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Investing.com - JPMorgan downgraded Hanmi Semiconductor Co (KS:042700) from Overweight to Neutral on Friday, while simultaneously raising its price target to KRW160,000 from KRW125,000.
The South Korean chip equipment maker has seen its shares rally 74% over the past three months, significantly outperforming both industry peers (up 14%) and the broader KOSPI index (up 21%) during the same period.
JPMorgan based its new price target on a 27x multiple of FY26E/27E earnings per share, reflecting higher semiconductor back-end multiples and slight upward EPS revisions.
The investment bank expressed skepticism about Hanmi’s chances of winning Samsung thermal compression bonding (TCB) orders, suggesting this opportunity is currently mispriced by the market.
Key upcoming catalysts for Hanmi include HBM4 qualification announcements from memory makers expected in late Q4 2025 or early Q1 2026, HBM4-TCB order disclosures, and updates on the Stargate project, which JPMorgan views as too distant to factor into current pricing.
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