Semiconductor back-end packaging and test
Hana Micron
A leading Korean back-end (OSAT) player handling memory and logic assembly/test for Samsung and SK hynix, a contract structure that leverages capacity in the memory up-cycle. It is expanding into HBM and advanced packaging to catch the back-end bottleneck — the volumes fabless and IDM customers add flow straight into OSAT utilization. It depends on Advantest and Kulicke & Soffa for bonding/test equipment, so tool lead times and expansion pace are the execution variables.
067310.KQ Updated Jul 12, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, Hana Micron is directly linked to 5 companies (2 supply, 2 revenue, 1 investment relationships) and reaches 11 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 consolidated revenue KRW 1,534.4bn (+22.7%), operating income KRW 127.7bn. Semiconductor manufacturing (packaging/test) KRW 1,260.9bn (+26%), materials (Hana Materials) KRW 272.9bn (+9%), new-tech finance KRW 0.6bn
- Segments · Semiconductor manufacturing (packaging/test) · Semiconductor materials (Hana Materials, Si/SiC parts) · New-tech finance
Revenue from
- Samsung Electronics High confidence
Performs contract back-end packaging/test for Samsung's memory and logic — the key OSAT-leverage customer whose added volumes flow straight into utilization.Mentions KO Meritz & Daishin Securities Published Mar 2, 2026: Hana Micron brokerage targets — Meritz KRW 56,000, Daishin KRW 57,000 (Buy); 2026 consensus revenue +29.9%, OP +74% on HBM back-end and Vietnam ramp - SK hynix Medium confidence
Performs contract back-end packaging/test for SK hynix — a relationship that raises exposure to memory up-cycle volumes as HBM and advanced packaging expand.
Pays to
- Kulicke & Soffa Low confidence
Sources bonding/test equipment from Kulicke & Soffa — with Advantest, the upstream tool dependence behind back-end capacity expansion. - raw materials & R&D (undisclosed) Low confidence
Materials and R&D (undisclosed). - Advantest Low confidence
Sources bonding/test equipment from Advantest — OSAT expansion execution hinges on this tool lead time, the upstream cost/constraint of the back-end bottleneck.
Investments
- Hana Materials (consolidated subsidiary, semiconductor parts) High confidence
A vertical extension into back-end consumable parts — Hana Micron is the largest shareholder and consolidates Hana Materials as a subsidiary. Its silicon and SiC etch parts (FY2025 revenue KRW 272.9bn) ride a semiconductor-consumables cycle distinct from the packaging core, diversifying group earnings.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| Hana Micron | node | +109 | -41 | +143.5 | -52.4 | +269.3 | -7.7 |
| Kulicke & Soffa | benef1 | +92.4 | -25.8 | +25.5 | -13.2 | -0.3 | +80 |
| Advantest | benef1 | +17 | -2.3 | +155.7 | +49.5 | +196 | +29.9 |
| Hana Materials | benef1 | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -25.4 |
YTD as of 2026-09-04 · source: Yahoo Finance
Hana Micron operates across Semiconductor back-end packaging and test. It is -7.7% in 2026. The supply side (avg +55%) has moved harder than the stock (-7.7%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is SK hynix (+81.6%) and the furthest behind is Advantest (+29.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It depends on Advantest and Kulicke & Soffa for bonding/test equipment, so tool lead times and expansion pace are the execution variables.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target ₩55,000 · Price ₩34,850 (09-04) · Upside +58%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Daishin Securities | Buy | ₩57,000 | Jun 9, 2026 | Report ↗ |
| Sangsangin Securities | Buy | ₩61,000 | May 18, 2026 | Report ↗ |
| Korea Investment & Securities | Buy | ₩55,000 | May 14, 2026 | Report ↗ |
| Meritz Securities | Buy | ₩47,000 | Apr 21, 2026 | Report ↗ |
Initiates at Buy with a KRW57,000 target (21x P/E); overcomes capex-efficiency concerns with improving earnings quality and a record Q2 OP of KRW96.2bn expected.