Samsung Electronics and SK hynix Shares Surge... The History of Semiconductor Stocks Is Changing / In-Depth Analysis of the Changed Semiconductor Market | Yuanta Securities Analyst Baek Gil-hyun

Summary

Baek Gil-hyun, semiconductor analyst at Yuanta Securities, tells host Park Geun-hyung that the recent semiconductor pullback should be used to buy memory names because memory pricing remains supplier-favorable. He likes both Samsung Electronics and SK hynix, sees upside in NAND and HBM4/Rubin, and flags Samsung foundry optionality. He also prefers Korean semiconductor materials/parts and ASIC-related socket/test suppliers.

• Memory pricing negotiations remain favorable to suppliers, with Q1 DRAM and NAND price increases likely to surprise.
• The analyst likes Samsung Electronics and SK hynix similarly, citing memory earnings and HBM4/Rubin catalysts.
• NAND profitability is improving faster than expected, helped by AI SSD demand and possible HBF adoption.
• Samsung foundry value is not fully reflected, with Taylor investment and orders supporting H2 utilization.
• Korean semiconductor materials/parts are preferred, with Hana Materials, Soulbrain, Hansol Chemical, and ENF Technology named.
• ASIC is the second-fastest semiconductor growth area, and Korean socket/test names Leeno Industrial, ISC, and TSE are highlighted.
• Risks cited include continued Samsung foundry losses and unclear HBM4 winner.