Korea Quality Re-Rating Watch Jun 11: Gigavis, Wonik IPS, Protec

Macro Dashboard

Regime verdict — KR: Bear / US: Neutral. The KR–US divergence is the dominant macro signal. Market breadth remains broken (only 16.5% of KOSPI names above their 50-day MA, 28.6% above the 200-day), while the KOSDAQ/KOSPI relative gap has narrowed to +4.3pp — small-caps outperforming large-caps in a Bear regime is a classic selective, not a broad, risk-on signal.

Market Wrap

Today’s Korea session was best described as selective risk-on inside a Bear market. Macro breadth numbers confirmed a broken tape, but a specific pocket — semiconductor equipment and components — generated enough heat to make the overall screen look deceptively constructive.

Semiconductor equipment dominated the tape. Hanmi Semiconductor (042700.KQ) rose +7.8% with foreign buying of +43.6B KRW and program flow turning positive, extending the momentum from its June 8 supply contract and June 5 IR disclosure. The move was not isolated: the equipment and component cluster — 주성엔지니어링 (036930.KQ, RS 98.9, high volume), Wonik IPS (240810.KQ, volume ratio 3.3×, positive foreign flow), and Korea Circuit (007810.KQ, RS 99.1, breakout leader) — moved as a thematic group. The common thread was the WFE supercycle narrative, reinforced simultaneously by brokerage research, Telegram intelligence, and on-the-ground screener data. HBM and LPDDR demand confirmation added another layer.

Large-cap index anchors diverged sharply. Samsung Electronics (005930.KS) fell −1.2% on the session (−14.9% over five days) despite foreign buying of +173.3B KRW. The culprit was institutional selling of −1.605T KRW and program selling of −889.6B KRW — a scale that absorbed the foreign bid without blinking. SK Hynix (000660.KS) managed +2.6%, with foreigners buying +552.3B KRW, but the same institutional (−1.067T KRW) and program (−1.145T KRW) overhang capped gains. The pattern is consistent: fundamental quality is intact across the large-cap memory space, but the supply-demand clock has not yet turned.

AI infrastructure thesis held at the sector level, though Oracle’s large-scale financing needs introduced a nuance: strong AI capex is a necessary condition for demand growth, not a sufficient condition for multiple expansion in every part of the value chain. Margin and financing profiles now matter alongside top-line narratives.

Tomorrow’s session will likely be defined by whether Samsung Electronics holds the 299,000 KRW level, whether SK Hynix sees institutional selling slow more than foreign buying accelerates, and whether the equipment names can sustain today’s relative strength into the second session.

Today’s Quality Re-Rating Candidates

The meta-screener ran across 99 tickers, with 5 screener sources active: KR Quality Compounder (QC), KR Smart Money Quality (SMQ), KR Cycle Rerating (CR), KR Smart Money Earnings (SME), and KR PEAD. Names hitting 3+ screeners are the editorial leads.

Overlap Summary Table

Top 3 Candidate Deep-Dives

#1 — Gigavis (420770.KQ) | Meta score 110.3 | 5 screeners

Gigavis manufactures inspection and measurement equipment for the display and semiconductor industries. It is the only name today hitting all five screeners simultaneously — the rare configuration of quality, institutional money flow, operating leverage repricing, earnings momentum, and post-earnings drift in a single stack. The numbers explain why: operating profit grew +777% YoY on +100.6% revenue, expanding margins by nearly 30pp. Over the past five days, foreign investors and quality institutions absorbed 130.4B KRW of retail supply. At RS 96 and currently at its 52-week high with zero gap to that high, the PEAD drift window remains open. The primary caution is valuation: trailing PER sits at 114×, which compresses the margin of error on any execution miss. A recent large shareholder filing (June 5) warrants monitoring for position-size context. Next check: whether foreign and quality-institutional buying sustains into a second week; whether the PER de-rating risk is offset by further consensus upward revisions.

#2 — Wonik IPS (240810.KQ) | Meta score 60.1 | 3 screeners

Wonik IPS supplies CVD and ALD deposition equipment to Samsung Electronics and SK Hynix, making it a direct WFE supercycle proxy. Operating profit grew +593.6% YoY on only +21.6% revenue — textbook operating leverage. The meta screener places it at #3 (above its raw 3-screener overlap rank of joint-second) because the PEAD score is among the strongest in Tier A at +0.60, and quality-institutional investors absorbed 803.6B KRW of retail supply over five days. RS percentile is 99 on the PEAD screener. Next check: whether today’s +10.8% five-day price move has accelerated into the blow-off zone (currently flagged safe at 30% threshold); equipment order-book updates from upcoming earnings guidance.

#3 — Protec (053610.KQ) | Meta score 57.7 | 3 screeners

Protec manufactures bonding and die-attach equipment for advanced packaging, including HBM-related processes. ROE of 13.7% at only 25.4% debt ratio makes this one of the cleaner balance sheets in the equipment cluster. Operating profit grew +244.5% YoY with a +12.2pp margin expansion. Quality-institutional flow is positive and the stock has not broken its MA50. The PEAD score (+0.12) is modest versus Gigavis, and short interest at 3.9% is low. The primary watch item is the foreign flow, which is currently negative on a daily basis — the institutional positive signal is being offset at the foreign desk. DART filings show a recent large holder disclosure on May 21. Next check: whether foreign flow turns positive on any pullback; HBM packaging order commentary in the next earnings window.

All data sourced from KR screener runs dated 2026-06-11. This content is market analysis only and does not constitute investment advice. Screener flags are candidates for further research, not buy/sell signals.