Two Stories for Samsung Electronics Stock to Rise Further | Kim Jang-yeol, Division Head at Unistory Asset Management

삼성전자 주가가 더 오르기 위한 두 가지 스토리 | 김장열 유니스토리자산운용 본부장 [집중 오늘의 주식]
Watch on YouTube ↗  |  February 12, 2026 at 10:09  |  43:34  |  3PRO TV (삼프로TV)
Speakers
Kim Jang-yeol — Reporter, The Bell

Summary

Kim Jang-yeol, Division Head at Unistory Asset Management, reviews the memory semiconductor upcycle, focusing on two potential re-rating stories for Samsung Electronics: HBM4E catch-up and a foundry profit turnaround. He also discusses SK hynix's HBM leadership and possible ADR listing, Micron's HBM4 overreaction, Kioxia's strong NAND guidance, SanDisk valuation, and the Hanmi Semiconductor/Hyvision TC bonder competition. The main market implication is that as long as hyperscaler data center capex remains strong, memory and semiconductor names can stay supported, though funding shocks and patent/valuation risks remain.

  • Samsung has two re-rating catalysts: HBM4E catch-up and foundry profit turnaround.
  • SK hynix remains the HBM production leader; ADR listing is a possible re-rating catalyst.
  • Micron's HBM4 failure report was denied by management and appears overdone.
  • Kioxia's guidance shows NAND margins doubling, supporting the memory upcycle.
  • SanDisk is seen as a relatively cheap NAND/memory exposure.
  • Hanmi Semiconductor and Hyvision face TC bonder competition and patent litigation.
  • Hyperscaler data center capex remains the key support for semiconductor demand.
Ideas
Kim Jang-yeol Reporter, The Bell 2:38
Micron HBM4 failure report is overdone.
The analyst claim that Micron failed to enter HBM4 is overdone. Micron's CFO said supply contracts are complete and production plans are not troubled, so the stock's 7% drop on the report was likely an overreaction and the subsequent rebound was justified.
MU MED
Kim Jang-yeol Reporter, The Bell 3:35
SK hynix remains HBM production top pick.
SK hynix remains the volume/production top pick in HBM because its production profitability is better than Samsung's. Although it has not yet re-rated, current HBM earnings strength should keep it supported even as Samsung tries to catch up in HBM4E.
000660.KS MED
Kim Jang-yeol Reporter, The Bell 4:21
Samsung HBM4E catch-up can trigger re-rating.
Samsung may catch up to or surpass SK hynix in HBM4E because its HBM4 yields are improving and its foundry/base-die stack could be advantageous. If that becomes visible by autumn or winter, Samsung can gain share and trigger a re-rating beyond the current roughly 10x P/E cap. This is described as Samsung's strongest additional catalyst beyond memory-price-driven earnings.
005930.KS HIGH
Kim Jang-yeol Reporter, The Bell 11:23
Kioxia guidance signals strong NAND pricing.
Kioxia's guidance implies NAND operating margin doubling from 27% to 54%, far above analyst expectations, while NAND bit supply growth is limited to the mid-teens and capex is rising. This signals strong NAND pricing and a supportive memory upcycle.
285A.T HIGH
Kim Jang-yeol Reporter, The Bell 24:48
Data center capex supports semiconductors.
Hyperscaler data center capex is still growing strongly, about 60% in 2026 after roughly 70% in 2025. As long as funding remains available, memory and semiconductor prices can stay elevated and semiconductor stocks can continue higher. A funding/liquidity shock or a clear capex growth deceleration is the main risk, but it is not visible yet.
SMH HIGH
Kim Jang-yeol Reporter, The Bell 35:49
Hanmi Semiconductor recovery has risk-managed upside.
A report calls Hanmi Semiconductor's excessive decline a buying opportunity with a roughly 90,000 won target. SK hynix capex should increase TC bonder purchases, Micron orders are strong, and Samsung may adopt Hanmi for HBM4, but coverage is thin and patent litigation with Hyvision is a risk; the speaker would only play below a certain level.
042700.KS MED
Kim Jang-yeol Reporter, The Bell 38:42
Hyvision upside hinges on patent resolution.
Hyvision System entered SK hynix's TC bonder supply chain during Hanmi's conflict, and a report calls its excessive decline a buying opportunity. If Samsung continues placing orders and the patent litigation with Hanmi is resolved favorably, a roughly 90,000 won target is plausible, but coverage is very limited and the patent outcome is uncertain.
126700.KQ LOW
Kim Jang-yeol Reporter, The Bell 42:21
SanDisk is cheap NAND upcycle play.
SanDisk trades at only about 10x P/E, cheaper than Kioxia and Micron, and should benefit from the same NAND pricing and margin expansion. If memory peers re-rate, SanDisk is the relatively cheap expression.
SNDK MED
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This 3PRO TV (삼프로TV) video, published February 12, 2026, features Kim Jang-yeol discussing MU, 000660.KS, 005930.KS, 285A.T, SMH, 042700.KS, 126700.KQ, SNDK. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kim Jang-yeol  · Tickers: MU, 000660.KS, 005930.KS, 285A.T, SMH, 042700.KS, 126700.KQ, SNDK