Layer 6 · 357780 — Soulbrain
Live: price not surfaced (manual check pending; earnings releasing today) KRW · Earnings (last): FY24 — rev KRW 863.4B +2.3%; earnings KRW 118.4B -9.2% · Next earnings: 2026-05-18 (TODAY) · Conviction: 4/10
Bottleneck context
Soulbrain produces HF etchants and other wet chemicals concentrated in HBM and advanced logic — the closest Korean analogue to Entegris in the Tier A list. The HBM stack-height trade reads through directly: more layers = more etch / clean steps = more chemistry per wafer. Soulbrain is the more HBM-pure name vs Dongjin's broader memory-materials mix.
Why Tier C
FY24 earnings fell -9.2% YoY despite the HBM tailwind, suggesting either pricing concessions to SK Hynix or share loss to competitors. Today's Q1 release is the binary catalyst — if numbers reaccelerate it warrants a Tier B re-look, but until the print lands and the price surfaces for valuation work, this stays C.
Watch trigger
Today's release shows Q1 NI growth > 20% YoY AND price clears prior consolidation — promote on confirmation.
Position guidance
No position. Wait for today's print and then a clean entry.