"Semiconductor Supercycle Really Begins" What's the First Trickle-Down Effect? | Kwon Taek-jung, The Centerfield W Manager

Summary

Kwon Taek-jung outlines how the semiconductor supercycle is now producing a capex trickle-down effect for front-end equipment makers, while memory giants Samsung Electronics and SK Hynix remain core portfolio leaders alongside MLCC beneficiaries Samsung Electro-Mechanics and LG Innotek. He highlights the upcoming KOSDAQ 30th anniversary as a policy catalyst and sees a tactical rebound in oversold space/defense stocks after Space X-related ETF rebalancing. Space X itself is viewed as a speculative short-term event rather than a core investment.

• Memory leaders Samsung Electronics and SK Hynix offer high earnings visibility and should be held, not traded.
• Samsung Electro-Mechanics and LG Innotek join the leadership theme on MLCC momentum.
• Semiconductor front-end equipment (Wonik IPS, Jusung Engineering, Leeno Industrial) is at the start of a trickle-down capex cycle.
• KOSDAQ is poised for a policy boost around its 30th anniversary with a new premium segment index and ETF.
• Space/defense stocks were sold off on Space X ETF rebalancing and now look oversold for a rebound.
• Space X IPO offers a short-term trading setup if pricing stays within ~30% of offering, but valuation is extreme and position sizing should be small.