The market began to recognize that it is a hidden HBM-oriented semiconductor

240402 FNSTech Investment Ideas Organized

- a Deilek article
https://www.thelec.kr/news/articleView.html?idxno=26974

- The market began to recognize that it is a hidden HBM-oriented semiconductor beneficiary after the disclosure of funds for the expansion of CMP pads on March 6 this year, which is very inexpensive with the current market capitalization of 102.3 billion PERs 5 to 7 times compared to the expected operating profit of 15 to 20 billion won this year

- FNSTech can aim for a market capitalization of more than 200 billion won even if it only gives 10 to 12 times PER by adding CMP pad growth to its previous expected performance, and considering the possibility of adding glass substrates with high growth potential in the future, the market price is expected to come out strong

- Glass substrates are currently attracting attention as a field with high future growth potential in semiconductors, and famous pin influencers (SDI) are also emphasized as SKC investment ideas in this regard, and Phil Optics' stock price has risen two to three times in the short term due to its future growth potential related to glass substrates

- However, in addition to CMP pads, which were previously major investment ideas, FNS Tech is also expected to have high growth potential in the future, so recent hot glass substrates can be attached as additional investment ideas

- Regarding CMP pads, it is estimated that Samsung has already communicated to some extent to prepare and is expected to start expanding CMP pad kepa as soon as it becomes more concrete, and the share, profit ratio, and performance of CMP pads are expected to continue to rise in the future

- Furthermore, FNS Tech is expected to receive significant benefits from NAND scent, which has recently attracted attention in relation to Samsung NAND

- In the end, the market capitalization is as cheap as 100 billion won compared to the company's capability or technology, and the company that is expected to grow high in the future is blocked at the bottom and open at the top, so unexpected upside factors may continue to occur in addition to the CMP pad, which was the previous main investment idea