Much of that profit comes from AI data center power system manufacturers such as Delta Electronics (Thailand).
issued Thursday, June 25, 2026 · 10:15 am
[BANGKOK] Thailand’s stock market is having the best year among Southeast Asian countries as investors discover an unlikely source of exposure to the global artificial intelligence boom.
Much of that profit comes from Delta Electronics (Thailand). The company, which makes power systems for AI data centers, has soared more than 80% this year, becoming Thailand’s first $100 billion company. That’s more than the value of Thailand’s next four largest stocks combined.
The company is also Southeast Asia’s second most valuable company in the MSCI Asean index after DBS Group Holdings.
Although the country lacks semiconductor champions like Taiwan or South Korea, investors are increasingly recognizing the country’s role in providing the infrastructure behind AI.
“While Thailand is not a pure AI market, its exposure to data centres, electronics, power systems and digital infrastructure gives investors a new perspective on Thai stocks beyond traditional tourism, banking and domestic consumption cycles,” Bloomberg intelligence strategist Sufianti said in a note.
The rise of Delta Air Lines is the clearest evidence of that change. The electronics manufacturer makes power management systems used in servers and data centers, making it a key supplier of infrastructure supporting the AI boom.
Swat Sinsadok, an analyst at Globelex Securities in Bangkok, said the company was impressive with its “timely capacity expansion to capture the rapidly growing demand for data centers around the world.”
Swat said that despite headwinds from U.S. tariffs and conflicts in the Middle East, profits have consistently exceeded expectations every quarter for the past two years, adding that the company will likely continue to outperform profits.
tech stocks
Delta Air Lines currently accounts for one-fifth of the Stock Exchange of Thailand index, and its weight will more than double as of June 2025. Still, the Thai market remains less reliant on tech stocks than South Korea and Taiwan, Asia’s two best-performing major stock markets this year.
Semiconductor giants SK Hynix and Samsung Electronics together account for more than half of South Korea’s Kospi stock, while Taiwan’s Tyex stock is similarly dominated by technology stocks, with Taiwan Semiconductor Manufacturing alone accounting for more than 40% of the benchmark.
In contrast, Delta is the only pure-play technology company among Thailand’s largest listed companies. Wireless carrier Advanced Info Services, energy company PTT, power company Gulf Development and Thai Airports round out Thailand’s top five stocks.
Compared to peer benchmarks in Southeast Asia, Thailand’s main stock index rose more than 20% from 2026 to Wednesday, outperforming markets in Singapore and Vietnam and contrasting with declines in Indonesia.
Many of Thailand’s other electronics manufacturers have also improved their performance this year, but remain behind Delta Air Lines. Only Cal-Comp Electronics Thai, KCE Electronics, and sometimes Hana Microelectronics have market capitalizations above US$1 billion. bloomberg
