Samsung Electronics, SK Hynix Investment Expansion, Who Are the Beneficiaries? | Kim Jang-yeol, Head of Unistory Asset Management

Samsung Electronics, SK Hynix Investment Expansion, Who are the Beneficiaries? | Kim Jang-yeol, Head of Unistory Asset Management [Today's Focus Stock]
Watch on YouTube ↗  |  April 28, 2026 at 11:22  |  40:48  |  3PRO TV (삼프로TV)
Speakers
Kim Jang-yeol — Reporter, The Bell

Summary

Kim Jang-yeol reviewed Samsung Electronics and SK hynix's memory investment cycle, arguing memory valuations still do not reflect next year's earnings and that equipment suppliers such as TES should benefit from capex acceleration. He defended Nvidia's ecosystem against an AMD downgrade, highlighted low valuations in Micron and SanDisk, and flagged Kolon Industries as a watch-list beneficiary of a high-purity PP supply disruption.

  • Speaker sees the memory upcycle supported by supply discipline, long-term agreements, and prepayments.
  • Samsung Electronics and SK hynix capex expansion could benefit Korean semiconductor equipment makers.
  • TES was highlighted for DRAM/NAND exposure, low valuation, and expected quarterly earnings growth.
  • Nvidia's CPU/GPU ecosystem was defended against an AI capex slowdown call.
  • US memory names Micron and SanDisk remain cheap with limited downside reason.
  • Kolon Industries is a watch-list beneficiary of a SABIC high-purity PP disruption.
  • Macro rate and funding shocks are the main risks to the memory thesis.
  • Upcoming Samsung Electronics earnings and Apple results are near-term events.
Ideas
Kim Jang-yeol Reporter, The Bell 3:53
Equipment makers benefit from memory capex.
If Samsung Electronics and SK hynix increase capex more aggressively, Korean semiconductor equipment makers are direct beneficiaries. Equipment orders are placed roughly 4 to 9 months before wafer input, and even if memory makers' share prices slow, equipment stocks can rise more; the speaker named TES and Eugene Technology as examples and said they should respond positively.
Korean semiconductor equipment HIGH
Kim Jang-yeol Reporter, The Bell 9:04
Memory leaders remain cheap on strong cycle.
The speaker argued the memory cycle remains strong: supply increases are demand-driven rather than dumping, long-term agreements with floor pricing and prepayments reduce downside, and NAND/enterprise SSD contract prices are rising faster than expected. Samsung Electronics and SK hynix still trade at low valuations and have not priced in next year's earnings growth; if exaggerated supply or macro fears cause a sharp drop, he would view it as an opportunity unless rate hikes or funding stress become real. Samsung's non-memory businesses can also support a premium versus pure memory peers, and he referenced a 2 million KRW target for SK hynix where even a margin-of-safety approach leaves room to hold.
005930.KS 000660.KS HIGH
Kim Jang-yeol Reporter, The Bell 19:14
Micron, SanDisk valuations leave room.
The speaker noted Micron and SanDisk shares have risen but memory valuations remain low; SanDisk trades at a cheaper multiple than Micron, and he saw no reason for either to fall, especially as NAND/enterprise SSD prices are rising.
MU SNDK MED
Kim Jang-yeol Reporter, The Bell 20:29
Nvidia ecosystem strength refutes AI slowdown.
The speaker dismissed the AI investment slowdown premise of a US brokerage report that downgraded AMD, noting Nvidia rose despite it. He argued CPU support for GPU is becoming more important and Nvidia is integrating CPU and GPU through Grace and Vera, strengthening its full ecosystem; therefore the bearish AI-capex conclusion is wrong for Nvidia.
NVDA MED
Kim Jang-yeol Reporter, The Bell 27:20
TES supplies memory leaders at low valuation.
A report highlighted TES as an attractive equipment name because it supplies both DRAM and NAND lines of Samsung and SK hynix, its valuation is not high with a PER below 20, Samsung's P4 ramp has been pulled forward by more than six months, and Hynix fab investments are progressing. The report shifted from expecting a peak-out to quarterly earnings growth; although price targets were already raised and near-term price action may be hot, the fundamental direction is positive.
095610.KQ HIGH
Kim Jang-yeol Reporter, The Bell 39:02
Kolon benefits from SABIC PP disruption.
The speaker flagged Kolon Industries as a direct beneficiary of a supply disruption at SABIC's high-purity PP plant in Saudi Arabia after an Iranian attack in early April. However, the stock had already risen before the issue became widely appreciated and is no longer in a deeply cheap zone; if the high-purity PP impact lasts for months, the move could continue, but he could not quantify the impact.
120110.KS MED
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This 3PRO TV (삼프로TV) video, published April 28, 2026, features Kim Jang-yeol discussing Korean semiconductor equipment, 005930.KS, 000660.KS, MU, SNDK, NVDA, 095610.KQ, 120110.KS. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kim Jang-yeol  · Tickers: Korean semiconductor equipment, 005930.KS, 000660.KS, MU, SNDK, NVDA, 095610.KQ, 120110.KS