The Real Reason Samsung Electronics is More Unfairly Treated Than Hynix, and the Exclusive Materials, Parts, and Equipment Stocks Institutions Are Really Accumulating During the Crash

Summary

Kim Jang-yeol, Head of Research Center at Unistory Asset Management, argues that Samsung Electronics is unfairly oversold compared to SK Hynix, and he details three Korean semiconductor equipment stocks—PSK, PSK Holdings, and TES—that institutions are accumulating. He explains the technological competitive advantages of each, recommends buying on dips, and interprets long-term agreements in memory as strategic partnerships that support strong HBM demand. He also suggests the KOSPI via EWY has likely bottomed after geopolitical risk drove a sharp decline.

• Samsung Electronics is more oversold than SK Hynix relative to pre-ETF levels and offers better relative value.
• PSK is the global leader in dry strip equipment, essential for advanced semiconductor front-end processing.
• PSK Holdings dominates fluxless reflow for HBM/CoWoS packaging and advanced descum processes.
• TES is a key etch and deposition equipment maker, forming a trio of institutional favorites alongside PSK and PSK Holdings.
• Long-term agreements (LTA) are strategic partnershipping tools, not price cuts, and may deepen Big Tech collaboration.
• HBM supply is expected to be even tighter in 2025, supporting memory prices and earnings resilience.
• Hedge funds have resumed buying semiconductor stocks, suggesting a shift in sentiment.
• The EWY Korea ETF has likely bottomed as geopolitical and rate-hike fears are now fully priced.