일론머스크 램 발언 국장 가장 수혜주 — Transcript

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1. 0:01Hello. Did you have a good weekend?
2. 0:03Today, I’d like to talk about Elon
3. 0:06Musk’s recent comments on RAM. I will
4. 0:09discuss the potential beneficiaries of
5. 0:11this in our domestic stock market.
6. 0:14Fortunately, the market rebounded on
7. 0:17Friday, which brought some relief.
8. 0:19Jensen Huang’s remarks about CoWoS
9. 0:22being in good shape helped the market
10. 0:25bounce back. Elon Musk stated that
11. 0:29China will produce a massive amount of
12. 0:31RAM by 2028. This comment is being
13. 0:35widely retweeted globally, and many
14. 0:38investors are talking about it.
15. 0:41Interest is intensifying because, in
16. 0:44the past, when Elon Musk talked about
17. 0:47power infrastructure, power equipment
18. 0:49stocks skyrocketed afterward. Power. So
19. 0:56, it seems that this issue is also
20. 0:58receiving a lot of attention. Regarding
21. 1:02China producing a lot of RAM in 2028,
22. 1:05CXMT is the best-known company. There
23. 1:09is also YMTC, and it is said that they
24. 1:11are now making RAM as well. CXMT is
25. 1:14also said to be making NAND, so they
26. 1:16are becoming competitors. YMTC is a
27. 1:19NAND company, and it has already risen
28. 1:22to third place in the NAND market.
29. 1:25Surpassing Kioxia. So, YMTC has caught
30. 1:30up significantly in NAND to the point
31. 1:32where the gap with the leader, Samsung,
32. 1:34is not that large. CXMT currently has a
33. 1:3710%market share, and it seems likely to
34. 1:40reach 20%without difficulty. Given this
35. 1:43situation, Elon Musk’s statement is
36. 1:45drawing even more attention. This is
37. 1:48the original text. It was published 14
38. 1:51minutes ago, and this financial column
39. 1:54from Korea warns of memory oversupply
40. 1:58starting in 2029. And the reason for
41. 2:02that oversupply is China's CXMT or YMTC
42. 2:07. They say that a huge amount of RAM
43. 2:11will be produced in 2027 and 2028. This
44. 2:14is Elon Musk’s statement. CXMT and
45. 2:16YMTC are currently increasing
46. 2:18production significantly. And Hynix
47. 2:20will also have its volume coming out in
48. 2:242027 and 2028. And the same goes for
49. 2:26Samsung Electronics. Currently, memory
50. 2:29earnings are incredibly good, but this
51. 2:31is not because of high volume, but
52. 2:34because of rising price (P). Earnings
53. 2:37are good because prices skyrocketed,
54. 2:40not because volume is high, but
55. 2:42capacity will gradually increase in
56. 2:442027 and 2028. These two companies are
57. 2:47also expanding their capacity
58. 2:48significantly starting from 2027 and
59. 2:502028. So, the supply is expected to
60. 2:53increase a lot. This is why
61. 2:55semiconductor equipment and parts
62. 2:57stocks in our domestic market are
63. 2:58surging due to the anticipation of a Q
64. 3:00(quantity) cycle. And they are
65. 3:02competing with Chinese companies, and
66. 3:05there are Korean small and medium-sized
67. 3:07enterprises that also supply to them.
68. 3:10It seems that's the logic behind why
69. 3:11they are surging right now. Even though
70. 3:13they have undergone a correction.
71. 3:14Chinese semiconductors currently have
72. 3:16relatively low yields. Even though the
73. 3:17yield is low, production volume, or Q,
74. 3:19continues to increase. In a way, the
75. 3:20lower the yield, the more room there is
76. 3:22for Q to grow. It is a period of
77. 3:25expanding Q for material suppliers.
78. 3:27With factors like capacity expansion
79. 3:30and yield issues, it seems correct that
80. 3:33it is an expansion phase. This is to
81. 3:37support the Q that comes with this
82. 3:39capacity increase. CAPEX isn't
83. 3:43something that happens in just a year
84. 3:46or two. If you include planning, it
85. 3:48takes at least three years. And it
86. 3:50requires a lot of capital. But since
87. 3:52CXMT and YMTC are expanding massively
88. 3:55and will start operating from 2027 and
89. 3:582028, we need to pay attention to
90. 4:00companies that have invested heavily in
91. 4:03CAPEX accordingly. Are there any
92. 4:06companies that have made massive CAPEX
93. 4:07investments? As our subscribers might
94. 4:09already know about that. Uh. What is it
95. 4:17? Chinese semiconductors will face the
96. 4:18biggest battle of their lives. They
97. 4:20will be in fierce competition from 2027
98. 4:23and 2028, which is similar to the
99. 4:26semiconductor war between Japan and
100. 4:29Korea in the past. Back then, Japan
101. 4:32held about an 80%monopoly on RAM market
102. 4:34share. Because their performance was so
103. 4:38good, the U.S. imposed sanctions, and
104. 4:40to revive the U.S. semiconductor
105. 4:42industry, they applied various tariffs,
106. 4:45but Korea's Samsung Electronics
107. 4:47surpassed the U.S. with
108. 4:49cost-effectiveness and succeeded at
109. 4:51that time. But this situation is quite
110. 4:56similar to China chasing Korea. The
111. 4:59U.S. imposing sanctions is also similar
112. 5:01. Although China is lagging, it is
113. 5:03similar in that the government is
114. 5:05supporting the semiconductor industry.
115. 5:07At that time, Korea also supported its
116. 5:09semiconductor industry at the national
117. 5:11level. The situation is quite similar,
118. 5:13and among materials, parts, and
119. 5:15equipment. Broadly speaking, it is
120. 5:19divided into materials and equipment.
121. 5:22Equipment can involve national-level
122. 5:24issues. Like ASML not supplying to
123. 5:27China, there's a tendency to not really
124. 5:31use Chinese equipment. Such issues
125. 5:35could arise. However, materials are
126. 5:37consumables. Once used in manufacturing
127. 5:39, they are gone, and things like films
128. 5:41are materials. For films and similar
129. 5:43items, cost-effectiveness and volume
130. 5:45are important. It is a situation where
131. 5:48having both good cost-effectiveness and
132. 5:50sufficient volume is crucial. Like in
133. 5:53the past, if Chinese companies don't
134. 5:55use cost-effective material products,
135. 5:57the three major firms, including Hynix
136. 5:59and Micron, have previously even
137. 6:00engaged in collusion while watching
138. 6:02each other. They were even found guilty
139. 6:06of collusion before, where they could
140. 6:07adjust prices by keeping an eye on each
141. 6:09other and controlling supply. But now
142. 6:13that companies like CXMT and YMTC are
143. 6:14entering the market, they just have to
144. 6:16accept whatever volume they get. It is
145. 6:18highly likely that this collusion will
146. 6:20no longer be possible. So, if you don't
147. 6:21use cost-effective products, you are
148. 6:23bound to fall behind in price
149. 6:25competition. Therefore, we expect
150. 6:27material suppliers that provide both
151. 6:30cost-effectiveness and high volume to
152. 6:33be the biggest beneficiaries. That is
153. 6:36why it is important to identify
154. 6:38companies that are currently making
155. 6:40bold investments in massive
156. 6:41semiconductor material CAPEX. This is
157. 6:45GRT. Semiconductor sales have jumped 78
158. 6:49%in just one year. This was announced
159. 6:52recently, just two days ago. It’s an
160. 6:54even sharper rise, from 100 billion to
161. 6:57180 billion—a massive volume. So, it
162. 7:00increased by 80 billion, and I believe
163. 7:02this will continue to rise rapidly
164. 7:04every year. Even if we look at
165. 7:05semiconductors alone. The same goes for
166. 7:07MLCC. Let's briefly look at its history
167. 7:10: they completed a plant in 2001 to
168. 7:13supply basic materials, shifted to IT
169. 7:16around 2010, and went public in 2016
170. 7:18upon completing another plant. At the
171. 7:22time, the IPO price was 5,000 won. Then
172. 7:25, they completed a third plant in 2021.
173. 7:27The third plant is a very large
174. 7:28facility. Once completed, performance
175. 7:31improved, and then in 2024...They
176. 7:36started building two plants in Lishui
177. 7:38and Gaojintang, and they are already
178. 7:40completed. They are expected to reflect
179. 7:42in earnings starting in 2027, with the
180. 7:43second half of 2026 as the target. They
181. 7:45also broke ground on a plant in Yangzou
182. 7:47in 2025, and the exterior is already
183. 7:49finished. Production is expected
184. 7:52between 2027 and 2028, but there is no
185. 7:54precise information yet. With the
186. 7:56finalization expected in 2026, we
187. 7:58anticipate production in the second
188. 8:00half of 2028. This is, in a way, a
189. 8:02guarantee from international banks like
190. 8:06the IFC and AIIB. This is actually
191. 8:09massive news. It's a huge positive
192. 8:13factor for the company. And they plan
193. 8:15to break ground on a Nanjing plant in
194. 8:182027. Production is expected in 2029,
195. 8:19though this is not confirmed
196. 8:21information. It is currently my own
197. 8:23projection. And if we estimate the
198. 8:26maximum revenue at 8 trillion, assuming
199. 8:282 trillion per plant, that’s where
200. 8:30the 8 trillion comes from. It's
201. 8:32tremendous. If you look at it, can you
202. 8:34even imagine 8 trillion? Currently,
203. 8:36revenue is 1.2 trillion. And at the
204. 8:38time of listing, it was 160 billion. It
205. 8:41is showing incredible growth. Though
206. 8:43the 8 trillion maximum revenue is just
207. 8:45a projection. Ah, this is material I
208. 8:48made a while ago. It's a document I put
209. 8:50together. If you look here, the first
210. 8:52and second plants are the existing ones
211. 8:54. This is Jiangyin Jingtong, the R&D
212. 8:57plant, and the combined maximum
213. 8:58expected revenue for these three should
214. 9:00reach 1 trillion won. And Plant 6 is
215. 9:03about 500 million, or 0.5 trillion, and
216. 9:06they say Plant 3 has a maximum revenue
217. 9:08of 2 trillion. Plant 5 is also enormous
218. 9:11in scale. It’s the largest plant, and
219. 9:14even if we conservatively estimate this
220. 9:16at 2 trillion. This one was also said
221. 9:19to be 600 million, so if we take that
222. 9:22as roughly 0.5 trillion, we have 2
223. 9:24trillion plus another 2 trillion,
224. 9:26making 4 trillion. And although Nanjing
225. 9:30isn't here, the Nanjing plant is
226. 9:32located around here. They said this is
227. 9:35also 2 trillion. And CXMT is located
228. 9:39here, and YMTC is here. It’s right
229. 9:43nearby, very close to XMC. It’s
230. 9:46within YMTC 5, and although it takes a
231. 9:48bit of time to get there, it’s not
232. 9:50that far away. So, if we take two or
233. 9:52three large plants at 2 trillion plus,
234. 9:56the Yushu plant and the 1K unit
235. 9:58combined at 1 trillion, and then the
236. 10:02existing three Jiangyin Jingtong plants
237. 10:05at about 1 trillion, that totals 2, 4,
238. 10:088 trillion, right? It comes out to 8
239. 10:12trillion. Of course, that’s maximum
240. 10:14revenue, but the Yangzhou plant is
241. 10:16510,000 square meters. That is exactly
242. 10:18double the size of Plant 3. I estimated
243. 10:21this product at 2 trillion, but since
244. 10:23there is no exact information, I just
245. 10:25set it at 2 trillion for now. The Nan
246. 10:31semiconductor plant is 160,000 square
247. 10:33meters. So it's smaller than Plant 3,
248. 10:35but we set it at 2 trillion, right?
249. 10:37That’s because it’s a new, modern
250. 10:40plant. The 510,000 square meter one is
251. 10:43also a modern plant, and since it
252. 10:45produces a highly advanced material
253. 10:47called SWCNT, the revenue could be 2
254. 10:49trillion or even exceed it. So, 8
255. 10:52trillion doesn't seem entirely
256. 10:55impossible. And they may start
257. 10:58construction on additional plants in
258. 11:00the future. So, to show you a quick
259. 11:03photo, this is Plant 3. It’s a plant
260. 11:05I visited personally. There are five
261. 11:08huge plants like this, including the
262. 11:10ones back here. This is the
263. 11:12headquarters, and the dormitory is
264. 11:13behind here. This place has a
265. 11:16relatively spacious parking lot
266. 11:17compared to the factory site, but the
267. 11:19other plants were packed full compared
268. 11:21to their site area. Recently. So, I
269. 11:24expect that the other new, modern
270. 11:25plants might actually generate better
271. 11:28revenue relative to their site area
272. 11:29than Plant 3. Now, this is the Yushu
273. 11:33Wusi Plant 4, and there isn't just one
274. 11:35—there are three of these plants.
275. 11:37There are three big ones like this at
276. 11:40the Yushu plant. But, um, these plants
277. 11:44aren't that big. They are not large
278. 11:47plants. If I recall correctly, I think
279. 11:50it's 80,000 square meters? So, it's
280. 11:53much smaller than the current Plant 3.
281. 11:58But when I actually went there and saw
282. 11:59it, it was incredibly huge. This is a
283. 12:01factory that generates about 600
284. 12:04million in revenue. As for this
285. 12:08Jiangyin factory, the company hardly
286. 12:11promotes it at all. They call it an R&D
287. 12:14plant, saying they barely produce
288. 12:16anything, but they label the front as R
289. 12:17&D and the back as production. They
290. 12:19phrase it that way, but since the scale
291. 12:22is quite large, wouldn't it generate
292. 12:24about 300 million in revenue? That is
293. 12:27my estimation. Now, this is the
294. 12:30Yangzhong plant, and it is entirely
295. 12:31comprised of separate factory buildings
296. 12:33. This is the dormitory. The
297. 12:35headquarters is located here. But the
298. 12:39scale is truly massive, at 510,000
299. 12:42square meters. And look at how densely
300. 12:45packed it is with facilities. I have
301. 12:47conservatively estimated 2 trillion for
302. 12:49these factory buildings, but I am not
303. 12:51certain. I don't know how the company
304. 12:55is planning this, or if these are even
305. 12:57all production facilities; I think we
306. 12:58will need to ask for precise
307. 13:00information at a shareholder meeting.
308. 13:02The important thing is that they
309. 13:04synthesize SWCNT raw materials here.
310. 13:06Only a few companies in the world can
311. 13:08do this, and there are none in Korea.
312. 13:11There is no place in Korea that does
313. 13:13this on a proper scale, at the 100-ton
314. 13:15level. So, this is a part that could
315. 13:18receive significant attention. SWCNT is
316. 13:21mainly used for secondary batteries,
317. 13:23but it is a new material that can also
318. 13:25be used in semiconductors and various
319. 13:27other fields. This is graphene-based.
320. 13:31So I have high expectations for this
321. 13:33Yangzhong plant, but since there is no
322. 13:36exact information yet, it seems the
323. 13:38company is not promoting it accurately.
324. 13:41And this is the perspective rendering
325. 13:43of the Türkiye factory. Even the
326. 13:45rendering has already been released. It
327. 13:47seems they are building it with a
328. 13:48futuristic design. This is also
329. 13:49expected to generate about 400 to 500
330. 13:51million in revenue. The scale didn't
331. 13:53seem that large. However, given that
332. 13:55the company mentions about 500 million,
333. 13:58it seems they are working on
334. 13:59high-unit-price advanced materials,
335. 14:02specifically MOF, a metal-organic
336. 14:04framework advanced material. MOF is a
337. 14:07cutting-edge technology that won the
338. 14:092025 Nobel Prize in Chemistry. And this
339. 14:13is about building a plant in Nanjing.
340. 14:18They don't promote this domestically,
341. 14:20but at the time, Chairman Joo Young-nam
342. 14:23attended a special presentation, and
343. 14:25his statement that revenue would reach
344. 14:272 trillion is documented in the records
345. 14:30of the Chinese Chamber of Commerce.
346. 14:32Several media reports have also come
347. 14:34out. Nanjing is 160,000 square meters.
348. 14:38It is slightly larger than half of the
349. 14:41third plant, but since the plant is a
350. 14:43third of the scale and smaller than the
351. 14:46third, yet they claim 2 trillion, we
352. 14:49are left to look forward to the
353. 14:51potential revenue of the fifth plant.
354. 14:55The products here are 80 types,
355. 14:57including semiconductors, AI computing
356. 14:59boards, and films, and as you know,
357. 15:01Samsung Electro-Mechanics 'boards are
358. 15:04incredibly popular lately. So, this is
359. 15:06a statement that this person made
360. 15:08directly. I didn't write it, but it's a
361. 15:11factory with huge expectations. So, the
362. 15:13three plants—the Hangzhou, Yangchow,
363. 15:16and Nanjing plants—are massive
364. 15:18facilities with sales reaching the 2-
365. 15:20trillion-won level; two are currently
366. 15:22under construction, and this one hasn't
367. 15:24broken ground yet, while the exterior
368. 15:27of this one is complete, raising high
369. 15:29expectations. Now, all investors around
370. 15:31the world are paying attention to the
371. 15:33Chinese semiconductor industry. Korean
372. 15:34investors, in particular, are paying a
373. 15:36lot of attention. You see an enormous
374. 15:38number of articles about CXMT these
375. 15:39days, don't you? But GRT, just two days
376. 15:42ago, showed a 78%year-on-year growth in
377. 15:45semiconductor sales—oh, there's a
378. 15:47typo there. With 78%, they have proven
379. 15:50through their performance that they are
380. 15:51the biggest beneficiary. Is there any
381. 15:53Korean company that has jumped by 78%?
382. 15:56There might be some among Korean
383. 15:58material, parts, and equipment firms,
384. 16:00but the scale would likely be small.
385. 16:02I'm not sure which company in the 100-
386. 16:03billion-won revenue range has seen a 78
387. 16:05%growth. The 100-billion-won scale,
388. 16:07that 100-billion-won scale is what's
389. 16:08important. The base figure needs to be
390. 16:10large. For example, if sales go from 2
391. 16:13billion to 3 or 4 billion, that's a 100
392. 16:16%increase, but it's not really
393. 16:18significant. Korean material, parts,
394. 16:20and equipment companies are good, very
395. 16:21good. Of course, there are many
396. 16:23companies that supply to CXMT or YMTC,
397. 16:25just like with SK Hynix. Korean
398. 16:28suppliers are currently seeing their
399. 16:30stock prices soar because they are
400. 16:32supplying to companies like Huahong
401. 16:34Semiconductor and ACT. While those are
402. 16:37surging because they supply to firms
403. 16:39like Huahong, GRT is already supplying
404. 16:42to those companies, as well as SMIC,
405. 16:44China's largest foundry. Regarding GRT
406. 16:47—and this isn't my own opinion, but
407. 16:49something other influencers are saying
408. 16:51—the concern about being replaced by
409. 16:54Chinese semiconductor equipment makers
410. 16:56is not just a concern; it's almost
411. 16:59inevitable. China will initially bring
412. 17:02in Korean equipment, but they will
413. 17:04inevitably disassemble it or find a way
414. 17:06to create something similar. Just as we
415. 17:10did to Japanese firms in the past,
416. 17:12there is a high risk that even if sales
417. 17:15surge in the short term, they will be
418. 17:17replaced by Chinese equipment makers in
419. 17:20the future. The same goes for materials
420. 17:23. Therefore, the moment the market pays
421. 17:25attention to materials, supply and
422. 17:27demand will flock in, leading to the
423. 17:29potential for a stock price increase.
424. 17:32Because, truly, among the Chinese
425. 17:34companies currently listed in Korea—
426. 17:36there are about ten of them—the rest
427. 17:39are mostly...They are in the primary
428. 17:43industry. Industries like footwear,
429. 17:46fishing, or agriculture; the only one
430. 17:49truly benefiting from the current AI
431. 17:52industry and showing both solid
432. 17:54performance and growth potential is GRT
433. 17:57. So, the stock supply is really low,
434. 18:01and the moment it gets attention,
435. 18:03demand could flock to it in an instant.
436. 18:08Because it's still considered a Chinese
437. 18:09stock, demand hasn't exactly flocked to
438. 18:11it yet. However, when I personally meet
439. 18:16with independent researchers or
440. 18:18institutional investors, they are
441. 18:21interested and are aware of it, but
442. 18:23internal...Foreign investors are
443. 18:30interested, but they are a bit hesitant
444. 18:33due to internal compliance; I believe
445. 18:36that can be fully resolved once reports
446. 18:38start coming out one by one from
447. 18:40independent research firms. Especially
448. 18:44since the Chinese semiconductor issue
449. 18:45is such a big topic right now. I expect
450. 18:47that eventually, reports will come out
451. 18:50from independent research firms or
452. 18:52similar sources. Although I don't know
453. 18:55when they will be released. I think we
454. 18:57are currently in the process of
455. 18:58clearing out the foreign shares that
456. 19:00were bought in the 2,000 won range
457. 19:01during the initial block deal. If you
458. 19:04happened to see the bid-ask quotes back
459. 19:06then, you might know that LS Securities
460. 19:09put out nearly 600,000 shares at a
461. 19:11negative 10%rate at that time. Suddenly
462. 19:13, they had 600,000 shares set for sale.
463. 19:15It was probably around 2,200 won back
464. 19:18then. I was a bit taken aback, as it
465. 19:22was a large individual investor dumping
466. 19:25their shares; I also bought a small
467. 19:27portion of those 600,000 shares, but I
468. 19:30saw at the time that a foreign investor
469. 19:33at Shinhan had purchased them. Since
470. 19:37these volumes have over 50%profit,
471. 19:39aren't they selling them bit by bit
472. 19:41given the poor market conditions,
473. 19:43leading to the slight decline? And
474. 19:46naturally, individual investors who
475. 19:48bought in the 2,000 won range back then
476. 19:50are probably selling their shares too.
477. 19:52Little by little. I fully understand
478. 19:55that part. The current market is not
479. 19:58very good, but I think GRT is holding
480. 20:01up because it has already undergone a
481. 20:03pre-emptive correction. Now, this is
482. 20:07the last part. If you look at the GRT
483. 20:09chart. Now, this is 2022. This is when
484. 20:13the third factory was finally completed
485. 20:15. Factory. So it was slowly completed,
486. 20:18and that's when the earnings started to
487. 20:21appear. This was when it hit 1,000 won.
488. 20:23It was around 1,000 won. As earnings
489. 20:26started to come in, the stock price has
490. 20:28been on an upward rebound trend since
491. 20:30then. And the reason it surged at this
492. 20:33time was because the company announced
493. 20:35a public tender offer for delisting, so
494. 20:38they conducted a tender offer then.
495. 20:40With the expectation of a delisting
496. 20:42tender offer, there was hope they would
497. 20:43buy back at a higher price; they had
498. 20:45secured about 80%of the volume at that
499. 20:47time. So, it rose due to the
500. 20:49expectation that the remaining
501. 20:51individual investors would see a higher
502. 20:53tender offer price if they wanted to
503. 20:55delist. Here, they announced they would
504. 20:59not delist and would seek recognition
505. 21:02in the stock market, which caused the
506. 21:04stock price to plummet. That was
507. 21:07because their performance remained
508. 21:09strong. It was in a process of
509. 21:10gradually trending upward. The reason
510. 21:12for the surge at this time was around
511. 21:15this time, they announced plans to list
512. 21:18on the NASDAQ. So it surged, and then
513. 21:20plummeted again. Around this time, I
514. 21:24first posted a corporate report on GRT
515. 21:28on my blog. It was in the low 3,000 won
516. 21:31range. I posted it when it was in the
517. 21:33low 3,000 won range, and then it rode
518. 21:35the DeepSeek theme and hit the upper
519. 21:37limit, causing a sharp surge like this.
520. 21:40There was massive trading volume at
521. 21:42this time, and even though the DeepSeek
522. 21:45issue had ended, it suddenly plummeted
523. 21:47again when DeepSeek was banned
524. 21:49domestically due to personal
525. 21:51information concerns. At the same time,
526. 21:54the NASDAQ listing plan was withdrawn,
527. 21:57and it was designated as an unfaithful
528. 22:00corporation. That caused a crash, and
529. 22:03because the trading volume was so high,
530. 22:05it went through a process of absorbing
531. 22:07the supply from then on. While it was
532. 22:09continuously absorbing the supply, an
533. 22:11unqualified audit opinion was issued
534. 22:13around this time. So earnings improved,
535. 22:15and from this point on, the performance
536. 22:17became very strong. As earnings
537. 22:20improved, it surged, and there were
538. 22:23several reasons for this surge, such as
539. 22:26the MLCC super cycle, earnings, and the
540. 22:28re-push for the NASDAQ listing; it
541. 22:31surged tremendously again for these
542. 22:34three reasons, but then a block deal
543. 22:36disclosure came out around this time.
544. 22:41When the block deal disclosure first
545. 22:43came out, I thought they were only
546. 22:45selling the initial amount, but they
547. 22:48sold over one-third of the total stake
548. 22:50at the time, leading to a sharp drop.
549. 22:53At this point, I started my YouTube
550. 22:55channel and requested a company visit,
551. 22:57which I then conducted. Now, it has
552. 23:00rebounded somewhat. And currently, with
553. 23:03the index being weak and some selling
554. 23:06pressure emerging, it seems to be going
555. 23:09through a correction. The important
556. 23:12point is that as the third plant is
557. 23:14completed and earnings come in, the
558. 23:16stock price is trending upward. We
559. 23:18currently have up to the third plant,
560. 23:21and I expect the stock price will trend
561. 23:24upward once the fourth through eighth
562. 23:27plants are actually built. Normally, if
563. 23:31plant construction is expected and the
564. 23:34industry outlook is good, the stock
565. 23:36price should pull future value forward
566. 23:38and rise in advance due to analyst
567. 23:40reports, but in the case of GRT, there
568. 23:43are no analyst reports and no
569. 23:45institutional demand, so it seems the
570. 23:47stock price has not yet captured that
571. 23:49future value. Just like here, the stock
572. 23:53price didn't rise immediately after the
573. 23:55third plant was completed; it rose as
574. 23:57the earnings came in, starting with the
575. 23:59earnings from two plants in 2017. I
576. 24:01believe that starting in 2027, as
577. 24:03revenue grows, the stock price won't
578. 24:06just reflect it all at once, but will
579. 24:08likely rise little by little as
580. 24:10earnings reports are released. So now,
581. 24:17couldn't GRT see a rebound starting in
582. 24:192027? Also, there's the huge theme of
583. 24:22the Chinese semiconductor industry, and
584. 24:25both Chinese semiconductors and MLCCs
585. 24:27are areas of interest for investors
586. 24:29worldwide. So, I think GRT will also
587. 24:32have its moment to shine someday. The
588. 24:36market rebounded on Friday, but I’m
589. 24:38sure you’re worried because the U.S.
590. 24:40stock market fell Friday night. Don’t
591. 24:43worry; trust in the company's
592. 24:45performance, and of course, you
593. 24:47shouldn’t go "all-in" or trade on
594. 24:50margin. It would be best to buy in
595. 24:53increments, perhaps through dollar-cost
596. 24:55averaging, while keeping a portion of
597. 24:58your portfolio in cash. Thank you.
598. 25:00Please like and subscribe.