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Investing.com - JPMorgan has initiated coverage on Delta Electronics Thailand PCL (DELTA:TB) with an Overweight rating and a price target of THB154.00.
The investment bank views Delta Electronics Thailand as well-positioned to capture structural growth opportunities as Thailand’s largest listed electronics manufacturer in ASEAN and a prominent manufacturer of power solutions for data centers and electric vehicles.
JPMorgan forecasts Delta’s revenue to grow by 9% in FY25, 18% in FY26, and 12% in FY27, supported by sustained demand for its power solutions, underpinned by resilient AI-related spending and continued investments from cloud service providers.
The bank expects this growth to drive an earnings CAGR of 23% over FY25-27 with margin expansion as Delta takes on liquid cooling orders in 2026.
According to JPMorgan, Delta’s valuation premium is justified, reflecting its scarcity value as the only direct proxy to the data center and AI server market, alongside its anchor position in Thailand’s key indices—SET50 and SET100.
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