Kang Ja-in, Domestic Equity Head at Asset Plus Asset Management and son of founder Kang Bang-cheon, generated an estimated 15 billion won profit from a small-cap semiconductor stock investment that began in February. Asset Plus accumulated a 14% stake in KOSDAQ-listed MicroContec Solution at an average price of 28,493 won per share, then sold partial holdings after the stock price doubled to the 42,000 won range by September 3. The investment targeted MicroContec's IC socket business, which benefited from increased semiconductor testing demand driven by AI server investment and high-performance memory market expansion. The successful stock pick demonstrates Kang Ja-in's investment approach, which differs from his father's traditional focus on large-cap blue chips by actively seeking undervalued small and mid-cap companies. Asset Plus currently retains an 11% stake in MicroContec valued at approximately 38 billion won based on the September 3 closing price.
Asset Plus Accumulated 14% MicroContec Stake Starting February 13
Asset Plus began concentrated buying of MicroContec shares in February. On February 13, the firm held 413,776 shares representing a 4.98% stake. That same day, Asset Plus purchased 248,440 shares at an average price of 25,990 won. On February 19, the firm added another 115,512 shares. By the end of February, Asset Plus holdings reached 777,728 shares, increasing the stake to 9.36%. Purchases continued through March. Holdings exceeded 1 million shares in early March and reached 1,178,466 shares by month-end, bringing the stake to 14.18%. Asset Plus acquired approximately 835,129 additional shares from February 13 onward through on-exchange transactions, investing an estimated 23.795 billion won at a weighted average price of 28,493 won per share.
MicroContec Stock Price Doubled from 20,000 Won to 42,000 Won Range
MicroContec traded in the 42,000 won range on September 3. The stock price stood at around 20,000 won in late July, nearly doubling within approximately one month. On August 18, the stock hit the daily price limit. On August 25, the stock reached an intraday high of 43,700 won, setting a new 52-week high. Trading volume surged to approximately 1.1 million shares on August 18 when the stock hit the limit up, followed by over 1.2 million shares traded the next day. Korea Exchange designated MicroContec as an investment warning stock in August. The exchange issued multiple disclosures noting excessive buying involvement from a small number of accounts.
Asset Plus Estimated 15 Billion Won Profit from Seven-Month Investment
Asset Plus began profit-taking after the stock price surge. From mid-March through the end of June, the firm sold approximately 330,000 shares through on-exchange transactions. The disposal generated an estimated 11.4 billion won at an average selling price of approximately 34,600 won. Sales concentrated in April and May when the stock price rose sharply. On April 23, Asset Plus sold 63,847 shares at an average price of 34,883 won. In early May, the firm disposed of over 100,000 shares in the 35,000 won range. Asset Plus stake declined from 14.18% to 11.15%. Current holdings stand at 926,824 shares according to the latest major shareholding disclosure, valued at approximately 38.1 billion won based on the September 3 closing price of 41,100 won. Industry sources estimate Asset Plus generated approximately 15 billion won in combined realized and unrealized gains from the MicroContec investment over roughly seven months.
MicroContec 2023 Revenue Reached 100.3 Billion Won
MicroContec manufactures IC sockets used in semiconductor testing processes. The company's main products are burn-in test sockets that check semiconductor durability and defects. MicroContec's 2023 consolidated revenue reached 100.3 billion won, up 44% year-over-year. Operating profit totaled 17.7 billion won, up 74%, while net profit reached 16.9 billion won, up 59%. Increased demand for test sockets drove the earnings growth. MicroContec has approximately 8.31 million total issued shares. Major shareholders and Asset Plus hold significant stakes, limiting the actual trading volume in the market. The stock's price-to-earnings ratio stands at around 20 times based on last year's earnings per share applied to the current stock price.
Kang Ja-in Investment Strategy Expands Beyond Father's Large-Cap Focus
Kang Ja-in has been expanding his investment scope beyond his father's traditional approach. Founder Kang Bang-cheon emphasized long-term investment in "great companies," typically large-cap blue chips with market dominance potential. Kang Ja-in maintains this core philosophy while actively seeking undervalued small and mid-cap stocks. When convinced of growth potential, he makes large stake investments even in companies with small market capitalizations like MicroContec. Kang Ja-in has served as lead portfolio manager for the firm's flagship "Korea Rich Together" fund since late 2020, delivering performance above the benchmark. Asset Plus follows a concentrated investment strategy, selecting a small number of companies with competitive advantages for long-term holdings rather than diversifying across many stocks. Founder Kang Bang-cheon has transferred portions of his ownership stake to his eldest son, advancing the second-generation succession process.
FAQ
What stake did Asset Plus accumulate in MicroContec Solution starting in February?
Asset Plus increased its MicroContec holdings from 4.98% on February 13 to a peak of 14.18% by the end of March, purchasing approximately 835,129 additional shares at a weighted average price of 28,493 won per share for a total investment of approximately 23.795 billion won.
How much did MicroContec stock price increase from late July to September 3?
MicroContec stock price nearly doubled from around 20,000 won in late July to the 42,000 won range on September 3, hitting a 52-week intraday high of 43,700 won on August 25.
What is Asset Plus's current stake and estimated profit from the MicroContec investment?
After selling approximately 330,000 shares between mid-March and the end of June, Asset Plus retains an 11.15% stake consisting of 926,824 shares valued at approximately 38.1 billion won based on the September 3 closing price, with industry sources estimating total realized and unrealized gains of approximately 15 billion won over seven months.
