Auros

Investment Thesis

Auros is an undiscovered Korean company at ~$270M MC building IR metrology and thin-film thickness measurement for HBM4 hybrid bonding — a segment that KLA previously monopolized. Now qualifying at Samsung factories with SK Hynix likely qualifying too. Two products simultaneously volume ramping H2 2026. A decade of R&D finally paying off.

Catalysts

• Samsung factory qualification now — H2 volume ramp estimate
• SK Hynix completed HBM4 12-high hybrid bonding validation — may also qualify Auros
• Thin-film thickness measurement qualifying with 'major domestic chipmaker'
• First mass supply target 2026 — both products simultaneously ramping
• KLA held IR metrology monopoly before — Auros entering creates pricing competition

Risks

• Not proceeding to HVM is the primary risk — qualification ≠ production
• Extremely small MC and illiquid — Korea-listed only