Han Byung-hwa

Samsung SDI is the best-positioned Korean battery cell maker to benefit from the massive ESS demand growth driven by AI data centers and the US solar buildout. The company has decades of experience in prismatic batteries (the dominant ESS form factor), holds extensive patents that create barriers for competitors, and already leads the global ESS market. As ESS demand expands from 10% of EV battery market to 50% by 2030, SDI's prismatic platform and first-mover advantages will drive outsized earnings growth.

EcoPro BM (EcoPro BM) is uniquely positioned among Korean cathode makers with its completed factory in Hungary, which aligns with EU policies pushing for local content in EV supply chains. The company has mainly supplied Samsung SDI so far, but the Hungary plant opens the door to new European customers, driving a reacceleration of earnings and valuation expansion. This is a company-specific catalyst independent of the broader ESS theme.

Hanwha Solutions (009830.KS) is undervalued due to a rights issue overhang, but its 8 GW US production capacity is nearly matched by the emerging 10 GW+ domestic Korean market where it could capture 60-70% share. Government subsidies and domestic procurement mandates add further upside, yet the stock does not reflect this opportunity.

HD Hyundai Energy Solutions (322000.KS) has a high domestic revenue proportion and has already seen significant stock gains from the domestic solar policy tailwind. The company is a direct beneficiary of the agricultural solar law and government support for domestic solar products.

The agricultural solar law (영농형태양광법) unlocks huge domestic demand for Korean solar companies by allowing solar on farmland for up to 30 years, with potential capacity of 400 GW. The government targets annual solar installations of 10 GW+, triple the current 3 GW. Policies favor domestic modules through procurement credits and tax incentives, making this a structural game changer for Korean solar stocks.