Hanmi Semiconductor (042700) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Hanmi Semiconductor makes semiconductor back-end equipment, and it leads in the thermo-compression bonder (TC bonder), the key tool for high-bandwidth memory (HBM) that stacks multiple DRAM chips on top of one another for AI, with SK Hynix as a major customer. In the first quarter of 2026, an order gap sent revenue plunging to ₩50.9 billion and operating profit to ₩8.5 billion, but in the second quarter it rebounded quickly to ₩251.1 billion in revenue and ₩130.3 billion in operating profit, with the operating margin topping 50% for the first time ever at 51.9%. The point to watch is that in June it signed a ₩44.2 billion contract to supply new HBM4 bonders to SK Hynix and confirmed the exit from the trough with its second-quarter results, so profit could grow strongly again if HBM4 mass production proceeds smoothly, whereas if the pace of AI memory investment slows, equipment orders may be pushed back and quarterly swings could widen.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Semiconductor Equipment” (Semiconductors & IT Components · Semiconductor & Display Equipment), a type typically read first through forward P/E.
Chip-equipment makers see orders surge and dry up with their customers' capital-spending cycles, so earnings can move sharply from here. Since future orders and profits drive the price more than past results, forward P/E, based on expected earnings, is the first lens.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 3.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 65.5% lower than a year earlier.
- ROE is 28.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 39.6%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kwak Dong-shin 33.51% (individual)
Controlling bloc incl. related parties 55.71%
With the controlling bloc holding 56%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Hanmi Semiconductor makes "back-end" (packaging and test) equipment used after chips are fabricated to cut, bond and inspect them one by one. Its main product is the thermo-compression bonder (TC bonder). This tool precisely stacks multiple DRAM chips and bonds them with heat and pressure. It is essential for making high-bandwidth memory (HBM), which sits next to AI chips. Its largest customer is SK Hynix, the world's No.1 in HBM, and a large share of revenue depends on that company's HBM investment scale. It also makes dicing equipment that cuts chips, and cleaning and inspection equipment. In short, the company's results move sharply with "how much, and when, memory makers expand their HBM lines."
The latest close is ₩200,500 and the market capitalization is ₩19.1 trillion. The price sits below its 20-day moving average (₩209,410) and below its 60-day moving average (₩265,582). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 44.8, a neutral level. The one-month change is -4.8%, the three-month change is -49.2%, and the position relative to the 52-week high is -51.0%. Relative strength versus the KOSPI is 58 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 58% of all stocks. Over the past three months it lagged the index by 39.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The profitability metrics are very high. On a 2025 basis, ROE (how much is earned in a year on equity) is 31% and the operating margin is 43.6%, among the top of the equipment group. The financial structure is also solid. Net debt (total borrowings minus cash) is negative, meaning it holds net cash of about ₩273.7 billion and has no debt burden. The current ratio (assets convertible to cash within a year against debt due within a year) is 4.1x, ample. That said, the valuation metrics can look demanding. The P/E ratio (how many times one year's earnings the share price represents) is 89.30x and the P/B (how many times book equity the share price represents) is 30.05x, both high. Given the traits of this detailed sector, it is more appropriate to look at the forward P/E, which reflects future earnings, than the P/E on past earnings. Because the first quarter was an order gap, trailing twelve-month profit is depressed, making the trailing P/E look higher than reality. On debt-inclusive measures, EV/EBIT (enterprise value divided by operating profit) is 82x and EV/Sales (divided by revenue) is 35.8x. As a net cash company, its EV (enterprise value) is actually lower than its market cap, so debt does not make the valuation worse. The FCF yield (market cap relative to actual cash generated) is a low 0.6%, reflecting a phase in which cash inflows temporarily fell during the equipment-order gap.
Results swing sharply with the HBM investment cycle. Over the past five years revenue went ₩373.2 billion in 2021, down to ₩159.0 billion in 2023, and up to ₩576.7 billion in 2025, a clearly up-and-down pattern. In 2025 revenue rose 3.2% and net profit 40.2% year-on-year, delivering a record level of profit. 2026 began with a sharp drop in the first quarter: revenue ₩50.9 billion (-65.5% year-on-year) and operating profit ₩8.5 billion (-87.9%), caused by a transition gap after fifth-generation (HBM3E) bonder orders wound down and before sixth-generation (HBM4) revenue was recognized. In other words, the first quarter was the trough of the cycle. The rebound has already been confirmed. Second-quarter revenue was ₩251.1 billion and operating profit ₩130.3 billion, a sharp bounce. The operating margin topped 50% for the first time ever at 51.9%. Operating profit rose more than fifteenfold from the trough in a single quarter. There is real-world evidence of the recovery: in June it signed a ₩44.2 billion contract to supply new HBM4 bonders to SK Hynix, a single contract equal to 7.66% of last year's annual revenue. With HBM4 bonder shipments expected to concentrate in the second half, we judge this year's profit to be on a trajectory of strong recovery out of the first-quarter trough. Reflecting that recovery, the high-looking P/E on last year's earnings falls sharply on a forward (this-year expected earnings) basis.
The most recent key disclosure is the July 14 preliminary second-quarter results. Revenue was ₩251.1 billion and operating profit ₩130.3 billion, with the operating margin topping 50% for the first time ever at 51.9%. It confirmed the first-quarter trough and demonstrated with results that the rebound had begun. Behind it is the June 8 single supply contract: a ₩44.2 billion deal with SK Hynix for new thermo-compression bonders (TC BONDER 4.5 GRIFFIN) for HBM4 (sixth-generation) manufacturing. The contract period runs from June 8, 2026 to September 2, 2026, volume to be recognized as second-half revenue. Equal to 7.66% of last year's annual revenue, this single contract can be seen as a signal of the start of the HBM4 order cycle. In June it also disclosed decisions on tangible-asset acquisition and acquisition of another company's shares, showing it is spending cash on capacity expansion and business expansion. Earlier, on May 15, it fair-disclosed preliminary first-quarter results of ₩50.9 billion in revenue and ₩8.5 billion in operating profit, confirming the order gap. The dividend is ₩800 per share (a dividend yield of about 0.37%); given its growth-stock character, the dividend weight is small.
The core observation point is that it is "passing through the start of the HBM4 order cycle." The strengths are clear. It holds a leading position in HBM thermo-compression bonders and combines high profitability (ROE 31%, operating margin 44%) with a net cash financial structure. The June ₩44.2 billion contract is real evidence of the second-half recovery. On a forward basis reflecting future earnings, the currently high trailing P/E falls considerably. Conversely, there are cautions. Results depend heavily on the scale and timing of a specific customer's (SK Hynix's) HBM investment. If the pace of AI memory investment slows or competitors take a share of bonder orders, quarterly volatility could widen. The valuation metrics themselves are high in absolute terms, so if the recovery trajectory is later than expected, the correction could be large. In sum, it is strong in phases where HBM4 mass production proceeds smoothly, and weak in phases where signs of an AI-investment slowdown or order delays emerge.
🔎 Valuation vs peers Fairly valued
Domestic semiconductor-equipment makers producing AI HBM and back-end/front-end equipment; like Hanmi, their results are heavily swayed by the semiconductor investment cycle.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wonik IPS | 54.09x | 4.63x | 8.66% |
| Jusung Engineering | 173.72x | 10.57x | 6.05% |
| ISC | 51.47x | 5.33x | 12.89% |
The 120x P/E on past earnings is higher than the equipment peer group. But this figure largely reflects an optical effect from trailing twelve-month profit being depressed by the first-quarter order gap. As shown by second-quarter operating profit jumping more than fifteenfold over the first quarter, the true picture for this company is this year's expected (forward) earnings. On the forward basis, which reflects second-half HBM4 revenue, the forward P/E falls to around the low 70s. Even so, the absolute multiple remains high, which can be seen as a premium for the leading position in HBM bonders and profitability well above the peer group (ROE 31%, operating margin 44%). Wonik IPS, ISC and the like have lower P/Es but single-digit to low-double-digit ROEs, a large profitability gap. Conversely, the fact that results are heavily swayed by the scale and timing of SK Hynix's HBM investment, causing large quarterly volatility, makes it hard to justify the multiple without limit. In sum, given the high profitability and leading position, the current valuation is hard to call excessively expensive, and we judge it a fairly valued range where the re-rating hinges on whether the second-half recovery trajectory continues.
Price history Close · MA20 · MA60
The latest close is ₩200,500 and the market capitalization is ₩19.1 trillion. The price sits below its 20-day moving average (₩209,410) and below its 60-day moving average (₩265,582). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 44.8, a neutral level. The one-month change is -4.8%, the three-month change is -49.2%, and the position relative to the 52-week high is -51.0%. Relative strength versus the KOSPI is 58 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 58% of all stocks. Over the past three months it lagged the index by 39.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -39.31% / 6M -15.76% / 12M +20.65%
Key metrics Computed vs sector median
Valuation
The P/E of 89.30x is above the sector median (54.09x). The P/B of 30.05x is above the sector median (6.19x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 28.0%, above the sector average (18.0%). The operating margin is 39.6%. The debt ratio is 16.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $111.7M | $392.6M | $405.1M | +3.18% ↓ slower |
| Operating profit | $24.3M | $179.4M | $176.6M | -1.57% ↓ slower |
| Net profit | $187.7M | $107.2M | $150.3M | +40.23% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $262.2M | $230.1M | $111.7M | $392.6M | $405.1M |
| Operating profit | $86.0M | $78.6M | $24.3M | $179.4M | $176.6M |
| Net profit | $73.4M | $64.8M | $187.7M | $107.2M | $150.3M |
| Revenue CAGR | 4-yr avg 11.50% | ||||
Revenue rose 3.2% year over year (2023 ₩159.0 billion → 2024 ₩558.9 billion → 2025 ₩576.7 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 1.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.5%. The two-year revenue CAGR is 90.4%. In the most recent quarter (Q1 2026), revenue was 65.5% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 28.0% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 3.2% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-07-14EarningsPreliminary consolidated second-quarter 2026 results fair-disclosed - revenue ₩251.1 billion, operating profit ₩130.3 billion, operating margin 51.9%, topping 50% for the first time ever. Rebound confirmed after the first-quarter trough.Demonstrates with results that the sharp first-quarter drop was a temporary order gap and supports the second-half recovery trajectory. Medium-term positive. Source
- 2026-06-08UpdateSingle supply contract signed with SK Hynix for new thermo-compression bonders (TC BONDER 4.5 GRIFFIN) for HBM4 (sixth-generation) manufacturing, ₩44.2 billion (7.66% of last year's annual revenue, contract period 2026-06-08 to 09-02).A signal of the start of the HBM4 order cycle and volume to be recognized as second-half revenue, real evidence of the turn to recovery from the first-quarter order gap. Source
- 2026-06-30FilingTangible-asset acquisition decision (revised disclosure) - equipment investment to expand production capacity.Expands future capacity to meet HBM4 orders. Short term, a cash outlay that pressures FCF. Medium term. Source
- 2026-05-15EarningsPreliminary consolidated first-quarter 2026 results fair-disclosed - revenue ₩50.9 billion (-65.5% year-on-year), operating profit ₩8.5 billion (-87.9%), net profit ₩19.0 billion (-65.2%).Confirms the order gap in the transition from HBM3E to HBM4. The cycle trough and the cause of the short-term earnings weakness. Source
- 2026-05-15FilingFirst-quarter 2026 report filed.Confirms and discloses first-quarter financial statements. Verifies the net cash financial structure and the sharp revenue drop from the order gap in financial figures. Source
- 2026-06-05IRNotice of investor-relations event - guidance on HBM4 order schedule and second-half recovery plan.The company guides directly on concentrated bonder orders from the second quarter and second-half acceleration. Sets out the direction of the second-half earnings rebound. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Detailed-sector key metric - forward P/E | approx. 71x | — | Unverified | — |
| Second-quarter 2026 operating profit (preliminary) | ₩130.3 billion | ₩130.3 billion·operating margin 51.9% | Confirmed | link |
| First-quarter 2026 results (preliminary) | revenue 509·operating profit 85·net profit 190 | revenue 509·operating profit 85·net profit 190 | Confirmed | link |
| Net debt | -₩273.7 billion | 1 | Confirmed | link |
Recent filings Source
- 2026-06-08Single supply/sales contract
- 2026-06-05Disclosure
- 2026-06-05Disclosure
- 2026-06-01Corporate governance report
- 2026-06-01Disclosure
- 2026-05-19OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Disclosure
- 2026-05-15EarningsFair-disclosure notice
- 2026-05-11Disclosure
- 2026-04-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-23Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.