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JONBUR Research · Update note

Hanmi Semiconductor · 042700 · Machinery

Hanmi Semiconductor: Q3 Preliminary Earnings Show Operating Profit Up 33.9% y/y but Down 30.3% q/q

Why this report

Written after:

Hanmi Semiconductor reported preliminary Q3 2026 consolidated operating profit of ₩90.8B, up 33.9% from a year earlier but down 30.3% from the prior quarter. The result confirms high profitability but also shows revenue falling sharply from Q2, and the model's fair value estimate sits far below the current share price.

Written Oct 30, 2026 · Data as of Oct 29, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

On 2026-10-30 the company released preliminary consolidated results for July to September 2026. Revenue was ₩181.0B, up 8.9% from ₩166.2B a year earlier but down 27.9% from ₩251.2B in Q2. Operating profit was ₩90.8B, up 33.9% year on year and down 30.3% from ₩130.3B in Q2. That implies an operating margin of about 50.2% for the quarter, calculated from the two figures. For the first nine months, revenue was ₩483.1B (down 2.1% from ₩493.7B) and operating profit was ₩229.6B (up 2.6% from ₩223.8B). Pre-tax profit and net income were not reported in this filing. The figures are preliminary and may differ from final results.

What it changes for the thesis

The previous report described a highly profitable, low-leverage business whose revenue growth had stalled. This release supports the profitability side: the Q3 margin of roughly 50.2% is above the 42.5% trailing margin cited then. It also supports the stalled-growth side. Nine-month revenue is 2.1% below last year, and the quarter-on-quarter drop of 27.9% shows that revenue is uneven. The year-on-year gain in Q3 is real, but it comes against a modest base. Net income is not available, so the earlier net margin and ROE figures cannot be updated yet. Recent news mentions a Micron supplier award, but the data does not give order sizes.

What it changes for the valuation

The share price closed at ₩196,900 on 2026-10-29, down 21.9% over one month, versus ₩248,500 at the time of the previous report. Trailing multiples are now a P/E of 84.5, P/B of 25.1 and EV/EBITDA of 76.1, lower than the P/E of 106.7 and P/B of 31.7 in the previous report, mainly because of the lower price. Our DCF model gives a fair value of ₩19,732 (bear), ₩26,931 (base) and ₩37,380 (bull) per share, using a 9.9% discount rate and data through H1 2026. This is a model estimate based on the assumptions shown, not a price target. The previous report had no model estimate, so there is nothing to compare against. The model range is far below the market price, which means the market is pricing in much stronger earnings than the model assumes. The model does not yet include the Q3 figures. Over the last 20 days foreign investors were net sellers of about ₩164.1B, and foreign ownership slipped from 7.7% to 7.1%.

Closing view

The quarter shows a business that still converts revenue into very high operating profit, and the year-on-year gain is a positive. Against that, revenue fell sharply from Q2, nine-month revenue is slightly lower than last year, and net income is not yet available. The share price remains well above the model's fair value range, so the market is assuming a stronger path than our assumptions. The evidence confirms strong quality and shows that growth is uneven, and it does not settle whether the current valuation is justified.

Model estimate of fair value

Bear
₩19,732
-89%
Base
₩26,931
-85%
Bull
₩37,380
-80%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 9.9%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 30, 2026Update noteEarningsHanmi Semiconductor: Q3 Preliminary Earnings Show Operating Profit Up 33.9% y/y but Down 30.3% q/q
  2. Oct 13, 2026InitiationHanmi Semiconductor: High Margins and Strong Share Price Gains Meet Very Elevated Multiples

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information