Hanmi Semiconductor makes and supplies back-end semiconductor equipment such as the TC bonders used to stack and join multiple DRAM chips into high-bandwidth memory (HBM). With roughly a 71% share of the TC bonder market it effectively leads the field, and SK Hynix is its main customer. First-quarter 2026 revenue of ₩50.9 billion and operating profit of ₩8.5 billion reflected an order lull, but a June 8 disclosure of a new order for HBM4 TC bonders signaled that orders had resumed and recovery was underway. The key point to weigh is that its roughly 71% share, 31% ROE, and low-40s% operating margin, together with the HBM4 transition cycle, are strengths, while revenue is tied to the HBM investment timing of a few customers—so quarterly swings are large, and the recovery path must be as steep as hoped for the current valuation to be justified.
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 31.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 43.6%.
- The P/E sits above the sector median, reflecting elevated expectations.
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
- Hanmi Semiconductor makes and supplies equipment used in the final step (back-end process) of turning memory semiconductors into finished chips.
- Its core product is the 'TC bonder' (thermal-compression bonder), which precisely joins chip to chip with heat and pressure when multiple DRAM chips are stacked upward to make high-bandwidth memory (HBM).
- In this field Hanmi effectively leads the market with about a 71% share, and SK Hynix is its main customer.
- It also supplies micro saws (dicing), vision placement (inspection and transfer), and laser and EMI-shielding equipment.
- In short, the main revenue stream is 'orders for equipment that goes in when the memory makers that build HBM expand production capacity,' which is why results swing sharply quarter to quarter with customers' investment timing.
- The latest close is ₩215,500 and the market capitalization is ₩20.5 trillion.
- The price sits below its 20-day line (₩269,560) and below its 60-day line (₩304,703).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that measures the strength of gains versus losses over the past 14 days on a 0-100 scale) is 37.7, a neutral reading.
- The one-month change is -20.2%, the three-month change is -15.0%, and the price is -47.4% from its 52-week high.
- Relative strength versus the KOSPI is 65 (on a 1-99 scale that weights recent returns against the index over the past year more heavily, with higher meaning stronger than the market).
- That places it in roughly the top 34% of all stocks by strength.
- Over the past three months it lagged the index by 38.1%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- On a 2025 basis, ROE (how much it earns in a year on its equity) was 31%, very high capital efficiency even among equipment makers, and with an operating margin of 43.6% and a net margin of 37.1%, profitability itself is outstanding.
- The debt ratio (debt relative to equity) of 117.8% makes a large part of assets look debt-financed, but with a current ratio of 410% and interest coverage of 24x, short-term solvency and interest-servicing capacity are ample.
- That said, at the current price the P/E (how many times a year's earnings the share price represents) is 95.98x and the P/B (how many times book net assets) is 29.75x, which are very high on absolute numbers alone.
- The caution here is that this P/E is a trailing figure based on last year's (2025) confirmed earnings.
- Because an equipment maker's profit swings sharply with the order cycle, rather than judging it cheap or expensive on last year's numbers alone, it should be read alongside where this year's earnings are heading (see the growth section below).
- Looking at the five-year revenue path (2021-2025: ₩373B, ₩328B, ₩159B, ₩559B, ₩577B), revenue more than tripled in 2024-2025 alongside the HBM boom after bottoming in 2023.
- Broken out by quarter, the cycle is even clearer.
- In 2025 it peaked quarter by quarter from ₩147B in the first quarter before plunging to ₩83B in the fourth, and the first quarter of 2026 fell to ₩50.9B, down 65.5% from a year earlier.
- This reflects an 'order lull,' a temporary gap in orders for existing equipment ahead of customers' HBM4 transition, making the first quarter something of a trough in this cycle.
- The heart of the outlook is the recovery path.
- In June, new orders for HBM4 bonders resumed from SK Hynix, and the company is raising monthly bonder capacity from 35 units to 45 next year.
- From the second half of 2026, as HBM4 volume production ramps, shipments should rise again, and in 2027-2028, when new fab start-ups overlap, orders are set to grow further—so the first-quarter weakness looks like a cyclical trough rather than a structural slowdown.
- Reflecting this recovery path, this year's earnings should not fall far from last year's, and the forward-based valuation comes down clearly below the trailing 114.7x.
- The most important disclosure in 2026 is the June 8 single sales and supply contract.
- It is a new order for HBM4 TC bonders, a signal that orders resumed after the first-quarter lull.
- On May 19 there was a disclosure of executives' and major shareholders' holdings and trading plans in specified securities, and on May 15 the first-quarter 2026 report and consolidated financial statements were filed, confirming first-quarter results of ₩50.9B revenue and ₩8.5B operating profit.
- Multiple disclosures of scheduled investor briefings (IR) from April through June also show the company communicating actively with the market at an earnings inflection point.
- The strengths are clear.
- A dominant roughly 71% share of the HBM TC bonder market, a high 31% ROE and a low-40s% operating margin, and an order-expansion cycle from the second half of 2026 through 2028 as the HBM4 transition and new fab start-ups overlap—these are the company's core strengths.
- The sharp first-quarter drop is a cyclical trough, and the June order resumption switched on a recovery signal.
- The weaknesses are equally clear.
- Because the main revenue stream is tied to the HBM investment timing of a few customers (SK Hynix in particular), quarterly results are highly volatile, and a delay in customers' HBM4 volume production or a slowdown in order pace could push out the recovery.
- In addition, even after falling on a forward basis, the current valuation remains high, so the structure requires the recovery path to be as steep as hoped to be justified.
- In short, this is a stock that is strong when the HBM4 order cycle switches on as expected, and weak if order delays or customer-concentration risk materialize.
🔎 Valuation vs peers Fairly valued
Comparison within the HBM value chain. Hanmi supplies HBM 'equipment,' while SK Hynix and Samsung Electronics are the 'customers' that use that equipment to make HBM, so their business positions differ; but as they share the same HBM cycle, they serve as a reference for comparing valuation levels.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SK Hynix | 36.30x | 12.93x | 35.61% |
| Samsung Electronics | 36.72x | 3.83x | 10.43% |
At the current price, the trailing P/E of 114.7x is far above HBM customers SK Hynix and Samsung Electronics (about 44x). This stems, however, from (a) Hanmi being an equipment maker with a business structure of large earnings volatility, and (b) trailing earnings being temporarily depressed by the first-quarter 2026 order lull after the 2025 peak. Treating the first quarter as a trough and reflecting the second-half resumption of HBM4 orders, the forward multiple comes down clearly from the trailing one, but it still sits above the customers. This premium is partly justified by the dominant market share and expectations for an order cycle running into 2027-2028, so rather than calling it plainly undervalued or overvalued, it is reasonable to view it as fairly valued, hinging on whether the recovery path is realized.
Price history Close · MA20 · MA60
The latest close is ₩215,500 and the market capitalization is ₩20.5 trillion. The price sits below its 20-day moving average (₩269,560) and below its 60-day moving average (₩304,703). 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 37.7, a neutral level. The one-month change is -20.2%, the three-month change is -15.0%, and the position relative to the 52-week high is -47.4%. Relative strength versus the KOSPI is 65 (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 66% of all stocks. Over the past three months it lagged the index by 38.1%. 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 -38.13% / 6M -27.19% / 12M -3.36%
Key metrics vs sector median
Valuation
The P/E of 95.98x is above the sector median (61.28x). The P/B of 29.75x is above the sector median (8.18x).
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 31.0%, above the sector average (15.0%). The operating margin is 43.6%. The debt ratio is 117.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $105.4M | $370.4M | $382.2M | +3.18% ↓ slower |
| Operating profit | $22.9M | $169.3M | $166.6M | -1.57% ↓ slower |
| Net profit | $177.1M | $101.1M | $141.8M | +40.23% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $247.3M | $217.1M | $105.4M | $370.4M | $382.2M |
| Operating profit | $81.1M | $74.1M | $22.9M | $169.3M | $166.6M |
| Net profit | $69.2M | $61.1M | $177.1M | $101.1M | $141.8M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 31.0% 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
- 2026-06-08UpdateSigning of a single sales and supply contract for HBM4 TC bonders. A disclosure showing that new orders resumed after the first-quarter lull.Near term: a starting point for a second-half revenue recovery. Medium term: a signal that the HBM4 cycle is beginning in earnest, raising the chance of an earnings inflection. Source
- 2026-05-15EarningsFirst-quarter 2026 report and consolidated financial statements filed. Revenue of ₩50.9B, operating profit of ₩8.5B, and net profit of ₩19.0B, confirming a 65.5% year-on-year revenue decline.Near term: confirms the earnings trough from the order lull. Medium term: becomes a reference point for gauging the subsequent scale of recovery. Source
- 2026-05-19FilingReport of executives' and major shareholders' holdings and trading plans in specified securities.Near term: secures transparency by disclosing insider trading plans. Medium term: the direct effect on earnings is limited. Source
- 2026-06-05IRDisclosure of a decision to hold an investor briefing (IR). Active market communication at an earnings inflection point.Near term: an opportunity to share the state of the business and order flow. Medium term: improves visibility into the recovery. Source
Figure cross-check computed ↔ external
Recent filings
- 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.
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