On Tuesday at 10:08 AM (Bangkok time), the share price of Hana Microelectronics Public Company Limited (SET: HANA) rose by 3.41% or THB 1.75 to THB 53.00, with a trading value of THB 1.20 billion.
Kiatnakin Phatra Securities (KKPS) has raised its profit and revenue forecasts for HANA, citing improving prospects in legacy AI projects and a global rebound in semiconductor demand. The brokerage increased its 2026 and 2027 pre-exceptional profit forecasts by 8% and 31%, respectively, projecting robust year-on-year earnings growth of 20% in 2026 and 53% in 2027.
According to KKPS, legacy business recovery has been slower than expected, but most hurdles are seen as temporary. Key drivers include improved utilization at the Ayutthaya OSAT plant, rising to 62%, supported by new product launches and capacity expansion. Meanwhile, operations at Jiaxing IC are shifting to higher-margin products. Losses at combined PMS and HTI divisions narrowed significantly to THB 116 million in 2026 from THB 388 million in the fourth quarter of 2025, indicating substantial earning levers for 2027.
In addition, two major AI projects—Phononic TEC and high-density PCBA—are ramping up, expected to contribute significantly from early 2027, with estimated combined revenue of THB 2.5–3.5 billion (12–17% of 2025 revenue). KKPS has factored both projects into its forecasts, while the outlook for PMS’ data-center/SST project could offer further upside if visibility improves by late 2027.
Following these, HANA’s target price is lifted to THB 61.00 per share, up from THB 42.00, now based on +1.5 standard deviations of historical price-to-earnings rather than the previous +1 SD, while the ‘Buy’ rating is maintained by the analyst.
