[Edaily Reporter Kwon Oh Seok ] Shinhan Investment Securities stated on the 21st that it views “the stock price correction resulting from market volatility as a buying opportunity in the medium to long term” regarding Wireless Amplifier Module Inc.(332570). However, it did not provide an investment recommendation or a target price.

Choi Seung-hwan, an analyst at Shinhan Investment Securities, stated, “We expect the company to post its best-ever quarterly earnings for the second and third quarters, reflecting AI (artificial intelligence) server orders received in April,” adding, “If the company secures one or two additional orders of a similar scale in the second half of the year, revenue and profit from the AI server division are expected to surpass those of its core business, marking an inflection point for the re-rating of its corporate value as an ‘AI infrastructure company.’”
He explained, “On April 30, the company announced a contract to supply high-performance server equipment worth 102.9 billion won. We estimate that the contracting party is a global server rack company selected as a business partner last year, and the end customer is a major domestic semiconductor company,” adding, “In the second half of the year, we anticipate additional orders from leading domestic IT companies, major e-commerce firms, and cloud service providers.”
He further elaborated, “The custom manufacturing know-how accumulated through long-term collaboration with leading domestic IT companies, along with the company’s large-scale sourcing capabilities for raw materials (such as memory), have been demonstrated through this order. The AI server business features a high-margin structure exceeding double digits, and demand for capacity expansion is expected to continue structurally over the next 3 to 5 years.”
Researcher Choi also noted, “The automation division, acquired in 2024, is rapidly regaining semiconductor back-end process transportation and maintenance orders from competitors. It has secured the potential for annual revenue growth in the range of 20 to 50 billion won.” He added, “PS Onix, our automotive electronics subsidiary, has exceeded 200 billion won in order backlog thanks to orders for wireless chargers from multiple automakers in Europe and North America. “With the addition of bases in India (September), the Americas (November), Kazakhstan, Europe, and Malaysia, the company has completed its global turnkey business strategy,” he assessed.
The company projected consolidated revenue of 292.8 billion won for 2026 (up 133.3% year-over-year) and operating profit of 30.8 billion won (up 687.5%). He added, “This is a conservative estimate based solely on existing AI server orders, and profit estimates could be raised further if additional orders are secured in the second half of the year,” noting, “Although fundamentals have strengthened, the current moment—when the stock price has reverted to pre-order announcement levels—represents the optimal buying opportunity.”