Daishin Securities analyzed on the 13th that Symtek is expected to see expanded performance improvement in the second half of the year. The investment opinion was maintained as 'Buy,' and the target stock price was raised to 45,000 KRW.
Daishin Securities forecasted that Symtek's sales and operating profit this year will reach 1.338 trillion KRW and 53 billion KRW, respectively.
Park Kang-ho, a researcher at Daishin Securities, said, "Additional sales of mobile semiconductor packages (MCP) for North American smartphone companies are expected to be reflected," adding, "Mobile DRAM is supplied about 90% by domestic companies Samsung Electronics and SK Hynix, and Symtek is expected to supply MCP, a semiconductor package related to this."
Daishin Securities evaluated the background of the full-scale sales to North American smartphone companies as an effect of geographical issues and technological competitiveness. He analyzed, "As a Korean memory package company (Symtek), the production ratio will expand, and the dependence on Korean companies will gradually increase," and predicted, "Due to the technological dispute between the U.S. and China, the supply from Chinese companies in the semiconductor package sector within North American smartphone companies is expected to decrease."
He evaluated, "Symtek is the only company that has secured all global memory companies?Samsung Electronics, SK Hynix, and Micron?as customers," and judged, "Based on production capacity in Korea, it is expected to benefit from geographical issues."
Along with this, the effect of increased quantity and mix improvement is expected to appear from the third quarter of this year. He explained, "Entering the peak season for memory-oriented packages (semiconductor PCBs) and reflecting additional sales to North American smartphone companies are expected to maintain a high operating rate," adding, "Moreover, expansion of relatively high value-added FC CSP and SIP sales is anticipated."
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