In this situation, I... What is the fate of semiconductors in Q4? | Lee Jae-chan, Hana Securities Myeongdong Financial Center Deputy [Double Crew]

In this situation, I..." What is the fate of semiconductors in Q4? | Lee Jae-chan, Hana Securities Myeongdong Financial Center Deputy [Double Crew]
Watch on YouTube ↗  |  September 01, 2026 at 02:03  |  23:59  |  3PRO TV (삼프로TV)
Speakers
Lee Jae-chan — Deputy Manager

Summary

Lee Jae-chan, a Hana Securities deputy, lays out a concentrated Q4 portfolio across semiconductors, electric electronics, power equipment, and biotech. He argues power equipment's tight supply/demand remains intact after the US national power emergency, while electric electronics can outperform power equipment short term due shorter duration. He highlights Daeduck Electronics, Samsung Electro-Mechanics, and Simmtech and explains AI capex shortage sequencing.

  • Prefers a concentrated portfolio of semiconductors, electric electronics, power equipment, and biotech.
  • Sees the US national power emergency reinforcing power equipment tightness despite valuation concerns.
  • Expects electric electronics to outperform power equipment in September on shorter order-to-delivery duration.
  • Names Daeduck Electronics, Samsung Electro-Mechanics, and Simmtech as electric electronics ideas.
  • Says AI capex shortages flow from semiconductors to power equipment to substrates and MLCC.
  • Discusses Korean biotech underperformance and China biotech's AI-driven target selection.
  • Describes core-satellite portfolio discipline and Jackson Hole rate uncertainty.
Ideas
Lee Jae-chan Deputy Manager 11:49
Four sectors where earnings and narrative align
Prefers a concentrated four-sector portfolio of semiconductors, electric electronics, power equipment, and biotech because those are the sectors where earnings and narrative, the two engines that move stock prices, currently align. His disclosed allocation was 31% semiconductors, 17% power equipment, 13% electric electronics, 15% biotech, and 20% cash.
Korean Semiconductors Korean Biotech HIGH
Lee Jae-chan Deputy Manager 11:49
Four sectors where earnings and narrative align
Within AI-related sectors, electric electronics should outperform power equipment over the short term in September because its order-to-delivery duration is much shorter. Memory substrates average about 50 days from order to delivery, and MLCC prices changed hourly during severe shortages, whereas power equipment has about three-year lead times. This makes electric electronics less exposed to high-rate duration risk than power equipment.
XLK HIGH
Lee Jae-chan Deputy Manager 11:49
Four sectors where earnings and narrative align
Power equipment remains attractive despite looking expensive: the Trump administration's national power emergency bans imports of power-system equipment from sanctioned countries, and while China's share is small in the 154kV+ high-voltage segment, the move reinforces the existing tight supply/demand narrative. Fundamentals remain intact, with no change to the thesis, EPS growth continuing, capacity ramping well, and grid connection backlogs building. The shortage is more intense than the previous Trump-era case because grid wait volumes are far larger.
Korean Power Equipment HIGH
Lee Jae-chan Deputy Manager 19:52
Daeduck, Samsung Electro-Mechanics, Simmtech favored
Among electric electronics names, Daeduck Electronics is a PCB and memory substrate play; Samsung Electro-Mechanics has MLCC and FCBGA momentum after August price hikes across all MLCC products including commodity MLCC; and Simmtech has momentum. He holds two of these names. Key catalysts are whether Samsung Electro-Mechanics MLCC lead times extend further from 30 weeks, whether the 30% MLCC price increase holds in Q3 results, and whether additional long-term agreements with big tech are signed. China's Fenghua shift into AI MLCC from 2028 is a later risk to monitor.
009150.KS 353200.KS 222800.KQ HIGH
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This 3PRO TV (삼프로TV) video, published September 01, 2026, features Lee Jae-chan discussing Korean Semiconductors, Korean Biotech, XLK, Korean Power Equipment, 009150.KS, 353200.KS, 222800.KQ. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Jae-chan  · Tickers: Korean Semiconductors, Korean Biotech, XLK, Korean Power Equipment, 009150.KS, 353200.KS, 222800.KQ