Stars Microelectronics
Stars Microelectronics (SET: SMT) is a Thai-listed semiconductor packaging, test (OSAT), EMS specialist. Smaller scale than Hana but operates in similar back-end semiconductor segment. Product mix: IC packaging (SOIC, QFN), test services, specialty EMS for semiconductor, industrial customers. Plant in Ayutthaya.
Snapshot
Headline numbers a buyer checks first.
Specialty
IC packaging, test, EMS
FY2024
Ticker
SET: SMT
Listed 2005
Location
Ayutthaya, Thailand
Ongoing
Scale
Mid-small
FY2024
What this company actually does
Stars Microelectronics provides IC packaging, test, specialty EMS services for semiconductor, industrial customers. Smaller scale than peer Hana but operates in adjacent back-end segments. Product, customer mix shifts cyclically with semiconductor back-end capacity demand, CHIPS Act, supply-chain-shift trends.[]
Strategic position: Thai listed OSAT specialty at smaller scale. Cyclical exposure to semiconductor back-end, US CHIPS Act, China-plus-one tailwind. Scale-limited vs global OSAT leaders, Hana; defensibility via customer-retention, niche positioning.[]
Business segments
IC packaging
SOIC, QFN, DFN packages
Core revenue: plastic IC packages for analog, mixed-signal, power management ICs. SOIC and QFN formats for industrial, consumer, automotive customers. Capacity ~1-2 billion units annually at Ayutthaya plant.
Test services
Back-end functional testing
Post-packaging electrical and functional test services; turnkey back-end offering for fabless IC customers who do not own test equipment. Value-add differentiator vs pure packaging competitors.
EMS
Specialty electronics assembly
Contract electronics manufacturing for specialty industrial, IoT, sensor applications. Smaller revenue share vs packaging but higher margin. Growing with electrification and industrial automation demand.
Customers
Industrial, automotive, consumer
Mix of US, European, Japanese IC design customers outsourcing Thailand back-end. Growing automotive-grade packaging qualification effort targeting EV power electronics opportunities.
Thai listed OSAT and EMS peer comparison
FY2024 estimates
| Entity | Ticker | Revenue (THB B) | Specialty | Scale |
|---|---|---|---|---|
| Hana Microelectronics | SET:HANA | ~28 | Flip-chip, advanced packaging, EMS | Large |
| Stars Microelectronics | SET:SMT | ~4 | IC packaging (SOIC, QFN), test, EMS | Mid-small |
| SVI Electronics | SET:SVI | ~5 | SMT EMS for industrial, telecom | Small |
| Delta Electronics Thailand | SET:DELTA | ~145 | Power electronics, EV chargers | Large |
Key drivers 2025-2026
Macro
BDI semiconductor cycle recovery
Global back-end semiconductor capacity utilisation fell to ~70-75% in 2023-2024 from peak ~95%. Recovery depends on AI chip demand downstream and consumer electronics destocking completion.
Tailwind
China-plus-one supply chain shift
US CHIPS Act, Japan METI, EU Chips Act all incentivise non-China semiconductor supply-chain diversification. Thailand is a beneficiary; SMT positioned to capture incremental back-end outsourcing from Japanese and US IDMs.
Upgrade
Automotive-grade qualification
AEC-Q100 automotive-grade qualification for power management, sensor packaging would open EV value chain. Capital-light upgrade vs greenfield; SMT has initiated qualification process targeting 2025-2026 design wins.
Watchpoints
Semiconductor cycle, back-end demand
Global OSAT capacity, pricing trajectory.
CHIPS Act, supply-chain shift
China-plus-one sourcing tailwind magnitude.
Scale, customer retention
Competitive pressure vs Hana, global OSAT.
Specialty, niche pricing
Product-mix margin vs commodity packaging.
Related Market profiles
Peers, parents, partners, agencies, and other Electronics & Semiconductors actors.
Competitor
Hana Microelectronics
Larger listed OSAT peer.
Open Market profile →
Competitor
SVI Electronics manufacturing platform
Listed EMS peer.
Open Market profile →
Sector peer
Cal-Comp Electronics (Thailand)
Kinpo Taiwan-parent listed EMS; printers, networking, IoT, PC OEM; FY2024 revenue ~ $1.88B.
Open Market profile →
Sector peer
KCE Electronics
Listed Thai PCB manufacturer; automotive, consumer, industrial PCBs; FY2024 revenue ~ $434.8M.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Stars Microelectronics (Thailand) PCL (SET: SMT) FY2024 Form 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Stars Microelectronics (Thailand) PCL (SET: SMT) FY2024 Form 56-1 | Stars Microelectronics (Thailand) PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thailand Electronics & Semiconductors Market Intelligence
Listed Thai semiconductor packaging, test, EMS specialist; smaller-scale OSAT peer to Hana.
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Sits alongside 7 other Atlas profilesThailand Semiconductor OSAT Deep Dive
Stars Microelectronics IC packaging, module specialty.
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Sits alongside 6 other Atlas profilesKCE: PCB Cycle and the Automotive-Electronics Rotation
Adjacent SET:SMT in semiconductor
Open report →
Sits alongside 5 other Atlas profiles