Not Samsung Electronics or SK hynix: Which surprise stock topped the KOSPI in the first half?

[Financial News] As the domestic stock market posted a record-breaking bull run in the first half of this year, the hottest stock was Samsung Electro-Mechanics, a parts maker, beating out the semiconductor duo of Samsung Electronics and SK hynix. Surging demand for key components driven by the spread of AI servers pushed the stock price up more than sevenfold in just six months.
According to Korea Exchange and the financial investment industry on the 5th, the KOSPI rose 91.9% in the first half of this year, jumping from 4,214.17 at the start of the year to 8,088.34. On the 19th of last month, it even hit an intraday high of 9,385.59, setting a new all-time record.
Amid this unprecedented bull market, Samsung Electro-Mechanics stood out with the strongest gains, excluding stock splits and reverse splits. The stock soared 756.47% from around 255,000 won at the start of the year to 2.184 million won on June 30.
Its preferred stock, Samsung Electro-Mechanics preferred stock, also rose 585.34% over the same period. That far outpaced the gains of the KOSPI market's leading semiconductor names, SK hynix, up 307.07%, and Samsung Electronics, up 178.57%.
As the stock price climbed sharply, its market cap also swelled. Samsung Electro-Mechanics, which ranked 33rd with a market cap of 20.1672 trillion won at the start of the year, quickly moved up to fifth place in the KOSPI by the end of last month with a market cap of 163.131 trillion won.

The main driver behind Samsung Electro-Mechanics' record rally was a surge in demand for high-value multilayer ceramic capacitors (MLCCs) as AI servers spread. Known as the "rice of the electronics industry," MLCCs are key components that store electricity and supply it stably to semiconductors while reducing signal interference. In general, AI servers require far more high-spec MLCCs than ordinary IT devices.
Samsung Electro-Mechanics holds about a 25% share of the global MLCC market for AI servers. On top of that, after signing a 160 billion won silicon capacitor supply deal in May, it also secured an MLCC supply contract worth 45 billion won, turning market hopes for growth into confidence.
Despite the sharp first-half rally, market watchers in Yeouido believe the fire under Samsung Electro-Mechanics has not gone out. Major brokerages, including Shinhan Investment Corp., KB Securities, Hana Securities, NH Investment & Securities, iM Securities, and Meritz Securities, have all raised their target price for Samsung Electro-Mechanics to 3 million won. Compared with the closing price on the 3rd, 1.989 million won, that suggests about 50% more upside ahead.
Research analyst Oh Kang-ho at Shinhan Investment Corp. said, "Samsung Electro-Mechanics has entered a structural growth phase as it emerges as a leading global parts maker." He added, "MLCC utilization, which had stayed in the 70% range over the past three years, has risen above 90%, and with expanding orders, the company is expected to show solid growth momentum through 2028."


moon@fnnews.com Moon Young-jin Reporter