The Next 'Tenbagger' Ultimately Concentrates in Samsung and SK Hynix, Semiconductors' Real Achilles' Heel

Summary

Min Jae-gi of KB Securities explains why KOSDAQ is lagging KOSPI as money chases the cheaper, earnings-heavy semiconductor leaders Samsung and SK Hynix. He argues the semiconductor top two still have more rerating upside, and suggests semiconductor equipment ETFs as a simpler way to play the capex cycle. Beyond chips, he sees power infrastructure stocks benefiting from fab build-outs and flags SK Group as a policy-driven renewable energy play ahead of July green transformation announcements.

• KOSDAQ underperforms due to high valuations and rate sensitivity while KOSPI rides cheap semiconductor giants.
• Samsung Electronics and SK Hynix trade at only 7-8x forward P/E and can re-rate toward 10x as earnings surge.
• A front-end semiconductor equipment ETF is recommended for dip-buying ahead of upcoming equipment orders.
• The power equipment trio is set to gain from domestic cluster plans and global grid upgrades.
• SK Group is highlighted as an integrated bet on renewables, ESS, AI data centers, and a KKR funding partnership.
• July policy events (Korean IRA, KGX) could ignite SK Group’s renewable-linked stocks.
• Market remains concentrated in semiconductors until their valuation gap closes; other themes wait in the wings.