Hana Microelectronics
HANA: Robust EV Demand Will Offset Global Smartphone Decline
Equity Bottom-Up
207 Views, 23 May 2022 12:12
EXECUTIVE SUMMARY
- Analyst meeting came out with negative tone. We maintain BUY rating at Bt57.50, based on 21.3xPE’22 (+1SD of 10-yr trading average). Our TP and 22E downwards earnings revisal by 6%
- 2Q22 should be lowest of the year due to declining sales from decrease by 25% in output in Chinese factories.Recommend accumulating shares,due to attractive valuations, prior to 2H22 earnings recovery.
- 2H22 earnings will recover from GPM expansion from revenue contribution from new SiC segment (consistently gross loss until now)and better product mix in IC Thai factory.Sales should also grow moderately
detail (16-minute read)
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