Merrill Lynch Positive on Hanmi Semiconductor's Client Diversification... Raises Target Price to 420,000 Won

Aerial View of Hanmi Semiconductor Hybrid Bonder Factory

Global investment bank Merrill Lynch has raised its target price for Hanmi Semiconductor from 300,000 won to 420,000 won, stating that the company is further strengthening its competitiveness by diversifying its client base.

On April 24, Merrill Lynch released a report titled "Hanmi Semiconductor Growth Catalyst: Korea's New Mega Fabs," evaluating that the company's value has been increasing as its client base, which was previously centered on SK Hynix, has recently expanded to include Micron and Chinese companies. Merrill Lynch also raised the possibility that Hanmi Semiconductor could supply its main product, TCB (Thermo-Compression Bonding), to Samsung Electronics.

Merrill Lynch stated, "The construction of new factories such as SK Hynix's Yongin plant and Samsung Electronics' P5 in 2028 will have a positive impact on Hanmi Semiconductor," adding, "The strong growth trend, accompanied by high margins, will justify the current high price-to-earnings ratio (PER)."

Furthermore, the company said, "We have raised our forecast for 2028 earnings per share (EPS) by 39% compared to the previous estimate," adding, "This is due to a 35% upward revision in our revenue projections."

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