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02:00
Sep 05
Sep 05
SPY 1ST
KBE 1ST
TLT FLIP
XLK 1ST
EWY 1ST
▾
HIGH
Liquidity expansion keeps asset markets supported
The old Fed-only liquidity lens is broken; Treasury spending from the cash account and reverse repo kept market liquidity abundant even as the Fed ran quantitative tightening. Going forward broad money and bank credit creation, not just Fed base money, will expand liquidity, so asset markets should remain supported and buyable on weakness.
SPY LONG
US bank deregulation unlocks credit creation
US bank deregulation, including SLR and LCR relief plus Fed standing liquidity backstops, is designed to get banks to lend rather than sit on cash. That lending creates credit and broad money, which is positive for US bank franchises and the wider liquidity cycle.
KBE LONG
Treasury will defend long-end yields
The US Treasury is actively managing the long end: buybacks begin September 9, long-dated issuance will be reduced while short-term bill supply increases, and the government is committed to defending long-term yields in the 5-5.5% area. If that cap holds, long-term rates fall and long-term Treasury prices recover.
TLT LONG
AI cycle is still early, not peak
AI is not a peak; demand is still early. Like the 1990s PC-to-internet buildout, data center infrastructure spending is not yet producing productivity, but once AI is combined with agents, robots and industry applications, productivity and earnings can broaden across the AI ecosystem.
XLK LONG
Korea broadens beyond Samsung and SK hynix
From the second half into the first half of next year the core mechanism is broadening: money that was concentrated in Samsung Electronics and SK hynix, or in semiconductors, will diffuse across the broad Korean market. The era of concentrating only in the two semiconductor leaders is ending.
EWY LONG
Samsung/SK hynix recover via shareholder return
The memory cycle is not at its peak and Samsung Electronics and SK hynix should recover most prior highs, but the next leg depends on shareholder return. If buybacks and dividends build trust with investors, Korean semiconductor PER multiples can re-rate even as operating profit plateaus.
005930.KS LONG
000660.KS LONG
Defense and nuclear benefit from money diffusion
Defense and nuclear sectors were not bad; earnings continued, but money was drained into semiconductors. As semiconductor profit growth plateaus and liquidity broadens, these fundamentally stable sectors should benefit from money diffusion.
Korean defense sector LONG
Korean nuclear power sector LONG
Won strength supports Korean economy and equities
Current KRW strength is not enough to break semiconductor revenue, and it is actually positive for the broader Korean economy and equity market because many Korean SMEs carry heavy dollar debt. A stronger won relieves that bottom-tier stress and supports the domestic economy.
USD/KRW LONG
Next bucket is Korean semiconductor equipment/materials
Hyperscaler capex first filled the memory bucket; now Samsung Electronics and SK hynix are raising capex, so the next bucket is Korean semiconductor equipment and materials, which is already climbing.
Korean semiconductor equipment/materials LONG
HIGH
23:00
Sep 04
Sep 04
Korean secondary battery sector
ESS 1ST
SOLAR 1ST
EWY
000660.KS
▾
HIGH
Secondary batteries/ESS rise on data-center power needs.
Secondary batteries are emerging as a standout sector while semiconductors pause. Data center construction is being delayed because power infrastructure takes far longer than the data center itself, and data centers require uninterruptible power. Renewable energy needs energy storage systems to be viable, and solar is the fastest near-term solution, especially as the US avoids Chinese products and related demand surges. The theme is backed by actual earnings improvement and valuation expansion, not just narrative.
Korean secondary battery sector LONG
ESS LONG
SOLAR LONG
Use September weakness as October buying opportunity.
September Korean market weakness is driven by known supply and event risks such as Anthropic's IPO, a stronger won, semiconductor earnings cuts, Fed rate uncertainty, Middle East tensions, and pre-Chuseok caution. Lee views these as volatility factors rather than a trend change. After the FOMC decision and Chuseok, and with political pressure not to damage markets into the U.S. midterms, September's excessive caution can become October's upward catalyst. He suggests using September corrections as opportunities rather than reducing positions into October.
EWY LONG
Semiconductor target cuts are FX, not demand.
Citi and domestic brokerages are cutting price targets for Korean memory semiconductor names such as SK hynix because the stronger won trims reported earnings. Lee argues this is a currency translation issue, not a deterioration in the underlying semiconductor business. The market is already absorbing the bad news in advance, so investors should not interpret the target cuts as a sign that semiconductor demand or AI-related buying is collapsing.
000660.KS WATCH
KWEB WATCH
HIGH
13:30
Sep 04
Sep 04
3PRO TV (삼프로TV)
15h
196170.KQ
005380.KS
005930.KS
000660.KS
267260.KS 1ST
▾
HIGH
Reduce Alteogen on weak chart supply.
Despite Alteogen's large platform contract, Cha says the chart is not one to chase: it made an upper tail on Wednesday, a black candle on Thursday, and Friday's small green candle left price below 300,000 won while volume expanded on the decline. She believes foreign and institutional investors are trimming, so buying this chart now is not textbook and she recommends reducing/trimming exposure even though the stock may rise later.
196170.KQ AVOID
Avoid Hyundai Motor until 400,000-won breakout.
Robot-related names such as Robotis were strong, but Hyundai Motor did not respond and its volume has roughly halved compared with the period before it was treated as a robot play. Retail and investor interest is fading, there are few new buyers, and the stock has slid. Cha says Hyundai Motor must break back above 400,000 won to regain a trend, so until then it is unattractive.
005380.KS AVOID
Buy Samsung Electronics, SK Hynix on breakout.
Cha argues market sentiment is concentrating in Samsung Electronics over Samsung Electro-Mechanics: Samsung Electronics is cheaper, offers at least 30% upside, and has a Nomura target around 600,000 won. If Samsung Electronics prints a strong bullish breakout through its base, money should chase Samsung Electronics and SK Hynix together.
005930.KS LONG
000660.KS LONG
Hold super-high-voltage power equipment long term.
Power equipment has become heavy but remains a long-term investment supported by AI-driven power infrastructure demand. Names such as HD Hyundai Electric, LS Electric, and Hyosung Heavy Industries are super-high-voltage beneficiaries; she suggests treating them like a long-term position, adding on shocks rather than expecting fast moves.
267260.KS LONG
010120.KS LONG
298040.KS LONG
Trade nuclear only, not long-term hold.
Nuclear power will eventually happen, with SMR expected around 2030 and Hyundai Construction's Westinghouse collaboration still alive. But the timing is uncertain, so Cha views it as a momentum/trading theme for fast-moving traders; long-term holders who bury money may be frustrated, so it is better to trade than to hold indefinitely.
000720.KS WATCH
034020.KS WATCH
SK Innovation chart is attractive.
In contrast to EcoPro, SK Innovation's chart is attractive and investors are starting to view it as a refinery-plus story. Cha highlights it as a name where sentiment and chart are turning positive.
096770.KS LONG
Avoid secondary battery materials, especially EcoPro.
Secondary battery materials are out of favor and should be approached cautiously. EcoPro's chart is not attractive and is correcting, while overall market interest in battery materials is low; Cha says investors should be careful with battery material names rather than chasing them.
086520.KQ AVOID
Watch Hanmi Semiconductor for semiconductor breakout signal.
Hanmi Semiconductor has begun to stir and printed a strong bullish candle, but it has not yet broken out of its sideways range. Cha is watching it as a chart signal; if a similar strong base breakout appears on Samsung Electronics, that would be the trigger to chase Samsung Electronics and SK Hynix.
042700.KS WATCH
Samsung Electro-Mechanics sideways; wait for Samsung lead.
Samsung Electro-Mechanics is in a sideways 'chicken-neck' phase: investors prefer Samsung Electronics over it, but it is still tied to Samsung Electronics and has MLCC exposure that could outperform under certain scenarios. Cha does not see a clear reason to buy it before Samsung Electronics moves.
009150.KS WATCH
Prefer Simmtech over Samsung Electro-Mechanics.
Between Samsung Electro-Mechanics and Simmtech, Cha prefers Simmtech within the substrate group because its trading volume is stirring and it has the better relative chart. However, if the choice is Samsung Electro-Mechanics versus Samsung Electronics, sentiment currently favors Samsung Electronics.
222800.KQ LONG
Watch bottom-volume reversals like Medytox, Robotis.
Cha recommends using HTS auto-transition chart screening to find stocks basing with volume expansion. Medytox, Gaon Cable, and Robotis are current examples showing bottom-volume stirring, with the entry trigger being a strong green candle plus a volume kick.
086900.KQ WATCH
000500.KS WATCH
108490.KQ WATCH
HIGH
12:30
Sep 04
Sep 04
3PRO TV (삼프로TV)
16h
EWY
KOSDAQ Index
Cosmecca Korea
036930.KQ
006400.KS
▾
HIGH
KOSPI chase risk near option expiration.
Next week is quadruple witching on September 10, and foreign investors have rebuilt cumulative KOSPI futures net longs to about 28,000 contracts, near their typical +/-30,000 contract band and close to their historical cap near 40,000. That leaves only about 10,000 contracts of buying room, so if another sharp rally occurs on good news, foreigners are more likely to take profits and the KOSPI could see correction or time-based consolidation instead of explosive upside.
EWY WATCH
KOSDAQ likely stronger than KOSPI.
KOSDAQ is likely to remain stronger than KOSPI next week and through year-end because retail investors are concentrated there, KOSDAQ trading value rose about 30% while KOSPI trading value fell, money has rotated out of large-cap semiconductor and leveraged ETF trades into KOSDAQ sectors such as robots and small-cap semiconductor equipment, and the KOSPI still lacks a strong large-cap theme.
KOSDAQ Index LONG
Buy cosmetics ODM on dips.
Cosmetics ODM leaders such as Korea Kolmar, Cosmecca Korea and Cosmax are undergoing short-term profit-taking after sharp gains, but the investment story and earnings are not broken. He views them as having inverse-like defensive strength when the broader market wobbles and would prefer to approach them on dips next week.
Cosmecca Korea LONG
161890.KS LONG
Cosmax LONG
Hold Korean semiconductor equipment/materials.
Korean semiconductor equipment and materials small caps are the biggest beneficiaries of the semiconductor capex cycle and should be held. Names such as PSK Holdings, EO Technics, Jusung Engineering and Hanmi Semiconductor made new highs and are buyable today, though chasing another spike next week would be dangerous.
036930.KQ LONG
042700.KS LONG
031980.KQ LONG
030200.KQ LONG
Watch secondary battery ESS for growth.
Next year's growth is likely to come from ESS and secondary battery names such as Samsung SDI, LG Energy Solution and SK Innovation rather than from already well-known AI memory growth. He sees these as worth watching as the market broadens away from a narrow AI semiconductor trade.
006400.KS WATCH
096770.KS WATCH
Robotis leader; hold to ten trillion won.
Robotis made a high-volume green candle and attempted an upper limit, indicating real money inflow and the start of robot small-cap leadership. He says he will not sell Robotis until its market cap reaches about 10 trillion won, versus roughly 4.4 trillion now.
108490.KQ LONG
SK Hynix may rise after buyback.
SK Hynix is being held back while its buyback program lasts because foreign investors can sell into that bid without hitting the price. He thinks the stock may start rising after the buyback ends around early October, with earnings season and potential foreign re-entry as catalysts, though he acknowledges this is partly hope rather than certainty.
000660.KS WATCH
Korean biotech bottoming on rate catalysts.
Korean biotech sentiment has already deteriorated about as much as it can with rates near a peak, so the sector has limited room for further sentiment damage. Licensing-out news or lower and more stable rates could quickly trigger moves in many biotech names.
Korean Biotech WATCH
Oil supported near term, not crashing.
Oil prices are unlikely to fall sharply near term because the Hormuz Strait is still not fully reopened and countries need to refill depleted strategic reserves. A genuine move toward downward oil price stabilization is more likely if the Hormuz bottleneck opens more fully, but that is not yet the base case.
WTI LONG
HIGH
11:30
Sep 04
Sep 04
3PRO TV (삼프로TV)
17h
EWY
MU
US Treasury yields
005930.KS
000660.KS
▾
HIGH
KOSPI bottom is firm; don't sell.
Yeom sees the KOSPI repeatedly testing the 6,500 level on an intraday basis and closing above it each time. He reads that as a market bottom with strong support, helped by corporate buybacks and other demand that defends the downside. He says investors do not need to cut stock exposure here and should not treat this as a selling zone.
EWY LONG
Micron reaction decides memory sentiment.
Micron's late-September earnings, especially the market reaction, are the key trigger for memory sentiment. AI-related earnings in the US have generally been good and Nvidia's latest reaction improved, so if Micron's good results get a positive reaction, warmth can spread to Samsung Electronics and SK hynix. If the reaction is poor, the memory recovery takes longer.
MU WATCH
Rates should stay capped, not crash.
Yeom says September is dominated by US interest rates. The market is not hoping for a sharp drop in yields because a sudden collapse would imply either a US recession or big tech retreating from AI investment, which would hurt Korean equities. Instead, the market wants yields capped from rising, roughly in the 4.6% to 5% zone, and Fed speakers are actively signaling to prevent yields from breaking higher.
US Treasury yields WATCH
Buy Samsung and SK hynix dips.
Samsung Electronics and SK hynix have corrected 30-40% from highs even though memory fundamentals have not cracked and AI earnings news has stayed positive. Buyback and cancellation programs are very large and recurring into next year, which supports the stocks. He sees current weakness as an accumulation opportunity for investors who believe earnings will keep growing, even though retail sentiment remains weak.
005930.KS LONG
Solidigm IPO remains possible risk.
Yeom reads SK hynix's Solidigm pre-IPO disclosure as not a denial: a Nasdaq listing remains one of several options under review. He notes Solidigm has become a valuable AI data-center enterprise SSD business, so listing without shareholder protection would dilute SK hynix shareholders' upside and likely trigger backlash. His base case is that it probably will not be forced through, and current stock-price impact is limited.
000660.KS WATCH
Battery sector growth returns via ESS.
The secondary-battery sector is becoming a growth story again because ESS demand from data centers is surging. Q3 earnings should inflect, and next year's operating-profit growth rate is expected to rank first across sectors. Chinese battery makers are excluded from the US, and Korean makers are expanding capacity; he suggests buying the sector on pullbacks after its recent run.
Korean secondary battery sector LONG
Construction benefits from data center buildout.
Construction should be treated as an AI data-center growth sector. Korea is actively encouraging data-center builds, US big tech faces local opposition and could choose Korea, and global hyperscalers are already partnering with Korean firms. With huge build costs per GW and domestic construction companies having real earnings and clearer near-term orders, he sees construction as one of the clearest data-center plays.
Korean construction sector LONG
Use banks as defensive hedge only.
For portfolio construction, he argues growth must remain core but some defensive exposure is useful. Bank and financial stocks are one such hedge, especially for periods when rates rise. They should only be a supporting allocation, not the main position.
KBE LONG
HIGH
11:04
Sep 04
Sep 04
3PRO TV (삼프로TV)
17h
NVDA
AVGO
DELL
SNOW
005930.KS
▾
HIGH
AI infrastructure fundamentals remain very strong.
AI infrastructure fundamentals are stronger than macro noise. NVIDIA's Hugging Face acquisition shows AI ecosystem control, Dell and Snowflake posted AI-driven earnings and growth acceleration, and Broadcom's 2028 AI data-center revenue target implies huge custom accelerator and networking demand. Korean semiconductor names are lagging but should catch up.
NVDA LONG
AVGO LONG
DELL LONG
SNOW LONG
005930.KS LONG
000660.KS LONG
Wonik Holdings rebounds as robot proxy.
Wonik Holdings is rallying because its unlisted subsidiary Wonik Robotics is tied to Meta's robot hand development. The stock had fallen from 50,000 won to 13,000 won and is now rebounding as robot interest returns.
030530.KQ LONG
Hanmi Semiconductor wins Taiwan packaging orders.
Hanmi Semiconductor sold 2.5D packaging bonding equipment to a Taiwanese OSAT after qualification, likely ASE, opening a second large customer beyond HBM TC bonding. Further TSMC and AMKOR validation makes it a direct AI accelerator packaging beneficiary.
042700.KS LONG
Korean semiconductor equipment may outperform longer.
In the semiconductor upcycle, Korean semiconductor equipment and materials names may have a longer cycle than Samsung Electronics and SK hynix because capacity and tooling investment is still rising; investors should hold some positions.
Korean semiconductor equipment/materials LONG
Wait for refining pullback; S-Oil preferred.
Refining stocks have surged on Russian refinery disruption and strong refining margins, with S-Oil the preferred name, but the move is extended; wait for a pullback rather than chasing today.
010950.KS WATCH
Korean shipbuilding fundamentals and new demand strong.
Korean shipbuilders' commercial orders are so steady they no longer act as positive stock catalysts, but fundamentals are excellent: the big three hit double-digit margins in 2Q and backlogs are strong. New data-center power engine demand can become a high-margin market and force a re-rating.
Korean Shipbuilding LONG
HD Hyundai Heavy wins data-center power.
HD Hyundai Heavy Industries is best positioned for AI data-center distributed power because it has real engine and fuel-cell capabilities, acquired a Wärtsilä fuel-cell legal entity, and is already supplying generating engines for onshore data centers; this opens a high-margin energy business.
329180.KS LONG
Samsung Heavy leads floating data centers.
Samsung Heavy Industries is the first mover for floating data centers, named as partner for a US developer's Project Zeus targeting 2028 first-half operation; contract news could arrive this year.
010140.KS WATCH
Shipping rates support strong third-quarter earnings.
Shipping rates are extremely strong, with BDI above 3,400 even for non-Middle East routes; 2Q earnings beat low expectations and 3Q earnings should be strong, supporting Korean shipping stocks.
SEA LONG
KOSPI downside limited; foreigners buy.
KOSPI only fell one day in September and is recovering from its 20-day moving average; foreigners are buying cash and futures, and the low is being raised gradually. The market is not a place to flee from.
EWY LONG
Micron earnings reaction will lead memory.
Micron's earnings and especially market reaction are the key catalyst for the memory trade; if Micron reports well and the stock reacts positively, the ongi can spread to Samsung Electronics and SK hynix into October.
MU WATCH
Korean battery makers benefit from ESS boom.
Korean battery makers are attractive because ESS and data-center power demand is starting to drive real growth; next-year EPS growth is projected to be the top sector, China is locked out of Western markets, and SK On's large US contract shows customers are selecting Korean suppliers.
006400.KS LONG
096770.KS LONG
Cosmetics ODM trend intact; buy pullbacks.
Cosmetics ODM names have strong earnings and their export/consumption story is intact; after profit-taking, the sector acts as a defensive or inverse trade when the market wobbles, so pullbacks are opportunities.
Cosmecca Korea LONG
161890.KS LONG
Cosmax LONG
Korean construction benefits from data centers.
Construction is emerging as an AI/data-center growth play: Korea is actively promoting data centers, Amazon is building with SK in Ulsan, and 18.4GW of domestic data-center buildout implies very large construction spending for experienced Korean builders.
Korean construction LONG
KOSDAQ rebound can extend toward 900.
Next week KOSDAQ is likely to outperform KOSPI because its trading value expanded about 30% while KOSPI's shrank; retail money is rotating into KOSDAQ names and KOSDAQ sectors are more active.
KOSDAQ LONG
Semiconductor test equipment remains buyable.
Semiconductor test equipment names such as PSK Holdings and EO Technics are making new highs on the equipment upcycle; buying today is acceptable and sector momentum remains strong.
031980.KQ LONG
030200.KQ LONG
Robotis benefits from AI robot supply chain.
Robotis is the only domestic Korean robot company involved in the NVIDIA/Hugging Face Microduck robot, supplying 15 actuators and nine other parts. New reports from KB and Goldman plus an Uzbekistan data-learning center provide a concrete robot AI supply-chain role.
108490.KQ LONG
Battery materials still short-term cautious.
Secondary battery materials are being neglected by the market short term; Ecopro's chart is correcting and the materials group requires caution even though SK Innovation's chart is more attractive.
086520.KQ AVOID
Hyundai Motor lacks buyers despite robots.
Hyundai Motor is failing to react even when robot stocks surge; trading volume has roughly halved and buyers are absent, making it a frustrating holding until it clears 400,000 won.
005380.KS AVOID
Samsung Electro-Mechanics remains sideways and unattractive.
Samsung Electro-Mechanics is a sideways 'neck' holding with no clear inflow; money prefers Samsung Electronics or Simmtech, so Samsung Electro-Mechanics is relatively unattractive.
009150.KS AVOID
K-beauty neutral; hold through FX headwind.
K-beauty's export demand is continuous and strong, but the roughly 20% won appreciation has cut export value; the sector is now neutral, so hold but do not aggressively chase until currency adjusts.
K-beauty WATCH
Nuclear positive but timing uncertain.
Nuclear energy is directionally positive and Korea has capability, but actual project timing is uncertain and long; only fast traders should trade the theme, with Doosan Enerbility as a main expression.
034020.KS WATCH
Trim Alteogen after distribution-like chart.
Alteogen's chart shows distribution-like action after the contract news: strong volume with down candles, loss of 300,000 won, and foreign and institutional selling; short-term chasing is not textbook and trimming is appropriate.
196170.KQ AVOID
Korean robotics cautious; China leads.
Korean robotics stocks deserve caution because China is several steps ahead in humanoid robots, domestic momentum is absent, and home-robot adoption will take time; valuations may not be justified.
Korean Robotics AVOID
HIGH
09:15
Sep 04
Sep 04
3PRO TV (삼프로TV)
19h
Samsung Heavy Industries 010140.KS
329180.KS
Hanwha Ocean 042660.KS
Korean shipbuilding power engine parts suppliers
SEA 1ST
▾
HIGH
Shipbuilding fundamentals strong; stocks should re-rate.
Korean shipbuilding fundamentals remain strong: the commercial ship market is excellent, secondhand VLCC prices are about 20% above newbuild prices, which is pushing owners toward newbuild orders, and some shipbuilders have already achieved annual order targets by Q1 or Q2. Big3 shipbuilders reached double-digit operating margins in Q2, and the sector has stronger earnings visibility for 2027-2028 than most other sectors, so the stocks should eventually re-rate even though the market has not yet reflected this.
Samsung Heavy Industries 010140.KS LONG
329180.KS LONG
Hanwha Ocean 042660.KS LONG
Power engine parts suppliers gain from volume.
Companies that supply parts for marine power generation engines should benefit from volume growth as Korean shipbuilders win data center power engine orders. The speaker distinguishes these from general shipbuilding equipment suppliers, because not every ship component maker will benefit from floating data centers.
Korean shipbuilding power engine parts suppliers LONG
Freight rates support Korean shipping stocks.
Middle East war disruption has pushed fuel costs and sea freight rates to record highs, with BDI recently above 3,400. Shipping stocks are rising on strong freight rates, Q2 earnings beat low expectations, and Q3 earnings should also be strong because some contract revenue deferred from Q2 will be recognized in Q3.
SEA LONG
Data center power engines create high-margin demand.
US data centers are facing grid interconnection delays, so developers need distributed power. Marine power generation engines are being repurposed as flexible power plants, and big tech customers are buying large capacity blocks of 600 MW to 1 GW at high prices. Because European specialist engine makers are already capacity-constrained, demand is coming to Korean shipbuilders, creating a new high-margin market beyond conventional shipbuilding.
IPAY LONG
HIGH
08:17
Sep 04
Sep 04
3PRO TV (삼프로TV)
20h
SMH
NVDA
DELL
AVGO
SNOW 1ST
▾
HIGH
AI semiconductor infrastructure demand stays strong
OpenAI's GPT-6 Astra launch and Broadcom's disclosure of OpenAI and Anthropic data center demand show model competition is accelerating again. Every new model cycle pulls in GPU, memory, networking and data center capex, so the AI semiconductor infrastructure chain remains fundamentally strong even while macro and Fed worries dominate short-term price action.
SMH LONG
Nvidia Hugging Face acquisition extends AI ecosystem
Nvidia's acquisition of Hugging Face clarifies how Nvidia intends to operate and control the AI ecosystem, giving it the power to pull the whole market along. This reinforces Nvidia's strategic positioning beyond current AI hardware demand.
NVDA LONG
Dell proves real AI server demand
Dell's strong earnings and follow-through rally are direct evidence that current AI infrastructure demand is real. It is showing up in delivered fundamentals, not just in the AI narrative.
DELL LONG
Broadcom AI revenue set to double
Broadcom's near-term stock reaction was hurt by softer margin commentary and no buyback, but management gave specific AI revenue visibility: AI semiconductor revenue is expected to double in two years, supported by OpenAI and Anthropic data center commitments. This is a strong industry signal even though the stock's short-term setup is less clean.
AVGO WATCH
Snowflake AI growth is re-accelerating
Snowflake beat and its growth rate accelerated, reversing fears that AI would disrupt SaaS. Management indicated AI is a major growth contributor, proving AI is becoming a real application-layer growth engine, not only an infrastructure trade.
SNOW LONG
Korean semiconductor fundamentals justify catching up
Korean semiconductor stocks, especially Samsung Electronics and SK hynix, are only catching up to U.S. AI names. Their fundamentals are strong and HBM/memory pricing is better than feared, so current underperformance is a macro and supply-demand mismatch rather than a reason to exit.
005930.KS LONG
000660.KS LONG
Robotis rides Nvidia robot supply chain
Robotis is levered to Nvidia's robot ecosystem through Hugging Face's MicroDuck robot, for which Robotis supplies about 15 actuators plus other components. KB and Goldman published positive notes, and KB detailed a low-cost Uzbekistan data-learning center strategy, reinforcing the company's humanoid robot data supply-chain position.
108490.KQ LONG
Wonik Holdings proxies unlisted robotics arm
Wonik Holdings rallied because its unlisted subsidiary Wonik Robotics is working with Meta on RobotStone, making the parent a listed proxy for that robotics collaboration. After a deep decline to around 13,000 won, the rebound reflects renewed robot-sector interest.
032940.KQ LONG
Hanmi packaging equipment wins OSAT qualification
Hanmi Semiconductor's 2.5D bonding equipment appears to have qualified with a major Taiwanese OSAT, opening the door to follow-on orders and a potential TSMC or Amkor opportunity. Bonding equipment is critical for HBM and AI accelerator packaging, so validation beyond its traditional Hynix link expands its addressable market.
042700.KS LONG
Equipment names may outlast memory majors
In this semiconductor upcycle, Korean semiconductor equipment and materials names may have a longer runway than Samsung Electronics and SK hynix because packaging and capex investment are still expanding. Investors should consider holding some equipment and materials exposure as part of the semiconductor allocation.
Korean semiconductor equipment and materials LONG
S-Oil is best Korean refining play
Refining margins are strong and U.S. refiners are at all-time highs as Ukrainian drone strikes degrade Russian refinery capacity. Among Korean refining names, S-Oil is the cleanest way to play the theme, though he would wait for a pullback rather than chase today's spike.
010950.KS LONG
Foreign futures positioning favors near-term upside
Foreign investors bought about 2.5 trillion won of futures today and are positioned upward into next week's futures and options expiry, while institutions are positioned downward. Lee thinks the balance of probabilities still favors overseas-driven upside for KOSPI and KOSDAQ unless employment or CPI data surprises sharply.
EWY LONG
KOSDAQ Index LONG
HIGH
03:49
Sep 04
Sep 04
CRCL 1ST
GS
C
BAC
DXY 1ST
▾
HIGH
Bank stablecoin consortium pressures Circle.
The bank-led stablecoin consortium is structurally negative for Circle. Goldman Sachs, Citigroup, Bank of America and roughly 21 institutions plan a dollar stablecoin first and later G7 currencies. That weakens Circle's former regulatory-compliance moat because stablecoin compliance is becoming a default requirement for issuers after the GENIUS Act. Circle still depends heavily on USDC reserve investment income and pays partners heavily for distribution, so this news adds questions about earnings and USDC growth, pressuring CRCL stock even though USDC still leads in exchange integration and on-chain liquidity.
CRCL AVOID
Banks defend and monetize stablecoin shift.
Large global banks are building a shared bank-issued stablecoin defensively and offensively. They aim to protect against deposit outflows, capture reserve management and cross-border payment fee income, and use their existing distribution networks to preempt trade finance and institutional fund management. The plan is positive if legal-entity setup and regulatory approvals stay on schedule, but execution remains uncertain.
GS WATCH
C WATCH
BAC WATCH
Tokenized dollar deposits pull global money.
The bank stablecoin push has an aggressive global funding angle. US banks can pay interest on deposits but not on stablecoins, so dollar stablecoins can be converted into bank deposit tokens. That would let foreign users, especially in emerging markets with depreciating local currencies, move into dollar deposits at US banks without needing a US address. The result could be global money concentrating in US banks and stronger dollar usage.
DXY LONG
Robinhood has EU tokenization edge.
In the super-app race around tokenized stocks and crypto derivatives, Robinhood is differentiated from Binance because it has European regulatory licenses, has made preemptive moves into unlisted stock tokenization, and has launched Robinhood Chain. Investors should monitor which platform and API brokerage infrastructure providers capture early order flow as stock options and tokenized stock markets grow.
HOOD WATCH
Korea token securities opening favors financials.
Korea's Financial Services Commission announced securities tokenization covering stocks, bonds, and funds starting February next year. Choi expects the domestic market to open further next year, giving Korean financial firms a real base to participate rather than only lending their names, while Korea could also eventually join G7 stablecoin initiatives. This creates early-mover optionality for Korean securities and financial names as regulation opens.
Korean financials WATCH
HIGH
03:19
Sep 04
Sep 04
GLD
BTC
NEM
NVDA
AVGO
▾
HIGH
Dollar weakness fuels gold and crypto.
Yen strength and dollar weakness are activating a debasement trade, with capital rotating into gold, Bitcoin and crypto-exposed equities. Park sees this as a multi-week theme likely to persist into the U.S. midterms rather than a short-term bounce.
GLD LONG
BTC LONG
NEM LONG
MSTR LONG
CRCL LONG
Hugging Face expands Nvidia open-model ecosystem.
NVIDIA's Hugging Face acquisition extends its open-model enterprise AI ecosystem. Hugging Face can steer developers to Nvidia NemoTron, strengthen offline enterprise open-model security, and widen Nvidia's AI moat beyond GPUs.
NVDA LONG
Broadcom AI demand broadening beyond Google.
Broadcom's AI demand is broadening beyond Google TPUs into Anthropic, Meta and OpenAI. Management sees AI semiconductor revenue growing fourfold and networking growth resuming, while Morgan Stanley views valuation as attractive.
AVGO LONG
AI spending accelerates Snowflake growth.
Snowflake's revenue growth is reaccelerating, with roughly half of recent acceleration tied to AI. Its core data platform benefits from hyperscaler AI adoption, and strong earnings caused a large gap-up.
SNOW LONG
Robinhood's own chain improves crypto economics.
Robinhood's self-built blockchain reduces crypto transaction costs and enables token minting, driving record 24-hour network revenue and reinforcing its crypto super-app expansion.
HOOD LONG
AI leadership rotates into software names.
Overnight U.S. leadership rotated from AI hardware into software and cloud names, with ServiceNow, Palantir and Oracle rallying after OpenAI Astra and enterprise software results. This reflects AI monetization broadening beyond infrastructure.
NOW LONG
PLTR LONG
ORCL LONG
One-off rate hike is KOSPI buying chance.
Current U.S. rate-hike fears are already partly priced. Even if the Fed hikes once, a non-continuous cycle would resemble 1995-1999, when equities recovered, so September volatility is a chance to increase Korean equity exposure into October.
EWY LONG
ESS demand from data centers grows.
Data-center power shortages make ESS essential because renewable power needs storage. Korea's large data-center projects and U.S. grid delays create a medium-term tailwind for secondary-battery and ESS names, with improving earnings.
Korean secondary battery sector LONG
AI rally shifts to services platforms.
U.S. market leadership is rotating from AI hardware into AI services and platforms. Former megacap leaders including Microsoft, Apple, Amazon, Alphabet, Meta and Tesla are near highs, broadening the AI rally beyond infrastructure.
MSFT LONG
AAPL LONG
GOOGL LONG
AMZN LONG
Cybercab reveal supports Tesla rebound.
U.S. market leadership is rotating from AI hardware into AI services and platforms. Former megacap leaders including Microsoft, Apple, Amazon, Alphabet, Meta and Tesla are near highs, broadening the AI rally beyond infrastructure.
TSLA LONG
META LONG
Physical AI lifts Korean robotics.
Altogen secured a $4.4bn license-out, won its Halozyme-related patent dispute and owns one of only two global SC IV-to-subcutaneous platforms. But supply digestion after the capital increase and weak biotech sentiment are causing volatility, making it a watch candidate around key support.
KQ LONG
Data-center grid demand boosts power equipment.
U.S. power infrastructure and transformer/cable names rallied after Bloom Energy gained about 8%. Korean power equipment, cables and transformers are benefiting from data-center grid demand, with Gaon Cable, LS Electric and Sanil Electric leading.
000500.KQ LONG
Samsung C&T joins global SMR construction.
Tesla's Cybercab event is a potential catalyst for Korean value-chain names: LG Energy Solution for battery cells, L&F as the only Korean-linked U.S. LFP cathode supplier, LG Innotek and Samsung Electro-Mechanics for camera modules, and Hankook Tire for tires.
KS LONG
Buy China STAR 50 tech index.
He recommends the STAR 50 index as China's state-driven tech investment cycle shifts to market-share gains. Even though CXMT index inclusion was delayed, the long-term Chinese tech and equipment localization story remains intact.
STAR 50 Index LONG
Hydrogel mask shortage favors Genic.
Genic is Kim's top pick in hydrogel masks: production lines are costly, yields are difficult, R&D personnel are scarce, and product shortage is already visible. Genic has run less than major ODMs and has 3Q/4Q profit improvement expectations.
Genic LONG
Steel spreads widen on data-center demand.
Steel is a stealth cyclical turnaround: China's production cuts are tightening supply, iron ore costs are falling, data-center and infrastructure demand is lifting selling prices, and spreads are expanding from July-August. Won strength is also a benefit.
Korean Steel Sector LONG
Buy revenue-growth sectors broadly.
In the current rotation, he advises tracking top-line revenue growth, with leadership in AI infrastructure including semiconductors, equipment and power gear, plus defense and aerospace, cosmetics, nuclear, shipbuilding and secondary batteries. He suggests spreading exposure rather than chasing single names.
Korean AI infrastructure LONG
Korean defense and aerospace LONG
Korean nuclear LONG
Korean cosmetics LONG
Korean Shipbuilding LONG
LIT LONG
HIGH
03:17
Sep 04
Sep 04
SPY FLIP
BTC FLIP
GLD
Korean apartments
▾
HIGH
Easing rate-hike fears lifts risk assets.
The main reason Bitcoin and broader risk assets rallied was easing US rate-hike concerns. Fed Governor Christopher Waller said he would support a rate freeze if disinflation is confirmed, weekly jobless claims came in near expectations, and the probability of a September Fed pause jumped from about 37% to 50%. This lowered bond yields and lifted equities, Bitcoin, and other risk assets.
SPY LONG
BTC LONG
Yen carry unwind could hit Bitcoin, gold.
Yesterday's sharp yen rise weakened the dollar and helped Bitcoin and gold, but it also revives the risk of a yen carry-trade unwind. If the yen appreciates too quickly, leveraged trades unwind and gold and Bitcoin could fall together, so the pace of yen moves is a key monitor.
GLD WATCH
Crypto profits rotated into Korean apartments.
During the February-to-July crypto down market, Korean digital-asset investors kept selling coins and used the proceeds mainly to buy real estate, especially apartments. About 1,414 billion won was sold in June alone, roughly 1,332 billion won went into apartments, and investors in their 30s were the largest sellers; this shows crypto-derived liquidity continuing to flow into Korean apartments.
Korean apartments WATCH
HIGH
02:48
Sep 04
Sep 04
Korean robotics sector
Korean space/aerospace theme
005930.KS
000660.KS
KORU
▾
HIGH
Robotics and space themes get multiple support
High-valuation U.S. security and software stocks rallied despite elevated 10-year Treasury yields, showing that growth multiples are being rewarded; Korean robotics and space/aerospace themes are similarly being accepted by the market even though they are high-growth and high-valuation.
Korean robotics sector LONG
Korean space/aerospace theme LONG
Won strength pressures Samsung and Hynix estimates
The won has strengthened sharply from the 1,500s to the 1,300s against the dollar. Even with strong semiconductor exports, HBM demand, and LTA contracts, Samsung Electronics and SK Hynix third-quarter revenue consensus may need to be trimmed on FX, making the semiconductor sector less positive near term.
005930.KS WATCH
000660.KS WATCH
Cosmetics face FX and holiday headwinds
K-beauty export data remains strong, but September Chuseok holidays reduce operating days and won strength reduces ODM exporters' won-denominated revenue; after strong recent outperformance, the cosmetics sector faces profit-taking pressure.
KORU WATCH
Buy Korean steel on widening spreads
China's production cuts keep steel supply tight and push iron ore input costs lower; data center and infrastructure construction are lifting steel demand and prices, so steel spreads are widening from July/August and Q3 earnings momentum is building, with the stronger won as an additional beneficiary.
Korean Steel Sector LONG
Buy Samsung SDI and LG Energy Solution
The ESS theme is clearly turning because U.S. ESS installations rose 78% YoY; EV demand declines are narrowing, European EV sales are improving, new EU rules limit Chinese concentration, and earnings consensus upgrades start in 2026. Samsung SDI is the purest ESS proxy, while LG Energy Solution is a broad secondary-battery value-chain bet.
006400.KS LONG
Watch oil above $90 as market risk
Crude oil is the key market variable because it links geopolitics to inflation and Fed policy: a 10% oil rise adds 0.15-0.3pp to CPI; sustained $85 oil implies one rate hike, $100-plus implies two, and a move above $90 would shock risk assets.
WTI WATCH
Focus on rising revenue rotation sectors
In a high-oil, high-rate regime, ROE decomposition says asset turnover and revenue growth matter more than margin or leverage. The current rotation is being led by sectors with improving sales forecasts, including AI infrastructure, defense/aerospace, cosmetics, nuclear, shipbuilding, and secondary batteries; trade them as a basket, take profits after 5-6% moves, and wait for pullbacks instead of chasing.
Korean cosmetics LONG
Korean Shipbuilding LONG
Korean AI infrastructure (semiconductor equipment and power equipment) LONG
Korean defense/aerospace LONG
Korean nuclear power LONG
Korean secondary batteries LONG
Prefer high-dividend buyback stocks defensively
In a volatile market, high-dividend names with buybacks and cancellations offer steady income and a safety margin, helping investors ride through volatility instead of chasing aggressive momentum.
High-dividend/buyback stocks LONG
Buy stable monthly dividend ETFs
For a lower-volatility income sleeve, use monthly dividend ETFs based on a stable dividend-growth index; option premiums generate about 10-12% annual income without requiring strong upside, but avoid products with excessively high monthly distributions.
Dow Jones U.S. Dividend Growth Index monthly dividend ETF LONG
Prefer index ELS over single-stock ELS
Index-type ELS products currently offer strong 15-20% returns with manageable volatility; single-stock ELS yields are high but their volatility is unmanageable, so ELS exposure should be index-type only.
Index-type ELS LONG
Single-stock ELS AVOID
HIGH
02:07
Sep 04
Sep 04
Korean cosmetics/K-beauty sector
Korean Kolmar
Cosmax
Genic 1ST
APR
▾
HIGH
K-beauty export growth continues to broaden.
Korea's August cosmetics exports rose 29% year-over-year, and if the trend continues, full-year 2026 growth could reach about 33%. Demand is broadening from US/online channels to Europe, the Middle East, and offline shelves such as Olive Young, making the whole Korean cosmetics/K-beauty complex a positive earnings surprise.
Korean cosmetics/K-beauty sector LONG
Korean Kolmar and Cosmax are strong.
The top two ODM producers, Korean Kolmar and Cosmax, are both delivering strong results but with different drivers: Cosmax is showing large revenue growth while Korean Kolmar is showing large operating-profit growth. Korean Kolmar is also seen as the leader in sunscreen. Their production schedules are full through year-end due to strong demand at Olive Young and overseas.
Korean Kolmar LONG
Cosmax LONG
Genic benefits from hydrogel mask shortage.
Hydrogel mask production has high entry barriers: a single line can cost up to 500 million won, lines are 30m long with low yields, and specialized R&D and production personnel are scarce. Demand is already showing shortages, with BioDance sold out at Olive Young. Genic already has the technology, its 3Q/4Q earnings are expected to be good, and the stock has risen less than general ODM peers, so she plans to gradually accumulate it.
Genic LONG
APR counterfeit issue likely overblown; watch.
APR shares fell after a Singapore report of a harmful chemical in its product; the company says the product was counterfeit, but the issue is not fully cleared. She views the news as likely overblown but says the situation needs monitoring before taking a directional view.
APR WATCH
VT brand momentum and sales fade.
VT's Reeds Shot momentum and brand awareness have faded; the company was an early online marketing winner in Japan, but now that the US and Europe are the main growth markets, VT's sales and business are declining.
VT AVOID
HIGH
01:41
Sep 04
Sep 04
688836.SS 1ST
Chinese robotics/automation ecosystem
CXMT
FXI 1ST
China consumer/domestic demand
▾
HIGH
Avoid Unitree stock individually
Unitree's IPO was priced too high and, despite first-day hype, the stock halved in two weeks; the company remains an unproven startup with much of its revenue tied to education/school and government-related sales, so the speaker would not invest in Unitree individually even while the broader robot theme becomes attractive.
688836.SS AVOID
Chinese robot theme now buyable
Unitree's valuation washout is dispersing funds into cheaper Chinese robot value-chain companies and marks the start of real profitability verification. By year-end, the Chinese robot theme is a buy, though not necessarily Unitree itself, similar to the early phase of China's earlier government-backed battery ecosystem.
Chinese robotics/automation ecosystem LONG
CXMT index inclusion likely delayed
CXMT became China's top market-cap semiconductor IPO and was expected to get quick STAR 50 index inclusion, which would force Chinese institutions, insurers and pension funds to buy it. Instead, it was rejected in the September review and was not even placed on the reserve list, suggesting authorities want to slow the market; a December inclusion also looks low probability, so the index-inclusion timeline should be watched into next year.
CXMT WATCH
China broad export strength supports equities
Chinese exports excluding AI are still growing about 20%, while AI-related exports are growing 60-70%, and export prices are rising across widely diversified products such as tungsten, transformers, heaters, shipbuilding, EVs and solar cells. Destinations are spread across ASEAN, Middle East, Africa, Russia and even the US, so China's export strength is structural and diversified, making China attractive as a portfolio hedge into next year.
FXI LONG
Chinese domestic demand remains weak
China's domestic demand is not bottoming; credit and borrowing are still shrinking and households are spending less. The government is only defending a minimum livelihood floor while the growth model prioritizes production, engineers and exports, so domestic consumption remains a structural slump.
China consumer/domestic demand AVOID
Korean cosmetics a China-demand beneficiary
Korean cosmetics are a rare China-related beneficiary because their competitive intensity with China is lower than semiconductors/tech; this allows Korean cosmetics to avoid direct Chinese competition and still benefit from Chinese demand.
Korean cosmetics LONG
Yuan strength supports Korean inbound beneficiaries
A strong Chinese yuan is supporting Chinese inbound tourism to Korea, and this continues to benefit Korean retail and tourism-related beneficiary stocks.
Korean inbound tourism/retail beneficiaries LONG
Buy Chinese semiconductor equipment/materials suppliers
China is shifting away from pure memory price exposure and into capacity expansion and market-share gains; CXMT's capacity is doubling by 2028 and Chinese tech profit share is only about 5% globally but set to rise. Within China, the more sensible play is equipment, materials and back-end suppliers that benefit from this localization and capacity buildout.
Chinese semiconductor equipment/materials/back-end LONG
Recommend China STAR Market index
The speaker recommends investing in the STAR Market index as a broad way to play China's tech localization and market-share gain story; Chinese tech profits are only about 5% of global profits but expected to rise, while index inclusion of hot semiconductor names is being managed more slowly.
STAR Market Index LONG
HIGH
01:22
Sep 04
Sep 04
EWY
KOSDAQ Index
BE 1ST
000500.KS
010120.KS
▾
HIGH
Korean indices positive on foreign inflows
Lee says he is not bearish on the Korean market and is now more positive: Christopher Waller's comments lowered US rate-hike odds, KOSPI and KOSDAQ gapped up over 1%, and foreign inflows are returning to cash and futures, though he cautions not to chase gap-ups because the intraday pattern can fade.
EWY LONG
KOSDAQ Index LONG
US power infrastructure lifts Korean suppliers
US power infrastructure names led by Bloom Energy's 8% gain are carrying Korean power equipment, transformers and cable makers higher; Sanil Electric recently won Bloom Energy orders, and Gaon Cable and LS Electric are strong.
BE LONG
000500.KS LONG
010120.KS LONG
Alteogen rebound expected despite supply overhang
Despite a 4.4 trillion won licensing deal that expands Alteogen into gene therapy and the Halozyme patent dispute resolving in Alteogen's favor, the stock dropped because of post-free-issue supply and program selling; Lee sees weakness as unrelated to fundamentals, expects a rebound, and flags 290k/270k support as key levels.
196170.KQ LONG
Cybercab catalyst for Korean battery suppliers
Tesla's Cybercab event is a potential catalyst for beaten-down Korean secondary battery names; a positive robotaxi reveal and mass production next year would benefit battery cells, cathodes, camera modules/MLCC, and tire suppliers such as LG Energy Solution, LG Chem, L&F, EcoPro BM, LG Innotek, Samsung Electro-Mechanics, and Hankook Tire.
051910.KS LONG
247540.KQ LONG
009150.KS LONG
161390.KS LONG
066970.KS LONG
Korean robotics names are sector leaders
Lee selects robotics as one of his top sectors; Robotis received a Goldman Sachs target near 600,000 won, and SPG and KNR Systems are among the strongest robot names on the screen.
108490.KQ LONG
058610.KQ LONG
KNR Systems LONG
Physical AI demands NVIDIA GPU compute
Nvidia's acquisition of Hugging Face is a physical AI expansion strategy, and Figure's AI-server partnership using up to 100,000 Nvidia GPUs, including Vera Rubin, reinforces demand for Nvidia's data-center compute in robotics.
NVDA LONG
Buybacks remain despite offsetting block deals
Samsung Electronics and SK Hynix buybacks are not over; yesterday's seemingly light 1.5 trillion won buyback was offset by block deals, including POSCO, so underlying buyback support remains intact, though price strength still needs foreign inflows.
005930.KS LONG
000660.KS LONG
Semiconductor materials improve with growth rebound
Korean semiconductor equipment and materials names are improving as US rate-hike concerns ease and growth/AI stocks rebound.
Korean semiconductor equipment/materials LONG
Refining margins strong through H1 next year
S-Oil, SK Innovation and GS are moving higher because refining margins are expected to remain good through H1 next year and US refiners are repeatedly making new highs, so Korean refining stocks are following.
010950.KS LONG
096770.KS LONG
078930.KS LONG
Inflation hedge flows favor raw materials
Lee says to view refining as a commodity, and that inflation-hedge flows are rotating into raw materials including gold, silver, copper and oil, with US raw-material stocks strong.
GLD LONG
COPPER LONG
SILVER LONG
WTI LONG
Copper pass-through expands LS margins
Wire companies like LS can pass through rising copper prices, buying copper when cheap and selling products higher when copper rises, so margins expand; Lee personally focuses on LS.
006260.KS LONG
Pharma/bio can rebound with stable rates
If Treasury yields stay stable and macro sentiment calms, pharma/bio can rally because catalysts are abundant, including Moderna's phase 3 RNA therapy success and US government funding for personalized RNA/gene therapy manufacturing.
Korean pharmaceutical/biotech sector LONG
HIGH
00:14
Sep 04
Sep 04
MSFT
ORCL
AMZN FLIP
GOOGL FLIP
AAPL
▾
HIGH
AI money shifts to software/platforms.
AI is broadening from hardware/infrastructure into service productization, so money is rotating into mega-cap software, cloud, and platform names such as Microsoft, Oracle, Amazon, Alphabet, Apple, Meta, and Tesla while semiconductor names stall. Park views this as a healthier AI rally and a bullish setup for AI application and cloud/platform leaders.
MSFT LONG
ORCL LONG
AMZN LONG
GOOGL LONG
AAPL LONG
META LONG
TSLA LONG
Money rotating to non-semiconductor Korean sectors.
Semiconductor positions are already crowded and filled, especially Samsung Electronics and SK Hynix at roughly 40% of Korean portfolios, so incremental money is rotating into non-semiconductor Korean sectors such as shipbuilding, nuclear, secondary batteries, transformers, shipbuilding equipment, financials, insurance, and oil refining. This is a supply/money-flow rotation rather than a semiconductor fundamental breakdown.
Korean non-semiconductor sectors LONG
BOJ hike headlines threaten KOSPI volatility.
BOJ 50bp September rate hike speculation and yen carry unwinds have triggered sharp algorithmic and passive-driven selloffs in KOSPI. These episodes may keep recurring as Japan-related rate headlines hit the market, so the setup is to monitor KOSPI volatility around BOJ risk events.
EWY WATCH
US equities resilient, likely continue higher.
Despite macro risks and elevated Treasury yields near 4.8%, US equities are not breaking down on bad news and rallied after Fed officials hinted at a September pause. Park interprets this resilience as an internal market strength signal and expects the US market to continue higher unless it fails to rally on positive news.
NASDAQ Composite LONG
Samsung Electronics chart poised to break up.
Samsung Electronics is forming a tightening basing pattern with declining volatility and holding support despite market wobbles. Park sees the stock building energy and views it as likely to break upward even though the current chart feels frustrating.
005930.KS LONG
Korean HBM share keeps strengthening.
Samsung Electronics' HBM share has risen meaningfully while SK Hynix and Micron both gave up some share. Korean memory makers remain strong in HBM, with SK Hynix still holding first place and Samsung improving, supporting the Korean memory complex.
000660.KS LONG
Naver Cloud AI consortium stocks may move.
Naver Cloud's consortium was selected to develop a cybersecurity-specialized AI foundation model, and Park says related stocks tend to move on this kind of news, creating a short-term tradeable momentum setup in Korean AI/cybersecurity-related names.
035420.KS LONG
Korean nuclear has Q4 contract catalysts.
Korean nuclear names are attracting renewed interest because existing supply contracts are expected around late September and the fourth quarter, providing a catalyst for the group. Doosan Enerbility is specifically noted as seeing inflows.
034020.KS LONG
HIGH
23:08
Sep 03
Sep 03
EWY
005930.KS FLIP
000660.KS FLIP
028260.KS 1ST
005490.KS
▾
HIGH
KOSPI to rise on yields, yen
Kwon Soon-woo expects the KOSPI to rise because long-term U.S. Treasury yields are easing and the yen is strengthening after Bank of Japan officials signaled they may raise rates flexibly, possibly in larger steps. He argues this reduces pressure to sell U.S. Treasuries, supports the Nasdaq, and creates a positive spillover for Korean equities.
EWY LONG
US tariff pressure threatens Korean chipmakers
Kwon Soon-woo warns that U.S. semiconductor tariff and factory construction pressure is intensifying on Samsung Electronics and SK hynix. Washington is using tariffs and incentives to force U.S. fab investment, and the historical U.S.-Japan semiconductor pact shows such pressure can become a serious threat to Korean chipmakers even though Korea benefited from that episode in the past.
005930.KS AVOID
000660.KS AVOID
Samsung C&T wins SMR construction projects
Samsung C&T is participating as the EPC partner in a 1.2GW SMR project with GE Vernova-Hitachi. Kwon Soon-woo argues Korean construction companies are indispensable for SMR and nuclear power construction, and Sweden's plan to add large nuclear and SMR capacity by 2045 supports a long project pipeline.
028260.KS LONG
POSCO leads green steel with BHP
POSCO is partnering with BHP to commercialize hydrogen reduction steelmaking in Australia, where it can obtain iron ore directly from BHP and produce green hydrogen locally, positioning it to commercialize world-first green steel.
005490.KS LONG
OCI supplies solar for AI datacenters
OCI is building a 260MW solar power plant in Texas for AI data-center power demand, and Kwon Soon-woo highlights its integrated supply chain: U.S.-based module production in San Antonio plus non-China polysilicon production in Malaysia.
456040.KS LONG
HIGH
22:03
Sep 03
Sep 03
GLD
UUP
NEM
BNO
SNOW
▾
HIGH
Gold and crypto rally on dollar debasement.
Dollar weakness tied to yen strength and Bessent's policy stance revived the debasement trade. Gold rebounded, Bitcoin jumped more than 5%, Ethereum/XRP/Solana advanced, and the speaker says the market sees this as a durable multi-month theme that can run at least until the midterms rather than a short-term bounce. Gold miners like Newmont and crypto proxies like Strategy are direct beneficiaries.
GLD LONG
UUP SHORT
NEM LONG
BTC LONG
MSTR LONG
ETH LONG
XRP LONG
SOL LONG
Oil and gas supported by geopolitical risks.
Middle East uncertainty continues to support crude prices, with Iran/Kuwait missile and drone strikes pushing Brent toward $96. Winter supply risks add pressure: Russia/Ukraine energy infrastructure attacks, constrained Hormuz/Qatar flows, low European natural gas storage, and possible U.S. crude export restrictions could keep energy prices supported.
BNO LONG
UNG LONG
Snowflake AI data platform accelerates growth.
Snowflake's revenue growth is re-accelerating, and half of the recent acceleration is AI-driven. As a centralized data platform for hyperscalers, AI adoption naturally increases platform usage, leading to repeated post-earnings gap-ups.
SNOW LONG
Lululemon losing share to Alo and Skims.
Lululemon fell another 17% to around $100 and made a new low. The speaker argues the competitive moat is narrowing as credible competitors such as Alo and Kim Kardashian's Skims take share, making this a structural threat rather than just a weak tape.
LULU AVOID
Circle benefits from stablecoin bill passage.
Circle broke above $100 and surged after the market began to price a stablecoin-related credit bill passing around the 15th; the speaker frames this as a specific legislative catalyst for the stablecoin and crypto infrastructure name.
USDC LONG
Bessent actions may cap Treasury yields.
The speaker argues that with Bessent's September 9 long-bond event approaching, bond shorts and bond vigilantes should be nervous and Treasury yields cannot be assumed to move only higher. Bessent's dollar and rate strategy is working to pull U.S. yields down, so long-duration Treasuries are supported near term.
TLT LONG
Yen strengthens on BOJ and carry unwind.
The yen rallied on rising Bank of Japan rate-hike expectations, and markets began pricing up to 50bp of tightening; the speaker sees this as enough to trigger yen carry-trade liquidation. Treasury Secretary Bessent is also described as tolerating a stronger yen and weaker dollar to reduce abrupt one-way repricing, giving the yen trend policy support.
FXY LONG
Hugging Face boosts Nvidia's open ecosystem.
Nvidia's Hugging Face acquisition is strategically positive because Hugging Face is a platform hub that can steer developers to Nvidia's Nemotron open models. This strengthens Nvidia's open-model leadership, enterprise offline/security appeal, and ecosystem lock-in.
NVDA LONG
Broadcom AI demand and value remain strong.
Broadcom's AI setup remains intact: AI demand is described as very hot and just beginning, with increasing accelerator shipments to Meta, OpenAI and Anthropic plus XPU growth. Morgan Stanley sees attractive valuation and strong growth even though near-term expectations need adjustment, and networking is also expected to grow quickly.
AVGO LONG
Meta's open model closes AI gap.
Meta's Musepark 1.3 open-weight model meaningfully closed the gap with frontier models and showed the largest coding-agent performance improvement. The speaker says this supports the open-model trade and reduces the need to pay for expensive proprietary models, which is why the market rewarded Meta.
META LONG
OpenAI Astra reduces Oracle earnings pressure.
OpenAI's Astra release strengthened Oracle: the speaker says Oracle regained confidence on the Astra announcement, and next week's Oracle earnings pressure was reduced because Astra's strong reception supports cloud and AI infrastructure demand.
ORCL LONG
Tesla Cybercab catalyst fuels upside.
Tesla rose over 5% into the Cybercab robotaxi reveal, recovering its post-earnings drop. The market expects the reveal will not disappoint, with real Cybercab videos already circulating, no steering wheel or pedals, and Musk framing it as a premium lounge on wheels; the speaker says rapid commercialization is key.
TSLA LONG
ChargePoint surges on strong EV charging.
ChargePoint surged nearly 80% on strong earnings. As an EV charging operator, it is positioned to benefit from positive electric and autonomous vehicle momentum tied to Tesla's robotaxi expansion and broader EV infrastructure demand.
CHPT LONG
Robinhood's own chain creates new revenue.
Robinhood rose nearly 20% after building its own chain, cutting its reliance on Ethereum/Solana, and enabling meme-coin creation that drove record 24-hour network revenue. The speaker says the market recognizes this as a new profitable crypto market structure.
HOOD LONG
HIGH
13:30
Sep 03
Sep 03
EWY
196170.KQ
Korean power equipment and cable stocks
KBE
000660.KS
▾
HIGH
KOSPI short sellers retreating; September weak-strong
The current KOSPI decline is qualitatively different from July because the KOSPI stock borrow balance is falling, which indicates short sellers are reducing downside bets; in July the borrow balance surged before the sharp drop. With downside short supply retreating, he expects a weak-early, strong-late September and says investors should watch borrow balance and short-selling data as a leading indicator rather than assume another July-style selloff.
EWY WATCH
Alteogen shows clear short-selling downside pressure
Alteogen's short-selling ratio has repeatedly reached double-digit levels around 10-12%, including consecutive prints, indicating short sellers have clearly been building downside exposure in the stock. He uses it as a specific example of a stock where short-selling supply pressure is visible.
196170.KQ WATCH
Reduce AI-derivative power and cable names
He has significantly reduced or closed AI-derivative plays such as power equipment, cable, and related names because if the AI momentum trade produces a final rally, it should be concentrated in semiconductors rather than in secondary AI-theme stocks.
Korean power equipment and cable stocks AVOID
Accumulate Korean banks before October rate trade
He is adding Korean bank stocks now because they are part of the rate and inflation benefit trade and should be accumulated before October; banks have not run much yet, so he is increasing allocation as he reduces semiconductor overweight.
KBE LONG
Hold Samsung and SK Hynix until December
Medium- and long-term investors should hold Samsung Electronics and SK Hynix toward December as long as their July lows hold; by December he expects prices to be higher than now. Short-term weakness should be hedged with inverse ETFs rather than selling, but if the July lows break, positions should be cut because the whole market would be at risk.
000660.KS LONG
005930.KS LONG
HIGH
12:30
Sep 03
Sep 03
EWY
N225
Taiwan TAIEX
FXY
USD/JPY
▾
HIGH
Watch Asia basket algorithmic selling.
The 2 p.m. KOSPI drop was not a domestic-only event; Japan and Taiwan moved the same way. The most likely cause was foreign algorithmic selling of a Korea-Taiwan-Japan equity basket, with local derivative arbitrage then amplifying the cash selloff. Investors should treat this as a recurring risk and monitor the Asia basket response instead of panic selling on unexplained sharp drops.
EWY WATCH
N225 WATCH
Taiwan TAIEX WATCH
Watch yen strength as trigger.
The trigger behind the selling was likely yen strength. Japan's 10-year JGB yield has broken above 3%, and BOJ 50bp rate-hike chatter pushed the yen from around 164 to 156, activating yen-carry or NK-trade liquidation. Yu says he does not think a full NK trade occurred today but says this mechanism must be monitored around the 159-157 area.
FXY WATCH
USD/JPY WATCH
Watch Treasury yields for risk signal.
The key macro variable is the US 10-year Treasury yield. Treasury issuance, hyperscaler bond supply, Fed uncertainty, and inflation worries keep long rates elevated; buybacks are only temporary and yields are unlikely to fall all the way to 4.5. He argues investors should watch rates and wait for weak employment, lower CPI, and FOMC signals that the money bottleneck is easing before adding risk.
US10Y WATCH
Prefer insurers and banks over securities.
Current tight money and thin trading volumes favor financial groups that benefit from expensive money and defensive institutional allocation. Yu ranks Korean insurance first, banks second, and securities last; Shinhan Financial Group is making new highs, while Kiwoom Securities has broken moving averages and is resting near its 520-day line because retail trading volume has collapsed.
Korean Insurance Sector LONG
Korean Securities Sector AVOID
055550.KS LONG
KBE LONG
Watch AI share for memory stocks.
Samsung Electronics and SK hynix now move with Anthropic and OpenAI market share. If OpenAI takes share from Anthropic, it is not a severe issue because both are core Korean semiconductor customers, but if Chinese open-weight models take AI share, that is a negative since those are not major Korean memory buyers. The Anthropic IPO and third-quarter AI model share data are therefore key watch items for these two stocks.
000660.KS WATCH
005930.KS WATCH
Hyperscaler bonds beat Treasuries.
Hyperscaler corporate bonds yielding about 5.5-5.6% are more attractive than 10-year Treasuries and carry strong credit, so bond investors have little reason to buy government debt; this corporate issuance is crowding out Treasury demand and contributing to upward pressure on long rates.
US Hyperscaler Corporate Bonds LONG
HIGH
11:30
Sep 03
Sep 03
EWY
ANTHROPIC 1ST
USD/KRW
APR 1ST
Cosmax
▾
MED
Hold current KOSPI support as opportunity.
The market is in a liquidity-drained sideways range, but he argues that if the KOSPI holds current support without breaking down, low-price buying is emerging and the index offers opportunities; the best scenario for now is sideways resilience.
EWY WATCH
Participate in Anthropic IPO strongly.
Anthropic's IPO is expected in late September or early October and is a must-participate event; he believes it could attract more capital than SpaceX, and the need to fund IPO allocations may already be causing investors to sell existing equities.
ANTHROPIC LONG
Watch USD/KRW for rebound toward 1,400.
After the won's sharp appreciation from the 1,500 area to the 1,320 area, he says it is hard to bet on further won strength and warns of a possible rebound toward 1,400; FX whipsaw also makes foreign investors hesitant to enter Korean stocks.
USD/KRW WATCH
Buy Korean cosmetics on dips.
Korean cosmetics is sensitive to the won but sales are growing about 20% per quarter on exports; after mild pullbacks in APR and Cosmax, the sector remains attractive on dips and is a representative export-growth sector to watch.
APR LONG
Cosmax LONG
Korean cosmetics LONG
Favor six-percent corporate bonds over stocks.
In a weak sideways equity market, AI-related companies are issuing corporate bonds at 6-7% yields to fund data centers; large cash holders may prefer these corporate bonds over stocks, making corporate credit attractive and diverting demand from equities.
US corporate bonds LONG
Construction stocks gain on data center buildout.
Construction stocks are rebounding because data center construction and nuclear power plant needs are becoming new cyclical drivers; GS E&C and the broader construction group showed renewed strength and should be watched as part of AI power/data center infrastructure.
Korean construction sector LONG
006360.KS LONG
Shipbuilding stocks are September catch-up buys.
Shipbuilding stocks have solid earnings but did not rally in August, so September is a catch-up opportunity; among shipyards, Samsung Heavy Industries looks attractive because it is not already carrying the specific project expectations embedded in Hanwha Ocean or HD Hyundai Heavy.
Korean Shipbuilding LONG
010140.KS LONG
Strong won may cut semiconductor profit estimates.
The Beige Book shows AI data centers are an actual economic driver, so AI demand remains alive; for Samsung Electronics and SK hynix the current problem is short-term supply/demand positioning rather than fundamentals, so the AI semiconductor thesis does not need to be abandoned.
005930.KS WATCH
000660.KS WATCH
US Treasuries face upward yield pressure.
He interprets the Treasury Secretary's and New York Fed president's comments as political rather than reassuring; rising yields reflect fiscal debt burden and supply-driven inflation, and corporate bond supply is crowding out Treasuries, so the US Treasury market faces upward yield pressure.
TLT AVOID
MED
11:07
Sep 03
Sep 03
034020.KS
196170.KQ
Korean cosmetics
APR
KBE
▾
HIGH
Nuclear stocks may rally further.
A broker report named Doosan Enerbility as the top pick in Korean nuclear power, followed by Hyundai E&C and BH, based on project expectations. Lee agrees and sees room for nuclear-related stocks to rally further, especially Doosan Enerbility.
034020.KS LONG
Alteogen's dip is short-covering buy.
Alteogen has large tech-transfer deals but is falling on heavy short selling. Lee sees support around 270,000 KRW as likely to hold, expects Q3 milestones to beat forecasts, and thinks accumulated shorts could trigger covering; he would buy more if he had cash.
196170.KQ LONG
Sell Korean cosmetics into strength.
Korean cosmetics have been overheated and are entering a correction phase. APR's Singapore product issue is a catalyst for selling pressure, and existing holders should sell into strength; new entrants should wait until the sector turns back up.
Korean cosmetics AVOID
APR AVOID
Prefer banks, avoid securities.
Within financials, Lee prefers banks first because they have market cap and valuation support: KB Financial is around 1.03 PBR and could re-rate toward 1.2. Korean securities are unattractive near term because trading volumes have halved and Mirae Asset faces political risk.
KBE LONG
Korean securities AVOID
006800.KS AVOID
KB LONG
Sell battery rallies.
Secondary battery stocks should be sold on rallies because the current market is driven by fast rotation, and the sector is unlikely to trend persistently higher.
Korean secondary batteries AVOID
Financials benefit from sticky high rates.
Korean financials are the clearest beneficiary of high, sticky interest rates. The sector is large enough for institutional rotation and should be held as a barbell with AI/semiconductors because financials rebounded strongest during market dips.
Korean financials LONG
Oil supported above $90.
Oil is staying above $90 because Middle East risks remain unresolved and attacks on ships with AIS off reduce traffic through Hormuz. This keeps upside pressure on crude despite occasional truce headlines.
BNO LONG
WTI LONG
Watch three market stress triggers.
Watch three trigger levels: 10-year Treasury yield at 5%, dollar index at 100, and Brent at 100. A breach in any of these would likely cause a major market shock.
US10Y WATCH
DXY WATCH
Insurance first, banks second, securities last.
Insurance is the top financial subsector, followed by banks, then securities. Insurance and banks are defensive rate beneficiaries with dividends, while securities suffer from lower trading volumes and weak earnings.
Korean insurance LONG
Foreign selling pressure remains.
Foreigners still have not finished rebalancing out of Korean equities and are using Samsung and SK hynix buybacks as selling windows. With sentiment brittle and buying power absent, KOSPI is vulnerable to shocks and aggressive buying should wait.
EWY AVOID
Korean memory is not priority yet.
Medium-term investors who held through the July low should not exit in this consolidation. Samsung Electronics and SK hynix are likely higher by December, but short-term traders should step aside and holders can hedge with inverse exposure rather than selling, as long as the July low holds.
005930.KS WATCH
000660.KS WATCH
Samsung Heavy Industries looks attractive.
Among shipbuilders, Samsung Heavy Industries looks attractive because it has no specific bad news and the sector was underowned in August. Order backlogs and rotation into shipbuilding support interest.
010140.KS LONG
HIGH
09:07
Sep 03
Sep 03
005930.KS FLIP
000660.KS
MU
SNDK
285A.T
▾
HIGH
Foreign rebalancing not over; buybacks enable selling.
Foreign investors have not finished reducing their Korea exposure because their Korea market weight is still elevated. Samsung Electronics and SK Hynix buybacks are giving foreign investors a good opportunity to sell into strength, so there is still more selling capacity than fresh buying demand near term.
005930.KS AVOID
000660.KS AVOID
EWY AVOID
Watch Micron/SanDisk/Kioxia to lead Korean memory.
Foreign inflows into Korean memory names will only resume if global storage and memory names such as Micron, SanDisk, and Kioxia rally first. That would signal renewed global appetite for memory and justify buying Korean memory stocks; until then, there is no FX-led foreign buying support.
MU WATCH
SNDK WATCH
285A.T WATCH
Energy bottlenecks delay AI data center buildouts.
AI earnings and capex are strong, but the market is worried about execution because data center buildouts face power bottlenecks. PJM capacity auction prices rose about 10x year-on-year, new AI data centers may be excluded from grid interconnection, Bloom Energy fuel cells are limited to about 2GW, LNG prices are rising, and nuclear is not being approved, so near-term AI infrastructure delivery is uncertain.
SMH WATCH
One-year horizon: semiconductors likely higher.
For investors who can wait one year and do not need to trade short-term volatility, semiconductors are likely higher than current levels. Therefore, long-term holders with capacity should hold through this volatile period rather than panic.
Korean semiconductor sector LONG
Short-term traders should raise cash.
If an investor is already trading short-term and has taken losses, the speaker advises selling and raising cash rather than forcing positions in a low-visibility, liquidity-constrained tape. Long-term holders with deeper losses are told to hold.
CASH LONG
Yen carry unwind risk remains low.
The yen carry unwind risk is currently low because Japan is raising rates while also easing fiscal policy to manage its enormous debt burden; this prevents strong yen appreciation. Even if the BOJ hikes, rapid or aggressive tightening is unlikely, so a fast carry-trade unwind is not expected.
FXY WATCH
Watch 10yr 5%, DXY 100, Brent 100.
The speaker is monitoring three break levels for a potential major market shock: US 10-year Treasury yield above 5%, the US Dollar Index above 100, and Brent crude above $100. If any one breaks, the market impact could be severe.
US10Y WATCH
DXY WATCH
Weak payrolls would hit consumer and banks.
If the upcoming nonfarm payroll report is much weaker than expected, markets will question the AI-led growth narrative and start seeing broader US economic weakness; consumer discretionary and bank stocks would likely be hit. Employment merely in line is the benign outcome.
XLY WATCH
KBE WATCH
Oil remains elevated on unresolved Mideast risk.
Oil is not breaking down because the market sees the Iran-Trump tanker truce as incomplete and the Middle East conflict as unresolved. WTI is holding above $90 and Brent remains elevated, with geopolitical risk premium keeping oil sticky. High oil is becoming a persistent inflation input.
WTI LONG
BNO LONG
Global bond selloff reflects debt debasement distrust.
Global government bond yields are rising not just on US strength but because markets distrust countries that are debasing their currencies and inflating away debt; this debasement trade is visible in Europe and Japan as well. The speaker therefore cannot fully trust dovish Fed messaging, and bond selloff risk remains.
IEF SHORT
HIGH
08:30
Sep 03
Sep 03
005930.KS FLIP
Hyundai Engineering & Construction
MU
Korean secondary battery sector
006800.KS FLIP
▾
HIGH
Korean memory is lower priority for foreigners.
He argues foreign investors are not abandoning memory globally but are prioritizing US memory and semiconductor names over Korean names. Samsung Electronics and SK hynix look cheap at roughly 3.5-3.8x, but remain underweight because of supply and positioning, not AI/memory fundamentals. Until buybacks finish around October and third-quarter earnings give momentum, Korean memory is a lower priority and should be approached cautiously.
005930.KS AVOID
000660.KS AVOID
Nuclear-value-chain rally likely; Doosan top.
A positive broker report on the Korean nuclear power value chain named Doosan Enerbility as top pick, followed by Hyundai Construction and BH. Lee says project expectations support the group and he personally sees potential for nuclear-related names to rally further.
Hyundai Engineering & Construction LONG
034020.KS LONG
090460.KS LONG
Keep AI/memory exposure; Micron is catalyst.
Kim argues portfolios still need AI and memory semiconductor exposure because AI cannot continue without memory, and completely exiting would risk missing upside. However, short-term momentum has been exhausted after Nvidia and Broadcom; the next clear catalyst is Micron's earnings on October 1, so this is a hold/watch exposure rather than an aggressive chase.
MU WATCH
SMH LONG
Sell secondary battery stocks into strength.
Lee says secondary battery stocks should not be held as a continuing position; they are a fast-moving rotation trade. He would sell into rallies because the group moves quickly and he does not recommend chasing it here.
Korean secondary battery sector AVOID
Avoid Korean securities; Mirae regulatory overhang.
Lee says Korean securities stocks are unattractive near-term because Mirae Asset Securities is under political and regulatory attack over single-stock ETF issues and market trading volumes are weak. Even Samsung Securities is not free from the sector overhang, and securities rank last within financials.
006800.KS AVOID
Korean Securities Sector AVOID
Sell Korean cosmetics into strength.
Kim says the APR scare appears overblown: the flagged lot was not from official distribution, Singapore's official tests found no banned substance, and there is no administrative action or earnings impact. He advises investors not to panic-sell other cosmetics names on unconfirmed fears; only if it becomes a broad category problem should they sell.
KORU AVOID
APR AVOID
Meritz breaks range; buy dips.
Meritz Financial Group has a strong shareholder-return and dividend policy, and its weekly chart has broken out of a long box range. Lee says a pullback toward the prior breakout area around 125,000 won can be used as a reference level for adding or watching the stock.
138040.KS LONG
Banks preferred; KB Financial breaking range.
Within Korean financials, Lee says banks are the top preference, followed by non-life insurers and life insurers, with securities last. KB Financial has broken above a long box range on rising bottom support; its PBR is near 1.03x and could expand toward 1.2x, so banks are the easiest way to get financial-sector exposure.
105560.KS LONG
Alteogen short squeeze and Q3 beat likely.
Alteogen has fallen despite two positive licensing deals because heavy short selling and delayed KOSDAQ policy have pressured sentiment, not company fundamentals. Lee sees short-covering potential, expects third-quarter earnings to beat guidance on strong Keytruda SC penetration and milestone inflows, notes analyst targets far above the current price, and says he would buy more if he had cash.
196170.KQ LONG
Korean financials lead on sticky high rates.
He says Korean financials are the most notable sector because interest rates remain high and are likely to stay at a new elevated level. Even when the market reversed higher after the midday drop, financials bounced hardest, showing real sector leadership. With few large non-AI sectors in Korea, institutional money rotates into financials, and the consensus is to barbell financials with AI/semiconductors.
KBE LONG
HIGH
05:14
Sep 03
Sep 03
HOOD
COIN
▾
HIGH
New token issuance benefits U.S. crypto infrastructure
The SEC's Regulation Crypto creates clear registration exemption tracks for non-security token sales, which should revive new token issuance and route more listing, trading, and custody flow through U.S. crypto infrastructure. Kim names exchanges and custodians as direct beneficiaries, specifically public platforms Coinbase and Robinhood, with custody names such as Anchorage Digital and BitGo also benefiting.
HOOD LONG
COIN LONG
HIGH
04:42
Sep 03
Sep 03
ETH
SOL
PUMP.FUN 1ST
BTC
035420.KS 1ST
▾
HIGH
Ethereum ETF inflows; Clarity bill pivotal.
Ethereum spot ETFs have logged twelve straight trading days of net inflows and flipped cumulative flows positive. Staking-enabled ETFs such as BlackRock's ETHB are attracting interest with rising staking rewards, and other issuers are applying for staking products. The Clarity bill is the key event: if passed, Ethereum and Solana platform assets benefit from regulated on-chain finance; if the September 15 vote fails, Ethereum could fall more than Bitcoin.
ETH WATCH
SOL WATCH
Revenue-funded buybacks lift Hyperliquid and Pump.fun.
Crypto project buybacks grew about 17% year-over-year, with Hyperliquid and Pump.fun making up nearly 90% of top-two-project buyback volume. These platforms fund buybacks from protocol revenue and can encode them transparently in smart contracts, creating a revenue-to-token-price virtuous cycle. Hyperliquid rose about 200% this year despite a weak market and reached top-9 global market cap, supporting the buyback-driven token thesis.
PUMP.FUN LONG
HYPE LONG
Bitcoin ETF demand strongly recovered in August.
Binance is aggressively expanding traditional-finance-linked derivatives and stock-token products; its traditional-finance perpetual futures 30-day volume is already about double Bitcoin perpetual futures. Park expects further expansion, potentially accelerating around an expected Anthropic listing. This may divert demand that previously went into Bitcoin, creating a structural headwind for Bitcoin upside.
BTC LONG
Regulatory easing may accelerate Naver M&A.
Kim argues the resignation of the Blue House policy chief who pushed a 20% exchange major-shareholder ownership cap means the rule will likely be relaxed, at minimum by limiting voting rights above 20% rather than ownership. That is a positive regulatory shift for Upbit and Bithumb management and could accelerate M&A-related outcomes for Naver and Dunamu investors.
035420.KS LONG
HIGH
03:20
Sep 03
Sep 03
033260.KQ 1ST
Daeduk Electronics
047810.KS 1ST
TIGER US Dividend Dow Jones ETF
PLUS 1ST
▾
HIGH
Fuel cells power AI data centers.
Doosan Fuel Cell signed a 500 billion won supply contract to deliver fuel cells to U.S. AI data centers from H2 2025 to H1 2028. This is evidence that U.S. power bottlenecks are severe enough to pay for expensive fuel-cell generation, supporting Korean power supply chains.
033260.KQ LONG
Daeduk breakout or pullback setup.
Daeduk Electronics has exited its downtrend and is building higher lows. A pullback to the low 100,000-won zone would offer a box-range entry, while a breakout opens a move toward 140,000-150,000 won. The semiconductor socket and substrate story supports it, but current entry is not ideal without a pullback or breakout.
Daeduk Electronics WATCH
KAI support break risks deeper drop.
Korea Aerospace Industries is technically weak: moving averages are in bearish alignment, highs and lows are falling, and the former breakout zone is at risk. If that support breaks, the stock could fall toward the low 90,000-won area, so Ha advises reducing rather than holding a full position.
047810.KS AVOID
Dividend ETFs for steady income.
Park recommends a core dividend portfolio combining US dividend growth, US high dividend active, covered call income, and Korean high-dividend and active dividend ETFs. The conservative mix lowers beta and yields roughly 4-6%, while an aggressive mix adds Nasdaq covered calls and a Korea plus dividend active ETF to target higher income.
TIGER US Dividend Dow Jones ETF LONG
PLUS LONG
TIGER Korea Plus Dividend Active ETF LONG
161510.KS LONG
Bitcoin must break 83k resistance.
Bitcoin's August rally is now supported more by spot demand than derivatives leverage, with open interest shrinking. The key test is the 83,000 dollar area and the 365-day moving average near 82,000-83,000; a strong break opens 90,000-100,000, while failure keeps it in a range with downside toward 76,500, 74,000, or even the high 60,000s if geopolitical shocks worsen.
BTC WATCH
Ethereum Clarity Act event dependent.
Ethereum ETF flows have stayed positive for 12 sessions and have flipped cumulative flows positive, helped by staking ETF demand. Clarity Act passage would be more bullish for Ethereum and other platform assets than Bitcoin, but failure of the September 15 cloture vote could hit Ethereum harder than Bitcoin, making it an event-driven watch.
ETH WATCH
AI power equipment names rebound.
AI infrastructure and power names are rotating back up after the prior day's fall. Sanil Electric, HD Hyundai Electric, LS Electric, and Hyosung Heavy are leading. U.S. names such as Constellation Energy, Vistra, Oklo, and NuScale were also strong, and AI server demand ultimately feeds AI data center power demand.
010120.KS LONG
298040.KS LONG
267260.KS LONG
Substrate AI recovery favors Simmtech.
Simmtech is positioned for a substrate recovery on Broadcom's AI outlook. If FCBGA substrate supply chains benefit, Korea Circuit, Samsung Electro-Mechanics, Simmtech, and Isu Petasys can see rotation. Simmtech is already higher and basing in an uptrend with overhead supply nearby.
222800.KQ LONG
GS E&C wins Donghae data center.
Kim's top construction pick is GS Engineering & Construction because the GS group plans a 1.2GW data center in Donghae using existing low-utilization coal-power grid infrastructure. At roughly 10 billion won per MW, phase one alone implies over 10 trillion won in construction revenue potential, and GS E&C is most likely to capture it as the group's construction arm. Valuation remains around 10x P/B and the data center story is not fully priced in.
006360.KS LONG
DL E&C growing data center orders.
DL E&C is a second pick because it also announced a data center push and expects about 2 trillion won of data center orders in H2 alone. The company lacks a GS-like captive group pipeline, so the exact size is harder to quantify, but its order momentum and direction make it a worthwhile secondary name.
375500.KS LONG
Buy gold on dips.
Park maintains a year-end positive gold view and sees the recent decline as profit-taking after a large run. She recommends adding on dips in stages rather than chasing strength.
GLD LONG
Cybersecurity demand accelerates.
AI agent adoption is shifting investor focus toward software and cloud names, and cybersecurity is seeing demand accelerate. Palo Alto Networks and CrowdStrike have run significantly, supported by double-digit revenue growth and improving subscription metrics, though valuation now leaves little room for error.
PANW LONG
CRWD LONG
Hyperliquid buyback mechanics support token.
Token buybacks are becoming an earnings-linked culture, led by Hyperliquid and Pump.fun, which account for about 90% of project buybacks. Hyperliquid's revenue-funded buybacks have supported the token even in a poor market, rising about 200% and reaching the global top ten, making buyback mechanics a real support for token holders.
HYPE LONG
New US token issuance benefits Coinbase Robinhood.
SEC Regulation Crypto creates exemption tracks for non-securities digital asset sales, opening a path for new U.S. token launches and user and investor participation. The clearest beneficiaries are exchanges and custodians that will list or custody new tokens, specifically Coinbase and Robinhood, along with their chains and base ecosystem.
COIN LONG
HOOD LONG
Nvidia AI demand stays dominant.
Park notes Nvidia is now roughly the size of the 7th-largest S&P 500 sector, and after earnings J.P. Morgan remains positive on the 70% growth framework. He also highlights that loan demand through Nvidia's financing platform doubled, showing that AI compute demand is still so strong that customers are seeking funding guarantees from Nvidia.
NVDA LONG
Dell enterprise AI demand strong.
Dell's results were clean: guidance was raised, AI server backlog hit a record, operating expense ratio hit a record low, and enterprise, neocloud and government customers are expanding. The margin improvement is unusual for a server assembler and supports enterprise AI demand.
DELL LONG
Broadcom AI customer base expands.
Broadcom initially fell after hours on slight guidance disappointment, but Park argues the important signal is that management said they doubled AI output capacity. Because Broadcom has historically depended on Google TPU orders, demonstrating supply to other AI customers would be the key to turning the stock around, and the market started to accept this during the call.
AVGO LONG
Snowflake earnings beat lifts stock.
Snowflake reported strong results and jumped about 21% after hours. It is part of a pattern where beaten-down software names with actual earnings beats are working even while many high-valuation software and security stocks struggle.
SNOW LONG
Google data center contract boosts EOSE.
EOS Energy, a small energy-storage name, rose sharply after signing a data center contract with Google. Park suggests it is a useful reference for investors watching ESS and data center power supply.
EOSE LONG
US refiners in historic bull market.
The U.S. refining industry is in one of its strongest bull markets, comparable only to the 2003 and 2013 surges. Geopolitical tension and U.S. energy dominance are keeping the space strong even as crude oil volatility rises.
XLE LONG
Korean memory cheap despite distrust.
Lee argues that on fundamentals Samsung Electronics and SK Hynix are buyable after the sharp drop. KOSPI is only around 5.1x P/E, below the level that previously triggered rebounds, and the market is refusing to believe memory guidance. He views the capitulation and target-price cuts as a sentiment problem rather than a fundamental breakdown.
005930.KS LONG
000660.KS LONG
MLCC shortage powers Samsung Electro-Mechanics.
Samsung Electro-Mechanics is showing relative strength on repeated MLCC shortage headlines, similar to early semiconductor supply shortages. It fell from 240,000 won to 86,000 won, but it is holding above its July panic zone and is attracting market interest after Samsung and SK Hynix.
009150.KS LONG
HIGH
02:27
Sep 03
Sep 03
GLD
SOL
Nuclear power plant construction
KIWOOM Samsung SK Group Top 4 Plus ETF
S&P 500 Covered Call Dividend ETF
▾
HIGH
Buy gold and silver on dips.
After a strong one-month run, gold and silver are seeing profit-taking, but Park maintains a year-end bullish stance and advises accumulating in tranches on pullbacks rather than chasing high prices.
GLD LONG
SILVER LONG
Clarity bill and dollar weakness boost crypto.
Crypto is being supported by debasement trade, dollar weakness, expectations for the Clarity bill around September 15, and a short squeeze as bearish positions are liquidated; within crypto, Bitcoin and Solana are outperforming while Ethereum and other altcoins lag, and RWA-related crypto plays are strong.
SOL LONG
BTC LONG
Nuclear power bottleneck theme remains intact.
Nuclear power construction is pulling back on profit-taking after a strong run, but despite doubts about AI capex, interest in the power bottleneck beyond semiconductors continues and supply-demand tightness should keep the theme relevant.
Nuclear power plant construction WATCH
Samsung-SK group ETF merits consideration.
A newly listed ETF combines Samsung and SK group affiliates with top 10 concentration, highest Samsung and SK Hynix weights, and diversified related subsidiaries; it offers strategic industrial exposure plus governance and shareholder-return beneficiaries.
KIWOOM Samsung SK Group Top 4 Plus ETF LONG
Conservative dividend ETF portfolio yields monthly income.
For conservative investors, she recommends pairing US dividend growth exposure via TIGER US Dividend Dow Jones with PLUS US High Dividend Active, plus S&P 500 covered call and diversified Korean PLUS High Dividend ETFs to lower beta, target roughly 4 to 6 percent annual yield, and generate monthly income with better downside support.
S&P 500 Covered Call Dividend ETF LONG
TIGER US Dividend Dow Jones ETF LONG
161510.KS LONG
PLUS LONG
Higher-beta dividend ETFs maximize income.
For risk-neutral investors seeking higher income with some capital upside, she keeps the same US dividend growth and high-dividend core but replaces the S&P 500 covered call with a higher-beta Nasdaq covered call and adds TIMEFOLIO Korea Plus Dividend Active to raise yield and pursue active income maximization.
TIMEFOLIO Korea Plus Dividend Active ETF LONG
QYLD LONG
Steady dividend ETF investing reduces stress.
Dividend ETFs are suited to investors who want stock exposure with lower stress because dividend stocks have lower volatility and provide recurring income, and steady investing is the core answer.
Dividend ETFs LONG
Korean tax policy favors high-dividend stocks.
Korea's new separate dividend tax regime for high-dividend companies lowers tax on large dividend income from up to 49.5 percent to 20 to 30 percent, creating incentives for companies to raise payouts and potentially fueling stock demand; ETFs and REITs are excluded, so individual high-dividend companies are the direct beneficiaries.
Korean high-dividend stocks LONG
Mandatory buyback cancellation supports shareholder returns.
The revised commercial law now mandates treasury stock cancellation, so buybacks reduce share count, mechanically raise EPS, and should support prices; Korean companies that combine dividends, buybacks, and efficient capital allocation are attractive.
Korean shareholder return stocks LONG
Avoid blindly chasing high dividend yields.
High dividend yield alone can be a trap because yield rises when stock price falls; Leggett & Platt cut its dividend 89 percent in April 2024 after its displayed yield spiked, so investors must verify whether dividends are actually growing and sustainable.
High dividend yield stocks AVOID
Use Korean dividend ETFs for diversified exposure.
For investors who cannot screen individual high-dividend and buyback names, diversified Korean dividend ETFs, including PLUS, KODEX, and SOL high dividend products, financial holding dividend ETFs, and newer total shareholder return and buyback ETFs, provide a practical way to capture the policy and buyback theme.
SOL Korea High Dividend ETF LONG
KODEX High Dividend ETF LONG
SOL Financial Holding ETF LONG
PLUS Buyback & Dividend ETF LONG
KODEX Shareholder Return High Dividend ETF LONG
AI adoption boosts cybersecurity software.
AI agent adoption is rotating investor interest from semiconductors and power infrastructure toward software and cloud, and cybersecurity vendors such as Palantir and CrowdStrike are seeing demand surge with double-digit revenue growth and improving subscription metrics, supporting their recent strength.
PLTR LONG
CRWD LONG
Coca-Cola and Apple exemplify shareholder returns.
The US market has already proven shareholder return effects: Coca-Cola has paid and grown dividends for over 50 years and is favored by Buffett, while Apple since 2012 has used large buybacks to reduce share count and lift per-share value, helping both trends stay upward.
KO LONG
AAPL LONG
HIGH
01:43
Sep 03
Sep 03
EWY
Korean rare earth stocks
POSCO International
Korean defense stocks
000660.KS
▾
HIGH
Stabilizing Treasury yields support KOSPI recovery.
September is a weak-first, strong-later tactical setup around the September 24 US-China summit and Chuseok holiday. The speaker expects aggressive US-China rhetoric into mid-September and pre-holiday foreign selling pressure. If the index gets shaken toward Chuseok, he would use cash to buy; if it stays stable into mid-September, he would raise cash and de-risk into the event.
EWY WATCH
Rare earths become September China-risk theme.
China's strongest negotiating card is rare earths. China controls about 60% of rare earth mining and about 94% of neodymium magnet production, and these magnets are essential for advanced industries and humanoid robots. As US-China tensions escalate into the September summit, rare earths are likely to become a major recurring theme, especially if China threatens export restrictions.
Korean rare earth stocks WATCH
POSCO International builds non-China rare earth chain.
POSCO International is a large-cap Korean rare earth name. It is preparing non-China vertical integration in the US with a local partner, mining rare earths and producing permanent magnets in the US. The key edge is that it uses non-Chinese ore and non-Chinese magnet production, which matters more than short-term rare earth prices.
POSCO International LONG
Geopolitical risk supports Korean defense stocks.
Defense stocks should be watched because geopolitical risk is not over. The US-Iran conflict continues, and US-China tensions may resurface with military drills or aggressive headlines before the September summit, supporting Korean defense names.
Korean defense stocks WATCH
Memory upcycle supports Samsung and SK hynix.
Nvidia confirmed memory price increases are larger than expected and should rise further next year, but SK hynix and Samsung Electronics did not rally because high Treasury yields are compressing valuations. The speaker sees memory fundamentals becoming stronger while the market waits for macro and rate headwinds to clear.
000660.KS LONG
005930.KS LONG
JS Link pure rare earth magnet play.
JS Link is viewed as the highest-purity rare earth and magnet play among Korean names. Lynas invested KRW 53.4 billion through a third-party allotment, and JS Link has an existing 1-ton plant in Yesan with plans to scale toward 9,000 tons globally. The speaker uses the Lynas placement price of KRW 32,000 as a downside level and sees the stock as a short to mid-term rare earth trading vehicle in September.
127120.KQ LONG
Hanwha Aerospace K9 European order momentum.
Hanwha Aerospace has strong K9 self-propelled howitzer order momentum, including its first entry into Western Europe, which broadens its European reference beyond Eastern Europe. The stock has been consolidating while its fundamentals and orders improve, making it a key defense idea.
012450.KS LONG
LIG Nex1 benefits from US missile restocking.
LIG Nex1 is a Korean missile maker benefiting from two momentum drivers: continued order momentum and the US need to replenish missile inventories that have been depleted by Iran-related strikes. The speaker frames this as a geopolitical defense restocking play.
064350.KQ LONG
LS Eco Energy rides Lynas partnership.
LS Eco Energy is connected to rare earths through its collaboration with Lynas, one of the largest non-Chinese rare earth producers. This partnership gives it a specific rare earth supply-chain angle if rare earth headlines escalate in September.
229640.KS LONG
HIGH
01:30
Sep 03
Sep 03
Korean construction sector
013580.KS 1ST
004960.KS 1ST
005960.KS 1ST
006360.KS 1ST
▾
HIGH
Korean data-center construction sector remains attractive.
Korean construction is in an early-stage AI data center build-out. Large domestic general contractors have already built oil/gas plants, power plants and nuclear facilities, and data centers are closer to plant work than ordinary buildings because power and cooling are the two critical requirements. The recent construction-sector pullback was mechanical profit-taking after a strong run, not a fundamental change, so the data center theme remains valid for H2 and the sector is attractive at current levels.
Korean construction sector LONG
Public construction budget favors small/mid builders.
The new government budget confirms a public-sector supply strategy. Construction companies with high public-order exposure, especially small/mid builders, should become more favorable. Named beneficiaries include Kumho Engineering & Construction, Kyeryong Construction Industrial, Hanshin Engineering & Construction and Dongbu Construction because they win significant LH/public projects.
013580.KS LONG
004960.KS LONG
005960.KS LONG
002990.KS LONG
GS E&C top pick on Donghae data center.
GS E&C is the top pick because GS group is first-moving on the Donghae data center project: targeting a 100MW start around November and 1.2GW completion by 2028. At roughly 10 billion won per MW, the project alone could represent over 10 trillion won of construction cost, and as a GS affiliate GS E&C is likely to receive the work, potentially pulling in 10 trillion won of revenue at typical construction margins. Valuation is still only around 10x and the full data center expectation is not yet reflected.
006360.KS LONG
DL E&C second pick on data centers.
DL E&C is the second-choice data center construction name. It lacks the powerful affiliate data center anchor that GS E&C has, but at its second-quarter result it announced plans to win about 2 trillion won of data center orders in the second half alone. As data center orders increase across the industry, that exposure can contribute materially to earnings, although the exact size is harder to quantify because there is no fixed gigawatt or amount as with GS.
375500.KS LONG
HIGH
00:33
Sep 03
Sep 03
CEG
VST 1ST
Shin Steel
Kumkang Steel
108860
▾
HIGH
AI data center power demand lifts infrastructure.
AI server demand is effectively AI data center power demand. US names such as Constellation Energy, Vistra, Oklo and NuScale were strong, and Korean power infrastructure names that were beaten down are rebounding. Sanil Electric has an aggressive target-price upgrade, and HD Hyundai Electric, LS Electric and Hyosung Heavy Industries are also doing well; a Sanil Electric breakout would improve sector sentiment further.
CEG LONG
VST LONG
267260.KS LONG
010120.KS LONG
298040.KS LONG
OKLO LONG
SMR LONG
LNG project fuels steel pipe momentum.
LNG project themes are driving steel, pipe and valve names including Shin Steel, Kumkang Steel, Sungkwang Bend, Taekwang, Bukuk Steel and KBI Dongyang Steel Pipe. The group is rising sharply and drawing fast short-term rotation, but the move is speculative and should be traded tactically rather than chased blindly.
Shin Steel WATCH
Kumkang Steel WATCH
108860 WATCH
Taekwang Industrial WATCH
Bukuk Steel WATCH
KBI Dongyang Steel Pipe WATCH
Broadcom ASIC demand lifts Korean substrate names.
Broadcom's ASIC-related strength should benefit substrate and PCB names such as Korea Circuit, Samsung Electro-Mechanics, Simmtech and Isu Petasys. Simmtech itself is in a higher-low uptrend, and if it breaks overhead supply, the upside would open significantly.
024110 LONG
009150.KS LONG
Isu Petasys LONG
222800.KQ LONG
Doosan benefits from CCL substrate recovery.
If the substrate market improves, Doosan benefits as a raw-material supplier for CCL. The stock has fallen significantly, so if it begins to rotate higher, the upside could open substantially.
000150.KS LONG
Korean banks benefit from buybacks, earnings.
Korean financials are improving because USD/KRW is falling, earnings expectations remain intact, and buyback and shareholder-return policy expectations are appearing in reports. KB Financial and Shinhan Financial are moving up consistently, though not in huge daily jumps, and are worth watching for continued grinding upside.
105560.KS LONG
055550.KS LONG
Korea Aerospace vulnerable; reduce on break.
Korea Aerospace is in a clear weekly downtrend with lower highs and lower lows and bearish moving-average alignment. If the key support or current box breaks, downside could open significantly toward the early 90,000-won area, so he recommends reducing positions on a break rather than holding fully.
047810.KS AVOID
AI compute demand supports Samsung, Hynix.
Broadcom's earnings call offered a strong 2027-2028 outlook, Nvidia strengthened on AI backlog commentary, and Micron and SK hynix ADR recovered, implying AI GPU and compute demand is continuing. This should keep Samsung Electronics and SK hynix at the center of market strength, especially if foreign and program supply returns.
005930.KS LONG
000660.KS LONG
KOSPI rebound likely on supply reversal.
Ha Chang-wan views the KOSPI short-term direction as upward. The prior session saw heavy foreign and institutional selling, but he expects a supply reversal; even half of the prior outflows returning could erase most of the previous day's decline. Overnight KOSPI futures rose 1.4%, though the key is whether foreign and program buying returns strongly.
EWY LONG
Alteogen tech export story supports upside.
Positive reports continue on Alteogen's ALT-B4 technology export story, with a large licensing-out scale around 4 trillion won, though assumptions need updating. The stock is building a base after a correction; it can be bought at box support with a tight stop or after a breakout of the prior high if investors believe the technology export thesis.
196170.KQ LONG
Daeduck socket story offers breakout setup.
Daeduck Electronics has exited its downtrend and is building a base. The semiconductor substrate and socket story is not bad because Nvidia socket efficiency expectations are growing. The setup is to buy near the early 100,000-won box support or on a breakout above the overhead line toward 140,000-150,000 won; a weekly and monthly basing breakout could produce a significant trend reversal.
353200.KS LONG
HIGH
00:05
Sep 03
Sep 03
EWY FLIP
KOSDAQ
NASDAQ Composite
010120.KS
005930.KS
▾
HIGH
Expect partial KOSPI rebound today
He attributes yesterday's slide partly to yen-carry-related Japanese selling and foreign outflows, but says the selling is now known and global yields have paused; he expects a rebound attempt today that recovers roughly half of yesterday's KOSPI decline, with premarket KOSPI and KOSDAQ quotes up around 1-2%, while cautioning that this is not a trend reversal.
EWY LONG
KOSDAQ LONG
Nasdaq resilient, likely wants higher
He says the Nasdaq daily chart is unusually resilient relative to current macro negatives, showing only a shallow pullback; because the U.S. election makes a sharp negative catalyst less likely to break out before then, he reads the market as wanting to move higher once conditions stabilize, though two-way volatility remains.
NASDAQ Composite LONG
Buy strongest power/nuclear/battery leaders
When the market rebounds, the stocks that were strongest before the drop — nuclear, transformers/transmission, power equipment, and secondary-battery leaders including Samsung C&T, Doosan Enerbility, Samsung SDI, LS Electric, and Hyosung Heavy Industries — tend to move hardest; he advises staying in these strong leaders rather than laggards, because laggards fall hard and recover only a little.
010120.KS LONG
034020.KS LONG
298040.KS LONG
006400.KS LONG
028260.KS LONG
Samsung/SK Hynix dictate Korean market
Samsung Electronics and SK Hynix are the key market barometer: when they are stable, individual-stock rotation works, but when they weaken, the rest of the Korean market falls harder; their medium-term upside also hinges on whether the AI growth story succeeds, in which case he argues they would be much higher than today.
005930.KS WATCH
000660.KS WATCH
Japan yield rise pressures growth stocks
Japan's 10-year JGB yield rising above 3% weakens the incentive for Japanese banks and insurers to buy overseas bonds and equities, triggering yen-carry-related selling; if this pushes global long rates higher, it becomes a burden for AI tech and high-valuation growth stocks, though he does not expect uncontrolled blow-up before the U.S. election because the U.S. and Japan are coordinating.
AI tech/growth stocks WATCH
Visa stablecoin payment partnership is positive
The Dunamu-Visa partnership is significant because it joins Korean digital-asset technology with Visa's global payments network to build stablecoin payment and global remittance services; Korean banks are nearly ready as custodians and major platforms are preparing, so once regulation clears, likely next year, the stablecoin payment business can scale quickly.
V LONG
Packaging/glass substrate equipment leads rebound
Semiconductor packaging/glass-substrate equipment names were among the few strong groups during market weakness and are showing renewed strength as the market rebounds; he treats them as a leading pocket within Korean semiconductor equipment, though individual moves depend on company-specific news.
Korean semiconductor packaging equipment LONG
Samsung Electro-Mechanics shows strong MLCC rebound
Samsung Electro-Mechanics is attracting attention because MLCC shortage narratives continue; despite a prior deep drawdown from about 240,000 won to 86,000 won, it is holding with relative strength and is now seen as the next interesting Korean semiconductor-related name after Samsung Electronics and SK Hynix, with a tendency to rally sharply when it moves.
009150.KS LONG
HIGH
23:19
Sep 02
Sep 02
Kioxia Holdings
Japanese small/mid-cap technology M&A targets
KS
Korean power distribution/transmission equipment
VOLKSWAGEN
▾
HIGH
Memory shortage supports SK Hynix and Kioxia.
SK chairman Choi Tae-won said cooperation with Kioxia is possible, including co-production, R&D and supply-chain sharing, and that a Japan factory is being reviewed. Kwon argues this follows a real memory shortage: data center memory demand is running 20-30% short, domestic SK Hynix expansion cannot keep up, and Japan has an existing semiconductor ecosystem. A SK Hynix-Kioxia NAND alliance could reshuffle global NAND share and potentially move SK above Samsung Electronics.
Kioxia Holdings LONG
Korean money targeting Japanese small-cap tech M&A.
Kwon observes that Korean large investors are moving money into old Japanese small and mid-sized companies that hold original technologies but lack succession plans. By adding younger Korean management and production dynamism, they see a viable business model; the theme also fits Choi Tae-won's Korea-Japan economic cooperation push, supporting Japanese small-cap technology M&A targets.
Japanese small/mid-cap technology M&A targets LONG
Local SK Hynix looks cheap versus ADR.
Doosan Fuel Cell signed a large fuel cell supply contract to US AI data centers starting in the second half of 2024 through first half of 2028. Kwon argues that even though fuel cells are expensive to operate, the deal shows US power bottlenecks are so severe that data center operators are pulling forward expensive on-site generation; data center construction takes about 18 months while transmission and distribution can take more than 10 years, and fuel cell waste heat can be used for data center cooling.
KS LONG
AI grid bottleneck favors Korean power equipment.
Kwon stresses that the AI data center buildout is most severely bottlenecked in power distribution and transmission: data centers can be built in about 18 months, but grid transmission and distribution can take more than 10 years. Even when generation such as fuel cells is added, the power must be moved, so Korean distribution and transmission equipment suppliers are positioned to benefit.
Korean power distribution/transmission equipment LONG
Avoid legacy European automakers losing index relevance.
Volkswagen was removed from the EuroStoxx 50 even though it remains a global top automaker by sales, while Stellantis was already dropped last year. Kwon presents this as structural underperformance for legacy European automakers losing relevance to AI supply chains, making Volkswagen and Stellantis unattractive despite their size.
VOLKSWAGEN AVOID
STLA AVOID
AI networking demand lifts Nokia.
Nokia returned to the EuroStoxx 50 as an AI network equipment supplier, replacing Volkswagen. Kwon frames this as confirmation that companies with real AI supply-chain exposure are being re-rated regardless of tier, and Nokia's networking equipment is now leveraged to AI data center infrastructure demand.
NOK LONG
KOSPI should recover after retail supply stabilizes.
Kwon says July leveraged deleveraging caused record monthly outflows of 12.5 trillion won, and retail net buying collapsed from 54.5 trillion won in June to 5.4 trillion won last month. He sees this as a sentiment and supply shock rather than deteriorating fundamentals; he expects the August low to hold and KOSPI to recover gradually once retail selling and buyback-driven support stabilize, with strong fundamentals eventually reflected.
EWY LONG
HIGH
22:44
Sep 02
Sep 02
CAC 40
European Defense
European infrastructure
AI Data Center Infrastructure
ORCL
▾
HIGH
Rising yields won't stop global equity uptrend.
Rising government bond yields are not a reason for equities to fall now. Major indices in Germany, France, Italy, the UK and the US are still in an uptrend even with record 10-year yields, because this rate rise is coming from stronger investment demand rather than the old liquidity-driven regime.
CAC 40 LONG
DAX LONG
SPY LONG
European defense and infrastructure investment cycle.
Europe's equity strength is not just AI; it is powered by a huge defense and infrastructure investment cycle. Trump's push for 5% GDP defense spending, Russia-Ukraine security fears, and the need to build roads and railways for heavy military equipment are all driving public investment.
European Defense LONG
European infrastructure LONG
AI data center investment is driving growth.
US data shows the fastest-rising construction category is AI data centers, and this is what is driving the economy. Neocloud companies are borrowing at 10-12% because they can earn their money back within about a year, showing real investment demand behind AI infrastructure.
AI Data Center Infrastructure LONG
SKYY LONG
Oracle unlikely collapse despite AI debt worries.
Oracle is at the hyper scaler edge and is borrowing at about 10%, but he does not think Oracle will default or collapse despite market worries about AI-related debt. Next week's earnings is an important event to test this.
ORCL WATCH
KOSPI valuation attractive near five times earnings.
KOSPI's PER has fallen to about 5.1x; below 5x would be an extremely attractive level that historically would trigger a rebound. The market is heavy due to retail overhang and weak sentiment, but valuations are at levels that should attract buyers over time.
EWY LONG
Broadcom AI signal remains solid.
Broadcom's aftermarket strength after its earnings report is a positive AI signal. He was initially worried because the prior Broadcom call disappointed despite good numbers, but the market's changed reaction to the conference call suggests AI-related revenue is being treated as solid rather than fresh noise.
AVGO LONG
Memory selloff unjustified; fundamentals support accumulation.
Samsung Electronics and SK Hynix fell more than 3% despite earnings and peer signals not justifying it. Micron and SK Hynix ADR were firm, so the local selloff was driven by foreign futures/program selling and weak sentiment, not fundamentals; on fundamentals he believes this is an accumulation zone.
005930.KS LONG
000660.KS LONG
HIGH
22:09
Sep 02
Sep 02
NVDA
AVGO
ORCL
CRDO
PANW FLIP
▾
HIGH
Nvidia leads AI infrastructure and financing demand.
Nvidia rallied 3% and led the indices, with JPMorgan remaining positive after earnings showed a strong 70% growth framework. Nvidia's financial platform loan demand has doubled, including large Asia-linked financing tied to AI supply-chain expansion such as TSMC, showing Nvidia is acting as the anchor for AI infrastructure demand.
NVDA LONG
Broadcom recovers on AI revenue doubling, diversification.
Broadcom initially dropped after hours on guidance that came in below expectations, but recovered as AI revenue is expected to double and the company said it has secured supply capacity. Park argues Broadcom can diversify its TPU customers beyond Google, reducing fears about share losses to Marvell or MediaTek.
AVGO LONG
Oracle earnings setup after fear priced in.
Oracle has next week's earnings as a key market event. Park believes significant worry is already reflected in the stock and hopes it rebounds if results clear, making it an earnings-watch setup rather than a confirmed directional trade.
ORCL WATCH
Credo optical transition is key watch.
Credo is at an inflection as it shifts from its dominant copper-wire franchise toward optical products. Expectations were high and the stock fell about 20%, so the key setup is whether optical product volume expands and validates that transition.
CRDO WATCH
Cybersecurity valuations now face harsh pressure.
Security software names are now receiving the same valuation pressure that hardware previously faced. Palo Alto sold off despite decent earnings because valuation was elevated, and CrowdStrike trades above 100x. Without accelerated growth, cybersecurity stocks are entering a difficult phase, with added concern from Anthropic's security testing strength.
PANW AVOID
CRWD AVOID
US refiners in historic bull market.
US refining is in a historically strong bull phase comparable to the 2003 and 2013 surges, supported by the US exerting energy dominance and persistent geopolitical and energy-supply tension.
XLE LONG
Favor equities over bonds into earnings.
Goldman Sachs argues investors should keep increasing equity exposure and reducing bond exposure because the upcoming earnings season should cover macro and rate concerns, making earnings the dominant driver.
US bonds AVOID
SPY LONG
Diversify into low-vol, dividends, gold, real assets.
Because volatility remains elevated, Goldman recommends diversifying into lower-volatility stocks, high-dividend stocks, gold, and real assets even while maintaining equity exposure.
Low-volatility stocks LONG
High Dividend Stocks LONG
GLD LONG
Watch 10-year Treasury hitting 5%.
JPMorgan warns that a rise in the 10-year Treasury yield to 5% could deliver a final shock to markets, but after that a structurally healthier decline may begin. The 5% level becomes an important trigger to monitor.
US10Y WATCH
Tesla Cybercab reveal is binary event.
Tesla's Cybercab reveal is set for the next morning. Morgan Stanley warns that if it is only a simple reveal event, it will be sold, but because vehicles have been seen driving in Texas expectations are high, making the reveal a binary event to monitor.
TSLA WATCH
Caterpillar has robotics/physical AI re-rating angle.
Caterpillar is continuing a physical AI partnership. Park sees a potential re-rating angle where a heavy equipment maker becomes robotics-like, similar to Boston Dynamics, giving Caterpillar a future robotics blueprint.
CAT WATCH
Snowflake earnings beat drives sharp rebound.
Snowflake reported good earnings and jumped about 21-22.5% after hours. Park notes that pressured software names are getting earnings-driven bounces, showing the software selloff is not uniform.
SNOW LONG
AI demand doubles semiconductor equipment demand.
AI demand is strong enough that semiconductor equipment demand has roughly doubled, and overnight semiconductor news was positive, supporting the broader semiconductor equipment space.
SMH LONG
Dell proves enterprise AI server demand accelerating.
Dell's quarter was bullish: guidance was raised, backlog hit a record, operating expense ratio hit a record low, and customer count surpassed 6,500. Demand is led by neocloud, government, and enterprise customers, proving enterprise AI compute demand is accelerating. Despite intraday volatility, the stock closed up 15%.
DELL LONG
Eos Energy wins Google data center contract.
Eos Energy signed a Google data center contract, driving a sharp rally. Park cites it as a reference for ESS-related names showing data center energy storage demand.
EOSE LONG
HIGH
13:30
Sep 02
Sep 02
Supply Shock Created by Big Tech AI Investment Competition: Why Treasury Yields Can't Easily Go Down
005930.KS
TLT
LQD 1ST
AI large-cap leaders
000660.KS
▾
HIGH
Samsung and Hynix essential AI memory.
If the US leads the AI race, Korea's memory semiconductor names, represented by Samsung Electronics and SK hynix, are essential infrastructure in the AI value chain and cannot be left out. He sees the positive flow as still valid and suggests investors who cannot time short-term swings should simply hold these names through the volatility.
005930.KS LONG
000660.KS LONG
Bond supply keeps yields elevated.
The bond sell-off is primarily a supply problem: Treasuries and corporate bonds are being issued too heavily relative to available buyers. Shin Eol estimates this year's US Treasury issuance at about $12.9tn, up from $11.5tn last year, with roughly $4tn of net new supply, while corporate bond issuance is up 38% versus only 3% for Treasuries. The issuance is driven by AI capex from big-tech hyperscalers and Oracle totaling at least $750-850bn, forcing investment-grade issuers to pay higher rates and lifting term premiums.
TLT AVOID
LQD AVOID
Keep core positions in AI leaders.
The era when any stock rallied just by having an AI label ended last year. The market is now sorting winners from losers, and he expects confidence to keep shifting toward large-cap AI leaders with high visibility, stability, and the power to keep leading. Investors should keep core positions in representative AI leaders.
AI large-cap leaders LONG
HIGH
12:30
Sep 02
Sep 02
KOSDAQ Index
010140.KS 1ST
006400.KS
005380.KS
055550.KS
▾
HIGH
KOSPI rebound after mid-September likely.
The current correction is not a repeat of the July crash. KOSPI is unlikely to break the 6,000 level; the Jackson Hole-driven Fed communication confusion, oil spike, and war noise should begin resolving by next week. After the Fed rate outlook becomes clearer and key events pass, the market can normalize from mid-September, with KOSPI rebounding toward 7,000-7,500 and KOSDAQ toward 920.
KOSDAQ Index LONG
EWY LONG
Sell already broken Hyundai Motor, Samsung Heavy.
Stocks that have already broken down toward or below their July lows, such as Hyundai Motor and Samsung Heavy Industries, show the weakest chart patterns; in a correction these are the names to sell first rather than wait, because they have already lost their leadership and are sliding from lower highs.
010140.KS AVOID
005380.KS AVOID
Buy leaders Samsung SDI, Shinhan Financial.
Samsung SDI and Shinhan Financial Group show the strongest relative patterns: Samsung SDI has pulled back after a second upleg rather than breaking down, and Shinhan Financial has been making new highs. If the market stabilizes, these leading patterns are the first candidates to buy or hold, not to sell immediately.
006400.KS LONG
055550.KS LONG
Hold sideways SK Hynix, Samsung Electronics.
The semiconductor/AI infrastructure story still has positive catalysts: next week's AI Infrastructure Summit with Meta, Google, and Amazon can confirm data-center investment; Dell reported strong AI-server orders and backlog; Broadcom earnings should be good because its AI revenue is tied to AI investment; Micron can surprise later; Korean August semiconductor exports were a record despite the stronger won; and memory prices are rising. This supports continued favorable SK Hynix and Samsung Electronics earnings expectations.
000660.KS WATCH
005930.KS WATCH
MU LONG
AVGO LONG
DELL LONG
Avoid bank/insurance/defensive rotation now.
Rotating into Korean banks, insurers, or high-dividend defensives such as Samyang Foods is not attractive as a defensive trade: they have already risen, have limited upside, and in a bad AI/fiscal outcome rates and bank stocks can fall together. He would rather hold cash than add to crowded defensives at current levels.
KBE AVOID
Korean insurance stocks AVOID
003230.KS AVOID
Watch 10-year yield 5% trigger.
The US 10-year Treasury yield's 5% level is the key risk trigger; if it breaks 5% despite Treasury buybacks and Fed communication, he would reduce risk even if late because it could hit KOSPI by 5-6% and Nasdaq/S&P 500 by 2-3%. For now he is not that pessimistic and expects the market to treat it as a shock, adapt, and then refocus on Q3 earnings.
US10Y WATCH
HIGH
11:30
Sep 02
Sep 02
EWY
KRW Cash
000660.KS
Korean semiconductor equipment/materials
066970.KS 1ST
▾
HIGH
Hold cash until KOSPI settles above 7,000.
The KOSPI is in a hard-to-trade sideways range between 6,500 support and 7,000 resistance. Foreign and institutional selling is overwhelming individual buying, so the market key is held by foreigners. Until foreign inflows return and the index confirms settlement above 7,000, the speaker favors holding cash and waiting rather than aggressive buying or selling. A confirmed 7,000 settlement would open the path toward 8,000-9,000.
EWY WATCH
KRW Cash LONG
Keep accumulating Samsung Electronics and SK hynix.
Samsung Electronics and SK hynix have not broken their key support levels, with Samsung holding 250,000 won and SK hynix holding 160,000 won, while next supports are 230,000 won and 150,000 won. The speaker believes their fundamentals and eventual supply inflows are intact, so within the sideways market he remains positive and would keep accumulating these two semiconductor majors.
000660.KS LONG
005930.KS LONG
Accumulate Korean semiconductor equipment/materials.
The speaker says Korean semiconductor equipment/materials names are worth selectively accumulating because they have already produced profits and equipment revenue should expand over time as cluster construction progresses. He is positive on the group as a structural supply-chain beneficiary.
Korean semiconductor equipment/materials LONG
Take profits on secondary battery stocks.
After a sharp run, secondary battery leader L&F has printed two consecutive strong bearish candles and Samsung SDI has also shown two heavy black candles. The speaker believes the secondary battery group is likely to rest and advises taking profits on 30-50% of positions rather than chasing the rally.
066970.KS AVOID
006400.KS AVOID
Buy Cosmax on cosmetics export strength.
Consumer and cosmetics sector charts were strong, and Cosmax is showing the will to hold its trend. The speaker says that if cosmetics names pull back, buying at the low can be one way to position behind export data strength.
192820.KS LONG
Watch Korean defense and shipbuilding rotation.
In September, the speaker is personally most interested in defense and shipbuilding. Defense began rising in August, while shipbuilding did not rise in August, creating a potential rotation or catch-up setup to monitor.
Korean Shipbuilding Stocks WATCH
Korean defense stocks WATCH
Gaon Cable's busduct growth deserves accumulation.
Gaon Cable is seeing busduct sales ramp sharply as AI data centers and high-power applications adopt busducts. The analyst report highlights that busduct margin is about 15% versus legacy margins of only 2-4%, so sales growth plus mix improvement can drive a rerating. Coverage initiation sets a 290,000 won target, implying about 37% upside.
000500.KQ LONG
Medytox coverage initiation supports re-rating.
Eugene Investment & Securities initiated coverage on Medytox with a buy rating and 100,000 won target price. Known negatives such as litigation costs of about 45 billion won and US liquid toxin uncertainty are already reflected, while toxin export growth, third plant cost reductions, and improving profitability support downside and re-rating. The stock surged about 13% on the report.
086900.KQ LONG
HIGH
11:07
Sep 02
Sep 02
WTI
BNO
RFHIC
196170.KQ
DXY
▾
HIGH
Oil may spike as Hormuz risk tightens.
Jang argues oil is now the main market burden and one of the few places money is actively betting. WTI has broken above $90 and Brent is near $95 after Iran attacked AIS-off tankers in the Strait of Hormuz, proving Iran can target even hidden ships and likely reducing traffic. If Brent touches the symbolic $100 level, inflation fears and speculative oil bids could push prices sharply higher.
WTI LONG
BNO LONG
AI telecom demand supports RFHIC rebound.
Lee highlights RFHIC after a strong analyst report set a 150,000 target. The thesis is that AI expansion increases telecom equipment demand and upcoming spectrum auctions are not yet reflected; the stock's earlier decline was macro-driven, so he sees it as a small part-time long setup.
RFHIC LONG
Alteogen positive news will eventually reflect.
Lee argues Alteogen had two major positives—remaining Halozyme litigation was dismissed and a 4.4 trillion won Novartis platform contract was announced—yet the stock closed lower because foreigners sold amid macro stress. He expects the news to be reflected later, making the decline a lagged positive setup for shares.
196170.KQ LONG
Dollar index 100 signals Korea outflow.
Jang sets three market-risk tripwires: US 10-year yield 5%, Brent $100, and Dollar Index 100. If these are touched, he expects credit stress rather than just a semiconductor reversal, so investors should watch them and hold cash before any breakout.
DXY WATCH
US10Y WATCH
Avoid Hanjin KAL governance-driven swings.
Lee says Hanjin KAL is in a recurring management-control fight and tends to swing sharply on governance news rather than fundamentals. He advises caution rather than treating the rally as a fundamental long.
003490.KS AVOID
Doosan Fuel Cell good news already priced.
Jang says Doosan Fuel Cell announced a 500 billion won fuel-cell supply contract with a US subsidiary but fell over 10%. The data-center catalyst was already known after a 2x rally, and the market lacks liquidity to chase good news. He advises not aggressively buying AI capex-linked names here.
033260.KQ AVOID
Take profits as LNF breaks down.
Cha notes LNF surged from 60,000 to 150,000 and is now showing two strong bearish candles in a sideways tape. He says this is a take-profit situation, not a fresh buy.
LNF AVOID
Gaon Cable busduct margin story supports upside.
Cha highlights Gaon Cable after a coverage initiation with a 290,000 target. The differentiated edge is busduct sales for high-power AI/data-center applications, where revenue scales sharply and busduct margins of about 15% are far above legacy cable margins of 2-4%, adding margin expansion to volume growth.
000500.KQ LONG
Korean battery rally pauses; take profits.
Cha says the second battery sector should rest after the LNF-led run; he advises taking 30-50% profits in battery names rather than pressing longs.
KARS AVOID
Buy Korean defense and shipbuilding sectors.
Cha says defense and shipbuilding are his most interesting sectors for September. Defense already began rising in August, but shipbuilding did not, so he expects catch-up and wants exposure to both sectors.
Korean defense sector LONG
Korean shipbuilding sector LONG
Cosmax dip-buying on export resilience.
Cha says cosmetics, led by Cosmax, still show resilient charts and export support. He would use dips to re-enter rather than chase strength.
Cosmax LONG
Break of KOSPI 6,500 means reduce.
Park keeps KOSPI downside at 6,100 and upside at 7,500. With the index near 6,560 and the 21-day average around 6,600, failure to recover that average keeps the market in an uncomfortable September range; below 6,500 opens 6,100, while recovery above 6,600 would restore stock rotation.
EWY WATCH
KOSPI holds 6,000; rebound after mid-September.
Yoo does not expect a July-style collapse and thinks KOSPI will not break 6,000. He says choppy noise should clear after next week's FOMC/Fed blackout, and from mid-September equities could resume toward KOSPI 7,000-7,500 and KOSDAQ 920.
KOSDAQ WATCH
Sell Samsung/Hynix into target zones.
Yoo stays positive on SK Hynix and Samsung Electronics because semiconductor news remains good: Dell's AI-server backlog nearly doubled, next week's AI Infrastructure Summit is coming, Broadcom can confirm data-center demand, and August semiconductor exports hit a record despite stronger won. He expects semiconductor stocks to resume normal positive response.
KS WATCH
Bonds look buyable at high yields.
Shin argues bond yields have been driven by heavy issuance and supply-demand strain, but at current levels US Treasury officials will likely intervene verbally or via policy. He says trying to buy bonds around current elevated yields is not bad, though he would monitor policy reaction rather than chase aggressively.
TLT LONG
New bank defensive rotation unattractive.
Yoo tells investors looking to rotate into Korean banks as defensive trades that it is not attractive. Banks have already risen, would have limited upside, and if the market falls on bad macro they would fall too; he prefers cash over new bank defensive exposure.
KBE AVOID
Medytox coverage start supports rerating.
Cha highlights Medytox after Eugene Investment Securities initiated coverage with a 100,000 target. The thesis is toxin export growth and improving profitability from the third plant, with already-known litigation risks priced in and the unknown positive being margin improvement.
086900.KQ LONG
HIGH
09:02
Sep 02
Sep 02
CASH
EWY FLIP
US10Y
SPY
005930.KS
▾
HIGH
Hold more cash into September uncertainty.
September is expected to be uncomfortable because the calendar is loaded with Fed/FOMC uncertainty, Korean Chuseok holiday liquidity risk, and geopolitical tensions; the only real potential positive catalyst would be US-Iran peace, which is not happening. Park puts the chance of a Fed rate hike at about 30 percent and recommends risk management by holding more cash or reducing trading, rather than aggressive positioning. He expects a slow grind rather than a crash, and cash preserves optionality to buy later.
CASH LONG
EWY AVOID
Watch US 10Y 4.8-5.0 policy response.
The US 10-year Treasury yield reaching 4.81% is a warning. Park says 4.8% is already very high relative to lower global growth, and the market now interprets it as targeting 5%. He sees bond-market attackers or supply-driven sellers pushing yields higher and expects US Treasury/Fed authorities to respond soon because they cannot ignore it. Until they act, yields can push higher; once measures appear, yields may fall and equities may rebound. The 4.8-5.0 zone is the key monitoring line.
US10Y WATCH
US equities supported by expanding M2.
Park says the simplest way to judge the US market is whether money is entering or leaving. US M2 is still expanding, and the administration is planning more spending before the election. In a market with money still being injected, the US equity market does not collapse. That explains why the US remains relatively stable and shows sector rotation rather than a broad breakdown.
SPY LONG
Sell Samsung/SK Hynix near target supply.
In a KOSPI rally to 7,500, Park sees Samsung Electronics around 290,000-300,000 KRW and SK Hynix around 1,950,000-2,000,000 KRW, where heavy supply is likely. He specifically advises SK Hynix holders who bought at 210,000-220,000 to accept about a 10% loss and sell near 200,000, using the rebound to raise cash rather than waiting for their original entry price.
005930.KS WATCH
000660.KS AVOID
Avoid risky corporate credit into hikes.
If the Fed hikes twice and the base rate reaches 4.25%, Park sees mortgage rates potentially reaching 8-9% and corporate bond issuers being forced to pay much higher coupons, eventually causing a blow-up. He believes large US hyper-scalers and big tech would be too big to fail, but lower-tier 'neo-cloud' type companies could default first and trigger a chain reaction in capital markets. This is the real systemic credit risk if rates keep rising.
US High-Yield Corporate Bonds AVOID
Own AI cycle into agentic AI.
One of the two core themes remains the AI cycle. Park argues the market has moved from generative AI to inference and is now transitioning toward agentic AI, which has barely begun and still requires regulatory and institutional changes. This rollout will create new products and services, and investors should track which sectors and companies sit at the center of the agentic-AI buildout. AI server revenue doubling year-on-year is evidence of real demand.
AI server / agentic AI cycle LONG
Policy sectors offer distressed upside.
The other core theme is government-led policy. Korea is pushing governance reform and mega clusters, while the US is pushing multiple policies including power infrastructure and secondary batteries. These policy-favored sectors continue to fall now, but Park sees that distress as an opportunity: if the market becomes riskier, buying these beaten-down policy sectors can produce 2-3x returns, with danger creating the entry opportunity.
Korea power infrastructure WATCH
Korea secondary batteries WATCH
HIGH
07:57
Sep 02
Sep 02
BNO
EWY FLIP
005930.KS
000660.KS
218410.KQ
▾
HIGH
Oil may hit $100 on supply fears.
Oil has broken higher because the Hormuz Strait situation is no longer just noise: tankers with AIS transponders off were hit, proving Iran can identify and strike even hidden vessels, so actual crude transit could fall. WTI is already above $90 and Brent near $95; the psychological $100 Brent level could be touched, and speculative money has few other rising assets, so oil may spike and add inflation and market stress. Russia's refinery damage is also tightening refined product supply, keeping pressure on oil.
BNO LONG
WTI LONG
Respect KOSPI 6,500; reduce if broken.
KOSPI has been in a 6,500–7,500 range and today tested the lower bound. If 6,500 breaks, the 5-day and 20-day moving averages can form a dead cross, the trend would turn down, and exposure should be reduced. Today's volume did not expand on the decline, so the weakness may continue.
EWY AVOID
Buybacks floor Samsung/SK Hynix, no upside.
Buybacks are providing a floor for Samsung Electronics and SK Hynix but not upside; employees buy at the bottom and buybacks mainly protect downside. Dell's strong AI-server assembly earnings were ignored, and Broadcom's conservative CEO means near-term semiconductor catalysts are limited; wait rather than expecting immediate upside.
005930.KS WATCH
000660.KS WATCH
RFHIC is a small AI telecom long.
RFHIC is flagged as a bottomed part-time long: analyst Kim Hong-sik set a 150,000 target from 40,000, citing rising AI-driven telecom equipment demand and an upcoming frequency auction not yet priced in. The stock rose 5.8% on a weak tape; trade it small, no more than 10%.
218410.KQ LONG
Samsung Vietnam suppliers remain selectively strong.
Korean semiconductor equipment and materials names tied to Samsung's Vietnam expansion—ISC, EO Technics, YC, DI, TCK, TS, Hana Micron—kept attracting money on a down day because their valuations are not expensive and specific analyst and news catalysts are still being reflected. The trade is short-term and selective, as positive individual news still works even in a weak tape.
ISC LONG
DI LONG
TECK LONG
067310.KQ LONG
TS LONG
232140.KQ LONG
030200.KQ LONG
Avoid Hanjin Kal governance-driven spike.
Hanjin Kal's spike is related to its management dispute and lifted the airline sector, not fundamental airline earnings. Airline stocks need lower oil and stronger won, but oil is rising, so Hanjin Kal is dangerous and should be treated with caution.
180640.KS AVOID
Doosan Fuel Cell good news ignored.
Doosan Fuel Cell announced a large US HyAxiom fuel cell supply contract but fell over 10% intraday. The stock had already doubled off the bottom and the market lacks liquidity, so good news is not being rewarded; aggressive buying here is not warranted.
336260.KS WATCH
Hyundai/Kia range-bound until next June.
Hyundai and Kia face weak August domestic sales, high inventory and soft global auto demand; robot and autonomous driving catalysts are not expected to support trend upside until next year around June or later. Valuation is neither cheap nor expensive, so don't buy aggressively now—only gradual or children-account accumulation.
005380.KS WATCH
000270.KS WATCH
Avoid department stores on weak consumption.
Shinsegae, Hyundai Department Store and Lotte Shopping are falling because the wealth effect has reversed after the market slump and consumption is weak; yesterday's China high-end buying rally collapsed immediately, so department stores are not a rush buy.
004170.KS AVOID
069960.KS AVOID
023530.KS AVOID
Watch 5% yield, $100 Brent, DXY 100.
The three numbers to watch are US 10-year Treasury yield 5%, Brent crude $100, and Dollar Index 100. If they are touched, credit issues could be triggered; rising sovereign yields are already hitting bank bond portfolios and global risk appetite, so wait for yields to stabilize before adding risk.
UUP WATCH
US10Y WATCH
Alteogen's double catalyst should eventually reprice.
Alteogen had two major positive catalysts: US courts invalidated the remaining Halozyme patent claims, removing legal overhang, and Novartis signed a KRW 4.4 trillion contract covering multiple drug candidates, the largest Korean licensing deal outside ABL Bio/GSK. The stock still closed weak because foreign and institutional investors sold in a macro-driven tape, but the fundamental value should be reflected later.
196170.KQ LONG
HIGH
03:26
Sep 02
Sep 02
NASDAQ Composite
SOL 1ST
005930.KS
SMCI
US10Y
▾
HIGH
Nasdaq decline may continue further
The Nasdaq had been holding up but broke below its 50-day moving average and is now threatening the 100-day line, so the correction could extend several more percent.
NASDAQ Composite SHORT
Trim Solana amid high-rate risk
With interest rates still high and market tone risk-off, Tai says crypto is unattractive. Solana is above $100, but if viewers have good profits they should reduce now; he already trimmed earlier and does not regret it.
SOL AVOID
Buy Samsung and SK Hynix on dips
HBM/DDR long-term contracts lock in roughly 70% of Samsung's capacity at strong prices while spot prices are surging, making memory earnings visibility unusually clear. Any external-shock dip in Samsung Electronics or SK Hynix is almost certainly a buying opportunity.
005930.KS LONG
000660.KS LONG
Dell strength positive for server peers
Dell's strong earnings and after-hours surge are positive for server/hardware peers such as Supermicro and HP, but Park warns the read-across is too narrow to lift the entire semiconductor complex.
SMCI LONG
HPQ LONG
DELL LONG
US 10-year yield can reach 5%
Using a Taylor-rule framework, she calculates fair US 10-year Treasury yield near 5.1% versus the current 4.8%, so 5% is a realistic path. Treasury buybacks may slow the rise but cannot reverse it unless the macro inputs change.
US10Y LONG
Korean cosmetics exports are surging
Korean cosmetics exports are growing strongly, and availability in US offline channels such as Ulta, Sephora, and Amazon is making purchases easier than before, supporting demand.
Korean cosmetics LONG
Battery makers get fresh contract catalysts
Korean battery names are getting fresh contract and policy catalysts: Samsung SDI's large LFP supply deal, SK Innovation's first US ESS order, and LG Energy Solution's IRA-compliant lithium supply agreement.
006400.KS LONG
Samsung Electro-Mechanics has MLCC catalysts
Samsung Electro-Mechanics has large-scale MLCC/LTA orders and analysts raised target prices to 200,000 won. MLCC price increases plus server-AI demand support roughly 10% near-term upside despite index weakness.
009150.KS LONG
Semiconductor substrate names look positive
Simmtech and TLB are favored semiconductor substrate names on Nvidia-related expectations. They recovered from recent noise and look solid as long as the prior box range holds.
TLB LONG
222800.KQ LONG
NAVER and Samsung SDS benefit from AI
Anthropic's expected IPO and AI data-center buildout highlight Korean AI infrastructure. The investable local platforms most connected to data center demand are NAVER, Samsung SDS, and SK Telecom.
035420.KS LONG
017670.KS LONG
018260.KS LONG
Korean Kolmar and Celltrion export winners
Korean Kolmar saw institutions accumulate before its strong earnings report, and Celltrion is supported by sustained bio/CDMO export strength and institutional buying, making both names tied to improving Korean exports.
Korean Kolmar LONG
068270.KS LONG
GS E&C is a policy data-center winner
GS E&C is a low-PBR candidate that can benefit from regional balanced development and data center construction. A subsidiary sale would reduce debt and interest costs, adding another positive catalyst.
006360.KS LONG
Bitcoin faces macro rate headwinds
Strong dollar conditions, rising real yields, Fed rate-hike risk, and possible yen carry unwind are all negative for Bitcoin. Until those macro pressures ease, risk assets including Bitcoin face headwinds.
BTC AVOID
Aave and Morpho win from stablecoins
As stablecoin issuance expands, DeFi lending protocols such as Aave and Morpho benefit from rising deposits and credit creation. They are among the clearest on-chain winners from stablecoin growth.
MORPHO LONG
AAVE LONG
Hyperliquid's buyback standard supports token
Hyperliquid has set the market standard by using 97-99% of revenue for token buybacks, suppressing token float and supporting price. Kraken/Payward US expansion could bring additional users.
HYPE LONG
Arbitrum benefits from meme-coin issuance fees
Ponce, an Arbitrum-based meme-coin issuance platform, is generating large fees and sending about 10% of revenue to Arbitrum. This value transfer has helped ARB rally sharply.
ARB LONG
SK Innovation benefits from refining and batteries
SK Innovation benefits from both sides of its business. Korean refiners are drawing global interest because refinery capacity is tight and margins are rising, while battery momentum adds a second leg to the stock.
096770.KS LONG
KOSPI is very cheap
KOSPI is trading around six times forward earnings with total estimated operating profit near 989 trillion won, making Korea historically cheap. Even an eight-times multiple would imply roughly 30% upside from the 6,100 trillion won market cap.
EWY LONG
Uniswap's fee buyback is powerful
Uniswap is the main DEX on Robinhood's chain. High meme-coin trading turnover generates fee income that is used to buy back UNI, aligning service revenue and token value.
UNI LONG
Semis have strong earnings-to-price setup
Fidelity data show that when semiconductor EPS growth exceeds price returns, the sector gains with near 100% probability over 12 months, and the current relative P/E at the bottom 25% supports a 77% probability of outperforming the market.
SMH LONG
HIGH
03:18
Sep 02
Sep 02
ARB 1ST
AAVE
MORPHO
CRCL 1ST
ZRO 1ST
▾
HIGH
Exchanges and networks are fee toll gates
Exchanges and the underlying blockchain networks are the largest profit pools in crypto. Centralized and decentralized exchanges earn transaction fees, and networks act like toll gates collecting gas fees every time users trade, especially during high-frequency memecoin trading. Success in one exchange lifts the entire connected value chain.
ARB LONG
Aave Morpho benefit from crypto lending
On-chain lending is a growing beneficiary of stablecoin issuance and crypto collateral demand. If Bitcoin or Ethereum rallies, more users borrow against their crypto collateral, and lending services such as Aave and Morpho are getting larger as stablecoin issuers redistribute Treasury interest into on-chain finance.
AAVE LONG
MORPHO LONG
Circle profits from Treasury rate exposure
Circle, as a stablecoin issuer, earns by taking USD deposits and buying short-term U.S. Treasuries, profiting from the interest. It is being used as a rate-hike hedge; the stock rose 9% on expectations of higher interest rates, because its earnings benefit from higher Treasury yields.
CRCL LONG
LayerZero IPO confusion hurts ZRO
LayerZero has not resolved its identity between being a token project and pursuing a stock listing. That equity-listing ambition creates value confusion for token holders; a crypto company issuing stock is a clear negative signal for its token, so LayerZero's token remains unattractive despite recent gains.
ZRO AVOID
Crypto buybacks make tokens equity-like
The crypto market has changed from narrative-driven trading to an equity-like regime. For a token to be recognized as equity, the project must generate real revenue and return excess earnings to holders via buybacks or dividends. Under the current U.S. regulatory backdrop, revenue-funded token buybacks have become the market standard and are supporting token prices.
LINK LONG
HYPE LONG
UNI LONG
HIGH
02:47
Sep 02
Sep 02
BTC
WTI
US10Y
DXY
Japan 10-year JGB yield
▾
HIGH
Bitcoin faces rate, dollar, carry risks.
US-Iran escalation is driving oil prices higher, which feeds inflation and revives Federal Reserve rate-hike expectations; Fed officials such as Michael Barr are openly discussing preemptive hikes, and rising Treasury yields plus renewed yen carry-trade unwind risk from Japan's 3% 30-year JGB yield make Bitcoin and other risk assets vulnerable.
BTC AVOID
US-Iran escalation spikes WTI oil.
US-Iran conflict escalated with additional US strikes, Iranian retaliation, and reported US military deaths; the resulting war-expansion fears caused WTI crude to surge about 5% in a single day, adding inflation pressure and rate-hike risk.
WTI LONG
Treasury yields rise on Fed hawkishness.
Oil-driven inflation and hawkish Fed comments pushed the 10-year US Treasury yield to its highest since January 2025; base rates may have to follow unless the Treasury buyback starting September 9 pulls long-end yields lower.
US10Y WATCH
Strong dollar index pressures Bitcoin.
The dollar index has risen for three days and rebounded over the past month as rate-hike expectations strengthen; if the strong-dollar trend continues, it is a clear headwind for Bitcoin and other risk assets, making dollar direction the key market variable.
DXY WATCH
Japanese bond yields likely climb further.
Japanese 10-year and 30-year JGB yields are rising, with the 30-year breaking above 3% for the first time in 30 years; after Treasury Secretary Bessent said Abenomics is over and US intervention faded, yields are likely to climb further, increasing September BOJ rate-hike incentives and yen carry-trade liquidation risk.
Japan 10-year JGB yield LONG
Japan 30-year JGB yield LONG
Avoid meme coins: concentrated, short-lived.
Meme coins are highly speculative: 54.46% of high-return meme coins have more than 30% of supply controlled by a small number of holders, top 10 wallets often hold 70-80%, and pump.fun data show 68.67% of 18.67 million meme coins only traded on launch day with only 4.5% still active after 90 days; most are unsustainable and late entrants face sharp crashes.
Meme coins AVOID
Own platforms profiting from meme trading.
The only way to earn sustained profits from meme-coin mania is through the platforms that operate the trading rather than the meme coins themselves; Robinhood is already benefiting, and Coinbase and other exchanges are likely to follow, offering investment insight.
HOOD LONG
COIN LONG
Hyperliquid US expansion faces regulatory risks.
Hyperliquid is pursuing US entry through Payward, Kraken's parent, and an acquired US-regulated derivatives exchange to onboard US users while expanding its DEX infrastructure; this helps offset its US access limitation but raises regulatory and money-laundering concerns because North Korean hackers reportedly use Hyperliquid to cash out.
HYPE WATCH
Arbitrum gains from meme issuance revenue.
The meme issuance platform Ponzu is driving meme coin issuance on Ronin/Robinhood chain and is built on Arbitrum, routing 10% of its protocol revenue to Arbitrum; with daily protocol revenue above $950k, this pushed ARB up about 30% in a day and makes Arbitrum a key altcoin market theme.
ARB LONG
HIGH
02:30
Sep 02
Sep 02
EWY
005930.KS 1ST
017670.KS 1ST
066970.KS
006360.KS
▾
HIGH
KOSPI rangebound until September FOMC.
September is traditionally weak and foreign selling is continuing, but Samsung Electronics and SK hynix buybacks of about 1.5 trillion won daily provide a downside cushion. The KOSPI is likely to stay rangebound until the September 16 FOMC, after which the Fed's rate direction will determine whether foreigners return and the market breaks out.
EWY WATCH
Korean semis can outperform on earnings.
Fidelity's semiconductor report argues EPS growth is exceeding share-price gains, historically giving near 100% odds of semiconductor gains over the next 12 months; semis also trade near the bottom quartile of relative PER with 77% probability of outperforming. Because Korean and US semis are linked, Samsung Electronics and SK hynix should outperform into year-end/next year, with buybacks sealing the downside.
005930.KS LONG
000660.KS LONG
Naver, SDS, SK Telecom AI beneficiaries.
In the domestic AI/data-center theme, SK Telecom is the obvious Entropic-listing beneficiary, while Naver and Samsung SDS are the two domestic AI platform companies with data-center connectivity. As data-center investment builds, these are the clearest local AI/data-center expressions.
017670.KS LONG
035420.KS LONG
018260.KS LONG
LNF faces short-term LFP approval risk.
LNF has rallied hard from the bottom but faces a clear event risk: if a customer approves LFP supply from Posco Future M in September, Posco Future M takes some of the LFP pie, creating a short-term short/momentum issue for LNF. LNF is still winning for now, so this is an event to monitor rather than an active short yet.
066970.KS WATCH
GS E&C is cheap data-center beneficiary.
Balanced regional development is the strongest multi-year government policy driver, and construction is the top sector beneficiary. GS Group's East Sea data center project could generate 2-3 trillion won annual revenue and 200-300 billion won operating profit once completed, with GS E&C the likely builder. GS E&C is low PBR, around 5-6x PER, and has subsidiary sale proceeds that can cut debt and interest costs, giving both policy and data-center momentum.
006360.KS LONG
Korean Kolmar rides cosmetics export boom.
Korean cosmetics exports grew 37.8% in July and 52% in August, and have been positive for nine consecutive months. Korean Kolmar, a representative cosmetics name, saw institutions accumulate over 600,000 shares from July and foreign buying before reporting 50% operating profit growth and 68% net profit growth, driving a sharp rally; the export trend supports continued strength.
161890.KS LONG
Samsung preferred offers discount-narrowing upside.
Private funds bought Samsung Electronics preferred shares rather than common during August. The common/preferred discount widened from a typical 25% to over 50% after June, and funds appear positioned for that gap to narrow, making the preferred a cheaper path to Samsung exposure with discount-narrowing upside.
005935.KS LONG
Own earnings-upgraded laggards with institutional inflows.
Screening for market cap above 1 trillion won, forward earnings upgrades, not having already surged relative to the market, and healthy foreign/institutional inflows identifies LG Energy Solution, LS, Yuhan, Daeduk Electronics, and TES. These are mostly secondary battery, bio, and semiconductor equipment/materials laggards that could pay off later in Q4 once foreign selling abates after the September FOMC.
000100.KS LONG
095610.KQ LONG
353200.KS LONG
006260.KS LONG
Samyang's tax overhang ends; exports strong.
Samyang Foods is 80% export-driven and therefore FX-linked. The inheritance tax valuation window tied to the chairman's June stock gifts ends this week on September 6, removing an artificial overhang. Export data remains strong and the China plant starts next year, so after the tax window the stock can trade on export fundamentals.
003230.KS LONG
Crypto benefits from stablecoin Treasury demand.
The falling purchasing power of the dollar is pushing the US to rely on short-term debt, with banks set to buy short-term Treasuries under looser regulation and stablecoin issuers also forced buyers. This steady short-term debt bid is one reason digital asset and crypto prices have bounced from their lows.
BITO LONG
Battery earnings recovering; buy SDI, LGES.
Samsung SDI and LG Energy Solution saw consensus earnings bottom in Q1 and then get revised up from March while stock prices lagged. ESS momentum returned in August; Samsung SDI became the sector leader because its GM joint venture conversion to ESS and Samsung Display stake sale fund ESS capex, plus solid-state humanoid battery optionality. LG Energy Solution has larger ESS capacity and is competing for the humanoid cylindrical battery selection expected in Q1 next year.
006400.KS LONG
Celltrion benefits from biohealth export growth.
Biohealth exports rose 30.4% in July and stayed strong in August. Celltrion is a large-cap biotech that began rising from August 1 with institutional and foreign accumulation; the data supports biohealth as an alternative export theme to semiconductors.
068270.KS LONG
HIGH
01:51
Sep 02
Sep 02
Korean equities
Korean Shipbuilding
Korean Semiconductors
Korean IT hardware/MLCC
Korean construction
▾
HIGH
Hold Korean equities into October recovery.
He does not change his bottom-up strategy just because September has a weak seasonal reputation; after enduring near-term volatility for about a month, catalysts including confirmed HBM contract pricing, an oil pullback, and peaking rates support a better October, so the right approach is to hold rather than trade around the dip.
Korean equities LONG
Avoid defense/cosmetics; shipbuilding neutral.
Relative to the top four, Korean defense is less attractive because quarterly earnings swing between surprise and shock, cosmetics has already rallied too much during the market pullback making entry late, and shipbuilding is neutral because despite being good its relative attractiveness is unclear.
Korean Shipbuilding WATCH
Korean Defense AVOID
Korean cosmetics AVOID
Favor semiconductors, IT hardware, machinery, construction.
Among sectors with strong second-quarter operating profit growth, he picks semiconductor, IT hardware/MLCC, machinery/power equipment, and construction as the structurally stable leaders; these are the red-flagged areas he views as persistently or structurally improving rather than one-quarter beats.
Korean Semiconductors LONG
Korean IT hardware/MLCC LONG
Korean construction LONG
PHO LONG
Korean refining remains oil/FX sensitive.
Korean refining earnings are currently strong but are sensitive to oil prices and FX, and while structural improvements exist from Russian refining disruptions and Middle East supply issues, he needs to watch longer before treating refining as structurally improving.
Korean refining WATCH
Agent AI drives data center demand.
Agent AI token usage has already exceeded ChatGPT traffic by around 64%, led by OpenAI Codex and enterprise adoption; because agent AI will overwhelmingly dominate traffic, he expects data center demand to keep exploding, supporting AI infrastructure investment.
AI Data Center Infrastructure LONG
HBM contract prices doubling lifts memory.
AI now consumes 70-80% of total DRAM capacity, major memory makers are sold out of DRAM/HBM and tied up in long-term contracts, and HBM capacity expansion converts legacy DRAM capacity; this should shrink legacy DRAM supply and create shortage next year, keeping spot prices strong and supporting memory earnings despite market estimates being lowered.
000660.KS LONG
005930.KS LONG
WTI crude oil near top.
Crude oil is currently the main market drag via inflation and rates, but he views WTI around $90 as close to the top because a war pause or election event by late September to mid-October could send oil down, similar to the past move from 100-120 to 68, so near-term oil upside is limited and downside emerges after the event.
WTI SHORT
HIGH
00:58
Sep 02
Sep 02
SSNLF
000660.KS
EWY FLIP
BTC
STRATEGY 1ST
▾
HIGH
Buy Samsung and SK hynix dips.
Samsung Electronics and SK hynix are falling on war/macro risk, not because the semiconductor industry is deteriorating. Dell's post-market earnings and data center momentum were strong, and Samsung/Hynix buybacks—Samsung buying 2 million shares today and Hynix 650,000 shares—provide downside support. Once the macro shock resolves, semiconductors should lead the Korean market higher, so dips are accumulation opportunities.
SSNLF LONG
000660.KS LONG
Buy KOSPI dips on war shocks.
War-related shocks are historically short-term buying opportunities in equities; after war-driven selloffs, markets usually recover. He believes full-scale war around the midterm election is unlikely, so downside should be limited to about 2-3%, and investors should use split entry bands to accumulate Korean equities during the shock.
EWY LONG
Crypto equities bottomed and can rally.
Money that left Korean stocks went to bonds, real estate, US equities, and crypto. Crypto rebounded from lows, and if the Clarity bill passes, spot ETF inflows are likely to become more active. Strategy, Coinbase Global, and Circle Internet charts have bottomed and started to bounce, and these crypto-related names can rally elastically.
BTC LONG
STRATEGY LONG
COIN LONG
Trade war-themed stocks short-term on oil spike.
WTI futures jumped about 6% on escalating geopolitical risk and kept rising after 7am, triggering Korean war-themed stocks. He names oil distribution/refining, shipping, feed/fertilizer, and plastic-alternative names as the main rotation. The trade should be short-term: buy on sharp spikes, take quick profits, and avoid greed, because once feed and fertilizer names all rotate, the war rally often ends.
Samgu Mulsan LONG
Serim B LONG
000440.KQ LONG
004090.KS LONG
465770.KS LONG
024060.KQ LONG
APR may retry breakout if support holds.
APR has very strong earnings and cosmetics stocks have shown defensive characteristics in weak markets. APR made a new high but failed to close through resistance, and it is now holding support; if the box holds, it should try another breakout, but losing support would require more time.
APR WATCH
Com2uS new game ramp worth monitoring.
Com2uS received a target price upgrade to 50,000 won. Its new game 'God of Pride' is producing better-than-expected daily sales and initial reception is good, but the monetization model may be front-loaded and long-term sustainability is still uncertain, so it is a monitor rather than a clean long yet.
078340.KQ WATCH
Simtech and TLB gain from NVIDIA substrate.
Within semiconductor substrate/SoC names, he personally likes TLB and Simtech best. NVIDIA-related SoC expectations are rising, and the charts have recovered after recent noise, so momentum is not bad. Investors should use split bands and watch whether the prior box breaks.
Simtech LONG
TLB LONG
Gold for long term, silver for trading.
Gold and silver pulled back and that may be an opportunity. Gold is proven as a long-term uptrend asset for physical accumulation, while silver is too volatile and should be treated as a trading vehicle for people who like trading. Sell precious metals when physical order backlog stretches to two or three months because that has marked a top.
SILVER WATCH
GLD LONG
Samsung Electro-Mechanics benefits from MLCC supercycle.
Samsung Electro-Mechanics has positive reports on large-scale orders and LTA, with target price raised from 175,000 to 200,000 won. MLCC price increases are continuing, and high-capacity MLCC has an additional demand driver from semiconductor shortages. The chart is making higher lows and can produce around 10% short-term volatility to the upside.
009150.KS LONG
HIGH
00:12
Sep 02
Sep 02
IEF
WTI crude oil futures
EWY
000660.KS
005930.KS
▾
HIGH
Watch US 10-year yield near 5%.
US 10-year yields are now near 4.8% and Japan's 10-year yield has reached 3%, the highest since 1996. Park reads this as a serious risk signal because the growth rate is lower than in past crisis episodes, and he says if US yields reach 5% it would be genuinely dangerous. He adds that the Fed may hike to anchor long yields, which could pull long yields down, but starting a tightening cycle would tighten all asset markets, so he treats the 4.8-5% area as a critical regime to monitor and wants a more conservative posture.
IEF WATCH
Watch oil on US-Iran conflict.
The US-Iran military exchange has pushed WTI above $90, adding geopolitical risk premium to oil. Park identifies US-Iran peace negotiations as the biggest market variable into year-end: if conflict continues, oil and risk assets stay pressured; if a peace deal comes, it would be a major relief. This is a developing macro commodity setup worth monitoring.
WTI crude oil futures WATCH
Index can hide broad stock erosion.
KOSPI is trading near 6x forward operating profit: roughly 989 trillion won of estimated KOSPI operating profit versus 6,100 trillion won market cap, far below Asia's 13x and the US 23x. Even an 8x multiple would imply about 30% upside. Park agrees the market is genuinely cheap, but warns cheap can get cheaper in September, so he is using weakness to prepare for better entry opportunities rather than treating valuation as an immediate buy signal.
EWY AVOID
Buy Samsung/SK dips; memory pricing locked.
AI memory demand is structural, not cyclical. Samsung has allocated about 70% of its DRAM output to LTAs with Nvidia, Microsoft, and Google, leaving only 30% spot supply and giving suppliers extreme pricing power. HBM3 spot prices are 4-5x LTA levels, HBM4 spot is around $3,500, server DRAM remains short, and Nvidia's $279bn purchase commitments confirm a supplier-led market. Samsung Electronics and SK hynix trade near 4x operating earnings, so if a macro shock knocks them down sharply, Park sees buying as a high-probability profit opportunity because LTA visibility has made their stock paths clearer.
000660.KS LONG
005930.KS LONG
HIGH
23:22
Sep 01
Sep 01
US 10-year Treasury notes
Japan 10-year JGBs
UK long-duration gilts
EWGS 1ST
Korean Power Equipment Sector
▾
HIGH
Global long bonds face structural yield pressure.
Global long-end sovereign yields are hitting simultaneous multi-decade highs because of geopolitical oil risk, AI-driven corporate bond supply, monetary policy uncertainty, and fiscal stress in Japan and Europe; Kwon says high rates are becoming structural rather than temporary, so long-duration sovereign bonds face continued price pressure.
US 10-year Treasury notes SHORT
Japan 10-year JGBs SHORT
UK long-duration gilts SHORT
EWGS SHORT
Power, shipbuilding, defense exporters stay strong.
Korea's export cycle is led by semiconductors but power equipment, shipbuilding and defense exporters are also very strong; the budget adds 38.3 trillion won, up 24.8%, for defense and 21.3 trillion won for physical AI infrastructure such as power, water and industrial parks, supporting these sectors.
Korean Power Equipment Sector LONG
Korean shipbuilding sector LONG
Korean defense sector LONG
Korean semiconductor exports hit record high.
August semiconductor exports rose 20.9% year-over-year to $46.65 billion, an all-time high, and have stayed above $40 billion for three consecutive months; the speaker sees this as evidence that Korean semiconductor competitiveness remains strong despite global rate pressure.
Korean semiconductor sector LONG
K-beauty exports and US access rise.
Korean cosmetics exports are at record highs and up 52.1% year-over-year; US consumers increasingly say K-beauty is easy to buy as brands enter offline channels such as Ulta Beauty and Sephora, making purchases more frequent.
KORU LONG
Refiners gain from scarce refining capacity.
Korean petroleum-product exports rank first and Korean refiners are drawing global attention because refining capacity is scarce; US diesel prices are rising on refining margins rather than crude oil, Korean refiners are strong at upgrading, and SK Innovation benefits from combined refining and battery exposure.
XLE LONG
096770.KS LONG
Incheon CDMO strength supports Korean biopharma.
Korean bio/wellness exports are also number one, and Incheon is described as the world's largest biopharmaceutical production city; the recurring export strength is in the CDMO segment, supporting Samsung Biologics and Celltrion.
068270.KS LONG
207940.KS LONG
HIGH
22:59
Sep 01
Sep 01
SPY 1ST
U.S. 10-year Treasury yield
EWY
VT 1ST
▾
HIGH
Early Fed hikes are better for stocks.
Historical Fed hiking cycles in the mid-2000s and mid-2010s show equities initially flinch during the first one or two hikes but then digest and rise. The 2022-2023 cycle was the bad comparison because the Fed delayed and then hiked rapidly amid unknown inflation. Therefore a well-flagged early September hike would reduce uncertainty and produce much better equity performance than delaying into year-end.
SPY LONG
U.S. 10-year yields may reach 5%.
The U.S. 10-year Treasury yield is already around 4.8% and the Taylor Rule based on U.S. economic strength implies a Q3 appropriate rate of about 5.1%. The bond market has not followed lower oil or rate-cut expectations and is instead following this formula. Treasury intervention may prevent sharp spikes but is unlikely to turn yields clearly lower, so investors should follow the bond market's message that 10-year yields can rise toward 5%.
U.S. 10-year Treasury yield LONG
Korean equities historically outperformed during early hikes.
In the mid-2000s and mid-2010s U.S. rate hiking cycles, Korean equities were top-tier or upper-tier performers. In the 2000s strength came from shipbuilding, autos and chemicals; in the 2010s Korea also held up near the top. If the current cycle follows the earlier early-hiking historical path, Korean equities may show relative resilience.
EWY LONG
Reduce equities if oil rises, hikes delayed.
If oil prices turn unfavorable and the Fed keeps delaying rate hikes, she would reduce equity exposure. She views delayed hikes plus rising oil not as a positive 'thank you' for stocks but as a warning that the market would be forced to absorb prolonged uncertainty.
VT AVOID
HIGH
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