Last Buying Opportunity Coming…Don't Waver in Q3 | Lee Hyung-soo HSL Partners CEO [Double Up]

Summary

Lee Hyung-soo, CEO of HSL Partners, sees Q3 as the last buying opportunity for Korean memory leaders Samsung Electronics and SK hynix before a structural re-rating. He also highlights Samsung Electro-Mechanics in an MLCC super cycle, Abiko Electronics in inductors, and KOSDAQ small/mid semiconductor equipment stocks benefiting from premium index policies. Catalysts include Samsung's foundry turnaround and SK hynix's ADR listing, though governance remains key for full re-rating. He expects the FOMC to hold rates, with tone guiding short-term direction.

• AI memory super cycle is prolonged by infrastructure demand and supply constraints, making Q3 dips the last buying opportunity.
• Samsung Electronics' foundry win with Google TPU will drive multiple re-rating despite small EPS impact.
• SK hynix's ADR listing is a necessary step toward index inclusion and valuation re-rating, though governance is the sufficient condition.
• Samsung Electro-Mechanics is at the start of an MLCC super cycle due to AI server power demands and limited ceramic firing capacity.
• Abiko Electronics and other inductor makers benefit from the same AI power demand trend.
• KOSDAQ premium index semiconductor equipment companies will see institutional inflows from government policy.
• Leading stocks will differentiate as the cycle matures, with earnings growth becoming the key driver.