First Read: Global I/O Semis & Semiscap

研报英文原文证据摘录

First Read: Global I/O Semis & Semiscap

Global Research

29 June 2026ab

First Read

EquitiesGlobal I/O

GlobalSemis & Semiscap

Semiconductors

Samsung and SK Hynix announce new chip

Nicolas Gaudois

cluster – initial take Analyst

nicolas.gaudois@ubs.com

+65-6495 5148

Jimmy Yoon

A new chip cluster in Jeonnam-Gwangju Analyst

On 29 June, Samsung Electronics and SK Hynix announced plans to invest Won2,450tn jimmy.yoon@ubs.com

(of which Won2,100tn is set aside for the semis business) and Won1,100tn respectively +65-6495 4617

as part of the South Korean government’s initiative to develop new chip production Timothy Arcuri

hubs in areas outside of Seoul. This implies a yearly cadence for Samsung Semis Korea Analyst

capex of Won140tn (disclosed investment period: 2026-2040) and SK Hynix of timothy.arcuri@ubs.com

Won73tn (assuming same investment period; did not disclose), suggesting upside to +1-415-352 5676

UBSe ’26E-‘30E range of Won75tn-Won112tn and Won44tn-Won67tn respectively. Of Kenji Yasui

note though is the 1/ pull in of the timing of the Yongin cluster ramp and 2/ a whole new Analyst

cluster in Jeonnam-Gwangju, with Samsung and SK Hynix each expected to build two kenji.yasui@ubs.com

fabs. Over time, we also do not exclude that Samsung and SK Hynix would decide to +81-3-5208 6211

invest in US front-end manufacturing for memory (more likely for DRAM), as more Francois-Xavier Bouvignies

elevated DRAM pricing and LTAs likely make gross margin dilution less impactful than Analyst

prior. francois.bouvignies@ubs.com

+44-20-7568 7105

Samsung to invest Won2,450tn Gianmarco Vella

Samsung Group is expected to invest a total of Won2,655tn over a 15-year period Associate Analyst

(2026-2040), with Samsung Electronics responsible for Won2,450tn. Within this, gianmarco.vella@ubs.com