📎 #프로텍 (3,795억 원)

▶️ HBM이든 뭐든 비싼 반도체는 패키징 과정에서 동사의 LAB 장비를 쓸 수밖에 없는 관계로, 동사는 첨단 반도체 패키징 트렌드의 최대 수혜주 중 하나임

▶️ 한편, 올해 매출/영업이익은 1700/400억 원으로 2022년 대비 역성장이 불가피하나, 2024년의 경우 동사의 레이저리플로우, LED 리플로우, 디스펜서 등의 개화로 최소 2,400/800억 원은 가능할 것으로 판단 (2022년 대비 20% 성장한 매출)

▶️ 현재 한미반도체가 2024년 영업이익대비 20배 시가총액을 인정받는 점을 고려, 동사는 영업이익의 12.5배인 1조까지 업사이드가 있다고 판단됨


https://m.blog.naver.com/rymden_inv/223125593234

초동·빌보드 1위…‘글로벌 대세’ 스트레이 키즈 팝업 스토어 풍경은 [MK현장]
‘K팝 대세’ 스키즈 ‘특’ 팝업 스토어
성수동 건물 통대관…전시·체험·힐링
유럽 스테이도 떴다…국내외 팬덤 입증

https://www.mk.co.kr/star/musics/view/2023/06/443173/

[KIS] 모닝브리프: 칩스앤미디어 Spot Call Takeaway

★★KR Tech: Chips&Media(094360) : Spot Call Takeaway – Cheap&Mighty (Sales note)

Chips&Media (094360, Mkt Cap W287bn, ADV W22.5bn) is a semiconductor IP company with specialty in video/image processing technology and one of the key beneficiaries of GPU shortages upon AI acceleration and wider adoption of cameras in EV/autonomous driving. As an IP solution provider, Co; 1) licenses out IPs to customers(IDM/fabless/design houses), which develop the chips and then mass-produce at foundries; and 2) earns royalties once the chips are sold. Despite the downturn in the semiconductor market, Co posted 20~30% YoY growth in sales over past 2 years with OPM rising to 30.3% in FY22. Co's 1Q23 Sales/OP rose 28.3%/45.7% YoY driven by strong data center GPU and AI SoC bound license sales.

Company Overview
Thanks to AI acceleration, the demand for semiconductor IP is growing rapidly. The Nvidia GPU shortage and the US-China geopolitical tension are driving Big Techs and Chinese fabless players to design their own chips, which will result in demand expansion for Co's IPs in both the US and China. In fact, until a few years ago the US accounted for the largest License sales weight, but since FY22, China has outweighed the US backed by demand from Chinese data centres (FY22 sales weight: China 38%, US 33%). Having said that, Co should continue to enjoy strong demand from the US as well as clients start to rely less on Co's main Chinese competitor Verisilicon (688521 CH).

Plus, with autonomous driving and ADAS advancement, the video codec IP will become even more important as the need for visual contents processing become prolific (eg. 8 camera modules per Tesla vehicle), thus, Co's Royalty sales is poised for a structural growth as 1 chip with video codec IP is needed for each camera module. Furthermore, Co's next growth driver is the video NPU IP, capable of super resolution, noise reduction and object detection, needed for data centers, IP cameras, consumer electronics and ADAS.

Earnings & Valuations
Although the stock has rallied +33% in the past month, we think Co is still too cheap given Co's solid earnings growth and likely re-rating in the near future. Peers such as Verisilicon (688521 CH, Mkt cap $6.2bn), main video IP competitor from China, and Openedges Technology (394280 KS, Mkt cap W405bn), a domestic peer for general use IP, are yet to post a meaningful profit, but Chips & Media's FY23 sales are projected to grow 20% YoY with >30% OPM, yet the valuation still sits at just 24x P/E (based on the latest FY23 OPe/NPe of W9.3bn/W12.0bn, +27%/+20% YoY) vs Verisilicon at 266x P/E. Recommend to keep accumulating Chips&Media, despite its current small mkt cap, as we can see mkt cap upside to W735bn (+155% upside) if we target conservative 50x (Openedges' FY24 P/E) on FY24 NP of W14.7bn. Summary of our spot call (Jun 9) in Korean/English and IR material attached.

U.S. to Allow South Korean, Taiwan Chip Makers to Keep Operations in China

미국, 한국·대만 칩 제조사 중국서 계속 운영 허용

https://www.wsj.com/articles/u-s-to-allow-south-korean-taiwan-chip-makers-to-keep-operations-in-china-5d7d72cc

월스트릿저널에서 방금 나온 기사입니다.

바이든 행정부가 한국, 대만 반도체 칩 제조업체들이

미국의 보복없이 중국에서 기존 칩 제조 사업을

유지하고 확장할수 있도록 허용할 계획이라는 보도가 나왔습니다.

✅독립리서치 그로쓰리서치 - https://news.1rj.ru/str/growthresearch

밸류 트랩인 경우보다는
비재무적인 분석을 간과한 경우가
많다는 개인적인 생각.

#밸류트랩

https://m.blog.naver.com/lhd1371/223127528305