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.
Delta Electronics (Thailand) Public Company LimitedParent Delta Electronics Int'l plans $1.5B zero-interest convertible bonds convertible into ~1.38% of DELTA shares, pressuring the stock via dilution and added share supply.
Bank of Ayudhya PCL
