[Edaily Reporter Kwon Oh Seok ] NH INVESTMENT & SECURITIES announced on the 29th that it is maintaining its “Buy” rating on WONIK IPS Co.,Ltd.(240810)and raising its target price from 161,000 won to 207,000 won. Ryu Young-ho, an analyst at NH INVESTMENT & SECURITIES, explained, “The target price is based on upward revisions to earnings forecasts and rising valuations among global peers. Along with the recent expansion of the semiconductor market, supply shortages among semiconductor companies are becoming more widespread.” He added, “This is leading to Chonbang capacity expansions, ranging from memory to foundry, packaging, and semiconductor equipment.” He continued, “We expect the cycle of increased equipment investment to gain full momentum starting in the second half of this year and continuing through 2028.” He elaborated, “The recent expansion of multi-year contracts by memory manufacturers supports the case for a prolonged investment cycle,” adding, “As memory manufacturers are opening new sites earlier than originally planned, expectations for 2027 earnings are also rising.” He emphasized that there are also additional upside factors for the future. Analyst Ryu analyzed, “Reflecting the current situation, the stock prices of major global equipment manufacturers are hitting historic highs. We also expect growth from WonIk IPS Co.,Ltd., a leading company poised to benefit broadly from both the memory and foundry sectors.” However, he projected that second-quarter revenue would come in at 233.8 billion won (down 3.4% year-over-year) and operating profit at 21.0 billion won (down 42.3%), slightly missing market expectations. He added, “Although display sales are expected to be weaker than anticipated this year, this will be offset by the acceleration of certain semiconductor investment schedules, including NAND transition investments,” and noted, “We expect earnings to begin improving in earnest starting in the third quarter, when the effects of the foundry and NAND transition investments are reflected earlier than expected.”
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