Oh Gwa-jang

TCK is a semiconductor parts company that has corrected about 40% from its highs, making valuation attractive. A Korea Investment & Securities report maintains a buy rating and target of 400,000 won. The upcoming ramp in DRAM (and later NAND) capex will drive demand for its SIC rings used in deposition equipment, and the expiration of a marketing fee agreement with KC will improve operating margins by 2pp from 2027. The company is seen as a stable earnings compounder with a visible catalyst.