Great Companies Have Become Reasonably Priced | Executive Director Park Se-ik and Chesley Investment Advisory

Summary

Park Se-ik and the Chesley team discuss Samsung Electro-Mechanics as a reasonably valued growth stock, with a valuation debate around its MLCC, substrate, and camera-module businesses. They also cover the AI-driven semiconductor upcycle, Applied Materials' valuation reset, and why lower inflation and rates could favor Korean quality growth stocks. The discussion emphasizes buying great companies at reasonable prices and valuing stocks before purchase.

• Samsung Electro-Mechanics earnings estimates are rising, but valuation depends on separating MLCC, substrate, and camera-module businesses.
• The AI capex race and expected growth of the global semiconductor market to $3.2 trillion by 2030 support the semiconductor supply chain.
• Applied Materials is presented as a quality company after its P/E fell from 48x to about 23x.
• Low-end package substrate names like Haesung DS may lag high-end FCCSP/FC-BGA products.
• Falling inflation and rates could make Korean equities and quality growth stocks more attractive.
• The speakers stress valuation discipline and buying great companies at reasonable prices.
• The Fed's data-dependent approach and weak Korean commercial real estate are noted as macro observations.