Hana Microelectronics Placement - Stock Has Been Doing Well, Unclear if Deal Is Well Flagged

HANA : 3Q22 Earnings Impacted by FX Items

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

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Equity Bottom-Up

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<li>We downgrade to HOLD and lower our TP to Bt47.75(-9% from previous TP),based on 18.4xPE’23E (average of 5-year trading history). Analyst meeting came with a slightly positive tone. Management expects</li>
<li>Analyst meeting details Management remains cautious of the recession further impacting the mobile.WhileRFID and automotive segments are currently stable they expect high interest rates will impact demand in those segments</li>
<li>However,management believes that the additional capacity in their U.S.factory and the new Korean factory will help offset the downturn from the recession as production will begin to ramp-up by 1Q23.</li>
</ul>


We downgrade to HOLD and lower our TP to Bt47.75(-9% from previous TP),based on 18.4xPE’23E (average of 5-year trading history). Analyst meeting came with a slightly positive tone. Management expects
Analyst meeting details Management remains cautious of the recession further impacting the mobile.WhileRFID and automotive segments are currently stable they expect high interest rates will impact demand in those segments
However,management believes that the additional capacity in their U.S.factory and the new Korean factory will help offset the downturn from the recession as production will begin to ramp-up by 1Q23.


HANA : Recession Should Impact 23E Earnings