SK Hynix Another Big Catalyst... Becomes Next Year's Biggest Beneficiary / Why Semiconductor Stock Price Is Still at Thigh Level

Summary

Director Lee Ju-yeon argues that Korean semiconductors remain undervalued with strong earnings momentum. She highlights SK Hynix as next year's top HBM beneficiary, points to equipment plays like Hanmi Semiconductor and Techwing, and notes the memory cycle is still in an early stage. She also sees catalysts from SK Hynix's ADR listing and MLCC supply shortages buoying Samsung Electro-Mechanics.

• KOSPI forward PER at 8.29x, well below long-term average, suggesting further upside.
• Korean semiconductor stocks trading at historic low PER despite record high stock prices, supported by exceptional earnings.
• SK Hynix emerges as the top 2026 beneficiary due to HBM leadership, HBM4E 12-layer sample delivery, and HBM price normalization driving massive profit growth.
• Hanmi Semiconductor is a unique supplier of advanced stacking equipment for HBM4E, HBM5, HBF, also serving SpaceX.
• Techwing secures HBM4 equipment orders from all three major memory makers (Samsung, SK Hynix, Micron).
• Memory cycle is in an early 'giant's thigh' stage with structural AI demand; down-cycle risk not until after 2028.
• SK Hynix ADR listing on Nasdaq expected soon, could trigger a valuation re-rating toward Micron's multiple.
• MLCC demand surge from AI servers causes supply shortage, driving strong pricing and benefiting Samsung Electro-Mechanics.
• Samsung Electronics poised to benefit from earnings growth and aggressive shareholder returns.