บทวิเคราะห์ (Research)

HANA reported a 3Q25 core profit of Bt38mn (-27% YoY, -75% QoQ). The result missed our forecast by 86% mainly due to a 5.2ppts lower than expected gross margin. Given the huge shortfall in gross margin and with 9M25 earnings accounting for only 41% of our fullyear forecast, we have put our rating and target price Under Review