Semiconductor Rally, It's Not Over Yet...Next Up Is Front-End Process?

Semiconductor Rally, It's Not Over Yet...Next Up Is Front-End Process? | Myeong Min-jun, Kang A-rang, Yu Chang-hee [Stock Beginner Rescue Team]
Watch on YouTube ↗  |  June 22, 2026 at 13:30  |  48:41  |  3PRO TV (삼프로TV)
Speakers
Yoo Chang-hee — CEO

Summary

Yu Chang-hee argues that the Korean semiconductor rally is far from over, driven by explosive memory demand and massive big tech capex. He recommends a 50% portfolio allocation to Samsung Electronics and SK Hynix, with front-end equipment stocks as the next beneficiaries. Glass substrate remains a long-term watch, while National Pension Service selling fears are overblown.

  • Memory market expected to reach 1,500 trillion won in 2025, with US big tech planning $800B in AI investments through 2027.
  • SK Hynix's market cap overtaking Samsung Electronics signals a new cycle leg, not a peak.
  • Investors should hold at least 50% of portfolio in Samsung Electronics and SK Hynix combined, overweighting Hynix for more upside.
  • Front-end semiconductor equipment companies (PSK, Tes, Eugene Tech, Wonik IPS) are poised to gain first as capex expands.
  • Glass substrate theme (LG Display, SKC) is a long-term play for patient capital but not yet commercial.
  • National Pension Service rebalancing fears are mitigated by ongoing new monthly inflows of over 10 trillion won.
  • High USD/KRW exchange rate reinforces semis concentration trade, delaying rotation into small and mid caps.
  • KOSDAQ and non-semiconductor sectors remain deeply out of favor with no near-term catalyst.
Ideas
Yoo Chang-hee CEO 5:55
Must-own memory giant, capex tailwind
Korea's memory market is expanding massively to an estimated 1,500 trillion won this year, with US big tech planning $800 billion in AI-related investments by 2027. Samsung Electronics is a core beneficiary of this capex-driven demand. Despite recent underperformance relative to SK Hynix, it remains a must-own; investors should allocate at least half of their semiconductor portion to Samsung, as the market cap shift is just beginning and the stock can still deliver strong returns.
005930.KS HIGH
Yoo Chang-hee CEO 8:00
HBM leader, higher upside than Samsung
SK Hynix is the leader in HBM, the fastest-growing segment of the memory market, with HBM exports surging over 200% year-over-year. Its market cap overtaking Samsung marks the start of a new cycle, not a peak. Hynix offers superior earnings growth and a higher return potential within the semiconductor allocation; overweight it if seeking more aggressive profits.
000660.KS HIGH
Yoo Chang-hee CEO 22:56
Front-end equipment first to benefit from capex
As semiconductor capex expands to build new fabs, front-end process equipment orders will be the first to surge. Companies such as PSK, Tes, Eugene Tech, and Wonik IPS possess dominant market shares often above 50% and exceptionally high operating margins (~50%), ensuring they benefit early and sustainably from the capex cycle.
WONIK IPS 095610.KQ PSK 084370.KQ HIGH
Yoo Chang-hee CEO 24:08
Materials stocks solid, limited near-term upside
Semiconductor materials companies such as Doosan (CCL), Dongjin Semichem, and Wonik QNC have solid, established positions in the supply chain. While near-term upside may be more limited than equipment, they are not unattractive and can perform steadily.
Dongjin Semichem 000150.KS 074600.KQ LOW
Yoo Chang-hee CEO 24:24
Long-term glass substrate watch via LG Display, SKC
Glass substrate technology is not yet commercialized and may cause near-term losses for investors, but the long-term potential is significant. For those who can endure short-term pain, holding LG Display and SKC is an attractive long-term play on the eventual adoption of glass substrates in advanced packaging.
034220.KS 011790.KS MED
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3PRO TV (삼프로TV) · Jun 22

This 3PRO TV (삼프로TV) video, published June 22, 2026, features Yoo Chang-hee discussing 005930.KS, 000660.KS, WONIK IPS, 095610.KQ, PSK, 084370.KQ, Dongjin Semichem, 000150.KS, 074600.KQ, 034220.KS, 011790.KS. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Yoo Chang-hee  · Tickers: 005930.KS, 000660.KS, WONIK IPS, 095610.KQ, PSK, 084370.KQ, Dongjin Semichem, 000150.KS, 074600.KQ, 034220.KS, 011790.KS