On Thursday at 11:01 AM (Bangkok time), the share price of Hana Microelectronics Public Company Limited (SET: HANA) slumped by 9.66% or THB 2.00 to THB 18.70, with a trading value of THB 400.69 million.
CGS International Securities (Thailand) (CGSI) wrote that HANA saw its earnings per share (EPS) for the third quarter of 2025 come in significantly below expectations, reaching only 85% of the analyst’s estimate and 86% of Bloomberg’s forecast.
While HANA’s core business continued to improve as anticipated, elevated costs at Powermaster led to a sharp decline in overall EPS. As a result, the brokerage firm downgraded HANA’s rating from ‘Buy’ to ‘Hold’ and cut the target price to THB 21.7 per share.
HANA disclosed a third-quarter net profit of THB 15 million, a sharp drop from THB 406 million in the same period last year, representing a 96.3% year-on-year decrease. The company attributed this decline primarily to weaker sales and a 7% year-on-year appreciation in the exchange rate, as well as the absence of an exceptional gain that was booked in the third quarter of 2024.
Sales revenue fell 13% year-on-year to THB 5.29 billion, down from THB 6.1 billion a year earlier. When measured in US dollars, revenue declined 6% to USD 164 million from USD 175 million in the third quarter of 2024. Operating profit during 3Q25 dropped 24% to THB 39 million, compared with THB 52 million in the same quarter last year.
During the period, group sales revenue in US dollar terms declined 6% year-on-year to USD 164 million. The average exchange rate strengthened 7% to THB 32.3 per US dollar, compared to THB 34.8 per dollar a year ago, resulting in a 13% drop in baht-denominated sales year-on-year.
By segment, the microelectronics division posted a 12% year-on-year decrease in US dollar sales. Sales at the Lamphun facility declined 9%, while the Jiaxing facility in China saw a 24% drop. Integrated circuit (IC) assembly units recorded an 8% year-on-year increase in US dollar sales in the third quarter, with sales at the Ayutthaya facility falling 2%, while Jiaxing saw a 90% surge.
Additionally, the Powermaster Semiconductor (PMS) unit in Korea reported a 34% drop in sales, and Hana Technologies Inc. (HTI), which manufactures microdisplay and RFID devices in Ohio, USA, experienced a 19% decline compared to the same period last year.
