CGSI: "Hanmi Semiconductor Expected to Improve Earnings from Q2... Target Price Raised"
On May 18, CGSI Securities raised its target price for Hanmi Semiconductor from 213,000 won to 400,000 won, stating that the company’s earnings are expected to improve from the second quarter onward.
Yonghwan Lee, a researcher at CGSI Securities, noted in a report, “Hanmi Semiconductor’s first-quarter performance was somewhat sluggish due to delayed revenue recognition of TC Bonders for the domestic market,” but added, “Thanks to a sharp increase in order backlogs from the largest client and robust fab expansions, sales in the second to fourth quarters of this year are expected to grow significantly year-on-year.”
Lee also predicted, “Driven by an aggressive plan to expand its share of the memory market and solid factory expansion plans, order volumes from the largest client are expected to see an average annual growth of 29% through 2028.”
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He further emphasized, “Additional growth is anticipated due to shipments of HBF TC Bonders to global manufacturers and expanded sales of logic TCBs primarily in Taiwan and China.” For this year, he projected sales of 804 billion won and an operating profit of 410.8 billion won.
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