[Click eStock] "Tesna, Attractiveness Reemerges Amid Semiconductor Non-Memory Value Chain Shift"

[Asia Economy Reporter Oh Ju-yeon] Hana Financial Investment stated that the semiconductor back-end process (testing, packaging) production lines, which were concentrated in China, are beginning a trend of de-Chinaization due to the US-China trade dispute, export regulations on process materials, and the COVID-19 pandemic. They forecast that Tesna, a wafer test and package test service provider, could attract attention.

On the 20th, Hana Financial Investment mentioned that Tesna's stock price rose more than 10% compared to the previous day on the 17th, analyzing that this was due to a reevaluation of Tesna's DNA. On that day, related stocks rose following reports that Qualcomm's new chipset would be outsourced for production at Samsung Electronics' foundry.

Researcher Kim Kyung-min analyzed, "Samsung Electronics' foundry customer acquisition roadmap focused primarily on strengthening relationships with US fabless customers rather than a diversification strategy like TSMC's with over 400 clients. In this context, Tesna's long-term dedication to wafer testing in mobile application processors, RF, and camera image sensors was reemphasized."

Performance is also one of the expected factors. The slowdown in second-quarter sales is expected to be not as bad as initially feared right after the outbreak of COVID-19, and third-quarter performance is anticipated to improve significantly.

Researcher Kim explained, "Among applications, demand for camera image sensors and smart cards (estimated combined sales proportion around 55-60%) remained solid, but other applications (RF, mobile application processors) were affected by sluggish smartphone sales due to the COVID-19 outbreak."

However, the third quarter is expected to improve. Researcher Kim diagnosed, "Sales of mobile application processors, which were sluggish in the second quarter, will improve in the third quarter."

Additionally, Researcher Kim expressed, "The relocation of back-end process production lines, which were concentrated in China, is expected to continue steadily. From the perspective of this 'Out of China' trend, market interest is likely to continue in Tesna and Samsung Electronics' non-memory value chain."

This content was produced with the assistance of AI translation services.