Shares of Hana Microelectronics Public Company Limited (SET: HANA) saw a sharp increase of 22% to THB 48.75 during the morning session on Monday, August 17, 2026, reaching their highest point in two years. This rise follows an impressive second-quarter earnings report and news of the company’s addition to the MSCI Global Small Cap Index.
Finansia Syrus Securities (FSS) highlighted that Hana recorded a net profit in 2Q26 of THB 326 million, a significant year-on-year jump of 838.3% and up 215.3% from the previous quarter. When excluding FX gains and derivative losses, the normalized profit was THB 278 million, greatly surpassing earlier estimates of THB 150-190 million.
Revenue for Hana rebounded by 8.8% quarter-on-quarter and 3.2% year-on-year. Integrated circuit (IC) segments in both Ayutthaya and South Korea showed notable recoveries, with the latter increasing by 78% quarter-on-quarter and 80% year-on-year, though it still represents just 2% of total revenue. The PCBA group also improved slightly quarter-on-quarter but declined year-on-year in both Lamphun and China plants.
Gross margin improved to 10.7% from 8.1% in the previous quarter, driven by higher revenues and increased capacity utilization. The company managed its expenses tightly, reducing SG&A to sales to 8.1%, down from 10.0% in 1Q26.
Despite higher inventories, Hana maintained positive operating cash flow of THB 218 million, while free cash flow was slightly negative at -THB 244 million, which FSS views as a temporary situation.
FSS expects continued profit recovery in 3Q26, driven by both core business and the start of AI-related product revenue recognition from a key customer, Phononics. Revenues from AI products are expected to accelerate in 4Q26. The brokerage upgraded Hana’s profit forecasts for 2026-2028 by 13-16%, projecting a 2026 profit of THB 1.08 billion and THB 1.58 billion in 2027. FSS also raised the 2027 price target to THB 53, maintaining a buy recommendation but advising investors to monitor raw material shortages and AI revenue performance.
In addition, MSCI announced changes to its Global Small Cap Index, effective August 31, 2026. Hana Microelectronics and Gunkul Engineering will be added, while Chularat Hospital and Jasmine Technology Solution will be removed. No changes were made to the MSCI Thailand Index in this review.
