[Click eStock] "HPSP, Expected Record Q4 Performance"

Samsung Securities analyzed on the 18th that HPSP is expected to record its highest quarterly performance in the 4th quarter. The investment opinion 'Buy' and the target stock price of 47,000 KRW were maintained.

HPSP recorded sales of 49.7 billion KRW and operating profit of 26.2 billion KRW in the 3rd quarter. These results are in line with the consensus of sales of 48.1 billion KRW and operating profit of 25.9 billion KRW. Hyunggeun Ryu, a researcher at Samsung Securities, said, "It is estimated that the recovery of equipment shipments to existing customers and the effect of customer diversification overlapped, leading to a rebound in sales to logic and foundry sectors," adding, "It is presumed that steady sales growth continues due to strong DRAM 1b transition investments by major customers."

Researcher Ryu explained, "In the 4th quarter, thanks to the recovery in demand from logic and foundry sectors, the highest quarterly performance is expected," and added, "Although the overall semiconductor capital expenditure (Capex) environment is not favorable, we believe that HPSP can achieve differentiated growth in 2025."

He also noted, "Opportunities for penetration into the Chinese semiconductor market are also open. It is estimated that Chinese semiconductors currently can achieve speeds up to 6400 Mbps," and forecasted, "To achieve further speed improvements, High-K Metal Gate technology is required, and purchases of related equipment may begin from 2025."

He stated, "It is estimated that as of the end of the 3rd quarter this year, penetration into most customers in logic, foundry, and NAND sectors has been completed," and added, "The remaining hurdle is DRAM, and meaningful results are expected in DRAM as well in 2025."