Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul>
<li>HANA reported 2Q26 net profit of Bt326mn and core profit of Bt278mn (+82% YoY, +169% QoQ), beating market expectations by 43% and marking its highest quarterly core profit in two years.</li>
<li>The strong 2Q26 earnings reinforce our confidence that HANA has entered an industry recovery cycle, with performance expected to continue improving through next year, supported by Al-related orders.</li>
<li>We maintain our Neutral rating and fair value of Bt33.00.</li>
</ul>


HANA reported 2Q26 net profit of Bt326mn and core profit of Bt278mn (+82% YoY, +169% QoQ), beating market expectations by 43% and marking its highest quarterly core profit in two years.
The strong 2Q26 earnings reinforce our confidence that HANA has entered an industry recovery cycle, with performance expected to continue improving through next year, supported by Al-related orders.
We maintain our Neutral rating and fair value of Bt33.00.


HANA MICROELECTRONICS Plc. (HANA): Strong Earnings Beat Offers Short-Term Trading Opportunity

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Two thirds of the way through the review period, we see one change for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">SET 50 Index</a> in December with <a href="https://www.smartkarma.com/entities/kce-electronics-pcl" target="_blank" data-smartkarma-citation="entities:1892:1" rel="noopener">KCE Electronics (KCE TB)</a> replacing <a href="https://www.smartkarma.com/entities/ngern-tid-lor-pcl" target="_blank" data-smartkarma-citation="entities:31103:1" rel="noopener">Ngern Tid Lor (TIDLOR TB)</a>. </li>
<li>There is one close change where <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-TAIL (ITC TB)</a> could replace <a href="https://www.smartkarma.com/entities/srisawad-corp-pcl" target="_blank" data-smartkarma-citation="entities:9480:1" rel="noopener">Srisawad Power 1979 (SAWAD TB)</a> in the index.</li>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a> is unlikely to be deleted while <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> fails liquidity and is unlikely to be added.</li>
</ul>


Two thirds of the way through the review period, we see one change for the SET 50 Index in December with KCE Electronics (KCE TB) replacing Ngern Tid Lor (TIDLOR TB). 
There is one close change where I-TAIL (ITC TB) could replace Srisawad Power 1979 (SAWAD TB) in the index.

Delta Electronics Thailand (DELTA TB) is unlikely to be deleted while Berli Jucker (BJC TB) fails liquidity and is unlikely to be added.


SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

<ul><li>We upgrade our rating on HANA from Underperform to Neutral, with a revised target price of Bt33.</li><li>We recommend a parallel investment strategy: 1) Continue to speculate on the AIP trend, as the market is expected to revise up the 2027 EPS following a clearer AI plan, similar to how HANA's stock price previously surged by over 91% after the Phononic project announcement.</li><li>We expect AI-related revenue to account for 10% of total revenue in 27, and have therefore revised our 26/27 profit forecasts by 4%/24% respectively.</li></ul>

We upgrade our rating on HANA from Underperform to Neutral, with a revised target price of Bt33.We recommend a parallel investment strategy: 1) Continue to speculate on the AIP trend, as the market is expected to revise up the 2027 EPS following a clearer AI plan, similar to how HANA's stock price previously surged by over 91% after the Phononic project announcement.We expect AI-related revenue to account for 10% of total revenue in 27, and have therefore revised our 26/27 profit forecasts by 4%/24% respectively.

HANA MICROELECTRONICS Plc. (HANA): AIP-Driven Speculation Is Permissible, But Trade With Caution

<ul><li>The announcement of details regarding solid-state cooling products by customer Phononic has raised market expectations that HANA may have a new S-curve to support long-term growth, driving the stock up 24% over the past three days—making it the top performer in the sector.</li><li>To reflect incremental revenue from Phononic, we raise our 26 profit forecast by 9.6%. However, this remains 11% below market expectations, due to our stronger baht assumption of 30.45/USD, 8% stronger than the market’s assumption.</li><li>As HANA’s 1H26E earnings recovery may remain limited, we maintain our Underperform rating with a new fair value of Bt20 (from Bt15), based on a required return of 5.6%. The more suitable timing for speculative entry is likely toward the end of 2Q26 or after the 2Q26 results announcement.</li></ul>

The announcement of details regarding solid-state cooling products by customer Phononic has raised market expectations that HANA may have a new S-curve to support long-term growth, driving the stock up 24% over the past three days—making it the top performer in the sector.To reflect incremental revenue from Phononic, we raise our 26 profit forecast by 9.6%. However, this remains 11% below market expectations, due to our stronger baht assumption of 30.45/USD, 8% stronger than the market’s assumption.As HANA’s 1H26E earnings recovery may remain limited, we maintain our Underperform rating with a new fair value of Bt20 (from Bt15), based on a required return of 5.6%. The more suitable timing for speculative entry is likely toward the end of 2Q26 or after the 2Q26 results announcement.

HANA MICROELECTRONICS Plc. (HANA): Market Pricing In Six Months Ahead

<ul><li>HANA posted a 4Q25 core profit of Bt155mn (+1341% YoY, +307% QoQ), beating our and consensus estimates on higher other income, while core operations remained loss-making, similar to 3Q25.</li><li>2025 core profit fell to Bt566mn (-38% YoY), a 23-year low and the third straight annual decline. Although we forecast a 29% YoY rebound to Bt728mn in 2026E, this would still reflect recovery from a low base.</li><li>We maintain an Underperform rating, as operations remain weak with no clear recovery signal. Fair value remains unchanged at Bt15.</li></ul>

HANA posted a 4Q25 core profit of Bt155mn (+1341% YoY, +307% QoQ), beating our and consensus estimates on higher other income, while core operations remained loss-making, similar to 3Q25.2025 core profit fell to Bt566mn (-38% YoY), a 23-year low and the third straight annual decline. Although we forecast a 29% YoY rebound to Bt728mn in 2026E, this would still reflect recovery from a low base.We maintain an Underperform rating, as operations remain weak with no clear recovery signal. Fair value remains unchanged at Bt15.

HANA MICROELECTRONICS Plc. (HANA): Earnings Boosted By Other Income

Thailand

Hana Microelectronics engages in the manufacture and trading of electronic components, providing printed circuit board assemblies, integrated circuit assemblies and tests, and LED packaging and test services. It also offers electronics manufacturing and outsourced semiconductor assembly and testing services for various components. The company was founded in 1978 and is headquartered in Bangkok, Thailand.

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Hana Microelectronics (HANA TB)

HANA MICROELECTRONICS Plc. (HANA): Strong Earnings Beat Offers Short-Term Trading Opportunity

HANA reported 2Q26 net profit of Bt326mn and core profit of Bt278mn (+82% YoY, +169% QoQ), beating market expectations by 43% and marking its...

Krungthai XSpring

SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

KCE could replace TIDLOR in the SET50 in Dec. ITC is a close add and could replace SAWAD. The impact on the stocks is big given the index is...

Brian Freitas

HANA MICROELECTRONICS Plc. (HANA): AIP-Driven Speculation Is Permissible, But Trade With Caution

We expect AI-related revenue to account for 10% of total revenue in 27, and have therefore revised our 26/27 profit forecasts by 4%/24% respectively.

Krungthai XSpring

HANA MICROELECTRONICS Plc. (HANA): Market Pricing In Six Months Ahead

The announcement of details regarding solid-state cooling products by customer Phononic has raised market expectations that HANA may have a new S...

Krungthai XSpring

HANA MICROELECTRONICS Plc. (HANA): Earnings Boosted By Other Income

HANA posted a 4Q25 core profit of Bt155mn (+1341% YoY, +307% QoQ), beating our and consensus estimates on higher other income, while core...

Krungthai XSpring

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