Hana Micron is an outsourced semiconductor assembly and test (OSAT) specialist that handles the back-end work of assembling (packaging) finished chips and inspecting (testing) them on others' behalf, with Samsung Electronics and SK Hynix as its main customers. The substance of its revenue is a consolidated result that combines domestic packaging and test fees with memory-module sales from its Brazil unit, an SK Hynix-dedicated line in Vietnam, and materials from its listed subsidiary Hana Materials. In a May value-up disclosure it set out targets of ₩2.6 trillion in revenue by 2027 and ₩3.25 trillion by 2030 while keeping ROIC at or above 10.8%, and in Q1 2026 every business unit posted record results. What stands out recently is that structural demand — a memory-cycle recovery and large customers expanding their back-end outsourcing — is showing up in results alongside the subsidiaries, a clear strength, while on the other side the Brazil module business is sensitive to spot memory prices and could give back gains, and a financial structure with a 506% debt ratio and an 84.7% current ratio would weigh on the company if the cycle slows or rates rise.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 506.0%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 84.7%).
- Revenue rose 22.7% year over year, and the pace is slowing (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 62.8% higher than a year earlier.
- ROE is 9.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.3%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Chang-ho 15.17% (individual)
Controlling bloc incl. related parties 26.3%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Hana Micron is not a company that designs and manufactures semiconductors itself, but an outsourced semiconductor assembly and test (OSAT) specialist that takes on the work of assembling finished chips into their final product form (packaging) and screening out defects (testing) on others' behalf.
- It began as a spin-off from Samsung Electronics' semiconductor division, and Samsung Electronics and SK Hynix are its main customers.
- It earns money along three main lines.
- First, at the domestic headquarters it packages and tests memory and non-memory chips.
- Second, a group of subsidiaries heavily drives results: the Brazil unit makes and sells memory modules (DDR5 and the like), the Vietnam unit (VINA) has an SK Hynix-dedicated line and is ramping volume, and the listed subsidiary Hana Materials supplies consumable silicon and silicon-carbide parts used in the semiconductor etch process.
- In other words, the substance of its revenue is a consolidated result that combines 'packaging and test service fees + memory-module sales + materials and parts,' and every one of these businesses is tied directly to the memory cycle.
- The latest close is ₩35,200 and the market cap is ₩2.3 trillion.
- The price sits below the 20-day line (₩46,642) and below the 60-day line (₩43,762).
- Being under both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (an auxiliary gauge that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 35.7, a neutral level.
- The one-month change is -16.9%, the three-month change is +22.0%, and the position versus the 52-week high is -38.0%.
- Relative strength versus the KOSDAQ is 93 (on a 1-99 scale, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 7% of all stocks by strength.
- Over the past three months it outpaced the index by 55.4%.
- It is best to read the chart alongside trading volume and the dates of disclosures.
- On a 2025 consolidated basis, revenue was ₩1,534.4 billion, operating profit ₩127.7 billion and net profit ₩38.1 billion, marking a return to the black after two years of net losses (-₩13.5 billion in 2023, -₩23.8 billion in 2024).
- ROE (how much is earned in a year on equity) is 9.6% and the operating margin is 8.3%, levels at the very start of a recovery phase.
- The conspicuous weakness is the financial structure: the debt ratio (debt relative to equity) is a high 506% and the current ratio (assets that can be turned to cash against debt due within a year) is only 84.7%.
- This stems from the nature of a back-end and materials business that has funded large-scale capital investment with debt; it improves as utilization rises but can be a burden when rates climb or the cycle slows.
- Meanwhile, the P/E ratio (how many times one year's profit the price represents) of 89.5 and the P/B (how many times net assets) of 8.55 look very high on the numbers alone, but these use the low net profit of 2025 — a trough year — as the denominator, and so understate the company's current earning power.
- In a phase of rapid earnings swings, the forward basis (on this year's earnings) is closer to the true picture than the trailing multiple (on last year's results).
- Revenue has grown by double digits for three straight years, from ₩968.0 billion in 2023 to ₩1,250.7 billion in 2024 to ₩1,534.4 billion in 2025, a roughly 26% CAGR over three years.
- Net profit was in the red in 2023-2024 before turning positive in 2025, and in Q1 2026 revenue of ₩507.7 billion (+62.8% year over year), operating profit of ₩72.0 billion (+513.6%) and net profit of ₩72.8 billion (a return to the black) meant a single quarter already comfortably exceeded last year's full-year net profit.
- The operating margin also jumped to 14.2%.
- The basis for the growth is clear: as Samsung and SK Hynix concentrate investment on HBM (high-bandwidth memory) and leading-edge processes, they are handing off packaging and test volumes for commodity memory to back-end players like Hana Micron, and this coincided with rising memory prices and rising utilization at the Brazil, Vietnam and Hana Materials subsidiaries all at once.
- The corporate value-up plan the company disclosed also sets targets of ₩2.6 trillion in revenue for 2027 and ₩3.25 trillion for 2030, tracing an upward path beyond 2026 as well, so there is no basis to view this year as the top of the cycle.
- Reflecting this surge in earnings, the forward valuation looks nothing like the one on last year's results.
- Recent disclosures fall along three lines: results, shareholder returns and legal.
- In the May 14 corporate value-up (value-up) disclosure, the company set out as official targets ₩2.6 trillion in revenue by 2027 and ₩3.25 trillion by 2030, maintaining ROIC (return on invested capital — how much is earned on the capital put into the company) at or above 10.8%, and an FY2025 dividend policy (returning the portion of FCFF above 5%).
- A disclosure around the same time about 'litigation, etc. related to a supply contract' was not a large new order but a correction disclosure closing out a dispute over a past contract through a court-mediated settlement, and should not be mistaken for a new revenue event.
- Taken together, the observation point is that the company pinned its growth targets to specific figures and formalized a framework for shareholder returns.
- The strengths are clear.
- Structural demand — a memory-cycle recovery and large customers expanding their back-end outsourcing — is showing up in results, and with the subsidiaries (Brazil modules, the Vietnam SK Hynix line, Hana Materials) improving in tandem, every business unit posted record results in Q1 2026.
- The P/E on last year's results looks high, but that is because of trough earnings; on this year's earnings the valuation burden falls sharply.
- The company itself has raised its revenue targets beyond 2027, making it hard to view this year as the peak.
- On the other side, the point to watch is the volatility of earnings.
- The Brazil module business is sensitive to spot memory prices and could give back gains if prices turn, and the financial structure with a 506% debt ratio and an 84.7% current ratio weighs on the company if the cycle slows or rates rise.
- In short, as long as the memory cycle and utilization hold, earnings leverage works strongly, but in a phase where memory prices reverse quickly, both results and finances could be shaken together.
🔎 Valuation vs peers Fairly valued
Compared against businesses within the semiconductor value chain of a similar nature — back-end (OSAT), test and materials — though Hana Micron is not entirely identical to a pure back-end player, since memory-module and materials subsidiaries are heavily blended into its consolidated results.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Leeno Industrial | 35.11x | 7.30x | 20.78% |
| SK Hynix | 36.30x | 12.93x | 35.61% |
| Jusung Engineering | 208.36x | 12.60x | 6.05% |
The 89.5 P/E on last year's results uses 2025 net profit (₩38.1 billion), a trough year, as the denominator, and so greatly understates current earning power. Q1 2026 net profit alone was already ₩72.8 billion, so on a forward basis (this year's earnings) the multiple falls sharply into the low double digits. In other words, it is hard to call the stock 'expensive' on the trailing multiple alone. That said, unlike a stable high-ROE parts maker such as Leeno Industrial (ROE in the 20% range), Hana Micron has a 9.6% ROE and a 506% debt ratio, with high financial-stability and earnings volatility, and much of its profit comes from module and materials subsidiaries sensitive to spot memory prices. Growth and cycle leverage are premium factors, but the finances and volatility are discount factors, so on balance it sits in the 'fairly valued' range.
Price history Close · MA20 · MA60
The latest close is ₩35,200 and the market capitalization is ₩2.3 trillion. The price sits below its 20-day moving average (₩46,642) and below its 60-day moving average (₩43,762). 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 35.7, a neutral level. The one-month change is -16.9%, the three-month change is +22.0%, and the position relative to the 52-week high is -38.0%. Relative strength versus the KOSDAQ is 93 (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 93% of all stocks. Over the past three months it outpaced the index by 55.4%. 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 +55.36% / 6M +46.65% / 12M +178.47%
Key metrics vs whole-market median
Valuation
The P/E of 61.39x is above the whole-market median (13.81x). The P/B of 5.87x is above the whole-market median (1.15x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 9.6%, above the whole-market average (5.0%). The operating margin is 8.3%. The debt ratio is 506.0%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $641.5M | $828.9M | $1.0B | +22.69% ↓ slower |
| Operating profit | $38.4M | $70.8M | $84.6M | +19.57% ↓ slower |
| Net profit | -$9.0M | -$15.8M | $25.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $443.7M | $592.8M | $641.5M | $828.9M | $1.0B |
| Operating profit | $69.6M | $68.6M | $38.4M | $70.8M | $84.6M |
| Net profit | $17.0M | $1.9M | -$9.0M | -$15.8M | $25.3M |
| Revenue CAGR | 4-yr avg 23.04% | ||||
Revenue rose 22.7% year over year (2023 ₩968.0 billion → 2024 ₩1.3 trillion → 2025 ₩1.5 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 19.6% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 23.0%. The two-year revenue CAGR is 25.9%. In the most recent quarter (Q1 2026), revenue was 62.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 22.7% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 506.0%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 84.7%).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-14IRCorporate value-up (value-up) progress disclosure — targets of ₩2.6 trillion in revenue by 2027 and ₩3.25 trillion by 2030, maintaining ROIC at or above 10.8%, and shareholder returns (the excess portion of FCFF). For 2025 it achieved ₩1,534.4 billion in revenue and 6.3% ROIC.By pinning multi-year growth, profitability and return targets to official figures, the company provides a baseline for forward results. Confirms medium-term direction. Source
- 2026-05-20IRDisclosure of an NDR (briefing) for domestic and overseas institutions on Q1 2026 results — May 21-22 domestic, May 28-29 overseas. IR materials are posted on the company website and KRX KIND.An event to communicate strong results directly to the market, affecting near-term supply-demand and investor interest. Source
- 2026-05-29UpdateCorrection disclosure on litigation, etc. related to a supply contract — a dispute over a past supply contract was confirmed and closed by a court-mediated settlement. This is the wrap-up of an existing dispute, not a new order.In the near term, the nature of one uncertainty being resolved. Should not be interpreted as a new revenue event. Source
- 2026-05-14EarningsMarch 2026 quarterly report filed — confirmed Q1 consolidated revenue of ₩507.7 billion, operating profit of ₩72.0 billion and net profit of ₩72.8 billion.Officially confirms operating profit up 513.6% year over year and a return to the black in net profit. The basis for a re-valuation of forward results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | 1₩534.4 billion | 2025 revenue 15,344 | Confirmed | link |
| Q1 2026 operating profit | ₩72.0 billion | 1 operating profit 720 | Confirmed | link |
| Payout ratio (2025) | 12.2% | 2025x 12.19% | Confirmed | link |
| 2026 estimated net profit / forward P/E | approx. 2,000(self-estimate) / forward PER approx. 17x | — | Unverified | link |
Recent filings
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02OwnershipOwnership-change filing
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Litigation disclosure (amended)
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-20Litigation disclosure (amended)
- 2026-05-20Disclosure
- 2026-05-14Disclosure
- 2026-05-14Disclosure
- 2026-05-14PeriodicQuarterly report
📖 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.