South Korea Technology Korea WFE Substrate CCL Chip testing HBM Supply Chain Check reinforces our positive view on Samsung E...

Equity Research 24 August 2026 | 12:11AM SGT SOUTH KOREA TECHNOLOGY

Korea WFE/Substrate CCL/Chip testing/HBM Supply Chain Check reinforces our positive view on Samsung Electronics, SK Hynix, and SEMCO

In this report, we compile 1) 2Q26 earnings read-across from 20 key non-covered Giuni Lee | Korean companies across the front-end equipment, substrate/CCL, chip testing, and Goldman Sachs (Singapore) Pte

HBM sectors, 2) takeaways from meetings with 14 of these firms, and 3) additional Taeyong Lee | data-points to summarize current trends in the Korean tech supply chain and Goldman Sachs (Asia) L.L.C., Seoul Branch provide implications for our coverage universe. Daiki Takayama | 1. Front-end equipment: Korean equipment vendors overall posted solid 2Q26 Goldman Sachs Japan Co., Ltd. results and rapidly expanding order backlogs and customer requests for delivery pull-ins reflect an active capex stance from memory players and raise expectations for 2H earnings improvement among equipment suppliers. Strong yoy growth momentum of WFE imports to Korea also supports strong memory WFE demand. This trend aligns with our WFE team’s positive industry outlook as well as our views on SEC and Hynix capex.

2. Substrates/CCLs: Korean substrate and CCL suppliers sustained robust earnings growth momentum in 2Q26. Amid tight supply conditions, rapidly expanding order intake raises the likelihood that supply tightness will persist. In line with this, our global team expects the substrate supply shortage to continue for several years. Supported by favorable market conditions and expanding AI revenue, we expect SEMCO substrate revenue to grow significantly this year with meaningful improvement in operating margins.

3. Chip testing: Korean chip testing supply chain companies posted solid 2Q26 results and we believe strong demand for server CPU sockets and a positive demand outlook for memory testing sockets/equipment carry positive implications for our memory coverage.

4. HBMs: Solid 2Q26 earnings, optimistic guidance, and upbeat commentary from HBM supply chain companies carry positive implications for our memory coverage. In line with recent data-points and comments, we estimate the HBM TAM to grow by 67% and 108% yoy this year and next year, respectively.

The authors would like to thank Jiung Kang for his contribution to this report.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs South Korea Technology

Exhibit 1: Korea tech supply chain overview

WFE Company BBG Ticker Market Cap (bn W) Main Product Front-end equipment Jusung Engineering 036930 KS 7,976 Atomic Layer Deposition (ALD), Chemical Vapor Deposition (CVD) Equipment Wonik IPS 240810 KS 5,365 PECVD & ALD Systems, Dry Etchers EO Technics 039030 KS 5,267 Laser Marking, Grooving, Dicing & Annealing Equipment PSK 319660 KS 3,835 Dry Strip, Dry Cleaning, Wafer Edge Clean HPSP 403870 KS 3,761 High-Pressure Annealing (HPA) Equipment Eugene Tech 084370 KS 3,105 Single-Wafer LPCVD, Plasma Treatment Systems Tes 095610 KS 2,852 PECVD & Gas Phase Etchers KC Tech 281820 KS 1,350 CMP Equipment & Slurry, Wet Cleaning Systems SEMES Private Clean, Photo, Etch, Test/Package Equipment Substrate / CCL Doosan 000150.KS 19,676 CCL Isu Petasys 007660 KS 7,657 FCBGA, MLB, FCCSP Daeduck Electronics 353200 KS 5,643 FC-BGA Substrates, Multilayer PCBs Simmtech 222800 KS 4,241 Package Substrates (MSAP, FCCSP), Memory Module PCBs Korea Circuit 007810 KS 1,511 HDI PCBs, Package Substrates (BGA, FC-CSP) TLB 356860 KS 826 Memory Module PCBs & SSD Module PCBs Chip testing Leeno Industrial 058470 KS 5,274 Spring Contact Probes (LEENO PINs), IC Test Sockets ISC 095340 KS 3,796 Silicone Rubber Test Sockets Techwing 089030 KS 1,810 Cube Prober…