Hana Microelectronics Execution evidence mounts, PMS overhang easing; stay OW

Research evidence excerpt

Hana Microelectronics Execution evidence mounts, PMS overhang easing; stay OW

J P M O R G A N Asia Pacific Equity Research

11 June 2026

Hana Microelectronics Overweight

HANA.BK, HANA TB

Execution evidence mounts, PMS overhang easing; Price (11 Jun 26):Bt34.75

stay OW Price Target (Jun-27):Bt45.00

Our engagement with management tackled the questions we get most from ASEAN Tech Hardware / Technology

ACinvestors: Can HANA execute on thermoelectric cooling (TEC), is this PMS all Samuel Tan

over again, and is the balance sheet adequate? We came away from the session (60-3) 2718 0781

positive. Management also indicated US customer urgency for 1.6T oscilloscopes samuel.tan@jpmorgan.com

due to strong demand pull by Chinese optical module makers over the next 12-18 JPMorganX) Securities (Malaysia) Sdn. Bhd. (18146-

months. Meanwhile, existing customers are indicating an uptick in loading Technology

volumes due to an AI crowd‑out effect that is tightening capacity in mainstream

Gokul Hariharancomponents. Stay OW.

(852) 2800-8564

• Can HANA execute? Phononic’s pre-qualification order doubling is the gokul.hariharan@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P.

strongest endorsement yet. We believe execution risk is lower than feared, Morgan Broking (Hong Kong) Limited

and the bear-case comparison to PMS’s foundry struggles is not like-for-like. Thailand Research

TEC production (SMT-adjacent processes, ceramic substrate bonding, Kae Pornpunnarath, CFA

module-level integration and testing) sits squarely within HANA’s core EMS/ (66-2) 684-2679

OSAT competency, whereas running a foundry demands wafer process kae.pornpunnarath@jpmorgan.com

technology and device design. HANA indicated that the customer spent a week JPMorgan Securities (Thailand) Limited