KOSDAQ has weakened since its late-April high even though foreigners kept buying. The problem is not foreign selling. It is narrow foreign buying, weak breadth and continued selling from institutional real money. The next triggers are ADR 60, real-money inflows and a KOSDAQ recovery toward 1,080-1,100.
Korea’s equity market is not short of liquidity. Investor deposits plus CMA balances reached KRW 246.3T, but the 20-day ADR fell to the 48 area. Foreigners are not simply exiting Korea; they are reducing Samsung Electronics and SK hynix while reallocating into KOSDAQ, batteries, robotics, biotech, and selected infrastructure names.
A follow-up on FADU as an AI eSSD controller bottleneck. The note tests whether FADU can earn a higher multiple than memory by opening P, Q, cost leverage and new segments such as Gen6 SSD controllers, PMIC and CXL.
Jensen Huang's Marvell call-out is not about Marvell replacing NVIDIA GPUs. It is a signal that custom XPU, AI networking, optical interconnect, FC-BGA, high-speed PCB and silicon capacitors are becoming the next AI infrastructure bottlenecks. This note previews Broadcom's Q2 call and maps the read-through to Samsung Electro-Mechanics, Korea Circuit and Isu Petasys.
Hanmi Semiconductor's June 1 IR notice is not an order announcement. It is a strategy message about 2H26 outlook and overseas market expansion, widening the TC-bonder TAM from HBM into 2.5D packaging, AI system semiconductors, OSAT and HBF, while CEO insider buying adds a secondary support signal.
After NVIDIA GTC Taipei, this note breaks the message into AI Factory, Vera CPU, Agent Runtime, AI PCs and Physical AI, then translates it into Korean equities: Samsung Electronics, power infrastructure, robotics, Doosan and NAVER Cloud.
Samsung Electronics' HBM4E 12-high sample shipment is a positive catch-up signal, but the market still needs customer qualification, mass-production timing, EPS revisions and evidence that Hanmi Semiconductor can convert the event into TC bonder orders.
Mirae Asset's June 1 Samsung Electro-Mechanics target of KRW 2.8 million is based on 2029F EPS of KRW 93,242 and a 30x PER. The upgrade is not multiple expansion; it is a large upward revision to 2027-2029 MLCC, FC-BGA and silicon-capacitor earnings. From here, SEMCO must prove its earnings duration is stronger than memory.