KOSDAQ · Semiconductor substrates · expanding into HBM
Simmtech
A specialist in memory package substrates (FC-CSP, SiP), supplying memory makers Samsung, SK Hynix, Micron and Intel while expanding into HBM substrates. The thesis is the HBM supercycle — HBM and high-capacity DRAM expansion lift demand for high-value substrates, and because substrates are a bottleneck component, price and utilization leverage are high. But with the business tied to a single memory end-market, it fully absorbs the volatility of the memory capex cycle.
222800.KQ Updated Jul 12, 2026 5 AI consumers· 1 recurring
Per the valuechain.wiki graph, Simmtech is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 17 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 consolidated revenue KRW 1,410.6bn (+14.5%), operating profit KRW 11.9bn (turnaround)
- Segments · Memory package substrates (FC-CSP, SiP)
Revenue from
- SK hynix High confidence
Supplies substrates for SK Hynix HBM/DRAM — a bottleneck-component demand point in HBM capacity expansion.Mentions KO Kyobo Securities / brokerages Published May 15, 2026: Brokerages — Simmtech price hikes + SOCAMM2 ramp; 2026 op profit KRW 120-154bn (Kyobo target KRW 135,000) - Samsung Electronics High confidence
Supplies substrates for Samsung memory packages — HBM/DRAM expansion lifts demand for high-value substrates. - Intel Medium confidence
Supplies package substrates for Intel — a customer-diversification point across memory/logic packages. - Micron Technology Medium confidence
Supplies substrates for Micron memory — tied to the memory capex cycle.
Pays to
- raw materials (undisclosed) Low confidence
Raw materials for memory package substrates (undisclosed). - equipment & R&D (undisclosed) Low confidence
Production equipment and R&D (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +248.1 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +175.7 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Intel | lead1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Simmtech | node | +119.6 | -34.6 | +12.4 | -63.3 | +392.9 | +94.9 |
YTD as of 2026-06-30 · source: Yahoo Finance
A specialist supplier of memory package substrates (FC-CSP, SiP), expanding into HBM substrates and tied to the memory supercycle. The thesis is HBM — HBM and high-capacity DRAM expansion at Samsung, SK Hynix and Micron lifts demand for high-value substrates, and as a bottleneck component substrates carry strong price and utilization leverage. Customers spread across four memory makers lower single-name risk, but the business is bound to a single memory end-market with high cycle volatility. In graph terms, memory HBM investment and utilization transmit into Simmtech substrate orders.
Analysis generated from returns as of 2026-06-30Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ₩167,500 · Price ₩31,750 (07-19) · Upside +428%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| iM Securities | Buy | ₩185,000 | Jun 8, 2026 | Report ↗ |
| Shinhan Securities | Buy | ₩150,000 | May 28, 2026 | Report ↗ |
Recent drop is sentiment-driven (warning designation, SOCAMM cut worries), not fundamental; forecasts 2026/27 OP KRW176.9bn/301.0bn, sees ~80% upside on undervaluation.
Analyses covering this node
- Target upside is a residual, not a signal: consensus writes down the chain after the fact Jul 10, 2026
- The bottleneck moved from silicon to the package: the year the board outran the chip Jun 23, 2026