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OFFON

DELTA ELECTRONICS (THAILAND) PUBLIC COMPANY LIMITED

(DELTA)
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Management Discussion and Analysis Quarter 3 Ending 30 Sep 2021

10/27/2021 | 01:20am EST

26 October 2021

To: The President

The Stock Exchange of Thailand

Re: Q3-2021 Operating Results

We, Delta Electronics (Thailand) Public Company Limited (the "Company") would like to notify the Company's Q3-2021(Jul-Sep) operating results based on its reviewed consolidated financial statements ended 30 Sep 2021 as follows.

Highlights on Q3-2021 Operating Results

Unit : Million Baht

Q3-21

Q3-20

Q2-21

% Change

Amount

%

Amount

%

Amount

%

Q3-21 VS Q3-20

Q3-21 VS Q2-21

Sales revenue

21,320

100.0

17,619

100.0

20,640

100.0

21.0

3.3

Gross profit

4,103

19.2

4,579

26.0

4,459

21.6

(10.4)

(8.0)

Operating profit

1,134

5.3

2,664

15.1

1,329

6.4

(57.4)

(14.7)

Net profit

1,196

5.6

2,627

14.9

1,655

8.0

(54.5)

(27.7)

EPS (Baht)

0.96

2. 11

1.33

Sales revenues and Service income of this quarter amounted to Baht 21,320 million, increased 21.0% over the same period last year due to strong customer demand in cloud storage and data center-related products along with the remarkable growth of Electric Vehicle Solutions in the second half of this year

Gross profit of this quarter amounted to Baht 4,103 million, a decreased of 10.4% from the same period last year. Due to the raising prices of key components especially semiconductor chips. Due to the limited capacity of upstream wafer fabrication and the disruption of downstream chip assembly from Covid pandemic has a deep impact to global semiconductor supply chain

Selling and administrative expenses (including research and development) totaled baht 2,793 million, an increase of 28.4% from those of the same period last year and drop 10.8% from last quarter due to an increased of shipping cost from the company was allocation some shipment to the aviation company because of the limited capacity of ocean transportation company especially in the first half of this year

Loss due to Flooding, In August 2021, some of the Company's warehouses located in Bangpoo Industrial Estate in Samutprakarn province were affected by flooded, which resulted in property damage. The Company surveyed the damage and recorded losses due to flooding of Baht 393 million in the statement of comprehensive income for the current period. This consisted of the damages to inventories amounting to Baht 331 million, damage to fixed assets amounting to Baht 19 million and other damages amounting to Baht 43 million. This amount includes the full book value of the fixed assets that were damaged and need to be replaced

However, the Company has all risk insurance coverage and the Company is in the process of claiming compensation for the flood damage and the compensation fee would be recognized once the Company have got compensation confirmation letter from the insurance company according to accounting practice which is effective in the current period

Operating profit in Q3'21 totaling Baht 1,134 million making operating profit margin drop from 15.1% in the same quarter last year to 5.3% impact from material cost and shipping cost increasing along with the provision for loss from flooding as mentioned earlier. Net profit in this quarter amount to Baht 1,196 million, making net profit drop from 14.9% in the same period last year to 5.6%, with EPS of Baht 0.96, compared to Baht 2.11 in Q3'20.

Highlight on Financial Position

Unit : Million Baht

30 Sep 2021

31 Dec 2020

% Change

Cash and cash equivalents

7,362

13,882

(47.0)

Trade and other receivables

18,267

13,997

30.5

Inventories

19,213

12,655

51.8

Other current financial assets

3

354

(99.3)

Other current assets

1,987

1,563

27.1

Property, plant and equipment

17,414

12,724

36.9

Right-of-use assets

486

377

29.0

Consolidation goodwill

452

437

3.4

Other assets

1,068

1,229

(13.1)

Tota Assets

66,251

57,219

15.8

Trade and other payables

22,366

16,181

38.2

Income Tax Payable & Provision from tax assessments

394

447

(11.8)

Other current liabilities

633

542

16.8

Provision for long-term employee benefit

1,622

1,542

5.2

Other non-current liabilities

1,575

899

75.3

Total liabilities

26,591

19,611

35.6

Total shareholders' equity

39,660

37,607

5.5

Total liabilities and shareholders' equity

66,251

57,219

15.8

Total Assets

As of 30 Sep 2021, the Company and its subsidiaries reported total assets at Baht 66,251 million, increase of Baht 9,032 million or 15.8% from those of 31 December 2020. Some changes in key assets are summarize below.

Cash and bank deposits as of 30 Sep 2021, stood at Baht 7,362 million, decrease of Baht 6,520 million or 47.0% from those of 31 December 2020 due to the increase in Net working Capital.

Net trade and other receivables as of 30 Sep 2021 were Baht 18,267 million, increase of Baht 4,270 million or 30.5% from those of 31 December 2020. Reflected from the increasing in Sales Revenue, Most of the outstanding balance of trade and other receivables, about 90% of total net trade and other receivables, were under current due.

Inventory (net) as of 30 Sep 2021 were Baht 19,213 million, increase of Baht 6,558 million or 51.8% from those of 31 December 2020. Due to the increase in raw material, resulting from strong customer demand in Custom Design Power, Networking Power business and Electric Vehicle Solutions in the second half of this year

Property, plant and equipment as of 30 Sep 2021 amounted to Baht 17,414 million, increase of Baht 4,690 million or 36.9% from those of 31 December 2020. Due to the invested in Research & Development center and new factory in south of India and Thailand.

Total Liabilities

As of 30 Sep 2021, total liabilities of the Company and its subsidiaries amounted Baht 26,591 million, increase of Baht 6,980 million or 35.6% from those of 31 December 2020. The major increase came from trade payable, which was resulted from the increase in raw material purchasing.

Shareholders' Equity

As of 30 Sep 2021, shareholders' equity of the Company and its subsidiaries were Baht 39,660 million, increase of Baht 2,053 million or 5.5% from those of 31 December 2020. This is contribute from the profits for 3 quarters of this year net off last year dividend.

Please be informed accordingly.

____________________

Anusorn Muttaraid Director

Disclaimer

Delta Electronics (Thailand) pcl published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 05:17:06 UTC.


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Sales 2021 82 102 M 2 429 M 2 429 M
Net income 2021 6 150 M 182 M 182 M
Net Debt 2021 - - -
P/E ratio 2021 87,9x
Yield 2021 0,65%
Capitalization 544 B 16 040 M 16 090 M
Capi. / Sales 2021 6,62x
EV / Sales 2022 5,81x
Nbr of Employees -
Free-Float 51,0%
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Mean consensus SELL
Number of Analysts 8
Last Close Price 436,00 THB
Average target price 384,38 THB
Spread / Average Target -11,8%
EPS Revisions
Managers and Directors
Tsai-hsing Chang President & Director
Aruwan Sangrungarun Chief Financial Officer
Kong Meng Ng Chairman
Chin Ming Chen Chief Information Officer
Vichai Saksuriya Vice President-Operations
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