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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul><li>HANA’s 3Q25 core profit is estimated at Bt259mn (+324% YoY, +70% QoQ), supported by i) a slight revenue recovery and ii) better PMS plant performance, with no expected inventory write-downs as in 2Q25.</li><li>The company remains in recovery but still faces FX risks and weak PMS operations.</li><li>We maintain a Neutral rating with a 2026E fair value of Bt24.00, based on 20x P/E (–0.25SD), as earnings have yet to normalize and the share price is near the historical average.</li></ul>

HANA’s 3Q25 core profit is estimated at Bt259mn (+324% YoY, +70% QoQ), supported by i) a slight revenue recovery and ii) better PMS plant performance, with no expected inventory write-downs as in 2Q25.The company remains in recovery but still faces FX risks and weak PMS operations.We maintain a Neutral rating with a 2026E fair value of Bt24.00, based on 20x P/E (–0.25SD), as earnings have yet to normalize and the share price is near the historical average.

HANA MICROELECTRONICS Plc. (HANA): Remaining Stable, Waiting For New Catalyst

Hana Microelectronics

HANA MICROELECTRONICS Plc. (HANA): Remaining Stable, Waiting For New Catalyst