The high-performance semiconductor substrate industry, which has emerged as a hot topic in the domestic investment market, is being revitalized by the National Pension Service (NPS). A review of disclosures uploaded to the Financial Supervisory Service's EDGAR system reveals that the NPS is expanding its investment strategy across the entire domestic semiconductor value chain. The NPS is paying close attention not only to companies producing finished semiconductor products but also to enterprises supplying essential core components and materials for their production. This is clearly interpreted as a determined intent to secure leadership in the future market.
Examining the specific investment trends, the NPS has significantly increased its stakes in three companies as of the end of this month: LG Innotek, Kookong Industry, and Doosan. As of the end of February, the NPS held approximately 8.46% of LG Innotek's shares; however, through this latest purchase, it raised its stake to 10.02%, further solidifying its position as a major shareholder. Additionally, Kookong Industry's stake increased from 8.62% to 9.22%, while Doosan's stake rose from 7.72% to 7.77%. This concentrated investment appears to be driven by the fact that these companies play a core role, spanning from the beginning to the completion of the substrate industry, rather than merely being component suppliers.
All companies selected by the NPS possess technologies essential for the AI era. LG Innotek produces FC-BGA, a critical packaging substrate that determines the performance of AI semiconductors, directly reflecting growth in this field. Doosan holds the world's number one market share in the copper foil laminate sheet sector, an indispensable material for substrate manufacturing. Kookong Industry is a key partner supplying dry film and special epoxy resins essential for the substrate printing process. All three companies have recorded double-digit stock price growth rates so far this year, attracting intense market interest. In particular, LG Innotek recorded a price increase of 107.97%, Kookong Industry 121.41%, and Doosan 109.17%, gaining the trust of investors.
Experts analyze this investment direction of the NPS as a strategic bet on the advancement of AI technology. While high-performance GPUs and memory chips are essential to maximize AI performance, high-performance substrates play a decisive role in ensuring their stable operation. Therefore, as demand for high-performance substrates surges, companies in the related value chain are expected to benefit significantly. The NPS seizing key enterprises in the substrate industry is seen not merely as a portfolio adjustment, but as a reflection of a long-term investment philosophy aimed at proactively responding to future technology trends.