DUAL GROWTH ENGINE: HANA SECURITIES SEES RF MATERIALS RIDING LUMENTUM OPTICS AND RFHIC’S GaN SHARE GAINS
TLDR: RF Materials combines AI optical upside from Lumentum with wireless growth from RFHIC, creating broader and more visible earnings momentum than many single-theme optical names.
Hana Securities expects future Lumentum sales to exceed 30 billion won as optical-module orders, utilization and capacity expand, potentially doubling RF Materials’ existing revenue base excluding RF Systems. Parent RFHIC could also lift its GaN transistor share from about 2% to as much as 10% as 4GHz and 7GHz networks favor GaN over LDMOS and NXP exits telecom, potentially adding more than 50 billion won in RF package sales. RF Materials is also one of the few Korean optical names already generating Nvidia-related revenue.
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