KOSDAQ-listed HBM4 hybrid-bonding metrology pure-play; forward-arch HBM packaging/test category, complementary to 000660.KS Hynix sleeve as a picks-and-shovels read-through.

META capex tripwire breached — buy_candidate blocked regardless. Three further gates: KRW 44,850 spot is ~+45% above the only cited Investing.com 12-month target (KRW 31,000); 2025 revenue contracted -15.10% YoY with Q4 -52.21% YoY (need order-book inflection to print); KOSDAQ deeper-tier access from current Aegis account topology not confirmed (Hynix runs through IBKR-RRSP, but ADR-less KOSDAQ names typically broker-gated). RSI 77.7 + 5.73x volume spike = overbought. Implied upside derivation: HBM4 ramp + 2x revenue + 3-4x P/S re-rate normalization → ~2-3x from current = medium. Category-typical for forward-arch HBM packaging would be high; deviation flagged because current price extension truncates realistic upside multiple. Sleeve fit is positive (semicap & foundry UNDERWEIGHT 0% / target 25-30%) but gated. New addition to research watchlist.

KOSDAQ-listed HBM4 hybrid-bonding metrology pure-play; forward-arch HBM packaging/test category, complementary to 000660.KS Hynix sleeve as a picks-and-shovels read-through.