In today’s briefing:
- Hana Micron’s Boost From Samsung/Nvidia Agreement
- Hana Micron: Semiconductor Chips Packaging Company With Solid Fundamentals and FOMO Trading
Hana Micron’s Boost From Samsung/Nvidia Agreement
- US graphics chip designer NVIDIA Corp (NVDA US) has, to date, sourced HBM3 chips exclusively from SK Hynix (000660 KS).
- Shares in Samsung Electronics (005930 KS) promptly popped ~6% last Friday on news it had been added as a supplier to NVIDIA.
- Hana Micron Inc (067310 KS), which boasts Samsung as its largest customer, similarly jumped, and is up 45% in the past week. Too much too quickly?
Hana Micron: Semiconductor Chips Packaging Company With Solid Fundamentals and FOMO Trading
- Due to the sharp appreciation of Hana Micron’s share price this year, its valuation discount to companies such as HPSP has narrowed substantially.
- Samsung Electronics is one of the major customers of Hana Micron. Samsung recently reported that it has successfully secured the right to supply advanced memory chips to NVIDIA.
- We do not believe Hana Micron’s valuations are attractive right now. Rather than chasing after its shares, we would rather wait for its shares to retreat (20-30%) a bit.
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