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.

I love when hedges actually workout. Had a decent amount of $SPY puts as well. Funded the QQQ hedge with selling $IREN calls and closed a lot of my position right before this drawdown 🙌

Great source for finding trades. Give him a follow. I found Mirae Corp $025560.KQ bc of him then it doubled in 2 weeks

DSPX - single stock vol near peak levels COR1M - index level vol near trough levels QQQ at 3 sigma levels of extension - measured by ATR from 50-D MA = Perfect time to fund some QQQ hedges by selling calls on elevated single stock vol

SK hynix trading at 11x forward P/E now Just a reminder you can buy it for 5.5x forward P/E through owning SK Square $402340.KS With management actively targeting to reduce the discount to 30%

Are you a memory bag holder? Are you looking for a hedge against china building out memory production? Boy do I have the trade for you. $025560.KQ Mirae Corp With Mirae corp you make $ off the chinese memory fab buildout Mirae corp provides back-end equipment in the form of test handlers for memory fabs. Their biggest customers are CXMT & YMTC Even Sk Hynix But the best thing yet is its on sale for 6x annualized ebit (q1 26 ebit annualized) Get it while the deal last theres only ~2.5m shares in free float

“Samsung adviser warns the AI-driven memory super-cycle may lose momentum by 2028 as Chinese chipmakers aggressively expand DRAM and NAND production. “ scmp.com/tech/tech-trends/ar…

Just some Macro Perspective 2026 AI Capex from Hyperscalers is $725B = to ~38% of the US fiscal deficit in 2026 currently $1.9tr Together this equals to ~$2.6tr of spend into the economy = ~8% of GDP We have ~8% of GDP being pushed into the economy in 2026, pro-cyclically I get that Inflation is a problem and bonds are repricing and the FED may hike earlier than the forward curve is pricing right now. But... I think it's gonna take a lot more than 25bps to stop this train.

They also just announced a 8b won purchase order from Unimos electronics on the same day. 100b won market cap btw One purchase order = revenues of 8% of market cap

Mirae corp 025650.KS limit up 30% today No new POs or fundamental news officially filed by them. Just a news article "CEO Lee Changjae has received the Deputy Prime Minister and Minister of Science and ICT Commendation as part of the 2026 Science Day Science and Technology Promotion Merit Awards." Maybe this article put the stock on the radar of South Korean retail traders that can cause some heavy movements with a ~2.3m float asiae.co.kr/en/article/stock…

Some bits from $IREN Q3 that may be overlooked $3.4bn AI Cloud contract with NVIDIA 5-year contract for air-cooled Blackwell GPUs Deploying within 60MW of existing data centers at Childress. $3.4b / 5 years = $680m arr $680m arr / 60mw = $11.33m per MW ARR 2027 Expansion to 1,200 MW at $11.33m/MW = potential for ~$13.6B ARR 2027 5 GW = ~$55B ARR "When you look at the GPU financing, which is the lion's share of that CapEx, the Microsoft contract is a great template. We financed 95% of that CapEx at an average interest rate of about 3% through prepayments and GPU financing." 3% is an insanely good wacc "you don't need a sales team in this market, particularly when you've got NVIDIA. They see the whole ecosystem, the introductions, the referrals, putting us in touch with anyone that needs capacity." qualitative benefits of the Nvidia partnership "It certainly plays a role in a number of those conversations and, you know, we are still seeing prepayments being on the table in a large number of instances. That obviously factors in as part of the overall equation. It's not, you know, the single factor that you're looking at. Everything has to go together with a combination of term length, prepayment, credit worthiness, price. Prepayments are certainly very much on the table in the current environment." Prepayments still being on the table gives them potential to finance further Capex at that insanely good 3% level seen in the MSFT deal "Revenues from Microsoft contract and additional 50k GPUs procured during the quarter expected to begin ramping in Q3 CY26 (Q1 FY27)" For anyone wondering why revenues numbers don't look good now they will start showing up in Q1 27 and beyond

$NVDA and $IREN announced a strategic partnership to deploy up to 5 GW of AI infrastructure across IREN’s global data center pipeline. Sweetwater in Texas is planned as the flagship NVIDIA DSX deployment. NVIDIA also gets the right to invest up to $2.1B in IREN