KOSDAQ, Time to Look Again? Now is the Time to Distinguish the Wheat from the Chaff in Semiconductor Materials, Parts, and Equipment!

Summary

Son Sooyeon, a PB at Hana Securities Yongsan WM Center, argues that KOSDAQ merits renewed selective focus, especially on semiconductor materials, parts, and equipment. She highlights the ongoing shift from price-driven to volume-driven semiconductor capex, favoring front-end equipment names like VM, TES, PSK, and Wonik IPS. She also recommends Samsung Electro-Mechanics for its AI server substrate and MLCC supply bottleneck through 2028, and suggests a portfolio split of 60% large-cap semis, 20% 소부장, and 20% consumer.

• KOSDAQ has underperformed but selective semiconductor 소부장 bets are attractive.
• Front-end equipment stocks set to benefit from DRAM price momentum and major capex expansions.
• Key equipment names cited: VM (etching), TES and Wonik IPS (deposition), PSK (photoresist removal).
• Samsung Electro-Mechanics attractive due to AI server substrates and high-cap MLCC bottlenecks, with analyst targets up to 300,000 won.
• Suggested allocation: 60% large-cap semis, 20% 소부장, 20% consumer.