[Click e-Stock] "Hanwha Vision Shares Down 12%...A Buying Opportunity at Low Prices"

On February 11, Kiwoom Securities said that although Hanwha Vision's share price fell excessively in the previous trading session, it actually represents a buying opportunity at a low price, and maintained its investment rating of "Buy" with a target price of 90,000 won.

Hanwha Vision corporate image. Yonhap News

Hanwha Vision's share price closed the previous day at 59,200 won, down 12.68% (8,600 won) from the previous session's closing price. This appears to reflect concerns that SK Hynix's investment in TC bonders will fall short of market expectations. Hanwha Semitec, a subsidiary of Hanwha Vision, supplies TC bonders to SK Hynix.

However, Kiwoom Securities assessed that this sharp share-price drop is only temporary and therefore constitutes a buying opportunity at a low price. Park Yooak, an analyst at Kiwoom Securities, said, "We expect SK Hynix's CAPEX (capital expenditures) for this year to significantly exceed market expectations, and we also believe that the number of TC bonders to be purchased will be in the range of 105 to 120 units, far above the market expectation in the 80-unit range." Kiwoom Securities forecasts SK Hynix's CAPEX at 40 trillion won, which is above the market expectation of 35 trillion won.

Hanwha Vision's earnings for this year are also expected to improve. Park said, "We expect Hanwha Vision's operating profit this year to show a slight improvement in the first quarter of 2026, and then to grow sharply to 50 billion won in the second quarter (up 169% quarter-on-quarter), 81.4 billion won in the third quarter (up 63%), and 90 billion won in the fourth quarter (up 11%)," adding, "We believe profitability in the security segment will normalize, and that Hanwha Semitec's operating profit will also surge from 900 million won in the fourth quarter of last year to 32.9 billion won in the fourth quarter of this year due to expanded supply of TC bonders."

The securities firm projected that Hanwha Vision's consolidated operating profit for next year will soar 113% year-on-year to 511.2 billion won. This is because it is expected to supply HCB (hybrid bonding), a next-generation process equipment applied after TCB (thermo-compression bonding), to HBM, NAND, and foundry customers. Park said, "Hanwha Vision is expected to complete the development of its second-generation HCB equipment within the first half of this year through technological collaboration with global equipment manufacturers, and to begin supplying it to Samsung Electronics, SK Hynix, and others, thereby moving to preempt the HCB market."