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.

Technical Analysis

PTT Exploration & Production / Technical Analysis

<ul>
<li>The SET Index came under pressure from several negative factors, including escalating tensions in the Middle East, rising US bond yields, and a sell-off in semiconductor stocks across Asian markets.</li>
<li>We therefore expect the index to remain above 1,600 points for now.</li>
<li>We continue to recommend buying on weakness, as the index has yet to show a clear bearish signal and still has the potential to rebound.</li>
</ul>


The SET Index came under pressure from several negative factors, including escalating tensions in the Middle East, rising US bond yields, and a sell-off in semiconductor stocks across Asian markets.
We therefore expect the index to remain above 1,600 points for now.
We continue to recommend buying on weakness, as the index has yet to show a clear bearish signal and still has the potential to rebound.


Krungthai XSpring Technical Eng. August 25, 2026

Equity Bottom-Up

<ul><li>Our 4Q25E estimate carries downside risks from (i) raw material provisioning and (ii) weak PMS performance; earnings could fall short if these worsen.</li><li>We maintain an Underperform call with an unchanged FV of Bt15, as the company has yet to deliver a sustained turnaround despite market expectations for a 2H26 recovery.</li><li>The market is pricing a wide earnings range (Bt60–162mn), reflecting the two key risks discussed and leaving the share price vulnerable to earnings-driven volatility.</li></ul>

Our 4Q25E estimate carries downside risks from (i) raw material provisioning and (ii) weak PMS performance; earnings could fall short if these worsen.We maintain an Underperform call with an unchanged FV of Bt15, as the company has yet to deliver a sustained turnaround despite market expectations for a 2H26 recovery.The market is pricing a wide earnings range (Bt60–162mn), reflecting the two key risks discussed and leaving the share price vulnerable to earnings-driven volatility.

HANA MICROELECTRONICS Plc. (HANA): Remains The Key Risk

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

<ul><li>We hold a negative view from HANA’s analyst meeting yesterday; 4Q25 weakness is likely to spill into 1Q26.</li><li>We cut 2025/26 earnings forecasts 46%/30% to Bt522mn (–43% YoY), a 20-year low, before a rebound to Bt736mn (+41% YoY).</li><li>We downgrade to Underperform (from Neutral) with a Bt15 fair value, based on 18x P/E (–0.5SD).</li></ul>

We hold a negative view from HANA’s analyst meeting yesterday; 4Q25 weakness is likely to spill into 1Q26.We cut 2025/26 earnings forecasts 46%/30% to Bt522mn (–43% YoY), a 20-year low, before a rebound to Bt736mn (+41% YoY).We downgrade to Underperform (from Neutral) with a Bt15 fair value, based on 18x P/E (–0.5SD).

HANA MICROELECTRONICS Plc. (HANA): Weak Outlook Extending Into Early Next Year

<ul><li>The disappointing 3Q25 core profit of Bt38mn (–38% YoY, –75% QoQ) was far below our and the market’s Bt260mn forecast, with GPM at a year low despite peak revenue.</li><li>9M25 profit is just 42% of our full-year estimate, pointing to a third year of earnings decline in 2025.</li><li>We are revisiting HANA’s forecasts, rating, and FV, as its earnings are the weakest in the sector. We advise avoiding HANA in the near term due to very high downside risk.</li></ul>

The disappointing 3Q25 core profit of Bt38mn (–38% YoY, –75% QoQ) was far below our and the market’s Bt260mn forecast, with GPM at a year low despite peak revenue.9M25 profit is just 42% of our full-year estimate, pointing to a third year of earnings decline in 2025.We are revisiting HANA’s forecasts, rating, and FV, as its earnings are the weakest in the sector. We advise avoiding HANA in the near term due to very high downside risk.

HANA MICROELECTRONICS Plc. (HANA): Very Disappointing Results...

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)

Krungthai XSpring Technical Eng. August 25, 2026

The SET Index came under pressure from several negative factors, including escalating tensions in the Middle East, rising US bond yields, and a...

Krungthai XSpring

HANA MICROELECTRONICS Plc. (HANA): Remains The Key Risk

Our 4Q25E estimate carries downside risks from (i) raw material provisioning and (ii) weak PMS performance; earnings could fall short if these worsen.

Krungthai XSpring

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), PTT GlobalChem...

Ke Yan, CFA, FRM

HANA MICROELECTRONICS Plc. (HANA): Weak Outlook Extending Into Early Next Year

We hold a negative view from HANA’s analyst meeting yesterday; 4Q25 weakness is likely to spill into 1Q26.We cut 2025/26 earnings forecasts 46%/30%...

Krungthai XSpring

HANA MICROELECTRONICS Plc. (HANA): Very Disappointing Results...

The disappointing 3Q25 core profit of Bt38mn (–38% YoY, –75% QoQ) was far below our and the market’s Bt260mn forecast, with GPM at a year low...

Krungthai XSpring

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