[Edaily Reporter PARK MIN ] On the 29th, HYUNDAI MOTOR SECURITIES maintained its “Buy (BUY)” investment rating and target price of 220,000 won for PSK INC.(319660), forecasting that the company will continue to benefit directly from increased capital expenditures (CapEx) by major global semiconductor manufacturers. This represents an upside potential of 56.0% compared to the previous trading day’s (September 28) closing price of 141,000 won.

Yoon Dong-wook, an analyst at HYUNDAI MOTOR SECURITIES, stated in a report published that day, “The CapEx plans of major global semiconductor manufacturers—which are our clients—continue to be revised upward,” adding, “While the company maintains its dominant market position in its flagship photoresist stripping (PR Strip) equipment, sales of dry cleaning and bevel etch equipment are also expected to grow in line with process miniaturization.”

According to HYUNDAI MOTOR SECURITIES, PSK INC.(319660)’s third-quarter consolidated revenue is estimated at 189.1 billion won, an 81.6% increase year-over-year, while operating profit is projected to rise 140.3% to 56.2 billion won. The operating profit margin is expected to reach 29.7%.

These figures once again exceed market expectations, which had risen significantly following strong first-half performance. This is driven by rapidly increasing investments not only from domestic memory semiconductor companies but also from global memory manufacturers in North America and China, as well as recent upward revisions to CapEx plans by North American foundry companies.

Production expansion schedules for manufacturers both domestically and internationally are also accelerating. It has been reported that domestic memory companies are continuing to bring forward the equipment installation schedules for new fabs—such as Y1, P4, and P5—scheduled to be completed by 2028. SamsungElectronics(005930), SK hynix(000660), The annual CapEx growth rates for four major manufacturers—Micron and Intel—are expected to reach 59.4% in 2026 and 33.4% in 2027.

The growth potential of new high-value-added equipment is also drawing attention. Dry cleaning equipment, for which demand is increasing due to the miniaturization of semiconductor processes, is currently undergoing the qualification (quality certification) process for new customers. Since this equipment offers superior average selling prices (ASPs) and margins compared to existing dry strip equipment, it is expected to drive further profitability growth once sales are fully reflected in the future.

HYUNDAI MOTOR SECURITIES forecasts that PSK INC.(319660) will post annual revenue of 711.4 billion won and operating profit of 198.7 billion won in 2026. This represents year-over-year increases of 55.6% and 124.6%, respectively. The firm expects the company to continue its trend of revenue growth and improved profitability in 2027, with revenue of 931.9 billion won and operating profit of 273.8 billion won.

Analyst Yoon Dong-wook stated, “Based on the projected 2027 earnings per share (EPS) of 8,678 won, major domestic and international front-end equipment manufacturers such as WONIK IPS Co.,Ltd., TES CO., LTD., Eugene Technology Co., Ltd., Lam Research (LRCX), Applied Materials (AMAT), and Tokyo Electron (TEL),” he said.