SET:DELTA

Stock Analysis Report

Delta Electronics (Thailand)

Executive Summary

Delta Electronics (Thailand) Public Company Limited, together with its subsidiaries, researches and develops, manufactures, and distributes power supplies and electronic components.


Snowflake Analysis

Flawless balance sheet second-rate dividend payer.

Share Price & News

How has Delta Electronics (Thailand)'s share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: DELTA's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

8.1%

DELTA

1.5%

TH Electronic

4.2%

TH Market


1 Year Return

-53.8%

DELTA

-47.7%

TH Electronic

-30.9%

TH Market

Return vs Industry: DELTA underperformed the TH Electronic industry which returned -47.7% over the past year.

Return vs Market: DELTA underperformed the TH Market which returned -30.9% over the past year.


Shareholder returns

DELTAIndustryMarket
7 Day8.1%1.5%4.2%
30 Day-23.8%-27.4%-16.9%
90 Day-25.4%-32.6%-28.2%
1 Year-52.2%-53.8%-44.7%-47.7%-28.5%-30.9%
3 Year-52.9%-57.4%-56.1%-61.3%-24.4%-31.2%
5 Year-48.0%-56.3%-52.3%-60.6%-20.2%-31.9%

Price Volatility Vs. Market

How volatile is Delta Electronics (Thailand)'s share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Delta Electronics (Thailand) undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: DELTA (฿36.75) is trading below our estimate of fair value (฿116.25)

Significantly Below Fair Value: DELTA is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: DELTA is poor value based on its PE Ratio (15.5x) compared to the Electronic industry average (10.9x).

PE vs Market: DELTA is poor value based on its PE Ratio (15.5x) compared to the TH market (11.4x).


Price to Earnings Growth Ratio

PEG Ratio: DELTA is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: DELTA is overvalued based on its PB Ratio (1.4x) compared to the TH Electronic industry average (1x).


Next Steps

Future Growth

How is Delta Electronics (Thailand) forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

12.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: DELTA's forecast earnings growth (12.4% per year) is above the savings rate (1.7%).

Earnings vs Market: DELTA's earnings (12.4% per year) are forecast to grow faster than the TH market (8.7% per year).

High Growth Earnings: DELTA's earnings are forecast to grow, but not significantly.

Revenue vs Market: DELTA's revenue (2.8% per year) is forecast to grow slower than the TH market (6.7% per year).

High Growth Revenue: DELTA's revenue (2.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: DELTA's Return on Equity is forecast to be low in 3 years time (10.8%).


Next Steps

Past Performance

How has Delta Electronics (Thailand) performed over the past 5 years?

-9.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: DELTA has high quality earnings.

Growing Profit Margin: DELTA's current net profit margins (5.7%) are lower than last year (9.6%).


Past Earnings Growth Analysis

Earnings Trend: DELTA's earnings have declined by -9.2% per year over the past 5 years.

Accelerating Growth: DELTA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: DELTA had negative earnings growth (-42.4%) over the past year, making it difficult to compare to the Electronic industry average (-28.6%).


Return on Equity

High ROE: DELTA's Return on Equity (8.9%) is considered low.


Next Steps

Financial Health

How is Delta Electronics (Thailand)'s financial position?


Financial Position Analysis

Short Term Liabilities: DELTA's short term assets (฿32.4B) exceed its short term liabilities (฿10.8B).

Long Term Liabilities: DELTA's short term assets (฿32.4B) exceed its long term liabilities (฿2.1B).


Debt to Equity History and Analysis

Debt Level: DELTA is debt free.

Reducing Debt: DELTA has no debt compared to 5 years ago when its debt to equity ratio was 0.9%.

Debt Coverage: DELTA has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: DELTA has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is Delta Electronics (Thailand)'s current dividend yield, its reliability and sustainability?

4.90%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: DELTA's dividend (4.9%) is higher than the bottom 25% of dividend payers in the TH market (3.29%).

High Dividend: DELTA's dividend (4.9%) is low compared to the top 25% of dividend payers in the TH market (8.67%).


Stability and Growth of Payments

Stable Dividend: DELTA's dividend payments have been volatile in the past 10 years.

Growing Dividend: DELTA's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (75.9%), DELTA's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: DELTA's dividends in 3 years are not forecast to be well covered by earnings (90.4% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.0yrs

Average management tenure


CEO

Dick Hsieh (67yo)

6s

Tenure

฿500,000

Compensation

Mr. Shen-Yen Hsieh, also known as Dick, has been the President of Delta Electronics Thailand Public Company Limited since April 1, 2014 and was its Executive Director since August 13, 2013 until July 2019. ...


Leadership Team

NamePositionTenureCompensationOwnership
Shen-Yen Hsieh
President6yrs฿500.00kno data
Po-Wen Yu
Chief Financial Officer1.25yrsno datano data
Vichai Saksuriya
Operations Vice President9.08yrsno data0.0018% ฿811.4k
Chin-Ming Chen
Chief Information Officer8.42yrsno datano data
Chang Tsai-Hsing
VP of South East Asia & India Region and Executive Director1.25yrsno datano data
Wilailak Fungthanakun
Company Secretaryno datano data0.00081% ฿371.3k

6.0yrs

Average Tenure

57yo

Average Age

Experienced Management: DELTA's management team is seasoned and experienced (6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Chang Tsai-Hsing
VP of South East Asia & India Region and Executive Director1.25yrsno datano data
Chong Cheng
Chairman of Delta Electronics Groupno datano datano data
Kong Ng
Chairman of the Board29.92yrs฿1.72mno data
Tzu-shing Ko
Non-Executive Director1.25yrsno datano data
Anusorn Muttaraid
Non-Executive Director25.67yrs฿500.00kno data
Chih-Yuan Chu
Independent Director32yrs฿1.30mno data
Witoon Simachokedee
Independent Director5.08yrs฿1.35mno data
Boonsak Chiempricha
Independent Director4yrs฿1.36m0.0017% ฿770.1k
Ping Cheng
Non Executive Director1.25yrsno datano data
Tippawan Chayutimand
Independent Director2yrs฿1.23mno data

4.0yrs

Average Tenure

69yo

Average Age

Experienced Board: DELTA's board of directors are considered experienced (4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Delta Electronics (Thailand) Public Company Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Delta Electronics (Thailand) Public Company Limited
  • Ticker: DELTA
  • Exchange: SET
  • Founded: 1988
  • Industry: Electronic Components
  • Sector: Tech
  • Market Cap: ฿45.841b
  • Shares outstanding: 1.25b
  • Website: https://www.deltathailand.com

Location

  • Delta Electronics (Thailand) Public Company Limited
  • 909 Soi 9, Moo 4, E.P.Z.
  • Bangpoo Industrial Estate
  • Samut Prakan
  • 10280
  • Thailand

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DELTASET (The Stock Exchange of Thailand)YesOrdinary SharesTHTHBSep 1995
DLSFDB (Deutsche Boerse AG)THB1(ALIEN MKT)DEEURAug 1997
NVAWDB (Deutsche Boerse AG)NON VTG DEP RCPT REP 1 ORD THB1DEEURAug 2001
DELTA-RSET (The Stock Exchange of Thailand)NON VTG DEP RCPT REP 1 ORD THB1THTHBAug 2001
DLEU.FOTCPK (Pink Sheets LLC)NON VTG DEP RCPT REP 1 ORD THB1USUSDAug 2001

Biography

Delta Electronics (Thailand) Public Company Limited, together with its subsidiaries, researches and develops, manufactures, and distributes power supplies and electronic components. The company operates through Power Electronics, Infrastructure, and Automation segments. It offers inductors, RF inductors, transformers, networking products, EMI filters, solenoids, current sensing resistors, and power modules; switching power supplies, standard power modules, and lighting ballasts and LED drivers; DC brushless fans and blowers, motors, thermal management products, cabinet thermal solutions, and ventilation and automotive fans; EV/HEV powertrain solutions and power electronics components; and display and visualization, mobile power, industrial power, and medical power products, as well as healthcare devices. The company also provides automation products and solutions, including drives, motion control systems, industrial control and communication products, power quality improvement products, human machine interfaces, sensors, meters, and robot solutions; and information monitoring and management systems, such as SCADA and industrial EMS for smart manufacturing solutions, as well as building automation solutions comprising building management and control, LED lighting, and intelligent surveillance products. In addition, it offers telecom power systems, networking systems, and UPS and datacenter infrastructure; and EV charging and energy storage systems, renewable energy systems, and high power motor drives. Further, the company rents properties. It operates in the United States, China, India, the Netherlands, Germany, Singapore, Malaysia, Taiwan, and internationally. The company was founded in 1988 and is headquartered in Samut Prakan, Thailand. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/07 15:42
End of Day Share Price2020/04/07 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.