The rise of Thailand’s biggest company – Delta Electronics
Delta Electronics is officially Thailand’s biggest company, its rise sailing ahead of the likes of Airports of Thailand and PTT, with shares at all-time highs.
Delta Electronics Plc (DELTA) is one of Thailand’s leading electronics component makers, but few have heard of the new grey rhino in the room.
DELTA has gone from strength to strength since its founding in 1988. The company is at the forefront of power management solutions and the manufacture of electronic components. Growth has been rapid in electric vehicle chargers, industrial automation, data centre infrastructure and smart energy management.
DELTA became Thailand’s leading market-capitalised company when shares hit 990 baht (US$29.2) in the early hours of trading yesterday, putting the capitalisation of DELTA at 1.2 trillion baht (US$35 billion), above the 1.1-trillion-baht market cap of AOT (Airports of Thailand) and PTT’s 940 billion baht.
DELTA shares are rumoured to be highly manipulated and have nearly doubled in value over the past year. Shares have risen by as much as 50% in the past three months alone, according to The Thai Enquirer. Profits rose sharply over the past year, along with demand for electronic goods, but in the first nine months of 2022, DELTA made a profit of just 11.2 billion (US$330 million).
The Stock Exchange of Thailand (SET) warned many times about stock prices being out of step with the fundamentals but has failed to introduce systems to check unjustified rises in share prices.
Delta Thailand was listed on the SET in 1995 with consolidated revenue now exceeding US$2.6 billion. The company is committed to sustainable development according to the brand promise- Smarter. Greener. Together.
