投资者演示文稿 - 全球与中国人工智能、新旧存储及半导体设备对比-Investor Presentation-Global vs. China AI, Old vs. New Memory and SPE

Summary of Key Points from the Conference Call Industry Overview - Industry Focus: South Korea Technology, specifically in the semiconductor and memory sectors [71][72] - Market Sentiment: The overall view of the South Korean technology industry is considered attractive [2] Company Insights - SCREEN Holdings: - Downgraded from Overweight (OW) to Equal-weight (EW) due to recent share price gains and low memory sales weighting [20] - Sales weighting in memory was only 14% in F3/25, limiting benefits from the memory supercycle [20] - High risk of declining sales to China due to tightening trade regulations, with 40% of sales coming from China [20] - Operating rates on production lines are around 80%, indicating good efficiency compared to peers [20] - Memory Stocks: - Memory stock prices tend to precede earnings upgrades, indicating a correlation between stock performance and earnings expectations [6] - The average price-to-book (P/B) ratio and return on equity (ROE) trends for major players like Samsung Electronics, Micron, and Hynix are analyzed [8][10] Market Dynamics - Flash Memory Market: - Recovery is noted in the flash memory market due to a shift towards nearline storage SSDs caused by HDD shortages [13] - Demand for semiconductor production equipment (SPE) is currently uncertain, with some manufacturers curbing investments due to capacity issues [13] - China Trade Regulations: - Uncertainty surrounding China trade regulations is impacting investment decisions in the semiconductor sector [13] - Back-end SPE makers are less affected by these regulations and are expected to benefit from growth in the smartphone market and advanced packaging demand [13] Risks and Opportunities - Upside Risks: - Stronger-than-expected recovery in smartphone demand and semiconductor demand could lead to increased equipment investments [22] - Downside Risks: - Stagnant demand for consumer electronics due to high inflation and food prices could negatively impact semiconductor demand [23] - Ongoing US-China trade tensions may restrict equipment exports, posing a risk to companies heavily reliant on the Chinese market [23] Valuation and Ratings - Valuation Methodology: - SCREEN Holdings has a target P/E of 11.9x, reflecting restored market trust since the current CEO took over in March 2019 [21] - Stock Ratings: - Various companies in the South Korean technology sector have been rated, with a mix of Overweight, Equal-weight, and Underweight ratings based on their market performance and outlook [72] Conclusion - The South Korean technology sector, particularly in semiconductors and memory, presents both opportunities and risks. Companies like SCREEN Holdings are navigating challenges related to trade regulations and market dynamics, while the overall sentiment remains positive for the industry.