Stock Analysis: HANA Microlectronics

HANA has been a high volatility stock due to the cyclical nature of the industry and volatility in the exchange rate. It sells in USD and reports in THB.

HANA’s share price rose 30% in July, and another 7% in August. However, such large moves for HANA are not unprecedented. For example, in March its share price fell 31%, but quickly recovered 26% in April. Such swings however were driven by COVID-19, which affected the SETETRON sector. On a relative monthly change, HANA’s share price has under or over performed SETETRON between 5% and 13% for the last 25 years.

It reported an average profit for 2Q20 – its sales were down slightly. But weak baht and reduced expenses have increased the gross margin quite a bit. It is very likely that the share price’s out performance of 12% this quarter could reverse soon.

Stay away from this stock as I cannot find a strong reason to compensate for additional risks built in increased volatility.

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