#DeepSeek重启融资拟募近80亿美元 Korean semiconductor has fallen again, but Goldman Sachs says it’s ridiculously cheap
Korean stocks fell again today: the KOSPI dropped 2%, SK hynix fell more than 5%, and Samsung Electronics fell more than 2%. Overnight, U.S. semiconductor shares also performed poorly—AMD dropped 7%—because the third-quarter guidance missed the most optimistic Wall Street expectations. In storage, things turned sharply lower into the close. After a surge, Sandisk’s time for its earnings report is still ahead—nobody dares to hold positions overnight.
Samsung and SK hynix’s share prices are already almost halved. Korean retail investors have suffered roughly a 40% loss from the June peak. JPMorgan data shows leveraged ETF assets in Korea have shrunk from 50 billion at the end of June to 17 billion last week—deleveraging is indeed accelerating.
Goldman Sachs published a research note a couple of days ago saying that at current prices it’s ridiculously cheap. For Samsung and SK hynix, the forward P/E for 2027 is only 3.5 to 3.6x, and the price-to-book ratio is 1.4 to 1.6x. Goldman says market fears about memory have mostly been overinterpreted: the HBM average price in 2027 is still expected to rise nearly twofold, and long-term contract terms are also shifting further toward suppliers.
Goldman is looking at fundamentals value, while CICC is looking at the shareholding/position structure. Fundamentally, it really is cheap—but the chips haven’t been fully “washed clean,” either. Cheap things can get even cheaper, especially before leverage has fully cleared. The long-term logic for the memory sector hasn’t broken, but short-term volatility won’t be small. If you want to bottom-fish, scale in rather than going all-in; it’s not too late to add once the position structure stabilizes.
Korean stocks fell again today: the KOSPI dropped 2%, SK hynix fell more than 5%, and Samsung Electronics fell more than 2%. Overnight, U.S. semiconductor shares also performed poorly—AMD dropped 7%—because the third-quarter guidance missed the most optimistic Wall Street expectations. In storage, things turned sharply lower into the close. After a surge, Sandisk’s time for its earnings report is still ahead—nobody dares to hold positions overnight.
Samsung and SK hynix’s share prices are already almost halved. Korean retail investors have suffered roughly a 40% loss from the June peak. JPMorgan data shows leveraged ETF assets in Korea have shrunk from 50 billion at the end of June to 17 billion last week—deleveraging is indeed accelerating.
Goldman Sachs published a research note a couple of days ago saying that at current prices it’s ridiculously cheap. For Samsung and SK hynix, the forward P/E for 2027 is only 3.5 to 3.6x, and the price-to-book ratio is 1.4 to 1.6x. Goldman says market fears about memory have mostly been overinterpreted: the HBM average price in 2027 is still expected to rise nearly twofold, and long-term contract terms are also shifting further toward suppliers.
Goldman is looking at fundamentals value, while CICC is looking at the shareholding/position structure. Fundamentally, it really is cheap—but the chips haven’t been fully “washed clean,” either. Cheap things can get even cheaper, especially before leverage has fully cleared. The long-term logic for the memory sector hasn’t broken, but short-term volatility won’t be small. If you want to bottom-fish, scale in rather than going all-in; it’s not too late to add once the position structure stabilizes.