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Hanmi semiconductor. (photo = Hanmi semiconductor) |
[Alpha Biz= Paul Lee] Hanmi Semiconductor saw a sharp decline of over 10% on Monday, following weaker-than-expected earnings and rising competition in the market.
According to the Korea Exchange, Hanmi Semiconductor closed at KRW 68,300, down 10.72% from the previous day. The stock hit an intraday low of KRW 68,000, marking its 52-week low.
The steep drop was largely driven by an earnings shock. Hanmi Semiconductor announced in a disclosure that its preliminary consolidated revenue and operating profit for Q1 2024 were KRW 140 billion and KRW 68.6 billion, respectively. This fell short of market expectations—analysts previously forecasted Q1 revenue and operating profit at KRW 169.6 billion and KRW 82.4 billion, according to financial data provider FnGuide.
The entry of a new competitor also rattled investor confidence. Hanwha Semitek has joined the HBM (High Bandwidth Memory) value chain, challenging Hanmi Semiconductor’s previously dominant position. On March 27, Hanwha Semitek disclosed that it had signed a contract with SK Hynix to supply semiconductor equipment for HBM production.
Hanmi Semiconductor is taking legal action against Hanwha Semitek over alleged technology leakage and patent infringement. In 2021, Hanmi Semiconductor filed a lawsuit against a former employee who moved to Hanwha Semitek, winning both the first and second trials in an unfair competition case.
The broader weakness in semiconductor stocks also contributed to Hanmi Semiconductor’s losses. On March 28, the Philadelphia Semiconductor Index plunged 2.95%, with all 30 constituent stocks declining amid concerns over U.S. tariff uncertainties and stagflation fears.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
