Delta Electronics becomes Thailand’s most valuable company after sudden surge in share price

Delta Electronics Plc (DELTA), one of Thailand’s leading electronics component makers, became Thailand’s leading market-capitalized company, beating the likes of Airports of Thailand Plc (AOT) and PTT Plc (PTT) as its shares continued to rise to new all-time highs.

Shares of DELTA hit an all-time high of 990 Baht per share in the early hours of trading today, putting the market capitalization of DELTA at 1.234 trillion Baht, well above the market capitalization of AOT which stood at 1.07 trillion Baht and PTT which was at 935 billion Baht.

Shares of DELTA, which is rumored to be among the most highly manipulated due to the low free float, nearly doubled over the past year and the shares have risen by as much as 50% in the past 3 months alone.

Fundamentals – What??

Delta, which is trading at a price-to-earnings multiple of 87.56 and has earnings per share (EPS) of just 8.94 Baht, saw its profits rise over the past year, amid a surge in demand for electronic goods.

During the first 9 months of 2022 ending September, DELTA had a total profit of just 11.15 billion Baht on revenues of 84.71 billion Baht. Its net profit margin stood at 13.17%. Total assets for the first 9 months of 2022 were 86.56 billion Baht, and total liabilities were 35.09 billion Baht.

The share price of DETLA supported the SET Index remaining high as the sheer weight of such a large market capitalized stocks helps offset the decline in the other stocks that have seen their share prices dip amid the incoming global recession.

The Stock Exchange of Thailand (SET) already warned many times about the possibility of the stock prices moving not in tandem with the fundamentals, but authorities failed to put in place systems to check the rise of the share price.

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