Semiconductor back-end services · 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· 4 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 | +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 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| 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 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -14.7 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| 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 |
| SFA Semicon | node | -5.8 | -34.1 | +48.7 | -48.7 | +139.8 | -28.4 |
| Advantest | benef1 | +17 | -2.3 | +155.7 | +49.5 | +196 | +29.9 |
| SFA Engineering | benef1 | -7.8 | +13 | -26.9 | -28.9 | +84.8 | -28.7 |
YTD as of 2026-09-04 · source: Yahoo Finance
SFA Semicon operates across KOSDAQ, Semi back-end, Memory OSAT. After +139.8% in 2025, it gave back -28.4% in 2026. The supply side (avg +29.9%) has moved harder than the stock (-28.4%). 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 Micron Technology (+256.4%) 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. Watch the memory cycle and how much customers outsource rather than keep back-end in-house.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ₩8,850 · Price ₩5,610 (09-04) · Upside +58%
| 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.