[Click eStock] "Hanmi Semiconductor Expected to Benefit Amid Foundry Companies' Investment Expansion"

Non-memory Semiconductor Shortage Continues... New Product Sales Expected to Expand

[Asia Economy Reporter Gong Byung-sun] There is a forecast that the shortage of non-memory semiconductors will lead to profits for Hanmi Semiconductor. As foundry companies such as TSMC expand their capital investments, it is interpreted that Hanmi Semiconductor, which manufactures equipment for non-memory semiconductors, is expected to benefit. Accordingly, Shinhan Financial Investment raised the target stock price from the previous 22,000 KRW to 30,000 KRW, maintaining a 'buy' rating.

Amid the ongoing global shortage of non-memory semiconductors, Hanmi Semiconductor is expected to be a beneficiary. Recently, there has been a shortage of semiconductor chips for automobiles. When COVID-19 occurred last year and mobility decreased, semiconductor manufacturers reduced production of automotive semiconductor chips and increased production of chips for consumer electronics. However, as automobile factory operations resumed earlier than expected, the supply of automotive semiconductor chips is severely insufficient.

Hanmi Semiconductor's main equipment, Vision Placement, is expected to be supplied to non-memory foundry companies. Vision Placement performs functions such as cutting, cleaning, drying, inspection, sorting, and stacking of semiconductor packages. If OSAT (Outsourced Semiconductor Assembly and Test) companies specializing in non-memory back-end processes expand their capital investments, sales in the Vision Placement segment will also increase. Recently, due to the semiconductor shortage, it is known that non-memory foundry companies such as TSMC are planning to expand their capital investments. For Hanmi Semiconductor, which follows the performance and capital investments of non-memory foundry companies, this is positive news.

Sales of new products are also expected to expand. Equipment for electromagnetic interference (EMI) prevention and camera modules have been supplied long-term to major overseas clients. Additionally, the resumption of orders for the TC bonder, a device that applies heat in the semiconductor manufacturing process to bond the metal surface of the device with the external power part, is anticipated. Choi Do-yeon, a researcher at Shinhan Financial Investment, said, "Equipment for electromagnetic interference prevention and camera modules will greatly contribute to future sales growth."

Reflecting this, Shinhan Financial Investment raised Hanmi Semiconductor's target stock price to 30,000 KRW. Researcher Choi said, "The new factory expansion has been completed, and profits will occur due to sales growth for the time being," adding, "The target price is based on a 20x price-to-earnings ratio (EPS) forecast for this year, and with the market discount rate falling and the shortage of non-memory supply, it is not burdensome at all." Shinhan Financial Investment forecasts Hanmi Semiconductor's sales for this year at 322.2 billion KRW and operating profit at 94.2 billion KRW.

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