All Memory Is Insufficient — The Real Variable Threatening the Semiconductor Super-Boom

All memory is insufficient"...The real variable threatening the semiconductor super-boom | Kim Jang-yeol, Head of Unistory Asset Management [Focus Today's Stock]
Watch on YouTube ↗  |  May 26, 2026 at 11:00  |  41:23  |  3PRO TV (삼프로TV)
Speakers
Kim Jang-yeol — Reporter, The Bell

Summary

Kim Jang-yeol reaffirms that the memory semiconductor super-cycle is a fact, driven by AI demand, and highlights Samsung Electronics and SK hynix as key beneficiaries. He also analyzes Samsung Electro-Mechanics' MLCC and silicon capacitor growth prospects, and discusses Fadu's valuation in a neutral light. Finally, he argues that the Korean market is significantly undervalued versus the US and could reach 9,000 on the KOSPI.

  • Memory semiconductors are in a super-boom due to AI demand and supply constraints.
  • Samsung Electronics and SK hynix are expected to see strong earnings growth and valuation expansion.
  • Samsung Electro-Mechanics benefits from MLCC cycle and new silicon capacitor orders for AI accelerators.
  • Fadu's valuation is analyzed as fair relative to peers, but no clear buy or sell signal is given.
  • Power supply issues are a key risk factor that could impact data center operations and semiconductor demand.
  • The Korean stock market trades at a deep discount to the US and could rise to 9,000 if the S&P 500 reaches 8,500.
Trade Ideas
Kim Jang-yeol Reporter, The Bell 1:47
AI demand drives memory super-cycle.
Memory semiconductors are in a super-boom confirmed by AI-driven demand, supply constraints, long-term agreements from customers, and rising earnings. Samsung Electronics and SK hynix will benefit from the secular growth in HBM and conventional DRAM. The speaker expects continued earnings upgrades and valuation expansion toward 10x P/E, supporting target prices of 300,000 won for Samsung and 240,000 won for SK hynix.
005930.KS 000660.KS HIGH
Kim Jang-yeol Reporter, The Bell 21:51
MLCC and silicon capacitors bullish.
Samsung Electro-Mechanics is positioned for growth from MLCC and silicon capacitors used in AI accelerators. Analyst reports project 2028 operating profit of 3.9 trillion won and apply a 50x P/E, yielding a 200,000 won target, supported by peer multiples (Ibiden 60x, Murata 48x). The speaker views the silicon capacitor opportunity as a new catalyst that justifies a premium valuation.
009150.KS HIGH
Kim Jang-yeol Reporter, The Bell 38:45
Korea cheap, target KOSPI 9000.
The Korean stock market (KOSPI) is undervalued relative to the US. With the S&P 500 trading at 22-24x forward earnings and the KOSPI at only ~9x, any further upside in US markets will lift Korea. The speaker expects KOSPI to reach near 9,000 if the S&P rises to 8,500, driven by earnings growth and multiple re-rating.
EWY MED
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3PRO TV (삼프로TV) · May 26

This 3PRO TV (삼프로TV) video, published May 26, 2026, features Kim Jang-yeol discussing 005930.KS, 000660.KS, 009150.KS, EWY. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kim Jang-yeol  · Tickers: 005930.KS, 000660.KS, 009150.KS, EWY