The best replacement for hmc40 is hmc80.

The best alternatives to hmc40 are rated as following:
★★★★★  hmc80
★★★★★  hmc150
★★★  hvx200
★★  dvx100b
★★  ag-ac90
★★  fx7
★★  ac90
★  canon xa10
★  tm700

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hmc40
hmc80
hmc150