Shinhan Investment maintained its target price at KRW 36,000, predicting that UniTest will see an improvement in its performance reflecting customers'semiconductor orders from the second half of the year, although its second-quarter performance was sluggish due to a drop in semiconductor equipment orders. Investment opinion also remained "buy.".
"Unitest's poor performance in the first half of the year is due to a drop in semiconductor equipment orders," Shinhan Financial Investment said.
By product, sales of DRAM (DRAM) Burn-in equipment reached KRW 1.6 billion and sales of NAND SSD testers fell 11% from the same period last year to KRW 6.2 billion. UniTest's second-quarter sales fell 15% year-on-year to 27.2 billion won and operating profit fell 309% to -2.4 billion won.
However, Shinhan Investment predicted that new growth engines will be highlighted due to increased expectations for the process transition of DDR (Double Data Rate) 5 in 2022, expansion of overseas customer companies, and increased demand for replacement equipment.
Shinhan Financial Investment said, "Unitest had a difficult time for three years after achieving a high performance in 2018 "But in 2022, growth engines will be highlighted and we expect annual sales to reach 149.8 billion won, up 265 percent from this year," he said.
Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
