[Semiconductor Equipmentl] From P to Q: The CapEx Era

✅ [Semiconductor Equipmentl] From P to Q: The CapEx Era - Semiconductor Equipment Stocks in Focus 📋 Growth Research | Semiconductor Supply Chain Sector Report Part 1. After the Memory Up-Cycle, the Semiconductor Supply Chain's Turn Part 2. New Capex Has Already Begun to Move Part 3. Investment Strategy: Semiconductor Equipment (DRAM & CoWoS)e 📈 PSK Holdings (031980. KQ) | 📈 VM Inc. (089970. KQ) | 📈 KCTech (281820. KS) 📌 Volume and CapEx Matter More Than Pricing With limited room for further DRAM price gains, memory makers are shifting their focus to production growth and capacity expansion. 📌 CapEx Expansion Is Underway TSMC plans to raise 2026 CapEx by approximately 32% YoY to US$52–56 billion, while expanding CoWoS capacity to around 130,000 wafers per month. Samsung Electronics and SK hynix are also accelerating DRAM and HBM investments at P4 and M15X, respectively. 📌 Equipment Over Materials Equipment makers are expected to see stronger earnings leverage from rising customer CapEx. Key beneficiaries include deposition and etching equipment for advanced DRAM nodes and back-end equipment for CoWoS packaging. 📌 Key Beneficiaries PSK Holdings: Expected to benefit from growing demand for reflow and descum systems used in HBM and CoWoS packaging. VM: Korea’s only domestic supplier of dry etching equipment, positioned to benefit from expanding DRAM CapEx. KCTech: Korea’s only domestic mass-production supplier of CMP equipment, set to benefit from a recovery in memory investment. ✅ Growth Research — Independent Equity Research https://t.me/growthresearch