COMPANY UPDATE

Thailand

HANA Microelectronics PCL (HANA.BK/HANA TB)

ผลประกอบการ 3Q60: กาไรดีตามคาด

Neutral‧Maintained Price as of 13 Nov 2017

50.25

12M target price (Bt/shr)

48.00

Unchanged/Revised up(down)(%)

2.10

Upside/downside (%)

(4.5)

Key messages

กำไรสุ ทธิของ HANA ใน 3Q60 อยูท่ ี่ 770 ล้ำนบำท (+35% YoY, +14.0% QoQ) ซึ่ งเป็ นไปตำมประมำณกำรของเรำ แต่ ดีกว่ำที่ตลำดคำดไว้ 8% กำไรสุ ทธิใน 9M60 อยูท่ ี่ 2.2 พันล้ำน บำท คิดเป็ น 82% ของประมำณกำรปี นี้ของเรำยอดขำยเติบโต อย่ำงแข็งแกร่ งทั้งในรู ปสกุลบำทและดอลลำร์ จำกปัจจัยด้ำน ฤดูกำลและกำรวำงจำหน่ำย smartphone รุ่ นใหม่ของค่ำยต่ำงๆ บทวิเครำะห์ของ KGI China & Hong Kong แนะนำหุ ้นใหญ่ใน กลุ่ม semiconductor และกลุ่มที่มีประเด็นเชื่อมโยงกับ Apple หลังจำกพบว่ำมีกระแสเงินทุนไหลเข้ำไปที่หุ้นกลุ่ม อิเล็กทรอนิกส์มำกที่สุดในสัปดำห์ที่ผำ่ นมำ และยืนยันมุมมอง ของเรำว่ำวัฎจักรขำขึ้นจะยืดต่อไปถึง1H61 ดังนั้น เรำจึงปรับ เพิ่มประมำณกำรยอขำยในปี 2561-62 แต่คง GPM เอำไว้เท่ำ เดิม และปรับสมมติฐำนค่ำเงินบำท เรำยังคงคำแนะนำให้ถือ HANA โดยขยับไปใช้รำคำเป้ ำหมำยปลำยปี 2561ที่48บำทอิง จำกPER ที่14.5x ถึงแม้วำ่ รำคำหุ ้นในปัจจุบนั จะไม่เหลือupside แล้วแต่ก็ยงั ให้ผลตอบแทนจำกเงินปันผลที่4.0% Trading data Mkt cap (Btbn/US$mn) Outstanding share (mn) Foreign ownership (mn) 3M avg. daily trading (mn) 52-week trading range (Bt) Performance (%) Absolute Relative

3M 16.9 8.6

6M 8.6 -0.4

40.44/1.01 805 522.3 5 Bt31-Bt55 12M 54.6 34.7

Q3 0.73 0.41 0.71 0.96

Q4 0.67 1.02 0.79 n.a.

Quarterly EPS EPS 2014 2015 2016 2017

Q1 1.98 0.64 0.60 1.02

Q2 0.85 0.50 0.52 0.84

Share price chart 60

70

55

55

50

40

45

Event

กำไรสุทธิของ HANA 3Q60 อยูท่ ี่ 770 ล้ำนบำท (+35% YoY, +14.0% QoQ) ตำมประมำณกำรของเรำ แต่ดีกว่ำตลำดคำด 8% กำไรสุ ทธิ 9M60 อยูท่ ี่ 2.2 พันล้ำนบำท คิดเป็ น 82% ของประมำณกำรปี นี้ ของเรำ lmpact

ยอดขายโดเด่ นทั้งในรู ปสกุลบาทและดอลลาร์ ยอดขำยของ HANA ใน 3Q60 อยูท่ ี่ US$172 ล้ำน (+13% YoY, +12.0% QoQ) ตำมประมำณกำรของเรำ ยอดขำย 9M60 อยูท่ ี่ US$474 ล้ำน คิดเป็ น 73% ของประมำณกำรทั้งปี ถึงแม้วำ่ ค่ำเงินบำทจะแข็งขึ้น 3% QoQ แต่ยอดขำยของ HANA ในรู ปเงินบำทก็ยงั เพิ่มขึ้นอย่ำงน่ำประทับใจที่ 5.7 พันล้ำนบำท (+9% YoY, 9%QoQ) โดยมีสำเหตุสำคัญมำจำกปัจจัยด้ำนฤดูกำล และกำรวำงจำหน่ำย smartphone รุ่ นใหม่ ของค่ำยต่ำงๆ อย่ำงเช่น iPhone, Samsung, Oppo, Huawei, และ Vivo กาไรจากธุรกิจหลักจะยังดี ถึงแม้ ว่าว่ าอัตรากาไรขั้นต้ นจะทรงตัว กำไรจำกธุรกิจหลักใน 3Q60 อยูท่ ี่ 648 ล้ำนบำท (+30% YoY, +14% QoQ) โดยอัตรำกำไรขั้นต้นทรงตัว อยูท่ ี่ 14.5% จำก 14.6% ใน 2Q60 และ 14.2% ใน 3Q59 ส่งผลให้กำไรจำกธุรกิจหลักใน 9M60 อยูท่ ี่ 1.88 พันล้ำนบำท คิดเป็ น 75% ของประมำณกำรทั้งปี ของเรำ หุ้นในกลุ่ม semiconductor และกลุ่มที่มีประเด็นที่โยงกับ Apple เป็ นกลุ่มที่น่าสนใจ จำกบทวิเครำะห์กลยุทธ์ล่ำสุ ดของ KGI China & Hong Kong (Paper A-Share Weekly) ชี้ วำ่ มีเงินทุน ไหลเข้ำไปที่หุ้นกลุ่มอิเล็กทรอนิ กส์มำกที่สุดในสัปดำห์ที่ผำ่ นมำ นอกจำกนี้ กลุ่ม semiconductor ยังเป็ น กลุ่มที่ให้ผลตอบแทนมำกเป็ นอันดับที่ 2 โดยบทวิเครำะห์ฉบับนี้ แนะนำให้เน้นที่หุ้น semiconductor, 5G/optical communication,หุ ้นที่มีประเด็นโยงกับ iPhone X, และ supplier ที่คำดว่ำอุปทำนจะตึงตัว เช่น OLED, memory, passive component, Silicon wafer, LED, และ sapphire panel ใน 4Q60-1Q61 ซึ่งมี มุมมองสอดคล้องกับ KGI Taiwan ที่มีมุมมองเชิ งบวกกับหุ้นที่เกี่ยวกับ Apple Key Supplier และ สอดคล้องกับมุมมองของเรำที่คำดว่ำวัฎจักรขำขึ้นจะยืดต่อไปถึง 1H61 ปรับลดประมาณการกาไรสุ ทธิปี 2560F-2562F หลังปรับสมมติฐานค่าเงินบาท เรำปรับลดสมมติฐำนค่ำเงินบำทในปี 2560F-2562F ลง 0.3%, 5.8% และ 8.8% เป็ น 34.1 บำท/US$, 32.2 บำท/US$, และ31.2 บำท/US$ตำมลำดับ แต่มีกำรปรับเพิ่มสมมติฐำนอัตรำกำรเติบโตของยอดขำยใน สกุลดอลลำร์ปี 2561-2562 ขึ้นเล็กน้อยอีก 4% และคงสมมติฐำน GPM ดังนั้น เรำจึงปรับลดประมำณกำร กำไรจำกธุรกิจหลักปี 2561-62 ลงประมำณ 2% Valuation & Action เรำยังคงคำแนะนำให้ถือ HANA โดยขยับไปใช้รำคำเป้ ำหมำยปลำยปี 2561 ที่ 48.0 บำท อิงจำก PER ที่ 14.5x ถึงแม้วำ่ รำคำหุ ้นในปัจจุบนั จะไม่เหลือ upside แล้ว แต่ก็ยงั ให้ผลตอบแทนจำกเงินปั นผลที่ 4.0% Risks เกิดภัยธรรมชำติ, มีกำรปิ ดโรงงำนโดยไม่ได้วำงแผนไว้ล่วงหน้ำ, ลูกค้ำเปลี่ยนไปสัง่ สิ นค้ำจำก supplier เจ้ำอื่น, รำคำวัตถุดิบแพงขึ้น, ค่ำเงินบำทแข็งขึ้นเมื่อเทียบกับดอลลำร์ สหรัฐ (เรำใช้สมมติฐำนค่ำเงินบำท ที่ 34.1 บำท/US$ ในปี 2560, 32.2บำท/US$ ในปี 2561, และ 31.2 บำท/US$ ในปี 2562),และเกิดควำม ล่ำช้ำในกำรจัดส่ งสิ นค้ำ

25 40

10

35

25 Nov-16

Key financials and valuations

(5)

30

Jan-17

Apr-17

Share Price

Jun-17

Aug-17

Price performance relative to SET

Source: SET

ChananthornPichayapanupat 66.2658.8888 Ext.8849 [email protected]

(20) Nov-17

Revenue (Btmn) Gross Profit (Btmn) SG&A (Btmn) Net Profit (Btmn) Normalized Profit (Btmn) EPS(Bt) Normalized EPS(Bt) DPS(Bt) EPSGrowth (%) Normalized EPSGrowth P/E(X) P/B (X) EV/EBITDA (X) Net Debt to Equity (%) Dividend Yield (%) Return on Average Equity (%)

Dec - 15A 20,521 3,030 1,115 2,066 2,328 2.57 2.89 2.00 (39.3) 19.5 13.9 1.5 9.6 (45.2) 5.6 10.6

Dec - 16A 20,523 2,876 1,167 2,105 2,027 2.62 2.52 2.00 1.9 (13.0) 15.1 1.6 9.0 (48.3) 5.1 10.5

Dec - 17F 22,001 3,375 1,210 2,769 2,473 3.44 3.07 2.00 31.5 22.0 14.6 1.9 6.8 (49.6) 4.0 13.1

Dec - 18F 23,683 3,566 1,255 2,663 2,663 3.31 3.31 2.00 (3.8) 7.7 15.2 1.8 6.6 (53.2) 4.0 12.0

Dec - 19F 24,697 3,695 1,260 2,801 2,801 3.48 3.48 2.00 5.2 5.2 14.4 1.7 6.2 (55.0) 4.0 12.0

Source: KGI Research

November 14, 2017

*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT

Please see back page for disclaimer

1

Thailand

HANA Microelectronics

Figure 1: 3Q17 earnings review

Btmn Revenue Gross Profit SG&A Operating Profit Operating EBITDA Non-Op Inc./(Exp) Net profit Normalized profit EPS(Bt) Normalized EPS(Bt) Percent Gross margin EBIT margin SG&A/sales Sales in US$ term Total sales

3Q17 5,749 835 290 632 898 122 770 648 0.96 0.80 3Q17 14.5 11.0 5.0 3Q17 172

3Q16 5,290 749 289 540 835 70 569 499 0.71 0.62 3Q16 14.2 10.2 5.5 3Q16 152

YoY (%) 8.7 11.5 0.3 16.9 7.7 74.5 35.2 29.8 35.2 29.8 YoY (ppts) 0.4 0.8 (0.4) YoY (%) 13.2

2Q17 5,232 765 293 539 798 105 676 571 0.84 0.71 2Q17 14.6 10.3 5.6 2Q17 153

QoQ (%) 9.9 9.0 (1.1) 17.3 12.6 16.4 13.9 13.5 13.9 13.5 YoY (ppts) (0.1) 0.7 (0.6) QoQ (%) 12.4

9M17 16,219 2,443 884 1,759 2,567 417 2,263 1,846 2.81 2.29 9M17 15.1 10.8 5.5 9M17 474

9M16 YoY (%) 14,796 9.6 1,918 27.4 880 0.5 1,235 42.5 2,115 21.4 207 101.1 1,470 53.9 1,263 46.2 1.83 53.9 1.57 46.2 9M16YoY (ppts) 13.0 2.1 8.3 2.5 5.9 (0.5) 9M16 420 12.9

Source: Company data, KGI Research

Figure 2: Share performance by sector last week

Source: Wind, KGI China&Hong Kong

Figure 3: Sector with highest net capital inflow/outflow last week

Source: Wind, KGI China&Hong Kong

November 14, 2017

*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT

Please see back page for disclaimer

2

Thailand

HANA Microelectronics

Figure 4: Earnings Revision Btmn Revenue (Btmn) Gross Profit (Btmn) SG&A (Btmn) Net Profit (Btmn) Normalized Profit (Btmn) Key Financial Ratio GPM SG&A/sales Assumption Exchange Rate Sales in US$ term Sales growth (%)

Revised 22,001 3,375 1,210 2,769 2,473 Revised 15.3 5.5 Revised 34.1 645 11.0

2017F Previous Change (%) 22,065 (0.3) 3,385 (0.3) 1,214 (0.3) 2,776 (0.3) 2,480 (0.3) Previous ppts 15.3 0.0 5.5 0.0 Previous Change 34.2 (0.3) 645 0.0 11.0 0.0

Revised 23,683 3,566 1,255 2,663 2,663 Revised 15.1 5.3 Revised 32.2 736 14.0

2018F Previous Change (%) 24,298 (2.5) 3,662 (2.6) 1,288 (2.5) 2,736 (2.7) 2,736 (2.7) Previous ppts 15.1 (0.0) 5.3 0.0 Previous Change 34.2 (5.8) 710 3.5 10.1 3.9

Revised 24,697 3,695 1,260 2,801 2,801 Revised 15.0 5.1 Revised 31.2 792 7.6

2019F Previous Change (%) 25,174 (1.9) 3,767 (1.9) 1,284 (1.9) 2,856 (1.9) 2,856 (1.9) Previous ppts 15.0 (0.0) 5.1 0.0 Previous Change 34.2 (8.8) 736 7.5 3.6 4.0

Source: KGI Research

November 14, 2017

*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT

Please see back page for disclaimer

3

Thailand

HANA Microelectronics

Figure 5: Company profile HANA

Group

is

one

Figure 6: Earnings to continue to increase

of

Southeast

Asia’s

leading

independent

Normalized earnings, Btmn (LHS); gross margin, percent (RHS)

electronics manufacturing service (EMS) producers. The company’s

3,000

headquarters

manufacturing

2,500

facilities, which are located in Lamphun and Ayutthaya provinces in

2,000

Thailand, Jiaxingin, China, Ohio, US, ankh Kong, Cambodia.

1,500

is

in

Bangkok

and

there

are

six

15.5

15.0 14.5 14.0

1,000 13.5

500 0

13.0

2015

2016

2017F

2018F

2019F

Source: Company data

Source: Company data, KGI Research

Figure 7: Performance quarterly

Figure 8: HANA’s revenue breakdown by application

Core profit, Btmn (LHS): gross margin, percent (RHS)

Percent

900 800 700 600 500 400 300 200 100 0

Other

19.0

17.0

13.0

15.0 Consumer

13.0

9.0

Industrial

7.0

Opto 10.0

3Q17

2Q17

1Q17

4Q16

3Q16

2Q16

1Q16

4Q15

3Q15

2Q15

1Q15

4Q14

3Q14

5.0 2Q14

Telecom

5.0

7.0 1Q14

39.0

9.0

11.0

Core profit

1.0 Medical

1.0

Computer

15.0

RFID

Auto

Gross profit margin

Source: Company data, KGI Research

Source: Company data, KGI Research

Figure 9: Share price YTD

Figure 10: Reasonable dividend yield

Percent

Bt per share and percent 6.0

5.6

3.00

5.1

27.2 5.0

2.50 4.0

7.9

-3.0

-8.1

-13.6

SET

DELTA

SETETRON

4.0

4.0

2.00

3.0

1.50

2.0

1.00

1.0

-31.5 HANA

4.0

SVI

0.50

2.00

2.00

2015

2016

2.00

KCE

2.00 0.00

2017F 2018F Dividend Dividend Yield

Source: Company data, KGI Research

Source: Company data, KGI Research

Figure 11: Company’s PER

Figure 12: Company’s PBV

PER, times

PBV, times

20.0

2.00

0.0

2019F

2.5

+2.0 sd = 17.3x

+2.0 sd = 1.9x

2.0

+1.0 sd = 14.3x

15.0

+1.0 sd = 1.7x 1.5

10.0

Average = 11.2x

Average = 1.4x -1.0 sd = 1.1x

1.0

-1.0 sd = 8.2x 5.0

0.0 2012

2013

Source: KGI Research

November 14, 2017

2014

2015

2016

-2.0 sd = 0.8x

0.5

-2.0 sd = 5.2x

2017F

2018F

0.0 2012

2013

2014

2015

2016

2017F

2018F

Source: KGI Research

*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT

Please see back page for disclaimer

4

Thailand

HANA Microelectronics

Quarterly Income Statement Income Stetement (Bt mn) Revenue Cost of Goods Sold Gross Profit Operating Expense Other incomes Operating Profit Depreciation of fixed asset Operating EBITDA Non-Operating Income Interest Income Other Non-op Income Non-Operating Expense Interest Expense Other Non-op Expense Equity Income/(Loss) Pre-tax profit Current Taxation Minorities Extraordinary items Net Profit Normalized Profit EPS(Bt) Normalized EPS(Bt) Margins Gross profit margin Operating EBIT margin Operating EBITDA margin Net profit margin Growth Revenue growth Operating EBIT growth Operating EBITDA growth Net profit growth Normalized profit growth

Mar-14A

Jun-14A

Sep-14A

Dec-14A

Mar-15A

Jun-15A

Sep-15A

Dec-15A

Mar-16A

4,670 (4,089) 581 (234) 57 404 (288) 692 1,466 42 1,424 (2) (2) 0 0 1,868 (278) 0

5,523 (4,724) 799 (234) 61 626 (284) 909 114 57 57 (2) (2) 0 0 738 (51) 0

5,732 (5,006) 725 (248) 69 547 (275) 822 66 56 11 (2) (2) 0 0 611 (24) 0

5,303 (4,562) 741 (294) 85 532 (275) 807 26 60 (34) (2) (2) 0 0 555 (13) 0

4,994 (4,396) 598 (256) 49 391 (283) 674 142 54 88 (2) (2) 0 0 531 (15) 0

5,119 (4,510) 609 (268) 60 401 (293) 694 16 58 (42) (2) (2) 0 0 415 (15) 0

5,285 (4,397) 888 (304) 82 667 (287) 954 (323) 55 (379) (2) (2) 0 0 341 (13) 0

5,125 (4,188) 936 (287) 53 703 (297) 1,000 126 55 71 (2) (2) 0 0 827 (5) 0

4,742 (4,160) 582 (325) 53 311 (294) 605 179 51 128 (2) (2) 0 0 488 (4) 0

Jun-16A Sep-16A Dec-16A Mar-17A 4,764 (4,177) 587 (267) 64 384 (292) 676 60 50 9 (2) (2) 0 0 442 (25) 0

5,290 (4,542) 749 (289) 81 540 (294) 835 118 48 70 (2) (2) 0 0 657 (88) 0

5,726 (4,768) 958 (287) 63 734 (290) 1,024 (76) 53 (129) (2) (2) 0 0 656 (21) 0

5,238 (4,394) 844 (302) 47 588 (282) 871 242 51 191 (2) (2) 0 0 828 (11) 0

Jun-17A Sep-17A 5,232 (4,467) 765 (293) 66 539 (259) 798 161 56 105 (2) (2) 0 0 698 (22) 0

5,749 (4,914) 835 (290) 87 632 (266) 898 170 49 122 (2) (2) 0 0 800 (31) 0

1,590 167 1.98 0.21

686 629 0.85 0.78

587 576 0.73 0.72

542 576 0.67 0.72

517 429 0.64 0.53

399 441 0.50 0.55

329 707 0.41 0.88

822 751 1.02 0.93

484 356 0.60 0.44

417 408 0.52 0.51

569 499 0.71 0.62

635 764 0.79 0.95

818 627 1.02 0.78

676 571 0.84 0.71

770 648 0.96 0.80

12.4 8.6 14.8 34.1

14.5 11.3 16.5 12.4

12.7 9.5 14.3 10.2

14.0 10.0 15.2 10.2

12.0 7.8 13.5 10.3

11.9 7.8 13.6 7.8

16.8 12.6 18.1 6.2

18.3 13.7 19.5 16.0

12.3 6.6 12.7 10.2

12.3 8.1 14.2 8.8

14.2 10.2 15.8 10.8

16.7 12.8 17.9 11.1

16.1 11.2 16.6 15.6

14.6 10.3 15.3 12.9

14.5 11.0 15.6 13.4

(3.1) (5.1) (2.1) 175.3 (62.8)

18.3 55.0 31.5 (56.8) 277.5

3.8 (12.6) (9.6) (14.5) (8.4)

(7.5) (2.8) (1.8) (7.6) (0.0)

(5.8) (26.5) (16.4) (4.7) (25.6)

2.5 2.5 2.9 (22.7) 2.9

3.2 66.4 37.5 (17.7) 60.3

(3.0) 5.4 4.8 150.0 6.2

(7.5) (55.8) (39.5) (41.1) (52.6)

0.4 23.5 11.8 (13.8) 14.6

11.1 40.8 23.5 36.4 22.5

8.2 35.8 22.7 11.7 53.0

(8.5) (19.8) (15.0) 28.7 (18.0)

(0.1) (8.4) (8.3) (17.4) (8.9)

9.9 17.3 12.6 13.9 13.5

Source: KGI Research

Peer comparison – Key valuation stats Rating DELTA* HANA KCE* SVI* Sector

N N U N Neutral

Target Current price (Bt) price (Bt) 80.00 48.00 75.00 4.90

81.75 50.50 85.00 4.62

Upside (%)

16 core EPS (Bt)

17F core EPS (Bt)

18F core EPS (Bt)

17F PER (x)

18F PER (x)

17F PBV (x)

18F PBV (x)

(2.1) (5.0) (11.8) 6.1

4.28 2.52 4.97 0.25

4.54 3.07 4.10 0.22

4.76 3.31 4.46 0.31

20.5 14.6 20.6 23.2 19.7

16.8 15.2 20.1 16.4 17.1

3.0 1.9 4.5 1.5 2.8

2.8 1.8 4.0 1.5 2.5

17F Div 18F Div 17F ROAE 18F ROAE yield (%) yield (%) (%) (%) 3.7 4.0 1.9 1.7 2.8

3.9 4.0 2.0 2.4 3.1

11.5 11.0 14.3 4.4 10.3

13.3 10.1 14.0 6.1 10.9

Source: KGI Research

November 14, 2017

*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT

Please see back page for disclaimer

5

Thailand

HANA Microelectronics

Balance Sheet As of 31 Dec (Bt mn) Total Assets Current Assets Cash & ST Investment Inventories Account Receivable Others Non-current Assets LT Investment Net fixed Assets Others Total Liabilities Current Liabilities Account Payable ST Borrowing Others Long-term Liabilities Long-term Debts Others Shareholders' Equity Common Stock Capital Surplus Retained Earnings Preferred Stock

Profit & Loss 2015 23,123 15,670 8,784 3,367 3,318 202 7,453 337 6,901 214 3,699 3,165 2,413 0 752 534 0 534 19,424 805 1,723 15,492 0

2016 23,781 17,038 9,641 3,676 3,561 160 6,743 386 6,145 212 3,819 3,364 2,813 0 551 455 0 455 19,962 805 1,723 16,089 0

2017F 25,112 17,843 10,483 3,572 3,617 171 7,269 386 6,679 204 3,991 3,504 3,062 0 442 488 0 488 21,121 805 1,723 17,247 0

2018F 26,481 19,190 11,806 3,307 3,893 184 7,291 386 6,707 199 4,308 3,783 3,307 0 476 525 0 525 22,174 805 1,723 18,300 0

2019F 27,861 20,552 12,847 3,452 4,060 192 7,309 386 6,730 194 4,496 3,948 3,452 0 496 547 0 547 23,365 805 1,723 19,492 0

Source: KGI Research

Source: KGI Research

November 14, 2017

2015 20,521 (17,491) 3,030 (1,115) 23 2,161 (1,161) 3,282 (39) 222 (262) (8) (8) 0 0 2,114 (47) 0 0 2,066 2,328 2.57 2.89

2016 20,523 (17,647) 2,876 (1,167) 58 1,969 (1,170) 3,420 281 203 79 (7) (7) 0 0 2,243 (137) 0 0 2,105 2,027 2.62 2.52

2017F 22,001 (18,626) 3,375 (1,210) 62 2,444 (1,466) 4,423 513 217 295 (8) (8) 0 0 2,949 (180) 0 0 2,769 2,473 3.44 3.07

2018F 23,683 (20,117) 3,566 (1,255) 67 2,611 (1,472) 4,317 234 234 0 (9) (9) 0 0 2,836 (174) 0 0 2,663 2,663 3.31 3.31

2019F 24,697 (21,002) 3,695 (1,260) 70 2,749 (1,477) 4,470 244 244 0 (9) (9) 0 0 2,984 (183) 0 0 2,801 2,801 3.48 3.48

2015 3,126 2,066 1,161 (102)

2016 2,904 2,105 1,170 (371)

2017F 4,443 2,769 1,466 208

2018F 4,425 2,663 1,472 290

2019F 4,146 2,801 1,477 (133)

(2,160) (1,657) (501) (3) 966 (1,006) 0 0 (1,006) (41)

(416) (414) 88 (90) 2,488 (1,567) 0 0 (1,567) 921

(2,227) (2,000) (237) 10 2,215 (1,610) 0 0 (1,610) 606

(1,762) (1,500) (270) 8 2,662 (1,610) 0 0 (1,610) 1,053

(1,657) (1,500) (163) 6 2,489 (1,610) 0 0 (1,610) 879

Source: KGI Research

Key Ratios Year to 31 Dec Growth (%YoY) Sales OP EBITDA NP Normalized Profit EPS Normalized EPS Profitability (%) Gross Margin Operating Margin EBITDA Margin Net Margin ROAA ROAE Stability Gross Debt/Equity (%) Net Debt/Equity (%) Interest Coverage (x) Interest & ST Debt Coverage (x) Cash Flow Interest Coverage (x) Cash Flow/Interest & ST Debt (x) Current Ratio (x) Quick Ratio (x) Net Debt (Bt mn) Per Share Data (Bt) EPS Normalized EPS CFPS BVPS SPS EBITDA/Share DPS Activity Asset Turnover (x) Days Receivables Days Inventory Days Payable Cash Cycle Assumption Sales (mn USD) Exchange Rate

Year to Dec 31 (Btmn) Revenue Cost of Goods Sold Gross Profit Operating Expenses Other Incomes Operating Profit Depreciation of fixed assets Operating EBITDA Non-Operating Income Interest Income Other Non-op Income Non-Operating Expense Interest Expense Other Non-op Expense Equity Income/(Loss) Pretax Profit Current Taxation Minorities Extraordinaries items Net Profit Normalized Profit EPS(Bt) Normalized EPS(Bt)

Cash Flow 2015

2016

2017F

2018F

2019F

(3.3) 2.5 (33.0) (39.3) 19.5 (39.3) 19.5

0.0 (8.9) 4.2 1.9 (13.0) 1.9 (13.0)

7.2 24.2 29.3 31.5 22.0 31.5 22.0

7.6 6.8 (2.4) (3.8) 7.7 (3.8) 7.7

4.3 5.3 3.5 5.2 5.2 5.2 5.2

14.8 10.5 16.0 10.1 8.9 10.6

14.0 9.6 16.7 10.3 8.9 10.5

15.3 11.1 20.1 12.6 11.0 13.1

15.1 11.0 18.2 11.2 10.1 12.0

15.0 11.1 18.1 11.3 10.1 12.0

0.2 (0.5) 265.3 265.3 390.8 390.8 5.0 3.9 (8,784)

0.2 (0.5) 304.7 304.7 393.3 393.3 5.1 4.0 (9,641)

0.2 (0.5) 373.6 373.6 561.2 561.2 5.1 4.1 (10,483)

0.2 (0.5) 333.9 333.9 519.3 519.3 5.1 4.2 (11,806)

0.2 (0.5) 336.8 336.8 466.5 466.5 5.2 4.3 (12,847)

2.6 2.9 3.9 24.1 25.5 4.1 2.0

2.6 2.5 3.6 24.8 25.5 4.2 2.0

3.4 3.1 5.5 26.2 27.3 5.5 2.0

3.3 3.3 5.5 27.5 29.4 5.4 2.0

3.5 3.5 5.2 29.0 30.7 5.6 2.0

0.9 59 70 50 79

0.9 63 76 58 81

0.9 60 70 60 70

0.9 60 60 60 60

0.9 60 60 60 60

599 34.3

581 35.3

645 34.1

736 32.2

792 31.2

Year to 31 Dec (Bt mn) Operating Cash Flow Net Profit Depreciation & Amortization Change in Working Capital Others Investment Cash Flow Net CAPEX Change in LT Investment Change in Other Assets Free Cash Flow Financing Cash Flow Change in Share Capital Net Change in Debt Change in Other LT Liab. Net Cash Flow Source: KGI Research

Rates of Return on Invested Capital Year 2015 2016 2017F 2018F 2019F Year 2015 2016 2017F 2018F 2019F Year 2015 2016 2017F 2018F 2019F

COGS Operating Exp. Operating Depreciation + + = Revenue Revenue Margin Revenue 85.2% 5.7% 6.6% 2.5% 86.0% 5.7% 7.0% 1.4% 84.7% 6.7% 6.8% 1.9% 84.9% 6.2% 6.6% 2.3% 85.0% 6.0% 6.4% 2.6% Working Capital Other Assets Capital Net PPE 1/ + + = Revenue Revenue Turnover Revenue (0.0) 0.3 0.8 0.9 (0.0) 0.3 0.9 0.9 0.0 0.3 0.8 0.9 0.0 0.3 0.8 0.9 (0.0) 0.3 0.9 0.9 Operating Cash After-tax Return Capital x x = Margin Tax Rate on Inv. Capital Turnover 2.5% 2.2% 0.0% 0.9 1.4% 6.1% 0.1% 0.9 1.9% 6.1% 0.1% 0.9 2.3% 6.1% 0.1% 0.9 2.6% 6.1% 0.1% 0.9

1-

Source: KGI Research

*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT

Please see back page for disclaimer

6

Thailand

HANA Microelectronics

HANA Microelectronics– Recommendation & target price history Date 1-Sep-17

60 55

Rating Neutral

Target 47.00

Price 43.00

50

45 40 35 30 25 Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

Share price

May-17

Jun-17

Target price lowered

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Target price raised

Source: KGI Research

KGI Locations

ChinaShanghai

Room 1907-1909, Tower A, No. 100 Zunyi Road, Shanghai, PRC 200051

Shenzhen

Room 24D1, 24/F, A Unit, Zhen Ye Building,2014 Bao’annan Road, Shenzhen, PRC 518008

TaiwanTaipei

700 Mingshui Road, Taipei, Taiwan Telephone886.2.2181.8888 ‧

Hong Kong

Facsimile886.2.8501.1691

41/F CentralPlaza, 18 Harbour Road, Wanchai, Hong Kong Telephone 852.2878.6888

ThailandBangkok

Facsimile 852.2878.6800

8th - 11th floors, AsiaCentreBuilding 173 South Sathorn Road, Bangkok10120, Thailand Telephone 66.2658.8888

KGI's Ratings

Facsimile 66.2658.8014

Rating

Definition

Outperform (OP)

The stock's excess return* over the next twelve months is ranked in the top 40% of KGI's coverage universe in the related market (e.g. Taiwan).

Neutral (N)

The stock's excess return* over the next twelve months is ranked in the range between the top 40% and the bottom 40% of KGI's coverage universe in the related market (e.g. Taiwan).1.3

Under perform (U)

The stock's excess return* over the next twelve months is ranked in the bottom 40% of KGI's coverage universe in the related market (e.g. Taiwan).

Not Rated (NR)

The stock is not rated by KGI Securities.

Restricted (R)

KGI policy and/or applicable law regulations preclude certain typesofcommunications, including an investment recommendation, during the course of KGI's engagement in an investment banking transaction and in certain other circumstances.

Excess return = 12M target price/current priceNote

Disclaimer

November 14, 2017

KGI Securities no event shall profits, arising to buy or sell

When an analyst publishes a new report on a covered stock, we rank the stock's excess return with those of other stocks in KGI's coverage universe in the related market. We will assign a rating based on its ranking. If an analyst does not publish a new report on a covered stock, its rating will not be changed automatically. (Thailand) Plc. (“The Company”) disclaims all warranties with regards to all information contained herein. In the Company be liable for any direct, indirect or any damages whatsoever resulting from loss of income or by utilization and reliance on the information herein. All information hereunder does not constitute a solicitation any securities but constitutes our sole judgment as of this date and are subject to change without notice.

*The Company may be issuer of Derivative Warrants on these securities. http://research.kgi.com; Bloomberg: KGIT

Please see back page for disclaimer

7

HANA Microelectronics PCL

14 Nov 2017 - ของค่ำยต่ำงๆ อย่ำงเช่น iPhone, Samsung, Oppo, Huawei, และ Vivo. ก าไรจากธุรกิจหลักจะยังดี ถึงแม้ว่าว่าอัตราก าไรขั้นต้นจะทรงตัว. ก ำไรจำกธุรกิจหลักใน ...... top 40% and the bottom 40% of KGI's coverage universe in the related market (e.g.. Taiwan).1.3. Under perform (U). The stock's excess return* over the next ...

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