Business · Markets · 3 hrs ago
Meritz raises Wonik IPS target price, sees growth through 2028
Meritz Securities raised its target price for South Korean semiconductor equipment maker Wonik IPS from 153,000 won to 169,000 won and kept its buy rating.
The brokerage expects the company’s earnings to grow through 2028 as customers expand semiconductor production facilities.
It forecasts third-quarter revenue of 342.5 billion won and operating profit of 58.3 billion won, up 28% and 112% from a year earlier.
The brokerage says sales from memory chip projects are expected to increase, while some revenue from a customer’s foundry equipment was delayed.
It expects equipment deliveries as facilities operated by Samsung Electronics and SK Hynix open in stages, with further deliveries through 2028.
It also expects revenue from customer foundry facilities in Austin in the third quarter and Taylor in the fourth quarter.
A fall in the value of Wonik IPS’s stock holdings may reduce quarterly net income, but Meritz says the effect on annual results should be limited.
Meritz Securities raised its target price for Wonik IPS to 169,000 won from 153,000 won and maintained its Buy rating.
The brokerage said the company’s earnings growth was visible through 2028 as equipment deliveries expand.
Meritz expects third-quarter revenue of 342.5 billion won and operating profit of 58.3 billion won.
It expects new memory-fab supply to drive growth, while delayed recognition of foundry equipment sales may leave results below market consensus.
Meritz expects non-cash losses on financial assets to reduce net income, but said the impact on annual earnings would be limited.
- Who
- Meritz Securities raised its target price for Wonik IPS.
- What
- It increased the target price to 169,000 won and maintained its Buy rating.
- When
- The report was dated October 12; the article was published on October 11, 2026.
- Where
- Not stated
- Why
- Meritz expects earnings to grow as memory-fab supply ramps up and equipment deliveries expand through 2028.
This story does not have two clearly opposing sides.
Earnings growth is visible through 2028.
From this quarter, operating profit is expected to increase by more than 100% year on year and more than 200% quarter on quarter.
Customer foundry-fab equipment sales that had been scheduled for recognition were delayed.
Meritz expects revenue of 342.5 billion won and operating profit of 58.3 billion won.
Domestic customer foundry sales are expected to be recognized from the Taylor fab.
Equipment deliveries are expected to expand as Samsung Electronics and SK Hynix cleanrooms open in sequence.
- Target price
- Raised to 169,000 won from 153,000 won
- Rating
- Buy, maintained
- Third-quarter revenue estimate
- 342.5 billion won
- Third-quarter operating profit estimate
- 58.3 billion won
- Expected growth period
- Through 2028
Sources
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