三星集团将在韩国高端产业宣布约1000万亿韩元投资

South Korea Semiconductors Samsung Group to Announce W1,000tr-range Investment Across CITI’S TAKEDomestic Media (Maekyung, Donga, 26 June) reported that Samsung group will announce a massive and long-term investment worth~W1,000tr centered on semiconductors and AI on 29 June. As a part of theBlue House’s initiative to foster the semiconductor industry in the Honamregion, we project the massive investment led by the government should Peter LeeAC+82-2-3705-0720peter.sc.lee@citi.com Jayden Oh+82-2-3705-0747jayden.oh@citi.com SamsungGroup to Invest~W1,000tr Over the Next Decade Mainly onSemiconductor & AI –According to domestic media (Maekyung, Donga, 26 June),SamsungGroup is expected to announce~W1,000tr investment for thesemiconductor and advanced industries over the next decade at a national briefing atthe Blue House on 29 June. The source noted that the investment will include approx.~W300tr for 4~5 fabs in Gwangju and South Jeolla Province, over W56tr for apackaging R&D and production cluster in the Chungcheong region, ~W360tr for 6 Accelerated Semiconductor Investment Under the Blue House’s Mega ProjectInitiative –The Blue House will announce “Three Mega Projects for Korea’s Great LeapForward” plan centered on establishing a semiconductor cluster in the Honam region,with more than half the total investment flowing into Gwangju and South Jeolla. Afterthe mega project announcement by the Blue House, SK will also announce a Implication: Maintain a Constructive View on Korean SPE names –Pulling togetherrecent news and reports regarding the ~W1,000tr investment by Samsung, we expectSamsung to invest W360tr for the Yongin semiconductor cluster, W300tr for Honam-region semiconductor fabs in Gwangju and South Jeolla, and >W350tr for AI datacenters and >W56tr packaging facilities in Chungcheong region. While Samsung isexpected to review additional investment across advanced industries such as battery, EugeneTechnology(084370.KQ; W172600.0; 1; 26 Jun 26; 15:45) ValuationWe value Eugene Tech shares at W193,000, derived by assigning a 6.2x 27E P/B, which is the average of its global peers’ 12m fwd PB multiple. We assign this multiple based on our projection of an advanced DRAM capex upcycle in 2026E & 2027E andcommodity memory supply shortage. Risks Key downside risks that could prevent the Eugene Tech stock from reaching our target price include: [1] Weaker-than-expectednew equipment sales: If Eugene Tech’s new product, Large Batch Typle Thermal ALD, results in weaker-than-expected ordersfrom key clients , we believe it could pose both earnings and sentiment risks to the company; [2] Fiercer competition: Stiffer Key upside risks that could prevent the Eugene Tech stock from reaching our target price include: [1] stronger-than-expectednew equipment sales: If Eugene Tech’s new products result in stronger-than-expected orders from key clients, we believe itcould lead to both earnings and sentiment upside to the company; and [2] continued memory market upcycle beyond 2027E. Samsung Electronics(005930.KS; W339500.0; 1; 26 Jun 26; 15:45) ValuationOur 12-month target price for Samsung of W460,000 is derived using a sum-of-the-parts (SOTP) methodology, based on 2026E EBITDA. In calculating total operating value, we reference global peers in assigning fair-value EV/EBITDA multiples forthe five main divisions (7.8x for Memory, 4.1x for Foundry, 0.5x for Display Panel, 4.8x for Mobile and 2.0x for Consumer Risks Downside risks that could prevent the shares from reaching our target price include: 1) Longer-than-expected approval delay inHBM shipment to its key customers; 2) PC sales weaken more than our forecast and NAND demand fails to meet ourexpectations; 3) aggressive investment by competitors in memory semiconductor/foundry could have a negative impact on TechWing(089030.KQ; W51800.0; 1H; 26 Jun 26; 15:45) ValuationOur W80k TP for Techwing is derived by applying 23.5x PE multiple, the upper bound of Techwing’s historically traded multiple, to the average of 2026E and 2027E earnings, when we expect earnings momentum from its HBM-specialized handler to be fullyreflected. We think applying upper bound multiple is justifiable given increased likelihood of succesful launch of HBM prober in Risks Our quant risk rating assigns a High Risk rating to Techwing to reflect potential near-term earnings and stock price volatilityfollowing the strong rally of late. As Techwing’s current stock price partially reflects anticipation of the launch of HBM tester, webelieve the stock could fluctuate depending on the progress of HBM tester launch. Key downside risks that could impede the shares from reaching our target include: [1] delay in the qualification approval of CubeProber, which would delay Cube Prober revenue to 2025E from 4Q23E, [2] emergence of a new competitor in the HBM handlermarket given robust market growth outlook, which could limit Techwing’s revenue upside in the HBM handler market, and [3] TES(0956