Hana Microelectronics Public Company Limited

SET:HANA Stock Report

Market Cap: ฿24.6b

Hana Microelectronics Valuation

Is HANA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of HANA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HANA (THB27.75) is trading above our estimate of fair value (THB14.04)

Significantly Below Fair Value: HANA is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HANA?

Key metric: As HANA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for HANA. This is calculated by dividing HANA's market cap by their current earnings.
What is HANA's PE Ratio?
PE Ratio20.1x
Earnings฿1.22b
Market Cap฿24.57b

Price to Earnings Ratio vs Peers

How does HANA's PE Ratio compare to its peers?

The above table shows the PE ratio for HANA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average28.5x
SVI SVI
11.8x5.1%฿15.1b
FORTH Forth Corporation
49x54.4%฿11.1b
CCET Cal-Comp Electronics (Thailand)
43.8xn/a฿91.4b
TEAM Team Precision
9.6xn/a฿1.9b
HANA Hana Microelectronics
20.1x22.3%฿24.6b

Price-To-Earnings vs Peers: HANA is good value based on its Price-To-Earnings Ratio (20.1x) compared to the peer average (28.5x).

Price to Earnings Ratio vs Industry

How does HANA's PE Ratio compare vs other companies in the Asian Electronic Industry?

37 CompaniesPrice / EarningsEstimated GrowthMarket Cap
HANA 20.1xIndustry Avg. 24.2xNo. of Companies140PE020406080100+
37 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: HANA is good value based on its Price-To-Earnings Ratio (20.1x) compared to the Asian Electronic industry average (24.2x).

Price to Earnings Ratio vs Fair Ratio

What is HANA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HANA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.1x
Fair PE Ratio23.8x

Price-To-Earnings vs Fair Ratio: HANA is good value based on its Price-To-Earnings Ratio (20.1x) compared to the estimated Fair Price-To-Earnings Ratio (23.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst HANA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿27.75
฿37.42
+34.9%
24.8%฿56.15฿29.00n/a15
Nov ’25฿37.75
฿46.26
+22.5%
12.4%฿56.15฿34.50n/a14
Oct ’25฿43.75
฿46.19
+5.6%
12.6%฿56.15฿34.50n/a14
Sep ’25฿39.00
฿45.85
+17.6%
11.6%฿56.15฿37.00n/a14
Aug ’25฿46.50
฿50.35
+8.3%
11.3%฿56.00฿37.00n/a14
Jul ’25฿46.50
฿46.40
-0.2%
13.8%฿54.00฿33.00n/a14
Jun ’25฿40.50
฿45.99
+13.6%
13.3%฿53.65฿33.00n/a15
May ’25฿38.75
฿44.39
+14.6%
14.2%฿53.65฿33.00n/a15
Apr ’25฿39.75
฿45.73
+15.0%
19.5%฿70.00฿33.00n/a15
Mar ’25฿36.00
฿51.14
+42.0%
22.7%฿70.00฿36.00n/a15
Feb ’25฿47.50
฿57.44
+20.9%
15.2%฿70.00฿38.00n/a15
Jan ’25฿53.25
฿58.75
+10.3%
15.8%฿70.00฿38.00n/a14
Dec ’24฿46.75
฿58.75
+25.7%
15.8%฿70.00฿38.00n/a14
Nov ’24฿53.00
฿68.96
+30.1%
9.8%฿86.00฿61.00฿37.7513
Oct ’24฿59.50
฿67.12
+12.8%
9.5%฿86.00฿61.00฿43.7513
Sep ’24฿62.00
฿63.04
+1.7%
11.9%฿71.50฿40.00฿39.0013
Aug ’24฿50.75
฿47.85
-5.7%
19.0%฿65.00฿35.00฿46.5013
Jul ’24฿47.25
฿47.08
-0.4%
17.9%฿65.00฿35.00฿46.5013
Jun ’24฿43.25
฿46.75
+8.1%
18.8%฿65.00฿35.00฿40.5012
May ’24฿41.50
฿57.54
+38.6%
14.7%฿65.00฿40.00฿38.7513
Apr ’24฿50.25
฿58.69
+16.8%
11.7%฿65.00฿44.00฿39.7513
Mar ’24฿59.75
฿59.38
-0.6%
12.5%฿68.00฿44.00฿36.0012
Feb ’24฿60.50
฿58.38
-3.5%
12.0%฿65.00฿44.00฿47.5012
Jan ’24฿51.50
฿58.13
+12.9%
11.8%฿65.00฿44.00฿53.2512
Dec ’23฿55.75
฿55.71
-0.07%
15.8%฿65.00฿36.00฿46.7512
Nov ’23฿36.50
฿45.69
+25.2%
19.3%฿62.00฿33.00฿53.0013

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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