Operating Profit 128 Trillion? Why Samsung Electronics' HBM Outlook Rose Sharply / DRAM Shortage Will Worsen Next Year "Why You Should Hold Semiconductor Stocks" | Director Lee Ju-yeon

Summary

Director Lee Ju-yeon argues that Korean semiconductor stocks will remain the market's last bastion, driven by a worsening DRAM shortage and an aggressive HBM price hike in 2027 that could skyrocket Samsung Electronics' and SK hynix's profits. He also highlights HBM equipment suppliers and Samsung's foundry recovery as ancillary plays. In biotech, Alteogen's patent overhang is clearing, and selected firms are drawing interest ahead of Bio USA and expected government support.

• Semiconductors are the ultimate safe haven with upward earnings revisions.
• Server DRAM/HBM demand share to surge, pushing DRAM and NAND shortage into 2027.
• HBM prices are severely undervalued versus generic DRAM; normalization could lift Samsung's HBM OP to 128T won and SK hynix's to 149T won next year.
• HBM equipment makers like DI, Techwing, TES, Hanmi benefit from capex cycle.
• Samsung foundry poised to win orders from Google, AMD, Tesla, BYD as TSMC tightens; OSAT and materials suppliers benefit.
• Alteogen patent dispute fading and KOSDAQ promotion provide positive catalysts.
• Bio USA event fuels near-term interest in ABL Bio, OliX, DND Pharmatech, though summer is seasonally weak.
• Government policy support could benefit CDMO firms and biotechs with tech-transfer track records.