(June 25): Thailand’s stock market is having the best year among Southeast Asian peers, as investors discover an unlikely source of exposure to the global artificial intelligence (AI) boom.
Much of that gain has come from Delta Electronics (Thailand) Pcl. The maker of power systems for AI data centres has surged more than 80% this year and became Thailand’s first US$100 billion ($3.9 billion) company, large enough to be worth more than the next four-largest Thai stocks combined.
It is also Southeast Asia’s second-most valuable company in the MSCI Asean Index, behind DBS Group Holdings Ltd.
While the country lacks the semiconductor champions of Taiwan or South Korea, investors are increasingly recognising its role in supplying the infrastructure behind AI.
“Thailand isn’t a pure AI market, but its exposure to data centres, electronics, power systems and digital infrastructure gives investors a new way to view Thai equities beyond the traditional tourism, banks and domestic consumption cycle,” Bloomberg Intelligence strategist Sufianti said in a note.
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Delta’s rise is the clearest evidence of that shift. The electronic manufacturer produces power-management systems used in servers and data centres, making it a key supplier to the infrastructure behind the AI boom.
The company has been impressive with “timely capacity expansion to capture the surging demand for data centres globally”, said Suwat Sinsadok, an analyst at Globlex Securities Co Ltd in Bangkok.
Earnings have consistently beaten expectations every quarter over the past two years, despite headwinds from US tariffs and the conflict in the Middle East, Suwat said, adding that profit outperformance is likely to continue.
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Tech stocks
Delta now accounts for one-fifth of the Stock Exchange of Thailand Index, more than double its weighting in June 2025. Still, the Thai market remains less dependent on technology stocks than those of South Korea and Taiwan, Asia’s two best-performing major equity markets this year.
Chip heavyweights SK Hynix Inc and Samsung Electronics Co together account for more than half of South Korea’s Kospi, while Taiwan’s Taiex is similarly dominated by technology stocks, with Taiwan Semiconductor Manufacturing Co alone making up more than 40% of the benchmark.
By contrast, Delta is the only pure technology company among Thailand’s biggest listed firms. Wireless carrier Advanced Info Service Pcl, energy firm PTT Pcl, power producer Gulf Development Pcl and Airports of Thailand Pcl round out the country’s five largest stocks.
Compared with peer benchmarks in Southeast Asia, Thailand’s was up more than 20% in 2026 through Wednesday, outperforming markets in Singapore and Vietnam and contrasting with declines in Indonesia.
While many of Thailand’s other electronic producers have also rallied this year, they remain dwarfed by Delta. Only Cal-Comp Electronics Thailand Pcl, KCE Electronics Pcl and, at times, Hana Microelectronics Pcl have market capitalisations exceeding US$1 billion.
Uploaded by Tham Yek Lee
