diff --git a/packages/compiler-cli/src/ngtsc/hmr/src/extract_dependencies.ts b/packages/compiler-cli/src/ngtsc/hmr/src/extract_dependencies.ts
index f64d5c11a97..46d258f4139 100644
--- a/packages/compiler-cli/src/ngtsc/hmr/src/extract_dependencies.ts
+++ b/packages/compiler-cli/src/ngtsc/hmr/src/extract_dependencies.ts
@@ -196,10 +196,11 @@ class PotentialTopLevelReadsVisitor extends o.RecursiveAstVisitor {
    * TypeScript identifiers are used both when referring to a variable (e.g. `console.log(foo)`)
    * and for names (e.g. `{foo: 123}`). This function determines if the identifier is a top-level
    * variable read, rather than a nested name.
-   * @param node Identifier to check.
+   * @param identifier Identifier to check.
    */
-  private isTopLevelIdentifierReference(node: ts.Identifier): boolean {
-    const parent = node.parent;
+  private isTopLevelIdentifierReference(identifier: ts.Identifier): boolean {
+    let node = identifier as ts.Expression;
+    let parent = node.parent;
 
     // The parent might be undefined for a synthetic node or if `setParentNodes` is set to false
     // when the SourceFile was created. We can account for such cases using the type checker, at
@@ -209,6 +210,15 @@ class PotentialTopLevelReadsVisitor extends o.RecursiveAstVisitor {
       return false;
     }
 
+    // Unwrap parenthesized identifiers, but use the closest parenthesized expression
+    // as the reference node so that we can check cases like `{prop: ((value))}`.
+    if (ts.isParenthesizedExpression(parent) && parent.expression === node) {
+      while (parent && ts.isParenthesizedExpression(parent)) {
+        node = parent;
+        parent = parent.parent;
+      }
+    }
+
     // Identifier referenced at the top level. Unlikely.
     if (ts.isSourceFile(parent)) {
       return true;
diff --git a/packages/compiler-cli/test/ngtsc/hmr_spec.ts b/packages/compiler-cli/test/ngtsc/hmr_spec.ts
index 7166bedbe0b..502bce6a063 100644
--- a/packages/compiler-cli/test/ngtsc/hmr_spec.ts
+++ b/packages/compiler-cli/test/ngtsc/hmr_spec.ts
@@ -549,6 +549,41 @@ runInEachFileSystem(() => {
       );
     });
 
+    it('should capture parenthesized dependencies', () => {
+      enableHmr();
+      env.write(
+        'test.ts',
+        `
+          import {Component, InjectionToken} from '@angular/core';
+
+          const token = new InjectionToken<number>('TEST');
+          const value = 123;
+          const otherValue = 321;
+
+          @Component({
+            template: '',
+            providers: [{
+              provide: token,
+              useFactory: () => [(value), ((((otherValue))))]
+            }]
+          })
+          export class Cmp {}
+        `,
+      );
+
+      env.driveMain();
+
+      const jsContents = env.getContents('test.js');
+      const hmrContents = env.driveHmr('test.ts', 'Cmp');
+      expect(jsContents).toContain(
+        'ɵɵreplaceMetadata(Cmp, m.default, [i0], [token, value, otherValue, Component]));',
+      );
+      expect(jsContents).toContain('useFactory: () => [(value), ((((otherValue))))]');
+      expect(hmrContents).toContain(
+        'export default function Cmp_UpdateMetadata(Cmp, ɵɵnamespaces, token, value, otherValue, Component) {',
+      );
+    });
+
     it('should preserve eager standalone imports in HMR even if they are not used in the template', () => {
       enableHmr({
         // Disable class metadata since it can add noise to the test.