Delta Electronics (Thailand) Pcl’s shares have surged more than 11-fold over the past year, leaving market watchers and even the company puzzled. With fundamentals not strong enough to justify the meteoric rise, analysts too are falling out of love with the stock.
While electronic-parts makers have emerged as a hot play after the pandemic boosted work-from-home activities and spurred demand for video-conferencing, cloud services and e-commerce, Delta has rallied more than any of the world’s electrical stocks with a market value of more than $500 million.
The gains have pushed it so far ahead of analyst estimates that it’s now the lowest-rated stock in the SET 100 Index, a gauge of Thailand’s large listed companies. Delta has a consensus of 1.55 on a scale ranging from 1 representing a sell call to 5…
