On Friday at 10:56 AM (Bangkok time), the share price of Hana Microelectronics Public Company Limited (SET: HANA) surged by 5.08% or THB 1.50 to THB 31.00, with a trading value of THB 859.54 million.
Maybank Securities (Thailand) has expressed a cautiously optimistic view for HANA, following positive feedback from a recent meeting with the company’s CEO at the Maybank Invest Thailand 2026 event.
The session, attended by 21 institutional and key retail clients, highlighted the company’s improving prospects for recovery in 2026-2028. This optimism is attributed to HANA’s new AI-related customer, operational adjustments at its Power Master Semiconductor (PMS) division in South Korea, and a rebound in demand for integrated circuits (ICs).
The brokerage noted that while HANA’s share price is currently close to its target price (TP), there remain potential upside risks to both earnings forecasts and TP. These include stronger-than-expected demand for radio-frequency identification devices (RFIDs) and thermoelectric cooling chips (TECs) produced by Phononic, as well as the prospect of lower-than-expected losses at PMS.
HANA’s joint venture with Phononic, focused on advanced thermoelectric cooling for AI applications, remains on schedule. The company expects to complete full qualifications by the second quarter of 2026, with mass production targeted between the fourth quarter of 2026 and the first quarter of 2027.
HANA is allocating 30-40% of its 2026 capex budget of THB 1.9 billion (up from THB 626 million in 2025) for equipment purchases to support Phononic’s ramp-up. The company has also confirmed that ample land is available for additional capacity expansion, if demand warrants. Phononic is expected to contribute approximately 4% of HANA’s 2027 sales, and if capacity were to double by 2028, this could represent around a 9% upside risk to the current TP.
In South Korea, HANA’s PMS unit is expected to see reduced losses in the second half of 2026. The company will begin providing silicon (Si) foundry services to a Korean client by the third quarter. In addition, a new Chinese foundry partnership is set to help reduce fixed and raw material costs.
Management is hopeful that PMS could reach cash break-even by 2027/28, with Maybank projecting break-even for PMS Korea by 2029. Achieving this milestone up to two years earlier would add approximately 18% upside to the TP.
Furthermore, the outlook for legacy business segments is also improving. HANA anticipates a healthy rebound in IC sales during the second and third quarters of 2026, as customers in the industrial sector restock their inventories. The electronics manufacturing services (EMS) segment, excluding Phononic, is expected to be stable through 2026.
Maybank forecasts 2026 sales growth of 2% year-on-year for EMS and a 6% decline for ICs, maintaining a conservative stance due to customer losses and continued demand weakness at HANA Jiaxing in China. However, the company is actively negotiating a large new deal with an existing customer, which could provide additional upside to earnings forecasts.
Following these, Maybank reiterates its ‘Buy’ recommendation for HANA, with a target price of THB 27.50 per share, citing anticipated core profit growth of 69% in 2026 and 43% in 2027 and underscoring significant opportunities for growth as the company navigates recovery and expansion into new technology areas.
