Semiconductor equipment shortage... Is a 20-year super cycle beginning? / The truth about the KOSDAQ crash, when will it bottom? | CEO Lee Gwon-hee

Summary

CEO Lee Kwon-hee explains that a 20-year semiconductor equipment super cycle is underway due to simultaneous global fab expansions, causing equipment shortages and improving earnings visibility from 2H 2026. He advises accumulating leading Korean equipment stocks and monopolistic names like Hanmi Semiconductor, and also highlights parts beneficiaries KoMiCo and KCTech. The discussion then covers the KOSDAQ crash, blaming the single-stock leveraged ETF for draining liquidity and suggesting regulatory tightening is needed.

• Semiconductor equipment is entering a rare 20-year super cycle driven by megaprojects from Samsung, SK Hynix, Micron, and TSMC.
• Equipment shortage is already evident; Kioxia cannot expand due to lack of tools, and even global leaders like Applied Materials face supply constraints.
• Korean equipment stocks such as Wonik IPS, Eugene Tech, Hanmi Semiconductor, and Jusung Engineering are recommended for accumulation on dips.
• Hanmi Semiconductor stands out with 70% global bonding share and automated production yielding high margins.
• Parts suppliers like KoMiCo and KCTech are indirect plays on equipment demand, and CMTX may recover post-lockup.
• The KOSDAQ selloff is attributed to the leveraged single-stock ETF absorbing roughly 13 trillion won, starving the broader small-cap market of liquidity.
• Policy action to restrict leveraged ETF access for retail investors is suggested as necessary to stabilize KOSDAQ.