KOSPI · 042700 · Machinery · ₩042700

Hanmi Semiconductor한미반도체

042700 · KOSPI · ₩042700 · 한미반도체

₩191,400▲ ₩7,400 (4.02%)End-of-day · Oct 27, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩26,907

vs the current price (₩191,400)

Enterprise value: ₩2.5T
Equity value: ₩2.6T
WACC: 9.9%

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

Why the model and the price differ

The model is 86% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
Or revenue growth +59.8 points a year higher than assumed in each of the 5 years.
Margins ranged from 21.7% to 45.7% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
Today's P/E is 82.2× against a typical 39.2× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩19,717; −89.7%
Base: ₩26,907; −85.9%
Bull: ₩37,343; −80.5%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (38.3%).

Revenue growth

Revenue growth, year 120.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 216.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 311.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 47.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin38.3%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending14.4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital33.4%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta1.06
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 1.09, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.53%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩551B
Net debt (borrowings and leases − cash and deposits): −₩69B
+ Stakes and investments: ₩9B; Associates, long-term financial assets and deposits (book value)
Shares: 95,312,200
Share price: ₩191,400
Market cap: ₩18T

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩159B	₩559B	₩577B	₩665B	₩774B	₩866B	₩930B	₩958B
Growth	−51.5%	251.5%	3.2%	20.7%	16.3%	11.9%	7.4%	3.0%
EBIT	₩35B	₩255B	₩251B	₩255B	₩296B	₩332B	₩356B	₩367B
EBIT margin	21.7%	45.7%	43.6%	38.3%	38.3%	38.3%	38.3%	38.3%
After-tax EBIT	₩25B	₩185B	₩182B	₩185B	₩215B	₩240B	₩258B	₩266B
+ Depreciation	₩8.3B	₩9.5B	₩11B	₩20B	₩23B	₩26B	₩28B	₩29B
− Capital spending	₩28B	₩54B	₩94B	₩96B	₩111B	₩125B	₩134B	₩138B
− Working capital	−₩40B	₩74B	−₩47B	₩38B	₩36B	₩31B	₩21B	₩9.3B
Free cash flow	₩46B	₩67B	₩147B	₩71B	₩90B	₩111B	₩131B	₩147B
Discount factor	—	—	—	0.910	0.829	0.754	0.686	0.625
Present value	—	—	—	₩64B	₩75B	₩84B	₩90B	₩92B

Terminal value ₩3.3T, worth ₩2.1T today: 84% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩7,836 a share)Now 24.4×	₩27,8383.55×	₩105,08313.4×	₩251,95132.2×
Price / earnings (last 12 months: ₩2,330 a share)Now 82.2×	₩23,82410.2×	₩91,24039.2×	₩165,93171.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,551 a share)Now 42.1×	₩46,53810.2×	₩178,22839.2×	₩324,13171.2×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
8.9%	₩28,112	₩29,639	₩31,385	₩33,405	₩35,768
9.4%	₩26,191	₩27,502	₩28,990	₩30,694	₩32,664
9.9%	₩24,493	₩25,628	₩26,907	₩28,359	₩30,020
10.4%	₩22,982	₩23,973	₩25,080	₩26,328	₩27,743
10.9%	₩21,630	₩22,499	₩23,465	₩24,546	₩25,762

Now (TTM)

Market cap: ₩18T
Enterprise value: ₩18T
P/E: 82.2×
P/B: 24.4×
P/S: 33.1×
EV/EBITDA: 74.0×
Dividend yield: 0.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩127,400	₩82,500	₩61,700	₩11,500	₩18,924
Market cap	₩12T	₩7.9T	₩5.9T	₩1.1T	₩1.8T
P/E	56.7×	51.5×	22.0×	11.9×	17.3×
P/B	17.6×	14.5×	10.3×	2.8×	5.2×
P/S	21.1×	14.1×	37.0×	3.3×	4.8×
EV/EBITDA	45.2×	29.3×	134.0×	8.5×	13.7×
Dividend yield	0.6%	0.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hanmi Semiconductor	82.2×	24.4×	33.1×	74.0×	0.4%
Doosan Enerbility	208.4×	4.6×	2.1×	—	0.0%
Jusung Engineering	1,121.0×	13.7×	36.0×	2,158.2×	0.0%
Rainbow Robotics	4,006.5×	51.3×	151.2×	—	0.0%
EO Technics	44.8×	6.5×	10.9×	—	0.0%
Doosan Bobcat	13,664.7×	914.4×	736.1×	—	3.5%
Wonik IPS	26.6×	4.3×	5.0×	40.0×	0.2%
Similar companies (median)	664.7×	10.1×	23.5×	1,099.1×	0.0%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Hanmi Semiconductor / 한미반도체 / 042700 / KRX:042700

Source: KRX statistical information