China Memory Capex go brrr Another 15B won order on June 1 for $025560.KS Mirae Corp Test handlers Q2 Started March 31st Since then they have announced 37B KRW in contracts so far in Q2 06/01 15.4B KRW (Yiling) 5/27/26 3.6B KRW (direct order from YMTC) 5/20/26 2.6B KRW (SK hynix) 5/20/26 4B KRW (SK hynix) 5/13/26 8B KRW (Unimos) 4/29/26 3.8B KRW (Yiling) *Unimos is assembly and test arm for YMTC *Yiling inferred to be a trading intermediary for YMTC and CXMT To put this into context - Full Year 2025 revenue was 50B KRW they have almost met that in one quarter Q126 - revenues were 21B KRW - EBIT was 4.9B KRW ~24% ebit margins They are about to hit 100% QoQ revenue growth Applying a 25% ebit margin to the 37B KRW in orders so far gets us 9.25B KRW in ebit in Q2 alone You are getting all of this profitability and growth for only ~160B KRW market cap with the current share price at 36,000 KRW If we take Q1 ebit 5B KRW Q2 ebit 9.25B KRW Assume Q3 and Q4 ebit stays the same as Q2 (18.5B KRW) = 33B KRW EBIT 5x forward ebit multiple for a company whose Q2 revenue growth was 100% QoQ Is this cycle peak profitability or durable revenue/earnings growth? Everything related to memory is cyclical we know this. But is the market pricing the reality of the current cycle. I don't think so. CXMT CXMT recently filed for an IPO in December last year, seeking to raise 29.5 billion yuan (approx. $4.2 billion) CXMT is expanding its Shanghai fab, aiming for two to three times the capacity of Hefei headquarters. With equipment installation in late 2026 and mass production starting in 2027. Longer term, the company plans to expand capacity to 300,000 wafers/month by year-end and beyond 400,000 thereafter using IPO proceeds. YMTC investing in expanding NAND manufacturing Its Wuhan campus plans include a new facility where an estimated half of production will target DRAM. YMTC is fast-tracking the Wuhan Phase III NAND fab, bringing its mass production target forward to the second half of 2026, roughly a year ahead of the original 2027 schedule.  The Phase III project broke ground in September 2025 under an operating entity established with registered capital of CNY 20.72 billion (~US$2.98 billion) Phase III will reach 50,000 wafers/month by 2027 and 100,000 wafers/month at full capacity.  Beyond Phase III, three sources told Reuters the company aims to add two more fabs of equivalent scale. SK HYNIX planning to double wafer capacity by 2030 Memory Capex is expected to go on for another 3 years minimum. With Mirae at 5x forward ev/ebit they will earn almost the entire market cap in cash flow over the next handful of years. 8x forward ev/ebit = 260B KRW / 4.5 m = 58K/shr 10x forward ev/ebit = 330B KRW / 4.5m = 70K/shr 12x forward ev/ebit = 360B KRW / 4.5m = 80k/shr I AM LONG MIRAE. NFA.

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025560.KS has recently become unfrozen for foreign investment. Just made it my largest position by far. Still trades at like 1/4th the valuation of its nearest comp TechWing. Mirae is now 1/3rd of my IBKR allocation, 1/6th of my liquid allocation and 1/10th of my total NW.

안녕하세요 Korea! The only that rhymes with Mirae is 100K Kind regards, - The Foreigner 🇰🇷 x 🇬🇧

I just found the CRAZIEST Korean proxy to CXMT YMTC (THE CHINESE MICRON/SANDISK) $025560.KS - Mirae Corporation > 80M Market cap > 6x annualized ebit (q1 26 ebit annualized) > Revenue is up 336% YoY > Op profit: 15x YoY > biggest customers: CXMT / YMTC SK HYNIX chinese semis "Samsung adviser warns the AI-driven memory super-cycle may lose momentum by 2028 as Chinese chipmakers aggressively expand DRAM and NAND production" Chinese memory ram nand capex will flow into this small cap Mirae: 4.7x annualized Q1 earnings. Closest comps trade at rich forward multiples: - Techwing 21x P/E / 15x EV/EBITDA - DI 21x / 8x - UniTest 13x / 9x - Exicon 26x P/E - YC 49x P/E Sourced: @jimcx0 @DheerajNam @killapabkai

025560.KS has recently become unfrozen for foreign investment. Just made it my largest position by far. Still trades at like 1/4th the valuation of its nearest comp TechWing. Mirae is now 1/3rd of my IBKR allocation, 1/6th of my liquid allocation and 1/10th of my total NW.

Tripling capacity will surely not keep up with AI-driven momory demand (not even close) but should do wonders for SKHynix revenues/profits.

every good outcome I’ve seen has been from finding a secret and doubling, tripling down on it in a way that compounds over time. not necessary that it even remains a secret because nobody ever believes you anyways; if it was something easy to accept it wouldn’t be available

I just found the CRAZIEST Korean proxy to CXMT YMTC (THE CHINESE MICRON/SANDISK) $025560.KS - Mirae Corporation > 80M Market cap > 6x annualized ebit (q1 26 ebit annualized) > Revenue is up 336% YoY > Op profit: 15x YoY > biggest customers: CXMT / YMTC SK HYNIX chinese semis "Samsung adviser warns the AI-driven memory super-cycle may lose momentum by 2028 as Chinese chipmakers aggressively expand DRAM and NAND production" Chinese memory ram nand capex will flow into this small cap Mirae: 4.7x annualized Q1 earnings. Closest comps trade at rich forward multiples: - Techwing 21x P/E / 15x EV/EBITDA - DI 21x / 8x - UniTest 13x / 9x - Exicon 26x P/E - YC 49x P/E Sourced: @jimcx0 @DheerajNam @killapabkai