DELTA.BK | Stock Exchange of Thailand | Register D Research date: 2026-04-26
DELTA.BK | Stock Exchange of Thailand | Register D Research date: 2026-04-26
Full legal name: Delta Electronics (Thailand) Public Company Limited Ticker / exchange: DELTA.BK (SET, Bangkok); also trades as DLEGF (OTC US), DLS.F (Frankfurt), TDED (SGX depositary receipt) Sector / industry (GICS): Information Technology / Electronic Equipment, Instruments & Components Headquarters: 909 Soi 9, Moo 4, Bangpoo Industrial Estate (E.P.Z.), Samut Prakan 10280, Thailand Founded / incorporated: 1988 (as a subsidiary of Delta Electronics, Inc., Taiwan) IPO date: Listed on SET in 1995 Website: deltathailand.com
What the company does: Delta Electronics Thailand (DET) designs, manufactures, and sells power electronics, industrial automation, EV power systems, and data center infrastructure components. It is the Southeast Asia, Oceania, and India regional operating hub of Taiwan’s Delta Electronics, Inc. (2308.TW). The Thai entity holds physical manufacturing assets while the Taiwan parent provides IP, R&D direction, and global distribution; DET’s products ultimately serve hyperscale data centers, automotive OEMs, and industrial customers worldwide.
DET has become one of the most direct listed plays on the AI server power supply buildout outside the US. Its power supply units for high-density AI server racks — including products certified for NVIDIA’s GB200 NVL72 platform — drove a 31% revenue surge in FY2025, and the company became the first Thai-listed firm to surpass $100 billion in market capitalization.
Investor presentation: The most recent IR materials are the 2025 Annual Report and IR page. No dedicated investor day deck identified; company communicates primarily via annual filings and SET announcements.
| Segment | What it does | Est. revenue share (FY2025) |
|---|---|---|
| Power Electronics | Power supplies for servers, AI data centers, PCs, appliances, fans/thermal mgmt, and custom designs | ~53% |
| Mobility | EV powertrain components: on-board chargers, DC-DC converters, traction inverters | ~18% |
| Infrastructure | Data center solutions, telecom power, UPS, EV charging, renewable energy systems | ~17% |
| Automation | Industrial automation, building management systems, LED smart lighting, surveillance | ~12% |
Segment shares are approximate, based on FY2024 disclosed data and analyst estimates; Power Electronics was confirmed at ~51-53% of revenue in 2024-2025.
Business model: DET is a contract-and-own-design manufacturer. Revenue is predominantly product sale (not recurring SaaS), but volume is largely locked in through long-term OEM/ODM supply agreements with hyperscalers, auto OEMs, and industrial customers. Margins are driven by product mix (higher-power, custom AI server PSUs carry better margin than commodity appliance PSUs) and scale leverage on Thai labor and facilities. Gross margin has expanded from ~23.6% in FY2022 to 27.1% in FY2025 as AI-related high-density power supplies grow as a share of mix. No meaningful recurring software or services revenue.
Geographic revenue mix: DET manufactures in Thailand but ~75-80% of revenue is export-oriented, serving customers in North America, Europe, and Asia (China, India, Taiwan, Japan). Thailand operations have become strategically advantaged for US-bound production given the country’s lower tariff exposure (36%) vs. China (145%).
| Facility | Location | What it produces | Status |
|---|---|---|---|
| Main campus (Plants 1-7) | Bangpoo Industrial Estate, Samut Prakan | Power supplies, server PSUs, automation equipment, fans | Operating |
| Plant 8 + R&D Center | Bangpoo Industrial Estate, Samut Prakan | EV electronics (OBC, DCDC, traction inverters), R&D | Operating (opened Feb 2024); 30,400 sqm |
| Wellgrow Plants | Wellgrow Industrial Estate, Chachoengsao | Expansion capacity for power/cooling; 2 new plants | Ramping Q1-Q2 2025 |
| BP6 (new facility) | Bangpoo Industrial Estate, Samut Prakan | 4-storey, 51,365 sqm; AI power + liquid cooling | Under construction; started Dec 2025, due Apr 2027 |
| India | Rudrapur, Gurgaon, Krishnagiri | Manufacturing and sales (SEA/India region) | Operating |
| Slovakia | Dubnica nad Vahom; Liptovsky Hradok | European manufacturing and sales | Operating |
| Myanmar | Yangon | Assembly | Operating |
DET is asset-heavy by design: manufacturing in-house at scale is core to its cost competitiveness and quality certification requirements (Titanium-efficiency PSUs, NVIDIA GB200-certified cooling). Capex has run at THB 11-15B/year (2023-2025) as the company builds out liquid cooling and AI power capacity.
No major JVs disclosed. DET operates as a wholly-owned operational subsidiary network of Delta Electronics, Inc. (Taiwan). Key group affiliates:
/profile 2308.TW for the Taiwan parent.Strategic partnerships: - NVIDIA (NVDA): DET participated in NVIDIA GTC 2025 presenting “Grid-to-Chip Power Solutions for Gigawatt-Scale AI Data Centers.” Products certified for NVIDIA GB200 NVL72 platform (liquid cooling CDUs up to 1,500 kW). Close co-development relationship. - OCP (Open Compute Project): DET showcased 800 VDC power solutions at OCP Global Summit 2025 for 1.1 MW-scale AI factory racks. - Hyperscaler supply agreements: Not disclosed individually by name, but hyperscale data center customers are the primary growth driver. Delta (Taiwan parent) is estimated at ~60% share of the AI server PSU market.
| # | Customer | Ticker | Est. Revenue Share | Relationship Type |
|---|---|---|---|---|
| 1 | Major hyperscalers (US) | N/A (undisclosed) | ~25-30% est. (AI PSU + cooling) | OEM supply; AI server power systems |
| 2 | Automotive OEMs (Western) | Various (undisclosed) | ~15-18% est. | OEM/ODM; EV powertrain components |
| 3 | Delta Electronics, Inc. (internal) | 2308.TW | Intercompany component of total | Related-party; intra-group sales |
| 4 | Telecom / ICT customers | Various | ~10% est. | Product sale; power + networking |
| 5 | Industrial / building automation | Various | ~10-12% est. | Product sale |
Concentration risk: Individual customer names are not disclosed. The EV/automotive segment is described as ~1/3 of total revenue in prior years, concentrated among Western OEMs. The AI power segment is growing but likely concentrated among 3-5 hyperscalers. Customer names are not publicly disclosed — this is the primary disclosure gap vs. US-listed peers.
Dependency flags: - EV customer concentration: slowdown in EV adoption by Western OEMs (e.g., GM, Ford reducing EV targets in 2024-2025) has tempered Mobility segment growth, creating a structural shift toward AI/data center as the primary growth driver. - The parent-subsidiary structure means DET’s strategy is ultimately set in Taipei, not Bangkok. Related-party pricing (intercompany transactions) could disadvantage minority shareholders if not arm’s-length.
Why it matters: Every AI GPU rack requires power. As AI servers push toward 100 kW+ per rack (NVL72: ~120 kW/rack; next-gen NVL576: potentially 600+ kW/rack), the power supply unit market has become a chokepoint — and Delta is the dominant supplier. DET is the Thai-listed operating arm that physically manufactures these systems, giving investors SET-listed exposure to the AI infrastructure buildout without buying US hyperscalers at 30-40x EV/EBITDA.
End-use applications: - AI/HPC data centers (server PSUs, rack power distribution, liquid cooling CDUs) - EV powertrain (on-board chargers, DC-DC converters, traction inverters) - Industrial automation and smart building systems - Renewable energy and EV charging infrastructure - Telecom and ICT backbone equipment
TAM and market share: - Global server power supply market: estimated $8-12B in 2025, growing at 20-25% CAGR driven by AI rack power density increases. - AI-specific server PSU sub-segment: Delta (Taiwan group, including DET) holds an estimated ~60% market share per WAWT Power Supply Intelligence — the dominant position. - Liquid cooling CDU market: early-stage but expected to grow ~140% YoY in 2026 as GB200/Blackwell deployments accelerate. - DET as a share of the Taiwan parent: DET manufactures a significant portion of the group’s PSU and cooling output; the exact attribution is not separately reported.
Secular tailwinds: 1. AI infrastructure capex: hyperscalers collectively spending $200B+ annually on data centers (2025-2026 guidance from MSFT, AMZN, GOOG, META combined). 2. Power density escalation: each successive NVIDIA GPU generation requires more watts per rack, increasing PSU value per unit. 3. Liquid cooling adoption: air cooling approaching its limits; liquid-to-chip and CDU solutions are mandatory for GB200+ deployments. 4. EV recovery optionality: auto OEM EV programs eventually normalizing provides a re-rating catalyst in the Mobility segment. 5. Thailand tariff advantage: US tariff differential (Thailand 36% vs. China 145%) making Thai manufacturing increasingly attractive for US-bound shipments.
| Name | Title | Tenure | Background |
|---|---|---|---|
| Victor Cheng (Cheng An) | CEO and Director | CEO since Jan 2024 | Prior EVP at Delta Electronics, Inc. (Taiwan) heading Infrastructure Business Group; GM of ICT BG; career at Delta Group |
| Jackie Chang (Chang Tsai-hsing) | President, COO, and Director | Since 2019 | Long-tenured Delta Group executive; chairs Corporate Governance, Risk Management, and Sustainability committees |
| Nipaporn Jierajareevong | CFO | Since 2021 | Thai finance executive; manages consolidated financials for Thai operations |
Note: The CEO appointment in January 2024 (Victor Cheng replacing prior CEO) was accompanied by a simultaneous naming of Jackie Chang as President/COO — a dual-leadership structure typical of parent-subsidiary arrangements. Key-person risk is mitigated by the parent’s bench depth.
| Name | Role | Independent? | Background | Committees |
|---|---|---|---|---|
| Ng Kong Meng (James) | Chairman | No (non-executive) | Chairman since 1990; long-serving Delta Group representative | None listed |
| Cheng An (Victor) | Director, CEO | No | See executive table above | None listed |
| Ko Tzu-shing (Mark) | Director | No | Delta Group representative | None listed |
| Chang Tsai-hsing (Jackie) | Director, President, COO | No | See executive table above | Corp. Governance (Chair), Risk Mgmt (Chair), Sustainability (Chair) |
| Xue Li | Director | No | Delta Group representative | None listed |
| Anusorn Muttaraid | Director | No (non-executive, Thai) | Thai business executive | Privilege (Chair), Nom. & Comp. (Chair), Corp. Governance |
| Boonsak Chiempricha | Director | No (unspecified) | Thai business executive | Audit (Chair), Privilege |
| Tipawan Chayutimanta | Director | Yes | Independent director | Audit, Privilege, Nom. & Comp. |
| Somchai Harnhirun | Director | Yes | Independent director | Audit, Nom. & Comp., Privilege |
| Saowanee Kamolbutr | Director | Yes | Independent director | Audit, Nom. & Comp., Privilege |
| Chu Chih-yuan (Roger) | Director | No (unspecified) | Delta Group representative | Audit, Nom. & Comp. |
Governance flags: - Parent control: Delta Electronics, Inc. (Taiwan) and affiliates collectively hold ~76% of outstanding shares, giving the parent effective veto power over all shareholder votes. Minority shareholders (free float ~24%) have limited governance leverage. - Board composition: 5 of 11 directors are Delta Group representatives (non-independent). 3 independent directors sit on the Audit Committee, which is standard SET practice, but independence is structurally limited by the parent’s dominance. - No dual-class shares: Single class, one share one vote — but majority ownership achieves the same effect. - Alignment: Insider/related-party ownership is ~76%, so parent-subsidiary alignment is strong. The risk is the opposite — minority shareholder interests may not always be prioritized in related-party transactions.
Direct competitors (power electronics / AI server PSU): | Competitor | Market position | Notes | |———–|—————-|——-| | Lite-On Technology (2301.TW) | #2 AI server PSU | Taiwanese peer; smaller scale, less focused on high-density AI | | Acbel Polytech (6165.TW) | #3 AI server PSU | Taiwanese; growing in AI segment | | Artesyn Embedded (private) | High-reliability server PSU | US-based, enterprise/telco focus | | Bel Power Solutions (BELFA) | Industrial / server PSU | US-listed; niche | | Chinese OEMs (emerging) | Low-cost commodity | Huawei, BYD components divisions — growing but currently not certified for US hyperscalers |
Competitive moat: - Technical certification and co-development: NVIDIA GB200 and OCP 800VDC certifications are not easily replicated; took Delta 10+ years of R&D investment. - Manufacturing scale in Thailand: Three new plants ramping; capacity advantage vs. peers still constrained by legacy China footprint. - ~60% AI server PSU market share (Delta group): Network effects in certifications and customer relationships create high switching costs — hyperscalers do not casually change PSU vendors mid-generation. - Vertically integrated: Designs, manufactures, and ships PSUs plus liquid cooling CDUs plus rack power distribution — a system-level solution vs. component-level competition.
Porter’s Five Forces (snapshot):
| Force | Assessment |
|---|---|
| Threat of new entrants | Low-Medium. High certification barriers, long qualification cycles with hyperscalers; Chinese entrants are credible threat over 3-5 years but currently lack US certifications. |
| Supplier power | Medium. Copper, semiconductors, and power components are globally sourced; component shortages (e.g., wide-bandgap power semis) can constrain output. |
| Buyer power | High. Hyperscalers have enormous leverage; continuous cost-down demands are structural. Partially offset by Delta’s 60% share — there are few viable alternatives at scale. |
| Threat of substitutes | Low near-term. PSUs are mandatory hardware; the shift to 800VDC is a disruption Delta is leading, not facing. |
| Competitive rivalry | Medium. Lite-On and Acbel compete on price; Chinese entrants are a long-run risk. Delta’s technology and certification lead maintains differentiation today. |
All financials in THB millions unless noted. FY = calendar year ending December 31.
Valuation (as of ~April 24, 2026)
| Metric | Value |
|---|---|
| Share price | 290.00 THB |
| Market cap | ~3,620B THB (~$100B USD) |
| Enterprise value | ~3,601B THB (net cash position) |
| P/E (TTM) | ~146x |
| EV/EBITDA | ~105x |
| FCF yield | 0.36% |
| Dividend yield | 0.21% (THB 0.60 DPS for FY2025, payable May 8, 2026) |
| 52-week range | 82.75 – 319.00 THB |
| 52-week price change | +279% |
| Beta (5Y) | 0.74 |
Income statement and margins
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026E |
|---|---|---|---|---|---|
| Revenue (THB M) | 118,558 | 146,371 | 164,733 | 198,153 | ~245,000* |
| Revenue growth YoY | +28% | +23% | +13% | +20% | ~24%* |
| Gross profit (THB M) | 27,940 | 33,491 | 40,497 | 53,606 | N/A |
| Gross margin % | 23.6% | 22.9% | 24.6% | 27.1% | N/A |
| EBIT (THB M) | 14,438 | 17,626 | 17,697 | 26,083 | N/A |
| EBIT margin % | 12.2% | 12.0% | 10.7% | 13.2% | N/A |
| Net income (THB M) | 15,345 | 18,423 | 18,939 | 24,814 | N/A |
| Net margin % | 12.9% | 12.6% | 11.5% | 12.5% | N/A |
| EPS (THB) | 1.23 | 1.48 | 1.52 | 1.99 | N/A |
FY2026E revenue estimate from analyst consensus (~24% growth per DBS / Kaohoon International); no EPS consensus confirmed.
Note on FY2024 operating margin: The dip to 10.7% in FY2024 reflects elevated operating expenses ahead of capacity ramp. FY2025 recovery to 13.2% reflects operating leverage as AI power demand accelerated.
Cash flow and balance sheet
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Operating cash flow (THB M) | 13,596 | 13,313 | 31,248 | 28,078 |
| Capex (THB M) | -7,882 | -11,545 | -14,875 | -14,957 |
| Free cash flow (THB M) | 5,714 | 1,768 | 16,373 | 13,120 |
| FCF margin % | 4.8% | 1.2% | 9.9% | 6.6% |
| Total assets (THB M) | N/A | 108,145 | 123,097 | 154,131 |
| Total equity (THB M) | N/A | 67,539 | 79,942 | 96,727 |
| Net cash position (THB M) | N/A | N/A | N/A | ~18,820* |
| Net debt/EBITDA | N/A | N/A | Net cash | Net cash |
| ROIC | N/A | N/A | N/A | 28.49% |
| ROE | 31.9% | 30.2% | 25.7% | 28.1% |
| ROA | N/A | 18.5% | 16.4% | 17.9% |
Net cash from StockAnalysis statistics; total debt/equity is 2.13%, confirming near-zero leverage.
What is driving growth today: 1. AI server power supply volume growth: Hyperscaler capex commitments for 2025-2026 (Microsoft, Amazon, Google, Meta combined guide $200B+) translate directly into PSU orders. DET’s AI-related power supply revenue was ~25% of FY2025 total (~THB 50B), up from negligible in 2022. 2. Liquid cooling: CDUs for Blackwell-era racks (GB200, GB300) are the next growth leg. DET is ramping liquid cooling capacity at Wellgrow and new Bangpoo plants. Analysts expect ~140% YoY growth in liquid cooling revenue in 2026. 3. 800 VDC power distribution: Delta is the technical leader in the shift from 48V to 800VDC rack power distribution, which reduces conversion losses and improves efficiency. First-mover certification advantage creates multi-year revenue lock-in. 4. Thailand manufacturing advantage: US tariff differentials (Thailand 36% vs. China 145%) are accelerating production relocation to Thai factories, benefiting DET’s utilization and potentially pricing. 5. EV recovery optionality: Mobility segment was pressured by Western OEM EV program delays in 2024-2025. Any EV adoption re-acceleration provides upside to the ~18% segment share.
R&D: R&D is primarily conducted at the Taiwan parent level; DET operates an R&D center at Plant 8 (opened Feb 2024) focused on EV electronics. R&D spend as % of revenue is not separately disclosed for DET but is meaningful for the group.
Capex pipeline: - BP6 (51,365 sqm, Bangpoo): starts Dec 2025, complete Apr 2027 — AI power + liquid cooling - Wellgrow expansion (2 new plants): operational H1 2025 — power and cooling - Group capex guide NT$40B (~$1.3B USD) for 2026 across four countries
Key Contracts: Individual contracts are not publicly disclosed. The revenue relationship with hyperscalers is the primary long-cycle contract driver, but DET has not announced named supply agreements. This is standard practice for Tier 1 PSU suppliers serving hyperscalers under NDAs.
| Risk | Likelihood | Existing Mitigants | Mgmt De-risk Plan | Can It Be Closed? |
|---|---|---|---|---|
| AI capex cycle peak/pause | Medium. Hyperscaler capex has never been higher; a pause after 2026 buildout would compress PSU volumes sharply. Historical datacenter capex cycles have corrected 20-40%. | Revenue diversification across EV, automation, infra; not a pure AI play. | Capacity can be partially redeployed; product breadth limits single-segment collapse. | No. Structural cyclicality cannot be eliminated; can only be managed via diversification. |
| Valuation compression | High. P/E of 146x, EV/EBITDA of 105x, and FCF yield of 0.36% price in a decade of near-perfect execution. Any earnings miss or guidance cut will be severely punished. Average analyst target (250 THB) is 14% below current price. | Earnings growth has been consistent; balance sheet is clean; management has delivered. | Continued execution on liquid cooling ramp and capacity additions to maintain earnings momentum. | No. De-rates are market-driven; the risk closes only if earnings grow into the multiple. |
| Customer concentration / EV slowdown | Medium-High. Western auto OEM EV program delays are already visible; Mobility segment is under pressure. EV parts are ~1/3 of historical revenue. | Power Electronics (AI) is offsetting and growing faster; infrastructure diversification. | Shift manufacturing capacity toward AI power and cooling to rebalance mix. | Partial. EV will recover eventually; in the interim AI masks the exposure but does not eliminate it. |
| Chinese competition | Medium (2-4 year timeframe). Chinese PSU manufacturers (Huawei supply chain, BYD component divisions) are advancing capabilities and may pursue US hyperscaler certifications. | Delta’s 10-year head start on Titanium-efficiency and AI-specific PSU certifications; qualification cycles are 12-24 months. | Continued R&D in 800VDC and solid-state transformer pathways to maintain technical lead. | Partially closable. Each new product generation restarts the certification gap. |
| THB currency / macro sensitivity | Medium. Revenue is US-dollar-denominated but costs are partly Thai Baht; a strong USD is net positive but can reverse. | Natural hedge from USD-cost components; diversified currency exposure across manufacturing countries. | No disclosed hedging program for revenue; balance sheet net cash provides buffer. | No. Structural FX exposure; can only be managed, not closed. |
Last earnings: FY2025 full-year results (reported early 2026): - Revenue: THB 198,154M (+20% YoY) - Net profit: THB 24,814M (+31% YoY) - EPS: THB 1.99 (from THB 1.58 in 2024 post-split basis) - Gross margin: 27.1% (expanded 250bps YoY) - Board approved THB 0.60 dividend per share, payable May 8, 2026
Next earnings date: Q1 2026 results expected May-June 2026 (SET filing schedule; exact date not confirmed as of April 2026).
Material news (last 90 days): - DET became the first Thai-listed company to reach $100 billion market capitalization (late 2025/early 2026). - Liquid cooling production at Wellgrow came online Q1 2026, easing prior capacity constraints. - BP6 construction approved and started December 2025 (51,365 sqm, Bangpoo; due April 2027). - DBS upgraded to BUY with THB 100 target (note: this was an earlier, pre-rally call; current analyst consensus target is THB 250, below the spot price of 290). - New Global Minimum Tax (OECD Pillar Two) introduced THB 3.4B expense in FY2025; management is managing via substance-based income exclusion provisions to reduce effective rate.
| Holder | Type | Who They Are | Shares | % Outstanding |
|---|---|---|---|---|
| Delta Electronics Int’l (Singapore) Pte. Ltd | Parent entity | Regional holding vehicle of Delta Electronics, Inc. (2308.TW, Taiwan) | 5,344,793,060 | 42.85% |
| CITI Nominees Limited-CBHK-PBGSG | Custodian/nominee | Citibank HK nominee account; likely holds on behalf of institutional clients | 1,728,454,200 | 13.86% |
| Delta International Holding Limited B.V. | Parent entity | Netherlands-registered holding vehicle; Delta group intermediate holding company | 1,585,260,021 | 12.71% |
| Delta Electronics, Inc. | Ultimate parent | Taiwan-listed parent; 2308.TW; global power electronics and automation conglomerate | 691,281,400 | 5.54% |
| UBS AG Hong Kong Branch | Custodian/institutional | UBS HK; likely prime brokerage or institutional custody account | 546,350,000 | 4.38% |
| HSBC Hong Kong | Custodian/institutional | HSBC HK custody; includes 62M shares transferred from DET BV for collateral hedging (Jan 2025) | 542,000,000 | 4.35% |
| Raffles Nominees (Pte) Limited | Custodian/nominee | Singapore nominee account; CDP-held shares for SET-listed DRs | 508,083,390 | 4.07% |
| Thai NVDR Co., Ltd. | Thai NVDR | Non-Voting Depositary Receipts held by Thai domestic institutions and retail via NVDR structure | 421,813,380 | 3.38% |
Total Delta group (parent + affiliates): ~76% combined Free float (minor shareholders): ~24% (10,608 accounts)
Data source: DET official shareholder disclosure as of Feb 27, 2026 (deltathailand.com/en/share-capital-and-shareholding)
Institutional ownership note: Custodian/nominee accounts (Citi, UBS, HSBC, Raffles) represent institutional investors indirectly; the underlying fund owners are not disclosed. Thai NVDR (3.38%) captures Thai domestic institutional and retail demand. Short interest data is not disclosed for SET-listed stocks in the same format as US markets.
Activist positions: None identified.
| Metric | Value |
|---|---|
| Analyst consensus | Neutral |
| Buy | 8 |
| Hold | 4 |
| Sell | 5 |
| Total analysts | 17 |
| Average 12-month price target | THB 250.56 |
| High target | THB 350 |
| Low target | THB 162 |
| Current price (Apr 24) | THB 290.00 |
| Implied move to consensus | -13.6% downside |
Analyst sentiment note: The stock has appreciated ~279% in the 52 weeks ending April 2026. The average analyst target of THB 250 is now 14% below the spot price, making the consensus effectively a Sell at current levels. Eight buy recommendations likely represent price targets set before the most recent rally. The wide range (162-350) reflects high uncertainty around AI capex cycle duration.
DBS Vickers upgraded to BUY in April 2025 citing 1Q25 earnings beat and production relocation tailwinds; their then-target of THB 100 was exceeded dramatically in the subsequent 12 months.
Note: DELTA.BK is a Thai SET-listed company and files with the SEC Thailand (not the US SEC). No US 10-K/10-Q/DEF 14A filings exist. Financial data above is sourced from SET filings, official IR disclosures, and analyst research.
Key disclosure items sourced from official filings: - CEO change: Victor Cheng appointed CEO January 2024 (announced via SET and press release). - Hedging disclosure: Delta International Holding B.V. disclosed HSBC hedging arrangement (62M shares, Jan 2025) per SET major shareholder notification. - Dividend: THB 0.60/share for FY2025 approved by board; payable May 8, 2026. - Capital structure: 12,473,816,140 shares at THB 0.10 par; no preference shares or other classes outstanding. - 10:1 stock split: April 28, 2023 — historical per-share figures adjusted accordingly.
Sources: Delta Thailand IR | Annual Report 2025 | StockAnalysis DELTA | CompaniesMarketCap | Kaohoon International | WAWT Tech | DBS Vickers Apr 2025 | Investing.com consensus