Still facing short-term headwinds
■ In FY21F, Delta plans to prioritise satisfying customer orders which may
come at a cost of near-term margins.
■ We estimate Delta’s core NP at THB1.72bn (+11% qoq, -15% yoy) in 2Q21F.
■ We reiterate Reduce on Delta with an unchanged TP of THB422 due to its
expensive valuation as the current price implies 72x FY22F P/E.