Semiconductor Substrate Stock Price Trends: Rose Late and Fell Last | Executive Director Park Se-ik & Chesley Investment Advisory [Morning Brief / 26.09.08.Tue]

Watch on YouTube ↗  |  September 08, 2026 at 02:16  |  20:44  |  Chesley Investment Advisory (체슬리투자자문)
Speakers
Park Se-ik — CEO, ex-Chief Strategist
Choi Ho — Vice President

Summary

Park Se-ik and Choi Ho review why the US midterm election should not derail AI infrastructure or Korean battery exposure, highlighting Samsung SDI and LG Energy Solution's shift toward ESS. They then analyze semiconductor substrate and equipment names, arguing substrates are late-cycle but still supported by earnings with limited valuation expansion. Specific names discussed include TSE, PSK Holdings, Simmtech, ISC, and Leeno. Park also notes the KOSPI remains rangebound with a Bollinger band breakout as the key signal.

  • US midterm election outcome is unlikely to break the bipartisan AI infrastructure cycle.
  • Samsung SDI and LG Energy Solution are seen positively as ESS mix grows and AMPC exposure rises.
  • Semiconductor substrate sector is showing strong Q2 earnings beats and late-cycle price behavior.
  • TSE is highlighted for high earnings growth and low valuation; PSK Holdings is favored on NAND equipment exposure.
  • Simmtech may have earnings-driven upside but limited multiple expansion.
  • ISC has higher AI exposure but rich valuation; Leeno faces labor union operational risk.
  • KOSPI remains in a Bollinger band box; a break above would signal strong momentum.
Ideas
Park Se-ik CEO, ex-Chief Strategist 5:03
AI infrastructure cycle remains intact.
Regardless of the US midterm election outcome, the AI infrastructure cycle is a bipartisan long-term trend and will not lose momentum, so election-driven political risk should not derail AI infrastructure exposure.
AIQ HIGH
Park Se-ik CEO, ex-Chief Strategist 5:22
ESS shift boosts Korean battery makers.
Samsung SDI and LG Energy Solution are shifting sales from EV batteries toward ESS, where margins are better and US factory exposure gives higher AMPC benefit than EV. Midterm election outcomes are therefore not a negative for Korean battery makers.
006400.KS HIGH
Choi Ho Vice President 7:37
Substrate stocks late-cycle, low valuation upside.
Semiconductor substrate companies are showing stronger consensus earnings beats than parts/materials and equipment. The substrate group tends to rise late and fall late in the memory cycle, has large capex and high operating leverage when utilization rises, and current valuations remain low.
Isu Petasys TLB Daeduck HSEEF HIGH
Choi Ho Vice President 7:37
Substrate stocks late-cycle, low valuation upside.
Simmtech has already delivered explosive earnings and Q3/Q4 should improve further, but past cycles show limited P/E expansion. At about 14x forward earnings, it could move toward 15-20x on earnings surprises, but it is unlikely to get a full valuation re-rating like Samsung Electro-Mechanics because its SoC substrate exposure is less premium than flip-chip BGA.
222800.KQ HIGH
Choi Ho Vice President 9:17
TSE high growth, low valuation.
TSE has the strongest expected growth among semiconductor parts/materials names, with earnings expected to rise 74% this year and about 30% next year, mainly tied to Samsung Electronics socket demand. Its PER is about 17x on current year earnings and 11x on next year earnings, which looks cheap relative to growth.
TSE HIGH
Choi Ho Vice President 9:53
ISC rich valuation, higher AI exposure.
ISC has higher AI value chain exposure than Leeno, but its valuation has become expensive relative to Leeno, so it is a high-AI-exposure but rich-valuation name to monitor.
ISC LOW
Choi Ho Vice President 10:18
Leeno labor union operational risk.
Leeno has company-specific labor union issues, and there is concern about whether its factories can be fully operated. Among semiconductor parts/materials names, this adds operational risk.
Leeno Industrial LOW
Choi Ho Vice President 10:36
PSK Holdings NAND equipment growth, reasonable valuation.
PSK Holdings is a favored semiconductor equipment company with high NAND-related exposure, though it also has DRAM exposure. It is expected to show high revenue and earnings growth and currently trades at a reasonable valuation.
031980.KQ MED
Park Se-ik CEO, ex-Chief Strategist 18:55
KOSPI box; breakout signals strength.
The Korean market is still in a box range and is not expected to break out immediately this week. If it breaks above the upper Bollinger Band into the FOMC event, that would signal genuine strength; otherwise it will keep converging before eventually breaking in one direction.
EWY MED
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This Chesley Investment Advisory (체슬리투자자문) video, published September 08, 2026, features Park Se-ik, Choi Ho discussing AIQ, 006400.KS, Isu Petasys, TLB, Daeduck, HSEEF, 222800.KQ, TSE, ISC, Leeno Industrial, 031980.KQ, EWY. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Se-ik, Choi Ho  · Tickers: AIQ, 006400.KS, Isu Petasys, TLB, Daeduck, HSEEF, 222800.KQ, TSE, ISC, Leeno Industrial, 031980.KQ, EWY