KOSDAQ · Semi back-end · Memory OSAT
SFA Semicon
SFA Semicon is a back-end outsourcer (OSAT) that assembles and tests memory chips outside the fab, so its revenue ties directly to the memory volume and utilization of two customers — Samsung and SK hynix. Taking fab-made wafers to package/test into finished parts, it benefits as HBM and advanced packaging raise both back-end difficulty and volume. Watch the memory cycle and how much customers outsource rather than keep back-end in-house.
036540.KQ Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, SFA Semicon is directly linked to 5 companies (1 supply, 3 revenue, 1 investment relationships) and reaches 13 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 367.4bn (-8.3% YoY), operating loss KRW 19.6bn (parent KRW 356.0bn, -10.4%). Outsourced back-end for Samsung, SK hynix and Micron memory
- Segments · Memory back-end packaging & test
Revenue from
- Samsung Electronics High confidence
Contract-assembles/tests Samsung memory — as out-of-fab back-end, Samsung's memory volume/utilization is the revenue, with the outsourcing share vs in-house the growth variable.Mentions KO Korea Investment & BNK Securities Published Apr 27, 2026: Brokerages on SFA Semicon: Samsung volume transfer to Philippines drives 2026 turnaround; targets KRW 8,000-12,000 (Buy; KIS, BNK) - SK hynix Medium confidence
Contract back-end for SK hynix memory — as HBM raises assembly/test difficulty, outsourced volume and pricing grow. - Micron Technology Medium confidence
The remaining pillar of the global memory-3 beyond Samsung and SK — the annual report names Samsung, Micron and SK hynix as key customers. US memory maker Micron's volume partly diversifies the concentration on the two domestic customers.
Pays to
- bonding materials (undisclosed) Low confidence
Materials and R&D (undisclosed). - Advantest Low confidence
Sources test equipment from Advantest — back-end capacity expansion means tester procurement, so equipment lead time is the upstream bottleneck to scaling volume.
Investors
- SFA Engineering (largest shareholder, 54.95%) High confidence
The axis binding SFA Semicon into the SFA group — display/semiconductor-equipment maker SFA Engineering is the largest shareholder at 54.95%. It links the parent's equipment and automation capability with the OSAT back-end inside the group, supporting capacity reallocation such as the Samsung-volume transfer to the Philippines.
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 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| SFA Semicon | node | -5.8 | -34.1 | +48.7 | -48.7 | +139.8 | -31.8 |
| Advantest | benef1 | +17 | -2.3 | +155.7 | +49.5 | +196 | +17.1 |
| SFA Engineering | benef1 | -7.8 | +13 | -26.9 | -28.9 | +84.8 | -32.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
SFA Semicon's thesis is back-end outsourcing leverage running outside the memory majors. Since it performs assembly and test on contract, revenue ties directly to Samsung and SK hynix memory shipments and utilization, and HBM and advanced packaging raise process steps and difficulty for structural volume demand. But with only two customers, their outsourcing policy and the memory cycle load volatility straight onto results — volume leverage attaches first in upturns and is pressured first in downturns. Graph propagation: Samsung/SK hynix memory volume pulls demand, and Advantest tester procurement is the upstream capacity bottleneck.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ₩8,850 · Price ₩5,350 (07-10) · Upside +65%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Korea Investment & Securities | Buy | ₩8,000 | Apr 2, 2026 | Report ↗ |
| BNK Investment & Securities | Buy | ₩9,700 | Feb 13, 2026 | Report ↗ |
Initiated Buy at 8,000 won, citing the Philippine plant filling up and steady domestic operations, framing the memory-packaging OSAT as at the start of an earnings turnaround.