[신한금융투자 보고서]
Target price 30k → 36,000 won…
TSMC’s stock price/performance and direction trend
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Shinhan Financial Investor Hanmi Semiconductor (042700)Regarding, we raised the target price from 30,000 won to 36,000 won, evaluating that “Stable earnings growth is expected with TSMC’s large-scale investment.” The investment opinion is’buy’.
On the 5th, Shinhan Investment Corp. estimated that this year’s sales of Hanmi Semiconductor increased 25.2% year-on-year to KRW 322.2 billion and operating profit to KRW 93.4 billion, up 38.7%. It is an analysis that a green light for earnings has increased due to the announcement of large-scale investments by TSMC, a Taiwanese foundry company, amid the recent surge in customer orders due to a shortage of non-memory semiconductor supplies. TSMC announced that it will invest 100 billion dollars (113 trillion won) by 2023. Do-yeon Choi, a researcher at Shinhan Financial Investment, said, “The sales of Vision Placement, which is Hanmi Semiconductor’s flagship equipment and performs semiconductor package cutting, washing, and drying functions, are linked to facility investment by OSAT companies specializing in non-memory post-processing “The investment of TSMC is very positive for Hanmi Semiconductor as it follows the facility investment of foundry companies.”
Researcher Choi said, “The performance and stock price of Hanmi Semiconductor are in line with TSMC’s direction, and there is no doubt about TSMC’s performance and stock price direction as the supply shortage of non-memory is severe.” He predicted that “5G communication chip EMI Shield is in the process of long-term supply to major overseas customers, and orders for TC-Bonder, the core equipment of TSV (Through Silicon Via) process technology, will resume.” “The target price (36,000 won) is 24 times this year’s expected earnings per share (EPS), but it is not burdensome given the lack of non-memory supply and the expansion of new product sales.”
/ Reporter Seung-bae Lee [email protected]
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