10 101490.KQ S&S Tech Corporation Loading... : Investor Sentiment and Bull/Bear Views

Park Se-ik favors Korean semiconductor equipment and materials, especially companies with high China revenue. He argues that as China's semiconductor expansion continues, Korean equipment/materials suppliers with competitive technology and high China sales, such as Jusung Engineering, Nextin, and SNS Tech, may deserve a different P/E tied to China's growth rather than only the Samsung/SK hynix memory cycle. He also names KOSDAQ semiconductor equipment names like HPSP, Park Systems, Leeno Industrial, and Jusung as a key KOSDAQ axis.

He argues AI capital spending is flowing from big tech to wafers and then to semiconductor equipment, with back-end and advanced packaging names especially popular. He names Doosan Tesna, Nepes, SNS Tech, Hanmi Semiconductor, and PCB names like Simmtech and TLB as leveraged plays, and adds that investors who cannot pick stocks can use semiconductor equipment ETFs.

SNS Tek holds around 40% of China’s blank mask market. As China is forced to adopt DUV-based multi-patterning due to EUV restrictions, demand for blank masks will increase, directly benefiting SNS Tek. The stock has recently rallied on this DUV-related momentum.

SNS Tech, a blank mask supplier, is expected to benefit from Chinese memory makers (ChangXin Memory) expanding production using DUV processes due to sanctions. Despite this structural demand tailwind, the stock has lagged peers with only a 25% YTD gain versus 50%+ for other semiconductor equipment names, presenting a catch-up opportunity.

Semiconductor materials names such as Soulbrain, S&S Tech, and Dongjin Semichem are strong because their demand is tied to rising Samsung Electronics and SK hynix memory output, and they showed late-session buying tails.

S&S Tech's EUV blank mask was finally adopted by Samsung Electronics after a long wait, adding to the pellicle/EUV story and driving the stock higher.

Samsung's localization of EUV blank masks, targeted for Q2 application, benefits domestic supplier S&S Tech.

Samsung Electronics is evaluating domestically produced EUV blank masks developed by S&S Tech for 2Q application, aiming to replace Japanese suppliers. Park reports the news drove the stock sharply higher and sees it as a meaningful localization and import-substitution development.

S&S Tech is strong on blank mask and EUV pellicle exposure, with good earnings and positive share performance this year.

Memory supercycle and Samsung HBM investment are lifting semiconductor equipment names such as Hanmi Semiconductor, Jusung Engineering and SNS; each company is investing over 100bn won.

Samsung is resuming Pyeongtaek Line 5 construction and pulling forward Line 4 equipment move-in; its Yongin site purchase with more than 80 materials, components, and equipment firms should accelerate equipment orders. This extends the semiconductor cycle into suppliers, with leaders such as Hanmi Semiconductor, Jusung Engineering, and S&S Tech already investing.