA through increased orders, since revenue at the two companies has a correlation of 0.9. In 2025, when Delta Taiwan issued a similar exchangeable bond, Delta Taiwan's sales and net profit rose 31% and 71% from the previous year, respectively. KGI Securities therefore maintained its Outperform rating on DELTA and raised its end-2027 target price to 320 baht, based on a price-to-earnings ratio, or PER, of 90 times, about one standard deviation above DELTA's historical average.

Shares of Delta Electronics (Thailand), or DELTA, fell sharply on market concerns over a 1.5 billion US dollar exchangeable bond issued by its parent company. Some investors interpreted this as DELTA preparing to issue new shares, causing dilution, or as a large block preparing to be sold through a big lot. But when the transaction structure is examined, the bond issuer is Delta Electronics Int'l (Singapore), an existing shareholder of DELTA, not the Thai company DELTA itself, and the securities to be delivered upon exercise are existing DELTA shares already held by this shareholder, not newly issued shares. DELTA's registered and issued share counts therefore do not increase, and earnings per share, or EPS, is not diluted. The bond is split into two tranches. The one-year tranche is worth 500 million dollars with an initial exchange price of 266.80 baht per share, 15% above the reference price. The five-year tranche is worth 1 billion dollars with an initial exchange price of 301.60 baht per share, 30% above the reference price. Both exchange prices remain above DELTA's current market price, so investors have no incentive to exercise the exchange immediately. If fully exercised at the initial exchange prices, the bonds would involve roughly 172.09 million DELTA shares, or about 1.38% of all issued shares, which the company clearly states are shares the shareholder already holds. However, saying this deal has no effect on the share price at all may not be entirely correct, because institutional investors who buy the exchangeable bond may engage in delta hedging by selling or shorting some of the underlying shares, depending on each investor's strategy and constraints. That is pressure from investors' risk management, not a full sale of the major shareholder's stake. In the long term, there is still a risk that the number of shares circulating in the market will increase if bondholders exercise and then sell the shares they receive, but this must happen after the exchange conditions become worthwhile, not as automatic selling on the day the bond is issued. So what investors should watch is how much short-term pressure the hedging transactions create, and whether DELTA's share price will rise to 266.80 baht or 301.60 baht, giving bondholders an incentive to exercise.

Shares of Delta Electronics (Thailand) Public Company Limited, or DELTA, fell sharply after the market digested news that DELTA ELECTRONICS INT'L (SINGAPORE) PTE. LTD., the largest shareholder with a 42.85% stake in DELTA and a subsidiary of Taiwan's Delta Electronics Inc., plans to issue and offer dual-tranche zero coupon overseas exchangeable bonds worth a total of 1.5 billion US dollars on September 21, 2026. The issue is split into 500 million US dollars of Tranche A Bonds, maturing on September 21, 2027, and 1 billion US dollars of Tranche B Bonds, maturing on September 21, 2031. The bonds are exchangeable into DELTA shares, with an initial conversion price of 266.80 baht per share for the Tranche A Bonds, a 15% premium to the reference price, and 301.60 baht per share for the Tranche B Bonds, a 30% premium to the reference price. Holders of the Tranche B Bonds also have the right to require redemption in whole or in part at 99.25% and 98.51% of principal upon the completion of 1.5 years and 3 years from the bond issue date. As a result of the news, on September 15, 2026, DELTA shares tumbled 7.54%, or 19.00 baht, to close at 233.00 baht, with trading value of more than 15.2562 billion baht. That means over the two days in which the news was absorbed, DELTA shares have fallen nearly 12%, or 31 baht, and also dragged the Thai stock market lower, since every 1 baht move in DELTA's share price affects the SET index by 1 point. Earlier, in early 2025, the Delta group had issued and offered 525 million US dollars of zero coupon exchangeable bonds through Delta International Holding Limited B.V., a company in the major shareholder group and a subsidiary of Taiwan's Delta Electronics Inc., with an initial conversion price of 187.6 baht per share, prompting investors to sell DELTA shares for several consecutive days before they later recovered. Analysts view this new convertible bond issue as a short-term negative for the share price but not a hit to fundamentals, because conversion is not immediate and it will remain an overhang. The interesting point is that this bond issue carries a premium and does not involve issuing new shares to support conversion, but instead uses existing shares held by the major shareholder, so there is no dilution because no new shares enter the market, and it also helps improve liquidity in DELTA shares. From another angle, however, it is seen as the parent company needing cash and therefore wanting to sell shares, which the market views as more negative than positive.

Prosper Stars & Stripes disclosed in its second-quarter 2026 investor letter that it has shorted Dolby Laboratories, Universal Display Corp and Logitech International on the theme that the AI investment boom is crowding out spending elsewhere. The fund said cost pressures on technology components such as DRAM will push consumer electronics prices higher, hitting back-to-school and holiday spending, the key periods for these companies' end markets, and it expects the forecasts these companies are providing at this time of the year to prove optimistic. It added that the so-called K-shaped economy, in which consumers feel the pressure of rising living costs, will continue to squeeze discretionary purchases, and that rising prices make it nearly impossible to use discounts to stimulate sales. Dolby Laboratories closed at $61.91 per share on September 14, 2026, with a market capitalization of $5.79 billion, a 52-week range of $48.26 to $73.01, a 1.33% return over the past month and a 14.24% loss over the past 52 weeks. The fund's portfolio returned a net 30.1% in the second quarter of 2026, against 21.5% for the Russell 2000 Index and 10.3% for the HFRX Equity Hedge Index, and is up 23.7% year to date versus 22.6% for the Russell 2000 and 9.7% for the HFRI Equity Hedge Index. Twenty-eight hedge fund portfolios held Dolby Laboratories at the end of the second quarter, unchanged from the previous quarter.

Bualuang Securities stated in an analysis dated September 15, 2026, that the issuance of exchangeable bonds referencing shares of Delta Electronics (Thailand) or DELTA by a company in the Delta Electronics group is likely to create share supply pressure, or overhang, on the stock price in the short term, rather than affecting fundamental earnings, since no new shares are being issued and therefore there is no dilution effect. Delta Electronics Taiwan is preparing to issue exchangeable bonds with a total value of 1.5 billion US dollars through Delta Electronics International Singapore, a wholly owned subsidiary that holds a 42.85% stake in DELTA. The bonds are zero-coupon exchangeable bonds, divided into two tranches: a 500 million US dollar tranche maturing in September 2027 and a 1 billion US dollar tranche maturing in September 2031. Bloomberg indicated yields of 2-4% for the 2027 tranche and 0.5-1.5% for the 2031 tranche, while TradingView, citing Reuters data, indicated negative yields in the ranges of 2-4% and 0.5-1.5% respectively, so final yield terms still await confirmation. Regarding put options, the 2027 tranche has no put option, while the 2031 tranche provides put rights in March 2028 and September 2029. Bualuang estimates that using a DELTA share price of 252 baht as the reference price and assuming a 10% discount to the share sale price, the sale price would be approximately 227 baht per share. Including the exchange premium, the exchange price of the 2027 tranche is expected to be approximately 261-272 baht per share and the 2031 tranche approximately 295-318 baht per share. The number of shares potentially available for exchange is estimated at approximately 160-170 million shares, or 1.3-1.4% of total shares, before including the greenshoe over-allotment option, while the previous transaction involved approximately 0.4% of shares. Bualuang views the overhang from this transaction as clearer than the deal in January 2025 because it is larger, the 2027 tranche has a short maturity, and the premium to the market price is lower, resulting in the share price being likely to fluctuate and be capped in the short term. However, the fact that Delta Electronics International Singapore, which holds a 42.85% stake in DELTA, is the issuer of these bonds, differs from the previous transaction conducted through DIH Netherlands, which held a 13.77% stake, and this may make the market more cautious about the possibility that the Delta group will use its holdings to create value through similar transactions in the future. Although the transaction creates short-term pressure, Bualuang maintains a positive view on DELTA's AI and data center business outlook and keeps its buy recommendation, but lowers the target price to 330 baht to reflect the overhang and reduces the valuation premium to a standard level.

DELTA shares fell 5.95% to 237.00 baht on trading value of 11.6 billion baht after Tisco Securities reported that Delta Electronics Int'l (Singapore) Pte. Ltd., or DEISG, a wholly owned Singapore subsidiary of Delta Taiwan, is preparing to issue zero-coupon exchangeable bonds worth a total of $1.5 billion, with the DELTA shares it holds, a 42.85% stake, as the reference shares. The bonds are split into two tranches. The first, worth $500 million, matures on September 21, 2027, with an exchange price set at 266.80 baht per share. The second, worth $1 billion, matures on September 21, 2031, with an exchange price set at 301.60 baht per share. That represents premiums of 15% and 30% respectively over the reference price of 232 baht per share. The transaction involves no new share issuance, so it does not affect existing shareholders, and if the exchange rights are fully exercised it would amount to roughly 172.1 million DELTA shares, or 1.38% of total paid-up shares. Tisco sees the deal potentially pressuring the share price in the short term through investors' hedging activity, as well as an overhang from shares that could be exchanged in the future, which may cap gains around 267 to 302 baht. It therefore maintains a hold rating with a fair value of 268 baht. Meanwhile, KGI Securities (Thailand) maintains a buy rating and has raised its end-2027 target price to 320 baht from 290 baht, while lifting its 2026-2027 profit forecasts by 2% to 6%.

DELTA shares saw two big-lot trades totalling 2.62 million shares worth 644.34 million baht at an average price of 245.93 baht. Meanwhile, Tisco Securities said the parent company Delta Electronics Inc.'s issuance of 1.5 billion US dollars in exchangeable bonds creates value from the DELTA shares the parent already holds, with no new shares issued and no significant impact on the company's control structure. Delta Electronics Int'l (Singapore) Pte. Ltd., or DEISG, a wholly owned Singapore subsidiary of the parent, will issue zero-coupon exchangeable bonds worth a total of 1.5 billion US dollars, referenced to the DELTA shares the parent holds, a 42.85% stake. The issue is split into Tranche A worth 500 million US dollars, maturing on 21 September 2570, with an exchange price of 266.80 baht per share, and Tranche B worth 1 billion US dollars, maturing on 21 September 2574, with an exchange price of 301.60 baht per share, representing conversion premiums of 15% and 30% respectively over the reference price of 232.00 baht per share. Using an implied exchange rate of 33.159 baht per US dollar, the 1.5 billion US dollars of exchangeable bonds are worth about 49.7 billion baht and can be exchanged for roughly 172.1 million DELTA shares, or 1.38% of total paid-up shares. Tisco views this as not yet significantly affecting the company's overall control structure, but the transaction could trigger short-term selling pressure and add volatility from hedging by exchangeable bond investors. It maintains a Hold recommendation on DELTA with a fair value of 268.00 baht, without revising its earnings forecasts, and sees the overhang from shares exchangeable in the future as still limiting the chance of the price rising above the 267-302 baht range. It flags key risks to watch: raw material shortages, rising royalty fees, and loss of market share in the new-generation AI business using 800VDC architecture.

Delta Electronics (Thailand), or DELTA, informed the Stock Exchange of Thailand that it has been notified by Delta Electronics Int'l (Singapore) Pte. Ltd., a shareholder and subsidiary of Delta Electronics Inc., of a plan to issue and offer zero-coupon exchangeable bonds overseas with a total value of $1.5 billion, on or about September 21, 2026. The offering comprises $500 million of one-year bonds maturing on September 21, 2027, and $1 billion of five-year bonds maturing on September 21, 2031, to increase working capital and support future business expansion. Both tranches are exchangeable into DELTA shares already held by Delta Electronics Int'l (Singapore). The one-year bonds have an initial exchange price of 266.80 baht per share, 15% above the reference price, while the five-year bonds are set at 301.60 baht per share, 30% above the reference price. If the exchange rights are fully exercised at the initial prices, they would use approximately 172.09 million existing DELTA shares, or about 1.38% of the company's total issued shares as of the bond issuance date. Kasikorn Securities views this as negative sentiment for the share price in the short term. Although fundamentals are unaffected because there is no dilution, the market may interpret it as the parent wanting to sell shares. Compared with the previous exchangeable bond issuance in January 2025 worth $525 million, DELTA's share price fell about 5-6% after the announcement. Kasikorn Securities maintains a buy recommendation with a target price of 300 baht. Meanwhile, the research team at Asia Plus Securities also sees concerns about share overhang, noting the new issue size has increased to $1.5 billion, or about 2.86 times the previous round, and the exchange premium is lower than the previous round's 40%. In the previous round, the share price fell about 6% intraday and declined a cumulative 14.4% within three trading days.

DELTA shares dropped 5.56% to 238.00 baht, down 14.00 baht, with trading value of 4.86907 billion baht as of 10:07 a.m., from an opening price of 246.00 baht, a low of 235.00 baht and a high of 248.00 baht. There were 2 big lot transactions totaling 2.62 million shares traded at an average price of 245.93 baht per share, worth a combined 644.34 million baht. Delta Electronics (Thailand) Public Company Limited stated that Delta Electronics Int'l (Singapore) Pte. Ltd., a shareholder and subsidiary of Delta Electronics Inc., plans to offer zero-interest convertible bonds on or around September 21, 2026, split into two tranches: Tranche A Bonds with a total value of 500 million US dollars, maturing on September 21, 2027, with an initial conversion price of 266.80 baht per share; and Tranche B Bonds with a total value of 1 billion US dollars, maturing on September 21, 2031, with an initial conversion price of 301.60 baht per share. If fully converted, they would become approximately 172,086,206 ordinary DELTA shares, or 1.38% of total issued shares. Liberator Securities said DELTA's share price will react negatively to the deal and will remain a pressure factor for some time; although the current price is starting to offer upside versus fair value, this is not yet an appropriate time to invest. UOB Kay Hian (Thailand) views the deal as having no direct impact on the share count or earnings per share of DELTA Thailand, calling it neutral on fundamentals but negative for short-term sentiment due to potential additional share supply and short selling by hedging players. Krungsri Securities maintained its buy recommendation with an unchanged target price of 320 baht, assessing the share dilution impact as limited to just 0.4% given a conversion rate of 15-20% and conversion prices still 15-40% above the current price. It views the 30% decline over the past several months as already reflecting disappointing second-quarter 2026 results from much higher raw material costs, and expects the raw material situation to improve in the third and fourth quarters of 2026 and to improve significantly in 2027.

Shares of Delta Electronics (Thailand) Public Company Limited, or DELTA, dropped 5.56% after Delta Electronics Int'l (Singapore), a shareholder, issued $1.5 billion in convertible bonds. The stock traded at 238.00 baht, down 14.00 baht, touching an intraday low of 235.00 baht, with heavy turnover of 8.41189 billion baht. DELTA informed the Stock Exchange of Thailand that the shareholder, a subsidiary of Delta Electronics Inc., plans to issue and offer zero-coupon convertible bonds outside the country with a total value of $1.5 billion on or around September 21, 2026, split into Tranche A Bonds worth $500 million, maturing September 21, 2027, and Tranche B Bonds worth $1 billion, maturing September 21, 2031. The bonds are convertible into shares of the company held by the shareholder, and if the conversion right is exercised in full at the initial conversion price, they would convert into 172,086,206 shares, or about 1.38% of total issued shares. The company confirmed there would be no impact on its board structure, management, or business operations. Meanwhile, KGI Securities (Thailand) recommends a buy and has raised its end-2027 target price to 320 baht from 290 baht, viewing second-quarter 2026 earnings as this year's low point and expecting margins to recover in the third quarter of 2026, while lifting its profit forecast by 2-6%. It expects DELTA to benefit from accelerating AI adoption and its close ties with Delta Taiwan, a partner of Nvidia in the 800V HVDC roadmap.

DELTA shares dropped sharply by 5.95%, or 15 baht, to 237 baht, with trading value of 4.446 billion baht, after parent company DELTA (Singapore) prepared to offer 1.5 billion dollars in convertible bonds that can be exchanged for DELTA (Thailand) shares in the future. Phillip Securities (Thailand) noted that the conversion comes from existing shares held, so there is no EPS dilution, and viewed the second tranche with a 5-year maturity as offering an average annual premium of 6%-8%, close to the previous bond issuance, which caused the share price to fall as much as 7.7% the following day. It also viewed the low premium set to attract investors to convert as not reflecting the fundamental price, and said that if the share price weakens it should be seen as an opportunity to accumulate, giving a target price of 276 baht. Krungsri Securities noted that DELTA may face short-term negative factors from the 1.5 billion dollar Exchangeable Bond issuance, setting the conversion price for the new bond round at a premium of 15-20% for a 1-year maturity at 289-302 baht, and 30-40% for a 5-year maturity at 327-353 baht.

Bel Fuse shares fell 7.5% in the afternoon session after the electronic system and device provider completed a $441.6 million equity offering. The decline was driven largely by market reaction to the dilutive impact of the newly issued shares, with selling pressure compounded by a technical trend breakdown and reports of insider share sales by company directors. The stock is up 26.6% since the beginning of the year, but at $193.59 per share it remains 33.5% below its 52-week high of $291.23 from June 2026. Bel Fuse shares are extremely volatile, having posted 37 moves greater than 5% over the last year, and today's move indicates the market considers the news meaningful but not something that would fundamentally change its perception of the business.