Samsung Electronics HBM Emergency Orders Surge from August — Is Supply Shortage Becoming Reality? / Why Apple Finally Surrendered and Signed a Contract with No Price Cap | Director Lee Ju-yeon

Summary

Director Lee Ju-yeon discusses Citi's more positive stance on Korean semiconductors, citing HBM rush orders from August, Apple's no-price-cap memory LTA, and surging server DRAM spot prices. He sees Samsung Electronics and SK hynix as undervalued and expects memory ASP gains to offset won strength. He also covers semiconductor equipment names, Tesla Energy/Megapack, and Korean battery/ESS beneficiaries, especially Samsung SDI.

• Citi turned positive on Korean semiconductors, highlighting HBM rush orders from August.
• Apple signed a new long-term memory supply agreement without a price cap, seen as a surrender to memory suppliers.
• Server DRAM spot prices spiked sharply, confirming tight memory supply.
• Samsung Electronics and SK hynix are viewed as deeply undervalued with memory ASP upside offsetting FX pressure.
• Semiconductor equipment names such as Wonik IPS, Tes, and EO Technics are favored on expanding backlogs and 4Q order momentum.
• Tesla Energy/Megapack is benefiting from AI datacenter power demand.
• Korean battery names, especially Samsung SDI, are positioned to benefit from the US ESS boom.