[Click eStock] "Hanmi Semiconductor, Continued HBM Demand... Recent Adjustment Buying Opportunity"

On the 23rd, BNK Investment & Securities evaluated Hanmi Semiconductor, stating that the demand for high-bandwidth memory (HBM) continues, and the recent correction is an opportunity for bargain buying. They maintained a 'Buy' investment rating and raised the target price from the previous 70,000 KRW to 160,000 KRW.

Hanmi Semiconductor posted provisional results for the first quarter of this year, with sales increasing by 192% year-on-year to 77.3 billion KRW, and operating profit rising by 1,283% to 28.7 billion KRW during the same period. Sales met market expectations, and operating profit exceeded them by 4%.

Minhee Lee, a researcher at BNK Investment & Securities, explained, "The lead time for NVIDIA graphics processing units (GPUs) is still about 30 weeks, and the backlog demand remains solid. Global artificial intelligence (AI) infrastructure investment is still ongoing, and the supply shortage of HBM continues."

He added, "We are paying attention to the market share increase of SK Hynix, a major customer of the company, and the market entry of new customer Micron. The HBM market, expected to grow more than twofold next year, will be led by Micron's facility expansion," he predicted.

The researcher further stated, "In the next-generation product HBM4, TC bonder will be the main equipment, and with customer diversification, the benefits of competition in HBM expansion are expected to continue. Since the sharp increase in performance is expected to alleviate valuation burdens, the recent price correction could be an opportunity for bargain buying."