Kiwoom Securities said Thursday that Hanwha Vision (KRX: 489790) has seen its valuation appeal emerge following the recent share price decline, maintaining a “Buy” rating on the stock. The brokerage lowered its target price to \u20a9100,000 (approximately $70.30), down from its previous target. The stock closed the prior session at \u20a943,500 (approximately $30.58).<\/p>\n
According to Kiwoom Securities, Hanwha Vision posted Q2 revenue of \u20a9542.3 billion (approximately $381.2 million) and operating profit of \u20a965.6 billion (approximately $46.1 million) \u2014 up 23% and 197% quarter-over-quarter, respectively. The results represent an earnings surprise, exceeding both the brokerage’s own estimates and market consensus.<\/p>\n
“Security segment earnings improved significantly on CCTV price increases, while consolidated subsidiary Hanwha Semitech also showed growth from surface-mount technology (SMT) equipment and TC Bonder revenue recognition,” said Park Yu-ak, an analyst at Kiwoom Securities. “Additional TC Bonder orders from SK Hynix have also been confirmed, pointing to a positive second-half outlook,” he added.<\/p>\n
The brokerage expects Q3 operating profit to decline approximately 25% quarter-over-quarter due to one-off cost recognition. However, Q4 is projected to see a sharp increase in industrial equipment earnings, driven by TC Bonder revenue recognition from SK Hynix and the removal of one-off costs.<\/p>\n
Hanwha Vision’s share price has fallen sharply recently amid concerns over SK Hynix’s sixth-generation high-bandwidth memory (HBM4) production setbacks and broader weakness in the semiconductor sector. “The current valuation reflects pre-growth levels for HBM TC Bonder prospects, and looks attractive given HBM market growth over the next two years,” Park said.<\/p>\n
He argued the sector’s investment thesis should shift from “commodity memory price increases” to “HBM market growth in 2027\u20132028.” “We name Hanwha Vision, which holds roughly 50% market share in TC Bonders for SK Hynix’s HBM lines, as our top pick in the sector,” Park said.<\/p>\n
Hanwha Vision, which started as a security solutions company, has expanded into semiconductor equipment. With HBM market growth driven by rising demand for AI semiconductors, the company’s TC Bonder and related equipment businesses have drawn increasing investor attention.<\/p>\n","protected":false},"excerpt":{"rendered":"Kiwoom Securities said Thursday that Hanwha Vision (KRX: 489790) has seen its valuation appeal emerge following the recent…\n","protected":false},"author":2,"featured_media":108290,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[41021,355,354,53901,5487,699,987,42527,275,12657],"class_list":["post-108289","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hanwha","tag-cctv","tag-hanwha","tag-hanwha-group","tag-hanwha-semitech","tag-hanwha-vision","tag-hbm","tag-kiwoom-securities","tag-park-yu-ak","tag-sk-hynix","tag-tc-bonder"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/108289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=108289"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/108289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/108290"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=108289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=108289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=108289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}