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A. Stotz Investment Research

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HANA: Higher Auto Segment Revenue Is Driving Expansion

HANA: Higher Auto Segment Revenue Propels Expansion

Autos & Electrons: The Slow Road to Recovery

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Strong stock price momentum, low core profit valuation, and share price is less volatile relative to its sector</li><li>New factory in Cambodia which started operating in 3Q16 is expected to provide HANA with competitive advantage due to low labor cost</li><li>Steadily growing demand from the automotive industry for integrated circuits used in car sensors and LED has encouraged HANA to focus on further expanding revenue contribution from this segment</li><li>More attractive than Thai Info Tech at 17CE* 8.7% ROE/PB versus sector at 7.0% and has a solid net-cash position</li><li>Risks: Continued slowing global mobile and PC/laptop demand</li></ul><p><em>* Consensus Estimates</em></p>

Strong stock price momentum, low core profit valuation, and share price is less volatile relative to its sectorNew factory in Cambodia which started operating in 3Q16 is expected to provide HANA with competitive advantage due to low labor costSteadily growing demand from the automotive industry for integrated circuits used in car sensors and LED has encouraged HANA to focus on further expanding revenue contribution from this segmentMore attractive than Thai Info Tech at 17CE* 8.7% ROE/PB versus sector at 7.0% and has a solid net-cash positionRisks: Continued slowing global mobile and PC/laptop demand* Consensus Estimates

HANA: Microelectronics Maker Focused on the Car Industry

Hana Microelectronics

HANA: Microelectronics Maker Focused on the Car Industry