[Click eStock] "Hanmi Semiconductor, Concerns Over Slowing Order Momentum... Investment Rating and Target Price Downgraded"

On the 31st, BNK Investment & Securities pointed out concerns about a slowdown in future order momentum for Hanmi Semiconductor. Accordingly, the investment rating was downgraded from 'Buy' to 'Hold', and the target price was lowered from 160,000 KRW to 140,000 KRW.

Minhee Lee, a researcher at BNK Investment & Securities, mentioned that in the first half of this year, there was an aggressive expansion competition for high-bandwidth memory (HBM) among DRAM customers due to the AI server infrastructure investment boom. He stated, "Orders increased not only from the main customer SK Hynix but also from the new customer Micron, resulting in a high order backlog at the end of the first half," and predicted, "Therefore, the performance in the second half is expected to be good."

However, the researcher analyzed, "There is a possibility of slowing down the investment pace in the future due to recognition of the limitations of the AI revenue model," and added, "Considering that the shortage of graphics processing units (GPU) is also being resolved as the second half progresses, the momentum of the HBM expansion competition driven by steep demand growth seems to have passed its peak."