Hanmi Semiconductor한미반도체

Hanmi Semiconductor remains highly profitable on trailing numbers, but its share price has fallen about 24% over the past month and trades at a steep valuation.

Trailing twelve-month revenue is about ₩551B with operating income near ₩234B and an operating margin of 42.5%, roughly flat against 2025's ₩577B revenue. The stock closed at ₩184,000 on 2026-10-26, well below its 52-week high of ₩426,000 but up 22.9% over one year, and the company's valuation multiples remain high (P/E 79, P/B 23.5).

What stands out

• Revenue growth has slowed sharply: 2024 rose 251.5% but 2025 grew only 3.2%, and trailing revenue is a little below 2025's full-year figure.
• Profitability is very high, with a 42.5% trailing operating margin and 34.5% ROE, though 2025 net income of ₩214B was lower than 2023's ₩267B.
• The data shows a DCF-based fair value model with a base of ₩26,745, a bear of ₩19,612 and a bull of ₩37,084, which is far below the current price; this model output is not a forecast.
• Recent headlines centre on Micron naming the company a best supplier for a second year on 2026-10-22 and on the launch of a US subsidiary, Hanmi USA, on 2026-10-19.
• Recent filings include two major sales or supply contract reports in late September and early October 2026.
• Over 20 days, institutions were net buyers (about ₩77.6B) while foreign (about -₩68.9B) and retail (about -₩6.9B) investors were net sellers.

What to watch

• Upcoming results and whether revenue growth recovers from the slowdown seen in 2025 and the first half of 2026.
• Further disclosures of major supply contracts and any change in the Micron relationship, which the headlines highlight.
• Share price volatility and valuation, given the 1-month return of -24.4% and the stock's high multiples; the data does not include analyst ratings or price targets.