DELTA shares fall 5.56% after Delta Singapore issues $1.5 billion convertible bonds

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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.

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