Delta Electronics Q3 Profit Misses Analyst Expectations as Gross Margin Recovery Lags

Key summary

Delta Electronics reported a net profit of 7,757.41 million baht for the third quarter of 2026, representing a 4.25% year-over-year increase and a 27.7% quarter-over-quarter rise. However, the result fell short of analyst expectations of 8,900 million baht, primarily due to a gross profit margin of 27.3%, which was lower than the company's guidance of over 30%. Analysts from Yuanta Securities Thailand downgraded their full-year profit targets by at least 5-10% and maintained a 'Trading' recommendation with a fair value target of 255 baht, noting that the stock price dropped to 235 baht on October 27, 2026.