Hyundai Motor Securities on the 12th said that for PSK, capital expenditure (CapEx) by major global semiconductor manufacturers secured as clients is entering full swing, and profitability is increasing alongside rapid top-line growth. It initiated coverage with a "buy" rating and a target price of 194,000 won. The previous trading day's closing price was 149,800 won.
PSK has secured major global semiconductor manufacturers as clients, including the three leading memory makers, a North American foundry, and a Chinese DRAM company.
The three leading memory makers are expanding new investments this year in DRAM 1b (5th generation) and 1c (6th generation), including P4 and M15x. Hyundai Motor Securities projected that equipment demand will expand as large-scale plants such as P5, Y1, and ID1 are scheduled to be completed from next year onward.
Yun Dong-uk of Hyundai Motor Securities said, "The Chinese DRAM company will likely continue its expansion policy with funds raised after listing," adding, "The North American foundry is expected to resume investment on the back of rising central processing unit (CPU) demand in the agentic AI market."
Yun projected that next year's capital expenditure growth rate for the four companies—Samsung Electronics, SK hynix, Micron, and Intel—will exceed 50% year over year.
Yun explained that the company's flagship dry strip equipment also ranked No. 1 in global market share as of last year. With new client additions continuing, it analyzed that additional market share gains are possible given U.S. semiconductor sanctions against China.
Yun said, "Supply of dry cleaning and bevel etch equipment will also expand as process nodes shrink," and projected, "If bottlenecks in competitors' production capacity (capa) persist, PSK is highly likely to benefit as a follower."