📊 LG Innotek: Substrate Sector Warmth and Apple Challenges Go Hand in Hand - 2026.10.20

Hi, it’s Goguma 🍠 Today, LG Innotek’s share price spoke first, so let’s start there.

The share price wobbled first 📉

On October 20, LG Innotek closed at ₩406,500, down -3.67% from the previous day ^[1]. Just a day earlier, it had climbed +6.17% to ₩430,500—what a roller coaster, right? With major substrate stocks falling sharply from their highs, the question in the article is whether new orders for sector leader Samsung Electro-Mechanics will spread some warmth across the entire substrate sector ^[1]. That’s what I’m most curious about: will the warmth spread, or will each stock go its own way?

Same substrate sector, different temperatures 🌡️

Asia Times highlighted the timing of a turnaround in LG Innotek’s substrate business while Samsung Electro-Mechanics continues its strong earnings streak ^[2]. In other words, the perceived temperature differs even within the same substrate industry. CEO Score Daily compared third-quarter results and shared the view that AI components are surging while the iPhone effect is limited ^[6]. But that’s the article’s perspective, not a conclusion confirmed by the company. Earnings remain a hot topic, so we should tread carefully.

Apple, the big customer, and the diversification challenge 🍎

Another article says that as Apple’s business grows, Samsung and LG quietly benefit as suppliers ^[3]. LG Innotek is reported to supply Apple with camera modules and RF-SiP substrates, and joint development cooperation on finished products was also mentioned ^[3]. A major customer can be reassuring, but the problem is that if that one customer falters, you can falter together. That’s why News Top reported that LG Innotek is working to reduce its excessive dependence on Apple by leveraging AI demand ^[4]. It’s like adding toppings one by one to a table that used to rely on a single pizza.

Is glass substrate still a distant prospect? 🔭

SmartBiz reported, citing remarks by CEO Moon Hyun-soo, that glass substrate supply could be possible in 2028 ^[5]. This combines remarks published in the article with market projections, so I think it’s too early to treat it as a confirmed schedule. Here’s how I’d sum up the four viewpoints: one side is asking when the substrate recovery will come, while the other is looking for growth beyond Apple, so the perspectives don’t quite converge. I won’t force them together.

To sum up, three questions remain: Will the warmth in the substrate sector reach LG Innotek? Will the share of revenue from outside Apple actually change noticeably? And will the glass substrate timeline unfold as described in the article? Which of these three would you watch first? 🤔

📰 Reference News (6)

1

Major Substrate Stocks Halve from Their Highs; Will New Orders for Sector Leader Samsung Electro-Mechanics Spread Some Warmth?

네이버뉴스 · 2026.10.20

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3

“Competitor and Major Customer”… As Apple’s Pie Grows, Samsung and LG ‘Quietly’ Smile

네이버뉴스 · 2026.10.20

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5

LG Innotek CEO Moon Hyun-soo: “Glass Substrate Supply Possible in 2028”… What Are Market Expectations? - SmartBiz

네이버뉴스 · 2026.10.19

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6

Samsung Electro-Mechanics vs. LG Innotek: Diverging Third-Quarter Results… “AI Components Surge” but “iPhone Effect” Is Limited - CEO Score Daily

CEO스코어데일리 · 2026.10.19

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