HANA Plunges 14% after a Big Miss in 4Q23 Earnings and Brokers Cutting Target

The share price of Hana Microelectronics Public Company Limited (SET: HANA) plunged nearly 14.50% at the open on Wednesday after its 4Q23 and 2023 earnings missed expectations badly.

HANA reported a net profit of THB 1,760 million in 2023, decreased 16.25% from a net profit of THB 2,102 million in 2022. Meanwhile, 4Q23 net profit was THB 124 million, fell by 88% YoY.

The reported net income in 2023 missed market expectations by 16.25% and 4Q23 missed by 78%, according to the consensus by LSEG, formerly known as Refinitiv.

HANA stated that the decrease was mainly due to a downturn in the semiconductor cycle in 2023 and inventory adjustment at IC Korea.

The share price of HANA dropped to THB 35.50 per share, decreased 14.45% from the closing price of THB 41.50 per share yesterday.


CGSI Securities Thailand stated that gross profit margin came in at 10% (below estimate of 15.0%). The broker believes that this was due to higher-than-expected unit cost due to low utilisation/unfavourable product mix.

Recommendation on HANA got downgraded from Add to Hold, while the target price was cut to THB40.50 per share by CSGI. FY24-25F core EPS was also lowered by 17% to reflect lower GPM assumptions.