Earnings Report /
Thailand

HANA: Beat our expectation

  • 2Q22 core earnings were 54% above our estimate

  • HANA posted a 2Q22 net profit of Bt245m

  • Revenue totaled Bt6.4bn, up 5% YoY and 5% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

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Bualuang Securities
15 August 2022

HANA comes with risks associated with the global economic slowdown, supply chain issues, and geopolitical tensions. The potential cycle peak and limited upward earnings revision breadth may create downside risks into 2022-23. Moreover, its core earnings are likely to drop YoY for the next quarter. We recommend a wait-and-see stance for now.

2Q22 core earnings were 54% above our estimate

HANA posted a 2Q22 net profit of Bt245m, down 67% YoY and 33% QoQ. Stripping out extra items, core earnings would be Bt603m, down 22% YoY but up 51% QoQ. The core number was 54% above our expectation (and 46% better than the consensus’ estimate), due to a fatter GM and higher sales than we had assumed.