Land and Houses recommends buying DELTA with a 320 baht target and STA with a 23.9 baht target

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Summary · why it matters

Land and Houses Securities issued an analysis recommending the purchase of two stocks, DELTA and STA, giving DELTA a strategic target price of 320 baht, equivalent to a FY69F P/E of 117x, with resistance estimated at 279 baht, support at 258 baht, and a stop loss at 250 baht. It expects Q3/69F profit to recover both quarter on quarter and year on year after the raw material shortage in Q2/69 eased, while a product mix shift toward higher-margin AI and data center and liquid cooling products supports gross profit margin recovering to around 30%, and it expects profit momentum to accelerate further in Q4/69. For STA, it gives a strategic target price of 23.9 baht, equivalent to a FY69F P/E of 11.3x, with resistance estimated at 23.5 baht, support at 21.6 baht, and a stop loss at 20.7 baht. It expects normal profit in Q3/69F to rise year on year even as it softens quarter on quarter from a high base in Q2/69, helped by a rise in SICOM TSR20 rubber prices in Q3/69, and it expects sales volume to increase to around 30,000 tonnes in Q3/69 from 17,214 tonnes in Q2/69 and to more than 60,000 tonnes in Q4/69, supporting both average selling price and gross profit margin, while global rubber supply remains tight due to limited output from Indonesia and Ivory Coast.

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