Kasikorn Securities cuts DELTA profit forecasts for 2026–2028 on high raw material costs pressuring gross margin

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Summary · why it matters

Kasikorn Securities has lowered its profit estimates for Delta Electronics Thailand, or DELTA, for 2026 through 2028 by 10%, 3%, and 4% respectively, to 34.5 billion baht, 47.0 billion baht, and 53.6 billion baht. This follows management comments that the gross profit margin in the second quarter of 2026 declined due to higher semiconductor and component costs, as well as supply disruptions from the European Union's sanctions on Yangjie, a Chinese supplier. Raw material costs are expected to remain elevated throughout the second half of the year. The research team expects the gross margin in the third quarter of 2026 to recover by at least 2 percentage points from the previous quarter to around 30%, supported by several factors. However, it maintains a hold rating and has lowered the target price from 320 baht to 300 baht to reflect the lower gross margin assumptions and limited near-term pricing power.

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