Finansia Syrus Securities reported that Hana Microelectronics Public Company Limited (SET: HANA)’s management provided a notably positive outlook during its recent analyst meeting. The company is expanding its AI project portfolio, with the first revenue stream from its initial AI project—cooling devices for HBM/GPU units supplied to Phononics—expected in Q3 2026. Mass production is set to begin in early 2027, and revenues from Phononics are forecast to accelerate in 2027.
Additionally, HANA has secured another AI project from a second, undisclosed customer to provide PCBA used for high-density data transmission testing, expected to contribute to revenue from 2H26. In the PMS segment, the company is shifting from SiC components for automotive applications to SiC solid-state transformer (SST) devices, with new business expected to begin in Q2 2027. This transition should help PMS reduce losses in 2027.
Management indicated that legacy business segments have begun to recover from Q2 2026, with clear improvement expected in 2H26. Given the expansion in new projects, HANA has increased its 2026 investment budget to THB 2.17 billion (up from THB 1.85 billion), a notable rise compared to prior years.
However, short-term risks include rising raw material costs, which may impact customer pricing, as well as potential delays or lower-than-expected volumes in AI-related orders. There is also concern regarding the increased capital expenditure plan.
Kasikorn Securities also attended HANA’s analyst session and echoed a positive tone. The brokerage noted that HANA’s overall business is showing signs of improvement in Q2 2026, with expected profit recovery driven by normalization after booking special expenses of THB 115 million in Q1.
Given weak demand in China, HANA is focusing on higher-growth markets such as South Korea and India, and has shifted some production to Cambodia to maintain competitiveness. The firm is securing growing AI data center-related orders, benefitting both its EMS business in Thailand and PMS segment in Korea. These new orders are seen as key growth drivers from late 2026 through 2027.
HANA’s investment target is now THB 2.2 billion, primarily to expand AI-related production lines in Lamphun for anticipated higher order volumes. Kasikorn Securities views these new orders favorably—they are in segments where HANA has existing expertise, reducing risk compared to the company’s previous foundry venture in Korea.
For the PMS business in Korea, HANA expects new orders for BESS (Battery Energy Storage Systems) data center equipment, which carry higher selling prices and margins. This should help reduce PMS losses in 2026-27.
Kasikorn Securities maintains a ‘Hold’ rating and THB 33 target price, believing that HANA’s growing AI presence and operational recovery offer a supportive outlook.
