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【出版时间及名称】：2009年11月韩国半导体设备行业研究报告
【作者】：WOORI证券
【文件格式】：PDF
【页数】：65
【目录或简介】：
Blue-chip semiconductor/equipment makers to post major turnaround
from 4Q
– Earnings and shares for most semiconductor equipment/materials makers have
already begun to turnaround in anticipation of a rapid recovery in 2010, backed
by rebounding downstream capex.
– Downstream focusing on maximizing capex for future growth:
1) Semiconductor industry focused more on technology migration than new fab
construction.
2) Investment efficiency to improve on increased outsourcing of commoditized
products.
3) Once quality is assured, chipmakers are likely to prefer price-competitive
Korean equipment.
Front-end: technology migration-related equipment makers and
promising materials/parts companies
– Front-end equipment
1) New processes added due to technology migration: demand for related
equipment to grow accordingly.
2) Expanding solar power and LED markets to also benefit equipment makers.
3) Top picks: Eugene Tech and Jusung Engineering
– Front-end materials/parts
1) Sustained sales growth on increasing production, in line with recovering
semiconductor market
2) Top picks: Sodiff, Solmics and TCK
Back-end: package process companies given widening outsourcing trend
– As memory makers attempt to cut costs, the outsourcing of commoditized
product packages is increasing.
– Top picks: STS Semiconductor & Telecommunications and Hana Micron
Industry Analysis November 19, 2009
Semiconductor
equipment/material
Time to focus on semiconductor
equipment/material plays
Investment
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