We believe order momentum is likely to slow down in 2H21. Its share price has risen 86% YTD on the back of 260% yoy growth in order intake. Fundamentals remain solid with capex increase upstream; one of the biggest beneficiaries of intensifying competition in the assembly and test industry. We downgrade our rating to Hold; Hanmi is currently trading at 21x 12-month forward P/E, more than double the historical average.
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