Finansia Syrus Securities (FSS) has a positive outlook for Thailand’s Electronic Manufacturing Service in HANA, citing increasing orders amid improving profit in the upcoming quarters.
The broker stated that Hana Microelectronics Public Company Limited (SET: HANA) has positive supporting factors in terms of Story, but profits will clearly recover in the next period. Management expects purchase orders to begin recovering in 2Q26 and become more evident in 2H26. Although China has not yet recovered, downsizing helps support profits. Cambodia continues to perform well, as U.S. clients shift production out of China. Meanwhile, SiC/Korea still pose challenges, but demand is expected to emerge in 3Q26.
AI project returns: HANA has been selected as a supplier for Phononic (United States) for solid-state cooling systems, with production starting in 3Q26 and ramping up in 2027. FSS maintains its forecast for a 42% y-y profit growth in 2026, although risks remain (slow AI recovery, component shortages, FX/shipping/war, and price competition in China/SiC). FSS has also revised its target price to 25 baht, focusing on speculative trading.
