Samsung Electronics Unveils a New Secret Weapon... Makes Its HBM4 Bet. Will '300,000-Won Samsung Electronics' Become Reality? / SK hynix Semiconductor Equipment and Materials: Which Stocks Should You Buy Now? | Kim Jang-yeol, Head of Division, Unistory Asset Management

삼성전자, 새로운 비밀 병기 공개.. HBM4 승부수 던졌다. '30만 전자 현실이 되나?' / SK하이닉스 반도체 소부장, 지금 사야 할 주식은?ㅣ유니스토리자산운용 김장열 본부장

Watch on YouTube ↗ | February 12, 2026 at 03:00 | 19:59 | 815 Money Talk (815머니톡)

Speakers

Kim Jang-yeol — Reporter, The Bell

Lee Ju-hyeon — Director, Xangle

Summary

Kim Jang-yeol, Head of Division at Unistory Asset Management, joins Lee Joo-yeon to discuss the HBM4 race among Samsung Electronics, SK hynix, and Micron. He argues Samsung Electronics and SK hynix remain the preferred memory names, sees Micron's 0% HBM4 share forecast as a key watch item, and views Korean semiconductor equipment and materials stocks as stretched after their rally. He also highlights NAND materials as a developing play and reviews specific names including ISU Petasys, Hana Micron, Doosan Tesna, and Doosan.

HBM4 shipments and the Samsung Electronics/SK hynix technology gap are the main focus.
Micron's HBM4 exclusion and possible product revision are treated as a watch item.
Samsung Electronics and SK hynix are favored over Korean semiconductor equipment and materials.
Korean equipment and materials valuations above 40x forward PER limit new entries.
Target-price-based discipline is proposed for new equipment and materials positions.
NAND margin recovery and inference-driven NAND/SSD demand support the NAND materials theme.
Specific stock views include ISU Petasys, Hana Micron, Doosan Tesna, and Doosan.

Ideas

Kim Jang-yeol Reporter, The Bell 0:29

Samsung HBM4 catch-up can narrow valuation discount.

Samsung Electronics has started HBM4 shipments, and its process progress suggests the technology gap with SK hynix is narrowing. While initial HBM4 volume may be small, a successful catch-up can shrink Samsung's valuation discount to Micron; he sees about 200,000 KRW on a 10x multiple in the base case, with 250,000-300,000 KRW possible if HBM4 re-rating, macro, and liquidity all align, though he would not add new money above 160,000 KRW.

Kim Jang-yeol Reporter, The Bell 0:36

SK hynix HBM4 leadership can narrow discount.

SK hynix has secured HBM4 volume commitments with NVIDIA based on stable supply and remains the HBM leader. Its valuation discount to Micron can narrow; if the memory cycle and macro backdrop support it, he sees about 1.2 million KRW at 8x and 1.5 million KRW if all conditions align, though he would trim above 900,000 KRW for margin of safety.

Kim Jang-yeol Reporter, The Bell 2:29

Micron HBM4 exclusion needs revision watch.

Micron is excluded from initial HBM4 supply with a 0% share forecast, which explains its recent stock drop and creates near-term risk. The key question is whether Micron can revise its HBM4 product and re-enter later in HBM4 or HBM4E by year-end, even though its conventional DRAM guidance remains strong.

Kim Jang-yeol Reporter, The Bell 9:58

Doosan too complex; avoid.

Doosan's CCL business has significant NVIDIA and MLB exposure, but the equity is complicated by Doosan Enerbility exposure; when Doosan Enerbility moves, Doosan can be dragged along, making the story messy. He therefore avoids touching Doosan.

Kim Jang-yeol Reporter, The Bell 10:30

ISU Petasys overvalued versus Broadcom; avoid.

ISU Petasys is a semiconductor components name tied to NVIDIA, Google, and Broadcom demand. It was chased to around its 160,000 KRW target and now trades at a higher valuation than Broadcom, so if Broadcom or its customer momentum weakens, ISU Petasys can fall in sympathy. New entry is not attractive at these levels.

Kim Jang-yeol Reporter, The Bell 14:24

NAND shortage supports NAND materials stocks.

NAND margins were historically poor but have recovered to around 40% as prices rose; because inference workloads require more NAND and SSD capacity near GPUs, as highlighted by Jensen Huang's ICMS comments, NAND supply is tightening and investment is inevitable. He sees NAND materials stocks as the way to play this NAND shortage.

Kim Jang-yeol Reporter, The Bell 14:39

Avoid new entries in Korean chip equipment.

After a broad rally, many Korean semiconductor equipment and materials stocks are expensive, with names such as ISC, Leeno Industrial, and Wonik IPS trading above 40x forward PER even using 2027 estimates and at higher valuations than global semiconductor equipment leaders. He would not make new entries when price reaches 85-90% of analyst target prices, or 80% if liquidity is weak, although he is not abandoning the sector.

Kim Jang-yeol Reporter, The Bell 16:44

Hana Micron liked but sell into strength.

He personally likes Hana Micron and says it is not expensive even on 2028 estimates, but based on capacity and an analyst target around 35,000 KRW, a push to 40,000 KRW would be a level where existing holders should sell into strength. The risk-reward for fresh buying is limited.

Kim Jang-yeol Reporter, The Bell 17:12

Doosan Tesna upside priced in.

Doosan Tesna can pull forward 2027 numbers because of Samsung and Apple CIS/image-sensor exposure, and analysts could raise targets to 70,000-80,000 KRW. However, the stock already trades in the mid-60,000 KRW range, so new entry is not easy.

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This 815 Money Talk (815머니톡) video, published February 12, 2026, features Kim Jang-yeol discussing 005930.KS, 000660.KS, MU, 000150.KS, 007660.KS, NAND materials/supply chain, Korean semiconductor equipment/materials, 095340.KQ, 058470.KQ, 240810.KQ, 067310.KQ, 131970.KQ. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kim Jang-yeol · Tickers: 005930.KS, 000660.KS, MU, 000150.KS, 007660.KS, NAND materials/supply chain, Korean semiconductor equipment/materials, 095340.KQ, 058470.KQ, 240810.KQ, 067310.KQ, 131970.KQ