Samsung Electronics Foundry, and the Fate of K-NVIDIA? | Baek In-jae, Deputy Head of Hana Securities Sales Department Financial Center

Samsung Electronics Foundry, and the Fate of K-NVIDIA? | Baek In-jae, Deputy Head of Hana Securities Sales Department Financial Center [Double Crew]
Watch on YouTube ↗  |  April 28, 2026 at 01:09  |  18:31  |  3PRO TV (삼프로TV)
Speakers
Baek In-jae — Deputy Center Director, Hana Securities

Summary

Baek In-jae presents a bullish case for Samsung Electronics' foundry turnaround and argues that Korean semiconductor design houses are an underappreciated bottleneck in the AI chip supply chain. He also discusses K-NVIDIA candidates Rebellions and Furiosa AI as unlisted, names ITCEN Global as an earnings-growth idea, and uses TSMC and SK hynix as valuation comparables.

  • Baek In-jae sees Samsung Electronics' foundry business turning profitable as it absorbs overflow demand from a full-capacity TSMC and wins orders from Nvidia, Tesla, and others.
  • He argues Samsung is unique in combining memory and foundry, giving it valuation re-rating room between SK hynix and TSMC.
  • He views Samsung labor union issues as a potential buying opportunity rather than a thesis breaker.
  • He highlights Korean semiconductor design houses as a key bottleneck and high-exposure way to play AI chip demand.
  • He names Gaon Chips, ADTechnology, Qualitas Semiconductor, and Alpha Chips as Korean design house examples.
  • He notes K-NVIDIA candidates Rebellions and Furiosa AI are unlisted, while Fadu is a listed but loosely related watch.
  • He says ITCEN Global's earnings have grown sharply and deserve attention.
  • He mentions TSMC and SK hynix mainly as valuation comparables.
Ideas
Baek In-jae Deputy Center Director, Hana Securities 3:15
Samsung foundry turnaround drives dual-business re-rating
Samsung Electronics' foundry business is turning around: TSMC is effectively at full capacity, so Samsung is taking overflow orders and new orders from Nvidia, Tesla, and other foundry customers. The foundry should turn profitable from Q2/Q3 and be fully profitable next year. Samsung is the only company that does both memory and foundry, so its multiple can re-rate between SK hynix's roughly 4x P/E and TSMC's roughly 20-24x P/E. Labor union issues may pressure the stock, but the speaker sees such dips as buying opportunities.
005930.KS HIGH
Baek In-jae Deputy Center Director, Hana Securities 9:43
Korean design houses benefit from foundry bottleneck
Design houses are the highest-exposure business to foundries and an underappreciated bottleneck in the AI semiconductor value chain, bridging fabless designers and foundries by tailoring designs for manufacturability. Korean design houses are growing and should be studied and watched; the speaker names Gaon Chips, ADTechnology, Qualitas Semiconductor, and Alpha Chips, notes that ADTechnology plans to expand employees toward 1,000, and says the larger market-cap names are leading.
Korean semiconductor design houses 399720.KQ 200710.KQ 432720.KQ 117670.KQ HIGH
Baek In-jae Deputy Center Director, Hana Securities 16:28
ITCEN Global earnings growth outpaces market cap
ITCEN Global's earnings have grown sharply: revenue doubled from two years ago to last year and is growing at a similar rate this year, while operating profit rose about fourfold. With the market capitalization around 1.2 trillion KRW, the speaker says investors should focus on the earnings.
124500.KQ MED
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This 3PRO TV (삼프로TV) video, published April 28, 2026, features Baek In-jae discussing 005930.KS, Korean semiconductor design houses, 399720.KQ, 200710.KQ, 432720.KQ, 117670.KQ, 124500.KQ. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Baek In-jae  · Tickers: 005930.KS, Korean semiconductor design houses, 399720.KQ, 200710.KQ, 432720.KQ, 117670.KQ, 124500.KQ