Layer 4 · 067310 — Hana Micron
Thesis
Direct SK Hynix HBM packaging supplier — small-cap KOSDAQ name that has 4x rerated from KRW 10,030 to KRW 42,800 over 12 months as the SK Hynix HBM volume ramp pulled through its capacity. Tier B because the single-customer concentration risk is severe (this is essentially a leveraged SK Hynix HBM call) and KOSDAQ liquidity is thin.
What it does + financial print
Hana Micron is a Korean semiconductor packaging supplier — FCBGA, WLCSP, HBM packaging support. The direct SK Hynix relationship is the entire bull case: as SK Hynix's HBM volume scales through HBM3E / HBM4 / HBM4E, the packaging supply chain has to scale with it, and Hana Micron is one of the named beneficiaries.
Q1 2026 (May 6) printed in-line revenue (2024 full-year +29% YoY). EPS beat. Guidance constructive — HBM packaging tied to SK Hynix volume. Stock near 52-week high KRW 44,850 with the 52-week low at KRW 10,030 — a 4x rerate on the year.
Bull case
SK Hynix HBM volumes continue to outrun supply through 2027 — every incremental HBM stack pulls more Hana Micron packaging revenue. Capacity expansion announcements (FCBGA + WLCSP) come through with named utilisation. A clean Q2 print confirms the +30% YoY trajectory.
Gap / bear case
This is a leveraged single-customer name. If SK Hynix's HBM share at NVDA gets eroded by Samsung qualifying, Hana Micron is the second-derivative loser. KOSDAQ small-cap liquidity means any drawdown is sharper than the underlying fundamentals justify. The 4x rerate is largely priced.
Trigger to upgrade / downgrade
Upgrade to Tier A on an explicit HBM packaging revenue disclosure at >50% of mix AND a SK Hynix HBM4E capacity-expansion sign-off naming Hana Micron. Downgrade on SK Hynix HBM share loss to Samsung.
The trade
- Entry zone: KRW 36,000-40,000 on pullback
- Stop: KRW 32,000 close (50-day)
- Position size: 0.75% NLV (small-cap concentration)
- Catalyst date: Q2 print August 10 2026
- Conviction: 6/10