VM VM Loading... : Bullish and Bearish Analyst Opinions

ASML's strong earnings and capex pull-forward signal robust demand for front-end semiconductor equipment; Korean semiconductor equipment/materials stocks (전공정) are breaking out to new highs and transitioning from a downtrend to an uptrend, while memory makers remain in correction; ETF regulation changes may also redirect flows to individual stocks in this space.

Semiconductor equipment and materials stocks are showing relative strength despite a weak overall market, with names like PSK, VM and Techwing rising; this resilience suggests the sector could lead a recovery and is worth watching for further upside.

Samsung's disclosed 1,000-trillion-won 10-year capex plan and similar SK Group spending are a near-term positive for semiconductor equipment makers. The investment cycle is multi-year, so oversupply fears are 4–5 years away. Equipment companies will see strong order flow and valuations can expand now.

VM is the only domestic etch equipment maker with unique plasma etch technology critical for HBM manufacturing. It has exclusivity with SK Hynix, strong earnings (OP margin jumped to 34%), and a high CANSLIM score. The company is in a structural growth phase driven by advanced logic and HBM capex. Strong buy candidate.

Semiconductor front-end processing equipment stocks like PSK, VM, and Tes are leading the KOSDAQ rally with strong charts. Their resilience suggests continued investment cycle momentum in semiconductor capex, making them standout performers in the recovery.

Front-end semiconductor equipment stocks are resilient and rose today despite overall market volatility. They are supported by expectations of future orders tied to semiconductor capacity expansion targeting 2028. Historically these stocks peak just before actual orders, and current anticipation phase keeps them strong. Companies like Yujin Tech, Wonik IPS, TES, PSK, and VM all gained, showing sustained investor confidence in the capex cycle.

Semiconductor equipment makers, especially those linked to HBM4 (like Hanmi Semiconductor, TES, VM) and front-end (like Wonik IPS), have additional upside because second-half order and earnings momentum is not yet fully priced in. The recent ETF-driven rebalancing is complete, and the underlying catalyst of new HBM capacity expansion remains intact. A semiconductor equipment ETF offers a convenient one-click way to play the theme.

Front-end semiconductor equipment companies remain strong and resilient, with Wonik IPS and PSK not even declining in recent sessions; the whole front-end equipment segment is performing well and deserves attention, though the small stock VM carries higher risk.

Front-end semiconductor equipment stocks, especially VM, and also Wonik IPS, PSK, and Tes, are in a strong position as memory makers shift from price-led (P-cycle) to volume-driven (Q-cycle) growth, triggering massive capacity expansion (e.g., SK Hynix Yongin cluster). Equipment vendors will see order growth, improving margins through operating leverage. She prefers front-end over back-end for the near-to-medium term because DRAM is currently the focal point.

VM, a semiconductor equipment supplier to SK Hynix, is undervalued relative to peers. While the sector average forward P/E is about 34x, VM trades at only 18x P/E. A recent report argues it deserves to close the valuation gap. Additionally, VM has secured new equipment orders, supporting a catch-up trade.

Semiconductor equipment stocks like Tes, VM, PSK in Korea and Lam Research, Applied Materials in the US are likely to rebound quickly after the correction. Equipment stocks are volatile but have strong recovery potential, and US peers are already hitting 52-week highs, indicating robust sector momentum driven by the AI capex cycle.

SK Hynix's doubling of production capacity will drive strong orders for semiconductor equipment makers. Stocks like Eugene Tech, Wonik IPS, TES, VM, and PSK are positioned to rally.

Front-end semiconductor equipment stocks (TES, VM, PSK) have high earnings visibility due to the DRAM and foundry capex cycle and are trading at attractive valuations after a recent correction driven by supply, not fundamentals. These names offer valuation upside and are top picks within the sector.

Semiconductor equipment names (Tes, VM, PSK) have been unjustly sold off due to leverage ETF rotations and KOSDAQ weakness, despite their strong fundamental visibility from DRAM/HBM capacity expansion. These front-end equipment stocks offer a buying opportunity with significant upside.