Maybank Securities (Thailand) has maintained its “Neutral” outlook on the Thai electronics sector, indicating that much of the group’s strong earnings growth has already been priced in.
Among electronics stocks, HANA Microelectronics Public Company Limited (SET: HANA) continues to stand out as the sole “Buy” recommendation due to its attractive valuation and growth prospects. HANA is projected to deliver core earnings per share growth of 65% in 2026 and 68% in 2027. The company is trading at a Price per Earning to Growth (PEG) ratio of only 0.8x for 2026 – 2028, lower than CCET, DELTA, and KCE.
For the second quarter of 2026, the securities firm forecasts continued robust earnings for the sector, with DELTA and HANA expected to achieve the fastest growth rates.
DELTA’s core profit is projected to surge by 115% year-on-year, supported by strong demand for new liquid cooling solutions. HANA and KCE are also expected to report core profit growth of 27% and 25% YoY, respectively, benefitting from expanding gross profit margins. In contrast, CCET’s core profit is estimated to decline 18% YoY due to weaker margins stemming from higher production costs to onboard new mPOS clients.
Looking ahead to the second half of 2026, Maybank expects all stocks in the group to report core profit growth from both the previous year and the first half of this year, with HANA likely to outperform peers. HANA’s core profit is forecast to jump 230% YoY and 114% QoQ, mainly due to reduced losses at its PMS and HTI businesses, and revenue recognition from a new AI customer.
The brokerage also noted that a slowdown in AI capacity expansion is unlikely to affect the overall profit recovery for the group, except for DELTA. Although HANA and CCET are increasing their share of AI-related revenue, the brokerage firm estimated that this segment will still account for less than 15% of their total sales by 2027. Moreover, HANA, CCET, and KCE have large legacy customer bases that have experienced limited growth amid rising raw material costs due to increased demand in the AI sector.
