Hana Microelectronics AI optionality compounds with new customers; Stay OW

Research evidence excerpt

Hana Microelectronics AI optionality compounds with new customers; Stay OW

Samuel Tan AC Asia Pacific Equity Research

(60-3) 2718 0781 21 May 2026 J P M O R G A N

samuel.tan@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

HANA specialises in Printed Circuit Board Assembly (PCBA)

and Outsourced Assembly & Test (OSAT) services. Although

the group is predominantly exposed to the non-AI market, where

recovery has been challenging, we believe that downside risks

are largely reflected in the current valuation, while potential

upside remains overlooked. Encouragingly, we are seeing early

signs of consumer demand stabilizing, smartphone volumes

tracking ahead of seasonal trends, an improving mix of AI PC

and notebook sales, and a broad-based cyclical recovery in

YTD 1m 3m 12m analog and MCU markets. Additionally, HANA’s SiC venture

Abs 111.7% 23.2% 85.5% 87.5% offers compelling optionality as the company transitions to a

Rel 90.4% 20.2% 82.2% 58.0%

dual-fab strategy to enhance cost efficiency and broaden its

Company Data customer reach in China. With market expectations for the SiC

Shares O/S (mn) 885 project at a low base, we see considerable room for

52-week range (Bt) 36.50-15.10 improvement. We rate HANA Overweight.

Market cap ($ mn) 937

Exchange rate 32.58 Valuation

Free float (%) 70.6%

3M ADV (mn) 42.17 Our Jun-27 PT of Bt45 is based on 25x 12M forward EPS, above

3M ADV ($ mn) 34.4 its five-year mean, to reflect the company's pivot into

Volatility (90 Day) 72 thermoelectric cooling for AI applications and the improving

Index SET

BBG ANR (Buy | Hold | Sell) 8|4|5 existing business.

Key Metrics (FYE Dec)

Performance DriversBt in millions FY25A FY26E FY27E FY28E

Financial Estimates

Revenue 20,563 21,327 24,184 27,607

Adj.