Starting to view semiconductors as 'structural growth'! Will stock prices rise further? | Lee Gwon-hee, CEO of Wizwave [Global Interview]

Watch on YouTube ↗  |  May 27, 2026 at 23:12  |  31:17  |  3PRO TV (삼프로TV)
Speakers
Lee Kwon-hee — CEO, Economist

Summary

Lee Kwon-hee discusses the structural growth shift in memory semiconductors, driven by HBM and long-term contracts, which justifies higher valuations for Samsung Electronics and SK Hynix. He also highlights Micron's strong capex for HBM4, DND Pharmatech's clinical catalysts, and emerging AI data center demand for power equipment stocks like Hyosung Heavy and HD Hyundai Electric. The conversation covers KOSDAQ reform and short-term market dynamics.

  • Memory semiconductors are structurally growing, not cyclical, supporting P/E multiple expansion.
  • Samsung Electronics and SK Hynix could double if multiples expand to 10-15x.
  • Micron is aggressively investing in HBM4 and remains attractive.
  • DND Pharmatech's obesity drug results could trigger a big pharma acquisition.
  • AI data center orders are just beginning, benefiting power equipment makers.
  • KOSDAQ reform and premier league index are under discussion but not yet actionable.
Trade Ideas
Lee Kwon-hee CEO, Economist 4:46
Structural growth justifies multiple expansion to 10-15x.
Memory semiconductors are transitioning from cyclical to structural growth due to long-term contracts (LTA) and sustained HBM demand, justifying a P/E multiple expansion from current ~6x to 10-15x. This implies significant upside for both Samsung Electronics and SK Hynix, with potential to double from current levels as brokerages begin applying higher multiples.
005930.KS 000660.KS HIGH
Lee Kwon-hee CEO, Economist 10:39
Micron's HBM4 capex and structural growth are bullish.
Micron is investing aggressively in HBM4 capacity, with major capex in New York, Singapore, Taiwan, and Japan. UBS and Barclays have raised targets based on structural growth (15x P/E on 2029 EPS). The shift to long-term contracts reduces oversupply risk, and Micron's focus on HBM over standard DRAM positions it well for the AI era.
MU HIGH
Lee Kwon-hee CEO, Economist 18:45
AI power equipment orders are just starting to ramp.
AI data center orders for power equipment are just beginning, with 765kV transformers from Hyosung Heavy Industries and HD Hyundai Electric starting to ship. The second cycle of demand is beginning, and although current valuations appear high, forward earnings over the next 2-3 years will make them cheap. Speaker advises not to be anchored by near-term multiples.
298040.KS 267260.KS MED
Lee Kwon-hee CEO, Economist 20:02
DND Pharmatech clinical results may trigger big pharma acquisition.
DND Pharmatech's 48-week clinical results for its obesity treatment are highly positive, and five big pharma companies are interested in acquiring the asset. Speaker expects a multi-trillion won contract (similar to previous deals by ABL Bio) and believes the stock has more upside, suggesting it is not over yet despite the recent rally.
DND Pharmatech MED
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This 3PRO TV (삼프로TV) video, published May 27, 2026, features Lee Kwon-hee discussing 005930.KS, 000660.KS, MU, 298040.KS, 267260.KS, DND Pharmatech. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Kwon-hee  · Tickers: 005930.KS, 000660.KS, MU, 298040.KS, 267260.KS, DND Pharmatech