Even if the market shakes, the semiconductor cycle is just beginning | Kim Jang-yeol, Head of Unistory Asset Management [Today's Stock Focus]

Summary

Kim Jang-yeol, Head of Unistory Asset Management, discusses the semiconductor investment landscape amid market volatility. He focuses on Samsung Electronics' labor union issue as a catalyst for a catch-up rally, and highlights smaller-cap opportunities in the PCB supply chain, ALD equipment, and laser annealing. The overall message is that the semiconductor cycle still has room to run, but near-term risks require patience.

• Kim Jang-yeol expects a Samsung Electronics catch-up rally if labor union negotiations are resolved.
• He introduces Neotis as a small-cap beneficiary of growing PCB demand for high-end servers.
• Jusung Engineering's ALD technology is seen as a long-term winner across semiconductors, displays, and solar.
• I/O Technics' laser annealing equipment is critical for advanced chip manufacturing and has strong moat.
• The speaker advises investors to understand the underlying technology before holding through volatility.
• KOSPI valuation at 8x earnings provides a floor, but foreign buying remains absent.
• The US market rotation from hardware to software is noted but not a core thesis.
• The semiconductor cycle is still in its early to mid phase, but near-term corrections are possible.