HANA Falls Sharply by 13% from Disappointing Core Performance in 3Q23

The share price of Hana Microelectronics Public Company Limited (SET: HANA) fell THB6.50 or 12.75% to THB44.50 per share after the opening bell on Tuesday after a disappointment in 3Q23 earnings. Its underline saw profitability mainly due to gains from foreign exchange.


Finansia Syrus Securities (FSS) stated that HANA’s normalized profit was 674 million baht (-10% QoQ and -20% YoY), which was lower than FSS’ forecast by 10% QoQ and 6% YoY. The results were disappointing as performance dropped in all segments even with better gross profit margin from lower wage and material costs, but administrative expenses saw an increase by 14.5% QoQ and 10% YoY.

As for its 9M23 results, HANA recorded 1,636 million baht, representing a 59% YoY growth. However, normalized profit was at 1,719 million baht, a 7% decline from the same period of last year.

FSS expected 4Q23 profit to slow down on a quarterly basis as the brokerage company was cautious on income outlook. FSS noted that the rating is under review from the earning calls.