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>We initiate our coverage on HANA with a Buy rating and a FY2024E fair value of Bt42.00, based on a required rate of return of 5.83%.</li><li>We expect that the 2024E core earnings will stand at Bt2.2bn (+23% YoY, +14% YoY in terms of core EPS, after factoring in dilution), mainly driven by gross margin recovery from improvements in its Korean PMS operations and a slightly better utilization rate.</li><li>HANA’s core earnings should grow from the current low base at a 21% CAGR between 2023-26E on an overall demand upswing in its PCBA and IC businesses, increasing silicon carbide (SiC) sales, and an improving margin profile.</li></ul>

We initiate our coverage on HANA with a Buy rating and a FY2024E fair value of Bt42.00, based on a required rate of return of 5.83%.We expect that the 2024E core earnings will stand at Bt2.2bn (+23% YoY, +14% YoY in terms of core EPS, after factoring in dilution), mainly driven by gross margin recovery from improvements in its Korean PMS operations and a slightly better utilization rate.HANA’s core earnings should grow from the current low base at a 21% CAGR between 2023-26E on an overall demand upswing in its PCBA and IC businesses, increasing silicon carbide (SiC) sales, and an improving margin profile.

Hana Microelectronics - Improved Operations to Lead to a Core Earnings Rebound