三星-半导体设备-Tech(OVERWEIGHT) Semiconductor supply chain still solid long term-20170713-SAMSUNG.pdfVIP
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2017. 7. 13
Sector Tech(OVERWEIGHT)
Update Semiconductor supply chain still solid long term
● Shares in Korean semiconductor equipment makers and materials suppliers seem
destined to correct, but this should prove short-lived, with: 1) investments
becoming more suited to tight supplies; and 2) an ongoing industry upturn
expected to last through 2019.
● After earnings surprises in 2Q, equipment makers might see sales contract this
quarter, while consensus forecasts for materials suppliers are being revised down
for 2Q and 3Q.
● We keep our BUY ratings on Wonik IPS, TES, SK Materials, and Hansol Chemical.
Jongwook Lee
A nalyst
j wstar.lee@ WHAT’S THE STORY?
822 2020 7793
Still bullish on semiconductor supply chain: Shares in Korean semiconductor
Dexter Lee
Research Associate equipment makers and materials suppliers seem destined to correct, but we still
dexter.lee@ recommend accumulation as such weakness should be short-lived amid an ongoing
822 2020 7807 industry upturn that will likely last through end-2019. Given the probable reasons for
corrections
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