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02:00
Sep 05
Sep 05
005930.KS
000660.KS
WONIK IPS
095610.KQ
030200.KQ 1ST
▾
HIGH
Korean memory leaders deeply undervalued, re-rating
Citi turned more positive on Korean semiconductor companies after receiving heavy buy-side questions about tariff risk. Samsung Electronics and SK hynix are trading at downturn-like valuations with 12-month forward P/E ratios near 4.0-4.3x, while Nomura also calls the undervaluation severe and maintains much higher target prices. The memory cycle is tightening, and the speaker expects re-rating when foreign supply returns, though near-term supply may be slow.
005930.KS LONG
000660.KS LONG
Korean semiconductor equipment cycle still strong
Semiconductor equipment and materials names may outperform Samsung Electronics and SK hynix in the near term. Samsung and SK hynix are expanding DRAM capacity sharply, the equipment cycle is still in its early stage, second-quarter equipment earnings missed only because deliveries were delayed, and order backlogs rose 135% year over year while share prices fell about 30% from June. The speaker specifically noted Wonik IPS, Tes, and EO Technics as names to watch.
WONIK IPS LONG
095610.KQ LONG
030200.KQ LONG
Tesla Energy benefits from AI power demand
Tesla Energy/Megapack is becoming a major beneficiary of AI datacenter power demand. Tesla is not just an EV company; its Megapack large-battery business is growing faster than its EV business. The new Texas plant started battery pack production in August, and Megapack supplies xAI, which has AI computing contracts with Anthropic and Google. Tesla battery revenue is rising sharply.
TSLA LONG
Korean battery makers win US ESS boom
US battery demand is exploding because AI datacenters are driving ESS demand. Tesla's Texas plant has about 50GW annual capacity, and Korean battery companies are set to supply roughly 23GW of that volume. The speaker says the core Korean secondary battery names to watch are Samsung SDI, LG Energy Solution, L&F, EcoPro, and EcoPro BM.
066970.KS LONG
247540.KQ LONG
086520.KQ LONG
Korean battery makers win US ESS boom
Samsung SDI is the top pick in Korean battery/ESS because it had lagged in US ESS but is now repositioning. It sold its Samsung Display stake to raise cash, is acquiring the GM joint venture, and plans to convert that capacity to ESS lines. Its production capacity can rise sharply, and it trades at about half the valuation of LG Energy Solution relative to fundamentals and capacity.
006400.KS LONG
KOSPI forward PER is extremely low
The KOSPI 12-month forward P/E has fallen to about 5x, below 2003 levels, indicating the Korean market is very undervalued. The speaker views this as a backdrop for potential re-rating if semiconductor and memory momentum gets reflected.
EWY LONG
HIGH
23:30
Sep 04
Sep 04
SPY
005930.KS
000660.KS
EWY
KOSDAQ small/mid parts/materials exporters
▾
HIGH
Rate hike is not structural equity bear.
Even if the Fed raises rates, history shows US equities typically fall about 10% before the first hike and 15% around it, but then rally on average 45% afterward. Because a rate hike signals the economy is not weak, investors should not fear rate hikes and should maintain a long equity bias.
SPY LONG
Hold Samsung and SK hynix long-term.
Samsung Electronics and SK hynix are being sold by panicked retail investors and passive foreign flows, but long-term foreign buyers are accumulating the same names. Fundamentals and shareholder-return improvements remain acceptable for long-term accumulation. Short-term traders should reduce because the range has narrowed, but long-term holders should hold or add rather than dump.
005930.KS LONG
000660.KS LONG
Hold Korean equities, long-term accumulation continues.
Korean equities are under short-term supply pressure from foreign program selling and weak retail sentiment, but long-term foreign investors are quietly accumulating under the surface. Lee argues the correct stance is to hold positions rather than panic-sell, because the visible selling is not matched by a fundamental breakdown and long-term accumulation is expanding.
EWY LONG
Rapid won rise hurts small-cap exporters.
The won's rapid appreciation from the 1,500 area to 1,350 is too fast. Large-cap exporters with global production are less exposed, but KOSDAQ small/mid parts and materials companies are vulnerable because a rapid currency decline can hit their operating profits, so investors should exercise caution with that segment.
KOSDAQ small/mid parts/materials exporters AVOID
Favor tech, watch banks for rates.
Traditional rate-based sector formulas have broken recently, so rather than chasing rate beneficiaries mechanically, Lee suggests two-way positioning: if rate-hike fears ease, semiconductors and technology stocks move most; if rate-hike concerns return, banks and insurance can gradually reflect higher rates.
Korean semiconductor/tech stocks LONG
KBE WATCH
HIGH
11:00
Sep 04
Sep 04
Korean robot stocks
000660.KS FLIP
Korean stablecoin/payment stocks
Korean foldable phone materials/parts stocks
005930.KS
▾
HIGH
Korean robot stocks rally on Tesla/IFA.
Tesla's Cybercab launch treats autonomous vehicles as wheeled robots, triggering a broad rally in Korean robot stocks; the Berlin IFA show is highlighting humanoids, and Korea is promoting robotics as a new growth engine toward 2035, supporting multi-month positioning in the sector.
Korean robot stocks LONG
Samsung, SK hynix Q3 earnings revive rally.
The October earnings season is likely to revive the market, with Samsung Electronics and SK hynix third-quarter results becoming a positive catalyst; the market had unfairly written down semiconductor earnings after Q2, and strong Q3 numbers can break that pessimism.
000660.KS LONG
005930.KS LONG
Stablecoin regulation catalysts lift Korean payment stocks.
The U.S. Clarity Act stablecoin legislation is expected around September 15 and Korea is preparing a digital asset law revision for the regular National Assembly session around October; this leaves several weeks of catalyst runway for Korean stablecoin and payment/settlement names to express the theme.
Korean stablecoin/payment stocks LONG
Apple foldable launch lifts Korean parts suppliers.
Apple is set to unveil a foldable iPhone next week, and with the phone market saturated and looking for new form factors, related Korean foldable materials and parts suppliers are moving and should stay in focus around the event.
Korean foldable phone materials/parts stocks LONG
KOSPI rangebound then late-September entry setup.
Historical U.S. midterm patterns show a late-September low, and combined with Korea's Chuseok holiday and Samsung/SK hynix Q3 expectations from late September, KOSPI is likely to be rangebound and frustrating until Chuseok, then set up a recovery into October.
EWY WATCH
Honam semiconductor policy supports construction names.
The government is aggressively pushing the Honam semiconductor agenda; KEPCO has proposed that Samsung and SK hynix prepay 25 trillion won for five years of electricity to accelerate semiconductor power grid buildout, signaling policy execution and keeping Honam semiconductor-linked construction and real estate names supported.
Korean Honam semiconductor construction/real estate stocks LONG
KEPCO prepayment accelerates Korean power grid.
KEPCO's proposal for Samsung and SK hynix to prepay 25 trillion won for five years of electricity is designed to expedite semiconductor power grid expansion, making Korean power grid and electrical equipment names direct beneficiaries of faster execution.
Korean power grid/electrical equipment stocks LONG
US package supports gas, LNG, SMR, MRO.
The first U.S. investment project is expected to be finalized in September, and because Japan's first package included three sub-projects, Korea's package may include two or three projects spanning gas power plants, Alaska LNG, SMR, and shipbuilding MRO, making likely beneficiaries a tradable theme.
Korean gas power plant stocks LONG
Alaska LNG-related Korean stocks LONG
Korean SMR stocks LONG
Korean shipbuilding MRO stocks LONG
Oil war premium likely to fade.
The market's war-expansion oil spike appears to have peaked; the speaker assesses the Iran war as only a 2-3 out of 10 macro variable and expects conflict-related oil pressure to fade as sanctions and periodic talks dominate, leaving oil likely to drift lower.
WTI SHORT
Bessent purchases stabilize US long-term bonds.
Treasury Secretary Bessent's long-term government bond purchase program begins on the 9th and is set to be doubled, which should stabilize long-term yields and support U.S. long-duration Treasuries.
TLT LONG
HIGH
10:00
Sep 04
Sep 04
005930.KS
000660.KS
032830.KS
028260.KS
KOSDAQ
▾
HIGH
Semiconductor leaders need time, not selling
Lee argues that AI beneficiaries such as Samsung Electronics and SK Hynix could improve overall market supply and create a liquidity priming effect if they return more cash through buybacks and share cancellations. He notes SK Hynix is already doing an aggressive employee compensation buyback that appears ahead of schedule, while Samsung Electronics has announced a large treasury program but still needs to add share cancellation to make it credible. He expects these shareholder-return actions to eventually be reflected in share prices.
005930.KS LONG
000660.KS LONG
Samsung Life and C&T need shareholder returns
Lee says investors should not only watch Samsung Electronics and SK Hynix; large profit-rich Samsung affiliates such as Samsung Life and Samsung C&T also need to show a changed shareholder-return stance. Because Samsung Electronics pays dividends, these affiliates receive dividend income, and if they pass those returns to their own shareholders, it would create positive news and support the broader shareholder-return theme.
032830.KS WATCH
028260.KS WATCH
Use Ichimoku breakouts in KOSDAQ rotation
Lee says the KOSDAQ market is now a weak rotation market where chasing already-moved money gets investors trapped. He advises using Ichimoku cloud breakouts to screen names escaping above or nearing the cloud, checking earnings and supply, and notes that Korean materials/components/equipment names breaking above the Ichimoku cloud have been particularly strong, while names stuck mid-range are not moving. He is not accumulating one sector but responding to rotation with this trend filter.
KOSDAQ WATCH
Korean semiconductor equipment/materials WATCH
HIGH
08:30
Sep 04
Sep 04
BNO
WTI
XLE 1ST
UGA 1ST
DIESEL 1ST
▾
HIGH
Iran's strategy keeps oil prices elevated.
Park Hyun-do argues that Iran is deliberately pushing crude oil higher as one of its two war aims; with Hormuz shipments disrupted and alternative export routes still constrained, Brent was already around $96, WTI around $92 and Dubai around $104, and Iran views Brent between $90 and $130 as its preferred range. He also notes US pump gasoline already exceeds $4 and diesel exceeds $5, with risk of $5-6 gasoline if oil keeps rising, reinforcing an environment that keeps energy prices biased upward.
BNO LONG
WTI LONG
XLE LONG
UGA LONG
DIESEL LONG
Iran oil strikes would crash stocks.
Park Hyun-do warns that if the U.S. directly strikes Iran's oil facilities such as Kharg Island, Iran will retaliate against neighboring states, causing oil prices to spike and stock prices to plunge; he adds that the economy would be severely damaged because inflation and rate hikes are already a problem. This is an event-driven downside setup for equities tied to Middle East escalation.
VT WATCH
HIGH
07:30
Sep 04
Sep 04
KORU 1ST
Cosmax 1ST
161890.KS 1ST
Cosmecca Korea
Korea Cosmetics Manufacturing
▾
HIGH
Korean cosmetics stocks are defensive earnings leaders
The product mix is shifting from cheap, easy-to-switch mask packs toward higher-priced, stickier basic skincare such as sunscreen, serum and mist. Selling a 10,000 won serum at a 10% margin earns much more profit than a 1,000 won mask, and recent results show improving margins. For US sunscreen, OTC/FDA-style certification limits manufacturers to few players like Hankook Kolmar and Cosmecca Korea's subsidiary Englewood Lab, creating a barrier for competitors.
KORU LONG
Indie brand growth benefits Korean OEM/ODM makers
Korean OEM/ODM cosmetics makers are key beneficiaries because indie brands now scale globally through SNS and influencers, but still need to outsource manufacturing to companies like Cosmax, Hankook Kolmar, Cosmecca Korea and Korea Cosmetics Manufacturing. Global multi-brand shops such as Olive Young, Sephora and Ulta give these indie products offline experience and volume, supporting continued orders for Korean manufacturers.
Cosmax LONG
161890.KS LONG
Cosmecca Korea LONG
Korea Cosmetics Manufacturing LONG
Multi-brand beauty retailers earn recurring entry fees
Global multi-brand beauty retailers such as Ulta Beauty, Sephora and Olive Young run a fee/commission model, taking roughly 20-30% of sales like a department-store or platform fee. As indie beauty brands enter and sell through these stores, the retailers earn recurring, sales-linked fee income, which is why Olive Young is expanding into the US and global chains are widening their footprint.
ULTA WATCH
Watch companies mixing cosmetics with other businesses
Companies that combine cosmetics with other businesses deserve attention because cosmetics is becoming a meaningful earnings driver. Dongkook Pharmaceutical's cosmetics sales have grown to about 30% of revenue; Shinsegae International sells fashion and perfume alongside cosmetics; Aekyung Industrial also runs a cosmetics business, providing diversified exposure to the K-beauty theme.
Dongkook Pharmaceutical WATCH
003070.KS WATCH
A122900.KQ WATCH
Low-price beauty brands expand overseas now
Low-price legacy Korean beauty brands such as It's Hanbul, TonyMoly and Able C&C (Missha) have not rallied as much as premium/overseas-focused leaders, and they are now building overseas distribution. TonyMoly is preparing to sell through US Costco and Ulta Beauty, and their target market differs from higher-priced brands, so they have catch-up potential.
ITHUF LONG
TonyMoly LONG
078520.KS LONG
F&F benefits from foreign tourist MLB purchases
F&F, which owns the MLB brand, benefits from inbound tourism because Chinese consumers prefer buying MLB apparel in Korea rather than China. The Korean-made/original brand image creates a reason for foreign tourists to purchase in Korea, supporting F&F as a tourism-adjacent consumer play.
F&F LONG
HIGH
06:00
Sep 04
Sep 04
EWY
BTC
010950.KS
096770.KS 1ST
267250.KS 1ST
▾
HIGH
Buy KOSPI dip after mid-September.
September seasonality is weak, especially in the third and fourth weeks, but investors should not lose their stocks; those with cash should use mid-to-late September weakness as a buy-the-dip opportunity ahead of an October rebound. The event risk centers on the September 11 CPI and September 16 FOMC.
EWY LONG
Policy-driven stablecoin demand supports Bitcoin.
US Treasury policy is promoting stablecoin activation because stablecoin issuers must hold T-bills, creating structural demand for short-term Treasuries; the administration is likely to attach stablecoin-related bills. Bitcoin is strong and broke above $81,000 for the first time in three months.
BTC LONG
High oil supports Korean refining names.
Crude oil remains elevated, with WTI in the mid-$90s and Brent near $100, supporting Korean refining and energy names. SK Innovation also has EV battery ESS momentum, and HD Hyundai has refining exposure.
010950.KS LONG
096770.KS LONG
267250.KS LONG
Robotis gains on deployment and Goldman.
Robotis is surging after reports that its robots were deployed in CJ Logistics packaging, and Goldman Sachs issued a positive report. This is also lifting KOSDAQ robotics names including Rainbow Robotics.
108490.KQ LONG
277810.KQ LONG
Hanmi benefits from Micron and Tesla.
Hanmi Semiconductor is a key supplier to Micron, and Micron is reportedly preparing large-scale additional investment; Tesla's Tera factory could also make Hanmi Semiconductor a beneficiary, and its SpaceX equity investment may be linked to the Tesla relationship.
042700.KS LONG
Samsung HBM4 drives Korean equipment makers.
Falling Treasury yields are easing discount-rate pressure on semiconductor equipment names, and Samsung Electronics' HBM4 volume ramp is driving related post-process and test equipment names such as Jusung Engineering, EO Technics, and PSK Holdings.
036930.KQ LONG
039030.KQ LONG
031980.KQ LONG
Favor Korean sectors with upward EPS revisions.
KOSPI EPS revision data shows upward operating profit revisions concentrated in IT, energy, industrials, consumer/healthcare, cosmetics, holdings, utilities, defense, and food/beverage distribution; the speaker suggests concentrating trading in these improving sectors while holding some semiconductors.
Korean IT LONG
Korean energy LONG
Korean cosmetics LONG
Korean Defense LONG
Korean utilities LONG
Samsung gains HBM share into HBM4.
SemiAnalysis says the Rubin Ultra HBM spec reduction is a sign of supply shortage, not demand weakness, and gives memory suppliers pricing power. Morgan Stanley sharply raised DRAM price forecasts, and Goldman Sachs now sees DRAM and NAND shortages deepening into 2026-2027; DDR5 spot prices are holding despite lower token costs.
005930.KS LONG
000660.KS LONG
HIGH
03:00
Sep 04
Sep 04
CRCL 1ST
Galaxia Moneytree
Kakao Pay
035420.KS
181710.KS
▾
HIGH
USDC adoption and Clarity Act favor Circle.
Circle is the core way to express the stablecoin adoption trend. USDC's market cap has broken above $75 billion, usage is expanding, and the GENIUS Act framework has passed. The follow-on Clarity Act is viewed as more important than FIT21 because it would ease remaining restrictions, and CEO Jeremy Allaire's testimony increased confidence that the Clarity Act will pass. USDC is also gaining ground against USDT and is positioned to become the main compliant stablecoin.
CRCL LONG
Korean stablecoin names only short-term momentum.
The US stablecoin-sector surge could spill into small Korean stablecoin-related names such as Galaxia Moneytree, Kakao Pay, Naver, NHN, KCP, and LG CNS. However, the speaker views these as small, volatile, and only short-term momentum trades; he says exposure should stay under 5% until the Clarity Act actually passes.
Galaxia Moneytree WATCH
Kakao Pay WATCH
035420.KS WATCH
181710.KS WATCH
KCP WATCH
LG CNS WATCH
Hold both AI hardware and software sectors.
The US market is rotating day-to-day between AI hardware and AI software. The speaker warns against chasing whichever side moved most recently and instead recommends a barbell strategy that holds both AI hardware and AI software sectors to avoid being whipsawed by the rotation.
SMH LONG
IGV LONG
Robotis leads robotics parts and data.
Robotis is rallying because the popular Micro Duck robot uses its actuators as key components. A KB report showed China sales tripled, Chinese humanoid shipments are scaling from 600 to 2,600 units, and its Uzbekistan data factory will collect and sell humanoid behavior data at $20-$1,000 per hour with labor costs only 28% of China. The speaker sees this as a differentiated robotics parts and data story that is better than the JP Morgan Micro Duck report.
108490.KQ LONG
Samsung SDI near target; take profits.
Samsung SDI has rallied near an analyst target price of 667,000 won, leaving limited upside. The speaker warns that a short-term correction may come and says investors should take profits in the mid-to-high 600,000s rather than chasing toward 700,000.
006400.KS AVOID
Alteogen undervalued with global top-tier pipeline.
Alteogen's Novartis deal to develop the world's first subcutaneously delivered gene therapy validates a global top-tier pipeline of 10 partners and 31 products. Forward valuation drops to about 40x in 2027 and 29x the following year, which the speaker considers cheap versus the 80-90x multiples that high-growth biologics companies previously received. He compares now to buying Celltrion ten years ago and expects the stock to go higher, warning shorts against fighting it.
196170.KQ LONG
KOSPI to 7,500; holds KODEX 200.
The speaker believes KOSPI will rise above 7,500 by year-end despite current fears of a downturn. He has kept a 1 billion won position in KODEX 200 bought near the 6,200 level and has not sold any of it.
069500.KS LONG
HIGH
00:56
Sep 04
Sep 04
042660.KS
WTI 1ST
010140.KS
Korean pipe fitting and valve stocks
047810.KS
▾
HIGH
Hanwha Ocean and Samsung Heavy order momentum
Korean shipbuilding stocks are finally seeing meaningful supply inflows because Hanwha Ocean won a large container ship order and the US-related Maska project is becoming a recurring catalyst; Hanwha Ocean is the key stock for that project even if not the cheapest shipbuilder, while Samsung Heavy Industries keeps adding container and crude carrier orders.
042660.KS LONG
010140.KS LONG
Oil falls on unilateral US-Iran end
A unilateral US declaration of victory over Iran would still lower international oil prices because the market would start pricing a messy but real de-escalation from the current Hormuz/Iran war risk premium, even if the resolution is not cleanly negotiated.
WTI SHORT
Bypass pipelines lift Korean valves and fittings
Middle East oil producers are jointly pursuing bypass pipelines because the Hormuz export route is proving unreliable; the pipeline buildout could take one to two years and should support Korean fittings and valves stocks as a new order story.
Korean pipe fitting and valve stocks LONG
Hanwha stake gives Korea Aerospace synergy
Hanwha Group has been allowed to secure a stake in Korea Aerospace Industries, and this ownership link can work as a synergy momentum for the defense company, making it worth revisiting as part of the defense order backlog theme.
047810.KS WATCH
Waller freeze talk supports US stocks
Waller's signal that September can be a rate freeze, plus strong ISM services and easing rate-hike odds, removed a near-term macro overhang and allowed US equities to rebound broadly; the move was strong across major US indices.
SPY LONG
COMPQ LONG
Samsung foundry wins as TSMC full
Samsung Electronics is a major beneficiary of AI foundry demand because TSMC cannot handle all the orders from Big Tech, Tesla, Google, Amazon, OpenAI and Anthropic; as foundry opens up from late this year into next year, Samsung's earnings should keep growing even if short-term price action is frustrating.
005930.KS LONG
Snowflake beat confirms AI software demand
Snowflake delivered an earnings surprise with revenue and EPS well above consensus, showing that AI software companies are proving demand and supporting the AI software/hardware rotation.
SNOW LONG
Tesla and SpaceX supplier names rise
Tesla and SpaceX surged on the Cybercab event, and Korean autonomous driving and EV-related suppliers should benefit if the event continues to support sentiment; key names are LG Innotek for camera/module supply, Hyundai AutoEver and HL Mando for autonomous driving exposure.
307950.KS LONG
LG Innotek LONG
204320.KS LONG
Stablecoins fund Treasury demand
Stablecoins are a hidden US Treasury demand card: issuers must hold dollar-linked reserve assets, mainly short-term US Treasuries, and stablecoin growth can absorb Treasury supply, defend the dollar and reduce long-end rate pressure; this is why Circle, Coinbase and Strategy are strong US stablecoin/related beneficiaries.
STRATEGY LONG
USDC LONG
COIN LONG
Korean stablecoin names offer trading opportunities
Korean stablecoin-linked names are a trading opportunity: Kuco jumped after hours, ITM Global followed, and Hecto Financial, Danal and NHN KCP are among the domestic stablecoin theme names; he advises approaching them only as short-term trades because the theme can gap.
Coocon LONG
NHN KCP LONG
Semiconductor equipment profits explosive and undervalued
Korean semiconductor equipment and materials are posting explosive profits and remain undervalued; the KOSDAQ market is silently rotating from bio to semiconductor names, so the sector should be watched for a longer industry-cycle uptrend rather than day-to-day movement.
Korean semiconductor equipment and materials LONG
KOSDAQ has rebound setup
KOSDAQ is attractive because the July crash reduced extreme polarization and many stocks are down 50-60%; with light trading and washed-out positioning, the index has a rebound setup as macro risks ease.
KOSDAQ Index LONG
Nvidia physical AI via Hugging Face
Nvidia's acquisition of Hugging Face accelerates physical AI and open-source robotics; Hugging Face's micro-duck robot sold out and uses Robotis actuators, so the deal strengthens Nvidia's AI ecosystem and gives Robotis a differentiated parts-supply angle in the humanoid/robot value chain.
NVDA LONG
108490.KQ LONG
Data center power equipment strong
Bloom Energy jumped on AI data-center power demand and strong earnings; Korean power-supply chain names tied to Bloom Energy and AI infrastructure are Sanil Electric and LS Electric as order recipients, and Doosan Fuel Cell as the domestic fuel-cell peer, plus wire and power equipment names.
010120.KS LONG
033260.KQ LONG
Cybercab suppliers benefit if event good
Tesla's Cybercab event is a catalyst for Korean suppliers if the event is well received; direct suppliers include LG Energy Solution, LG Chem, L&F and Hankook Tire, while camera/module names Samsung Electro-Mechanics and LG Innotek are also implicated in autonomous driving.
TSLA LONG
051910.KS LONG
Hankook Tire & Technology LONG
009150.KS LONG
Secondary battery sector shows relative strength
The secondary battery sector is showing relative strength: despite the market's midday crash, names like LG Energy Solution, SK Innovation and POSCO Holdings held or closed higher; L&F and POSCO Future are also part of the same basket, so the sector is a leading rebound group.
096770.KS LONG
L&F LONG
006400.KS LONG
POSCO combines steel and battery upside
POSCO Holdings is attractive because it owns both a steel recovery and a secondary battery recovery; steel demand is getting new drivers from AI data centers, semiconductor clusters, reconstruction and future robot mass production, while Chinese supply reduction has eased, and POSCO has low PBR valuation.
005490.KS LONG
K-beauty exports grow, accumulate dips
Korean cosmetics exports are growing at a very strong rate, with K-beauty gaining from the Korean Wave and Amazon expansion into Europe; Cosmecca Korea, Kolmar Korea, Silicon2 and APR are the key names, and buying on dips or anticipating a turn from support is the preferred strategy rather than chasing.
Cosmecca Korea LONG
161890.KS LONG
Silicon2 LONG
APR LONG
Korean stablecoin names offer trading opportunities
Stablecoin regulation is becoming a clear catalyst: US administration expects a stablecoin bill within two weeks and G20 finance leaders agreed on clearer stablecoin/crypto rules; Korean stablecoin names such as ITM Global, Danal and Hecto Financial can move when the market has no other leading sector.
ITM Global LONG
Crypto rise makes stablecoin names tradeable
Bitcoin's surge on easing rate-hike fears makes Korean crypto/stablecoin-themed names tradeable for a short tactical window; ITM Global, Hecto Financial, Samsung SDS, LG CNS and Naver-related finance are the larger or more direct names, while the trade should be kept short-term before CPI/FOMC.
018260.KS LONG
LG CNS LONG
035420.KS LONG
Banks are cheap, buy dips
Korean banks are making new highs but remain undervalued with shareholder return and dividend support; rather than chasing, buying on pullbacks in names like Shinhan Financial Group is attractive, especially while Korea is still hiking rates.
055550.KS LONG
Alteogen undervalued leading global biotech
Alteogen has become a global top-tier biotech with a Novartis partnership for the world's first SC gene therapy, and its forward P/E falls to 29x on 2027 earnings; the market is not reacting to positive news, but the valuation and fundamental setup support a long-term buy.
196170.KQ LONG
KODEX 200 holds for year-end target
He bought KODEX 200 near the 6,200 KOSPI area and is still holding, expecting the KOSPI to exceed 7,500 by year-end; this is a broad Korean large-cap index long.
KODEX 200 ETF LONG
Korean stablecoin names offer trading opportunities
Stablecoin is not a simple theme because the Clarity bill can stabilize short-term Treasury demand; Hecto Financial is seen as the leader with US-Korea stablecoin linkage technology, Danal is involved in coin distribution, and Hecto Innovation is the parent, with the group likely to move before the September 15 bill event.
234340.KQ LONG
064260.KQ LONG
Stablecoin leaders Hecto and Danal
Stablecoin is not a simple theme because the Clarity bill can stabilize short-term Treasury demand; Hecto Financial is seen as the leader with US-Korea stablecoin linkage technology, Danal is involved in coin distribution, and Hecto Innovation is the parent, with the group likely to move before the September 15 bill event.
Hecto Innovation LONG
Gold long-term 10% allocation
Gold is a long-term uptrend asset and suitable as a portfolio allocation, with around 10% allocation suggested for investors with large assets, though he is no longer actively adding after the recent rebound.
GLD LONG
Wire stocks benefit AI infrastructure
Korean wire and cable stocks are beneficiaries of AI data-center power and physical AI infrastructure; names such as Gaon Cable, LS and Daewon Cable are relatively small and sensitive, so they can rise more than heavy transformer names in a risk-on bounce.
000500.KQ LONG
LS LONG
006340.KS LONG
SPG reducer rebound target
Robot reducer and actuator names are rebounding technically; SPG is the sector leader and SPR? rebound target is around 955,000 won, while SBB Tech and HiGen R&M are related names but SPG's flow should guide the group.
058610.KQ LONG
389500.KQ LONG
160190.KQ LONG
SpaceX Korean theme holders stay
SpaceX Korean theme names such as Spear, Aju IB Investment and Mirae Venture Investment are moving; if investors are bullish on SpaceX, the simple strategy is to hold related Korean beneficiaries.
SPEAR LONG
027360.KQ LONG
Mirae Venture Investment LONG
Hyundai Motor buy on corrections
Korean auto stocks are sufficiently cheap after a weak period; HL Mando, Hyundai Motor, Hyundai Mobis and Kia are all in a value zone even though Kia has been the weakest, and stabilization of FX would help the group.
005380.KS LONG
Autos cheap after selloff
Korean auto stocks are sufficiently cheap after a weak period; HL Mando, Hyundai Motor, Hyundai Mobis and Kia are all in a value zone even though Kia has been the weakest, and stabilization of FX would help the group.
000270.KS LONG
Hyundai Mobis LONG
Front-end semiconductor equipment to catch up
Front-end semiconductor equipment names such as Wonik IPS, TES, Eugene Technology and PSK have lagged while back-end and substrate names moved; with Samsung's Pyeongtaek, Cheongju, Yongin and other cluster roadmaps staying full into 2028, front-end equipment should eventually catch up because equipment enters after cleanroom construction.
WONIK IPS LONG
095610.KQ LONG
084370.KQ LONG
PSK LONG
Reconstruction stocks rally on possible ceasefire
Trump is considering a unilateral end to the Iran war before the midterms, and if reconstruction/ceasefire stocks such as Jeonjin Construction Robot and Hyundai Everdigm start trending higher, that is a market signal that ceasefire expectations are becoming more serious; they are useful to watch even without taking a position.
Hyundai Everdigm WATCH
Jeonjin Construction Robot WATCH
HIGH
11:00
Sep 03
Sep 03
Leveraged ETFs
Cosmecca Korea
APR FLIP
090430.KS FLIP
LG Household & Health Care
▾
HIGH
Reduce leverage and margin exposure now.
Korea's margin/credit balance has risen back to about 33 trillion won, and adding leveraged ETF balances of roughly 5-6 trillion puts leveraged funds near 40 trillion won against only about 100 trillion won in deposits, which is excessive. With macro uncertainty, dried-up trading value, and repeated afternoon selling, any new bad news can trigger forced selling, so investors should cut credit/leverage exposure and keep cash rather than chase aggressively.
Leveraged ETFs AVOID
Buy cosmetics ODM leaders after consolidation.
Cosmetics-led consumer names are one of the two main sectors. The ODM leaders such as Kolmar Korea, Cosmax, and Cosmecca Korea led the rally from early August and are now in a normal rest/consolidation phase rather than a deep breakdown. The speaker expects that after the adjustment ends, these names will again give tradeable buying opportunities.
Cosmecca Korea LONG
Cosmax LONG
161890.KS LONG
Avoid late-rising cosmetics laggards now.
APR, Amorepacific, LG Household & Health Care, and Dalba Global were late followers in the cosmetics trade, rising only from mid-August after the ODM leaders had already moved. When funds concentrated, there was no one left to keep buying these already-crowded names, so the move broke down. The speaker warns investors to be cautious about these late-rising cosmetic laggards.
APR AVOID
090430.KS AVOID
LG Household & Health Care AVOID
AP AVOID
Watch AI data center value chain rotation.
AI data center value chain is one of the two main sectors. Funds have rotated through secondary batteries, SK Telecom, power equipment, shipbuilding, steel, and construction on AI data center issues. Power equipment names such as Hyosung Heavy Industries, Sanil Electric, LS Electric, and HD Hyundai Electric had long rests and showed late-session rotation, but the speaker says a meaningful trend does not yet exist and this is still the early stage of whether a trend will form.
Korean AI data center value chain WATCH
298040.KS WATCH
010120.KS WATCH
267260.KS WATCH
006400.KS WATCH
L&F WATCH
SK Telecom WATCH
000720.KS WATCH
004020.KS WATCH
Korean equities near bad-news exhaustion.
The speaker believes the negative macro news, especially Iran/oil and rate-related issues, is near its late stage and that the freshness of bad news is fading. From current levels, the probability of improvement is higher than the probability of further meaningful deterioration. However, a final selling climax could still occur, so he advises holding cash and waiting until after Chuseok for the higher-conviction account-growing window rather than making aggressive bets now.
EWY WATCH
KOSDAQ WATCH
Watch Samsung and Hynix range resolution.
Samsung Electronics and SK hynix have not completed a technical rebound and have not confirmed a bottom. They are trading inside a narrowing range between key moving averages, and as those averages converge the range is getting smaller. The speaker says the next direction will be determined by whether good news or bad news emerges when the range resolves.
005930.KS WATCH
000660.KS WATCH
Fade foreign futures buying signals.
Ahead of futures expiration, foreign investors had cut their futures position to around 20,000 contracts. The speaker says that if foreigners start buying futures and pushing the index higher, it likely reflects arbitrage or opposite positioning and next-day reversal risk, so investors should reduce arbitrage-related exposure. If foreigners instead reduce futures, that is safer. The key edge is that market makers tend to position opposite to retail expectations.
KOSPI 200 futures WATCH
HIGH
09:00
Sep 03
Sep 03
007810.KS 1ST
TLB 1ST
Korean semiconductor equipment with China exposure
Intekplus 1ST
Woldex 1ST
▾
HIGH
SOCAMM2 ramp drives substrate suppliers
SOCAMM2 is spreading as a low-power, low-heat, efficient alternative in servers, notebooks, and AI PCs. Amazon's 2 million GPU supply implies about 16 million SOCAMM2 units; Samsung, SK hynix, and Micron are moving to mass production in H2. Simmtech, Korea Circuit, Daeduck Electronics, and TLB are rising on substrate demand, and Simmtech is investing KRW 270 billion to expand capacity.
007810.KS LONG
TLB LONG
222800.KQ LONG
353200.KS LONG
China memory expansion benefits Korean equipment makers
China's CXMT/YMTC expansion and US restrictions on American semiconductor equipment create a two-track opportunity for Korean equipment makers with Chinese exposure. When CXMT listed, Korean equipment names with Chinese parent or subsidiary ties rose even while Samsung and SK hynix fell. He sees China's memory push as an opportunity for these equipment suppliers rather than a near-term threat to Korean majors.
Korean semiconductor equipment with China exposure LONG
Back-end process is most attractive semiconductor area
He prefers back-end/OSAT over front-end because HBM is essentially a stacking/back-end process, advanced packaging is combining diverse chips, and the HBM3-to-HBM4 transition requires debond/reflow and test equipment. SFA Semiconductor is outsourcing Samsung DDR5, Hana Micron has packaging/module turnkey capability, Nepes is also named, PSK Holdings supplies HBM4 debonding/reflow equipment, and UniTest/Tron/Intekplus are test/inspection beneficiaries; UniTest has already turned around on HBM4 burn-in test supply to SK hynix.
Intekplus LONG
086390.KQ LONG
036540.KQ LONG
067310.KQ LONG
200470.KQ LONG
031980.KQ LONG
TRX LONG
Semiconductor boom lifts materials and consumables
Continued semiconductor boom should drive materials/consumables demand. He names Dongjin Semichem, Soulbrain, and Woldex, noting materials names are often undervalued because of conservative IR. He also likes silicon carbide ring component names TCK, KNGJ, and Woldex because deposition/etch demand makes those consumables necessary.
Woldex LONG
TECK LONG
KNGJ LONG
005290.KQ LONG
357780.KQ LONG
Accelerated capex benefits front-end deposition equipment
Samsung and SK hynix are accelerating Yongin and Pyeongtaek capex by about two years; front-end expansion requires equipment first. Deposition equipment is receiving the most attention, with TES, Eugene Technology, and Wonik IPS as representative beneficiaries. He sees the investment momentum as structural and worth following medium-to-long term.
084370.KQ LONG
240810.KQ LONG
095610.KQ LONG
Memory shortage keeps Samsung, SK hynix positive
Memory shortage is continuing, supported by long-term supply agreements and AI-driven HBM/legacy demand; on-device AI, robotics, and autonomous driving are still in early stages but will add demand. He expects memory prices to stay firm short term and Samsung Electronics/SK hynix earnings to remain positive in the second half.
000660.KS LONG
Memory shortage keeps Samsung, SK hynix positive
TSMC's capacity shortage is pushing orders to Samsung foundry, and Samsung cannot handle all orders, so OSAT subcontractors get spillover. Foundry utilization is likely to exceed 100%. The key is 2nm yield: TSMC is around 70-80% while Samsung is around 55%; improving Samsung's yield by even 10% would sharply raise output and lower financial risk, making Samsung more attractive than SK hynix on foundry operating leverage.
005930.KS LONG
HIGH
08:00
Sep 03
Sep 03
US 10Y Treasury
NAND flash memory
005930.KS
YMTC
APR 1ST
▾
HIGH
US 10-year yields likely capped near election
US 10-year Treasury yields are unlikely to run to 5.0% because the Trump administration will not tolerate runaway rates before the midterm elections; if yields calm or turn down, the market can refocus on earnings and shareholder returns and may stage a year-end rally.
US 10Y Treasury LONG
YMTC bigger medium-term threat than CXMT
In Chinese memory competition, CXMT is less worrying because the DRAM tech gap is about three years and EUV restrictions may widen Korea's HBM lead; YMTC is the more serious medium-term threat in NAND with 14% global share, X-stacking capability and an accelerated IPO, but the short-term threat is limited, so NAND/YMTC should be watched rather than feared now.
NAND flash memory WATCH
YMTC WATCH
Accumulate Samsung, SK hynix as shareholder-return stocks
US semiconductor tariff concerns on Korean DRAM are overblown: DRAM supply is an oligopoly of Samsung, SK hynix, Micron plus CXMT, making punitive tariffs unrealistic and likely a US pressure tactic; hyperscalers would bear added costs and opposition or lobbying would be strong, so the tariff risk is largely already in prices.
005930.KS LONG
000660.KS LONG
Korean cosmetics reasonable valuation; trade export catalysts
Korean cosmetics stocks are an attractive short-term trading area because valuations are reasonable at about 15-20x forward P/E, APR has near 100% ROE, and monthly export statistics provide repeated catalysts; the suggested strategy is to buy on dips and take profits when strong export data or stock pops arrive.
APR LONG
Cosmax LONG
Korean Kolmar LONG
Korean cosmetics LONG
Sell secondary batteries into strength
Secondary battery stocks have rallied on AS-related expectations, but valuations are stretched against earnings: L&F trades near 7x PBR and Samsung SDI around 1.9x forward PBR, yet the sector still makes little profit; the speaker suggests selling into strength rather than chasing.
L&F AVOID
006400.KS AVOID
Korean secondary battery stocks AVOID
Favor construction/EPC over nuclear for US projects
Korean construction/EPC names are better-positioned beneficiaries than popular nuclear names for the upcoming US-Korea strategic investment: the project may shift to a Texas gas combined-cycle power project, with Samsung C&T and Hyundai E&C as EPC participants and Doosan Enerbility as gas turbine supplier; construction valuations are more acceptable and they also benefit from domestic data center construction and government land supply.
000720.KS LONG
034020.KS LONG
028260.KS LONG
HIGH
06:00
Sep 03
Sep 03
298020.KS
034020.KS
105560.KS FLIP
086790.KS
Seonggwang Bend
▾
HIGH
Beaten-down Korean chemical stocks are rebounding.
Lee sees money rotating into deeply beaten-down sectors, and Korean petrochemical/chemical names such as Lotte Chemical, SK Chemicals, Kukdo Chemical, and Hyosung TNC are rebounding from the bottom with improving chart patterns, making the chemical sector a supply/demand-driven recovery play.
298020.KS LONG
007690.KS LONG
285130.KS LONG
011170.KS LONG
US nuclear builds favor Korean nuclear leaders.
Lee highlights Macquarie's Korea nuclear project report prioritizing Doosan Enerbility and Hyundai Construction as U.S. nuclear projects move into full-scale progression, with the expectation-building phase now starting for Korean nuclear-exposed names.
034020.KS LONG
000720.KS LONG
Nervous market rotates into bank stocks.
With the market nervous, Lee observes funds flowing into large Korean bank holding companies such as KB Financial, Hana Financial Group, and Shinhan Financial Group as a defensive destination, supporting their outperformance.
105560.KS LONG
086790.KS LONG
055550.KS LONG
LNG project news can lift pipe/valve/steel.
Lee believes Alaska/U.S. natural gas terminal projects will proceed and Korea and Japan are likely to participate, so Korean pipe fitting/valve and steel names such as Seonggwang Bend, Taekwang Industrial, Haseong Valve, POSCO International, Nexteel, and Husteel have low price burdens and can rally on news, though he wants more confirmation before turning aggressive.
Seonggwang Bend WATCH
Taekwang Industrial WATCH
Haseong Valve WATCH
047050.KS WATCH
092790.KS WATCH
005010.KS WATCH
Alteogen short covering could spark rally.
Lee argues Alteogen's drop is supply/demand-driven and overdone; despite a record 4.4 trillion won license-out and a Halozyme litigation win, heavy short selling and weak institutional buying are suppressing it. If the stock is forced higher, aggressive short covering could drive a sharp rally similar to past secondary battery squeezes.
196170.KQ LONG
Global autos weak; Hyundai not cheap.
Lee says global autos are in a low-growth downturn: Volkswagen and Stellantis were removed from Eurostoxx50, Toyota has struggled, and Hyundai's delivery time collapse indicates high inventory. Hyundai at 9-10x valuation is not cheap, Kia at around 6x is not attracting buyers, and without robot momentum Hyundai/Kia are likely to stay under pressure.
000270.KS AVOID
005380.KS AVOID
Battery names bounce; Samsung SDI leads.
Lee says the secondary battery sector is worth a short-term challenge after yesterday's pullback: Samsung SDI is the leading stock, while LG Energy Solution, POSCO Future M, and L&F are recovering. However, if Samsung SDI reaches the mid-600,000 won area, the rest of the group should become profit-taking territory.
006400.KS LONG
003670.KS LONG
066970.KS LONG
HIGH
03:00
Sep 03
Sep 03
The Korean Stock Market I Don't Want to Buy... When Will Stock Prices Rise Again? | CEO Lee Kwon-hee
Korean semiconductor supply chain
007660.KS
196170.KQ
009150.KS
003160.KS
▾
HIGH
Korean semiconductor component demand remains strong.
Korea's semiconductor-related names including substrates, MLCC, equipment and solder-ball suppliers are running hot because of AI-driven demand and shortages, but share prices are not reflecting this; he argues this is an earnings-driven setup that should eventually matter.
Korean semiconductor supply chain LONG
Watch Isu Petasys retake 120,000 won.
Isu Petasys is the stock to watch after Broadcom's solid report because it normally reacts to Broadcom; it held a positive candle even in the prior plunge, and is now testing whether it can retake the 120,000-won area, though fast profit-taking is a risk.
007660.KS WATCH
Altogen catalysts strong and valuation cheap.
Altogen won a clean dismissal across multiple Halozyme legal cases and then announced a 4.4-trillion-won total package technology export to Novartis, Korea's largest; with total licensing value near 17 trillion won and a PER of 57x versus around 80x for Samsung Biologics at IPO, he views the valuation as cheap despite the weak market reaction.
196170.KQ LONG
Samsung Electro-Mechanics fundamentals strong but valuation constrained.
Samsung Electro-Mechanics is receiving continued analyst upgrades with Q3 operating profit revisions, AI part shortages, better mix and strong FCBGA/MLCC positioning, but the stock is being held back by valuation after years of multiple compression from pulling forward future earnings.
009150.KS WATCH
DI and ISC benefit from Vietnam builds.
Vietnam's large semiconductor fab build-out is drawing in Korean equipment and sockets; DI and ISC, which supply test equipment and related sockets, were the names that rose on that theme.
003160.KS LONG
095340.KQ LONG
Watch BHI nuclear equipment technical bounce.
BHI is one of the nuclear power equipment names the speaker likes; it has been pressed down but is at a technical inflection where it needs to turn higher today or risk breaking the 5-day/20-day moving averages, so it is a watch-and-confirm bounce setup.
083650.KQ WATCH
Watch Doosan Fuel Cell contract rebound.
Doosan Fuel Cell secured a 6.5-trillion-won-plus fuel cell contract, but the stock sold off heavily with volume; he sees fundamental support because data centers must pay for fuel cells despite high cost, and is watching whether it can rebound and retake its important technical level.
336260.KS WATCH
Hyundai Motor has unconfirmed Nvidia JV upside.
Hyundai Motor could rally if unconfirmed market chatter proves true that Nvidia is sending researchers to the Saemangeum area and may form a roughly 30-trillion-won joint venture with Hyundai Motor; he explicitly says this is not confirmed but if it breaks the stock would likely move.
005380.KS WATCH
Secondary batteries buyable after pullback.
Secondary battery stocks have been hit hard and are now in a pullback-and-rise timing zone, so the speaker says they can be bought after being pressed; macro issues such as a new tariff comment or a back-up in rates could shake them again.
Korean secondary battery sector LONG
Korean indices in slow upward correction.
He interprets the current market as a slow upward market within a short-term correction, not the start of a bear phase, and says there is no need to be pessimistic; the KOSPI's low forward valuation implies the market does not believe guidance, which could be the eventual re-rating driver if trust returns.
EWY LONG
KOSDAQ LONG
Hanmi Semiconductor wins TSMC packaging equipment delivery.
Hanmi Semiconductor disclosed that it passed testing and actually delivered 2.5D packaging equipment to TSMC, a meaningful customer validation in advanced packaging.
042700.KS LONG
Duksan Hi-Metal solder ball demand double potential.
Duksan Hi-Metal makes solder balls used in packaging, with demand improving across all products; 2026 revenue is expected to rise 124% and operating margin to 14.6%, customer capacity expansions make the stock too cheap at around 10,000 won versus a 23,000-won target, and monthly export data confirm the trend.
077360.KQ LONG
HPSP high-margin memory/foundry equipment play.
HPSP got a positive call from BNK with a 66,000-won target; it earns over 50% operating margin on 47 billion won revenue, has memory-driven strength this year, and foundry orders are expected to build next year.
403870.KQ LONG
Broadcom earnings confirm AI infrastructure expansion.
Broadcom's latest earnings were better than the prior IR and confirm that AI infrastructure investment is expanding, with severe component shortages, but the stock is still being doubted by the market.
AVGO LONG
HIGH
01:00
Sep 03
Sep 03
JPY 1ST
MU
ORCL
OKTA
CRWD
▾
HIGH
Yen strength is key to cool yields.
Ha sees the Japanese yen as the key macro variable for September: a decisive BOJ rate hike and stronger yen are needed to end yen weakness, and that is the main way to cool the global surge in Treasury yields. He wants to use yen strength and any softening in US Treasury yields as the market barometer, expecting a firmer yen to help stabilize global bond markets.
JPY LONG
AI infrastructure remains leading demand story.
He notes the overnight rebound was led by the classic AI infrastructure complex—AI semiconductors, memory, servers, hardware, and power/nuclear—with money rotating back into Nvidia and Micron. Despite macro fears from oil and yields, the AI infrastructure demand story remains intact and these names are still leading.
MU LONG
NVDA LONG
Oracle struggles more when yields rise.
Oracle is the most rate-sensitive large tech name because it carries large overseas debt and a high CDS premium. When US Treasury yields rise, Oracle reacts more than other tech names and can be hit harder, so he flags it as a rising-rate risk rather than a fresh buying opportunity.
ORCL AVOID
AI software earnings broadening beyond hardware.
Beyond hardware, AI software names are now showing real earnings and guidance improvements—Salesforce, Okta, CrowdStrike, and Snowflake are all improving. This means AI monetization is broadening from semiconductor hardware into software and security, supporting the whole AI software complex.
OKTA LONG
CRWD LONG
SNOW LONG
CRM LONG
SK Hynix Japan investment supports suppliers.
If SK Hynix seriously invests in a new memory fab in Japan and expands elsewhere, the first expected beneficiaries are Korean semiconductor equipment and materials makers, construction firms, and power-transmission names tied to fab infrastructure. She frames this as a theme to monitor rather than a confirmed near-term order.
Korean semiconductor equipment and materials LONG
Korean construction LONG
Korean power transmission LONG
Cheap Korean semiconductor equipment names attractive.
Many Korean semiconductor equipment and materials names are cheap despite explosive earnings growth. He singles out DI, Hanam Micron, Wonik Q&C, and Wonik Materials as names where valuation still looks attractive relative to operating profit growth, making them candidates for selective longer-term buying.
D.I. Corporation LONG
Wonik Q&C LONG
Wonik Materials LONG
067310.KQ LONG
Solder-ball maker too cheap for growth.
Duksan Hi-Metal makes solder balls used in semiconductor packaging, and every product line is trending upward. He cites 2026 revenue growth of 124% year over year, operating margin around 14.6%, and a target price of 23,000 won versus roughly 9,950 won, arguing the stock is too cheap despite strong front-end demand.
Duksan Hi-Metal LONG
Secondary batteries trade after sharp pullback.
Secondary battery stocks have fallen hard and are pressing against heavy supply zones. He says they are okay to buy from a trading perspective after being pushed down and starting to bounce, though not an unconditional strong buy because macro issues can shake them again.
Korean secondary battery sector LONG
Samsung Electronics level-based setup.
Samsung Electronics is the market's key barometer: he wants to see it hold 250,000 won and then break 255,000 won. If it holds that support, he sees upside open to 270,000 won, but at the current ambiguous mid-box he would not chase and prefers waiting for the level to confirm.
005930.KS WATCH
SK Hynix watch 1.65m break.
SK Hynix needs to break 1,650,000 won to open upside toward 1,800,000 won. Support remains 1,615,000 won, and as long as that holds he sees a possible technical rebound, but a loss of support would reduce conviction.
000660.KS WATCH
Buy test socket names on custom AI.
Broadcom and Marvell earnings confirm non-Nvidia custom AI demand is growing, which raises demand for semiconductor test sockets. Among the three socket names, TSE is strongest with DDR5/HBM socket expansion, while ISC has SK Hynix concentration and a lower price area; he prefers ISC and TSE depending on risk appetite, while Leeno is held back by labor issues.
ISC LONG
TSE LONG
TFE LONG
Samsung Electro-Mechanics break triggers substrate rally.
Samsung Electro-Mechanics is seeing foreign and institutional buying. He says it must hold 1,300,000 won, and if it breaks 1,450,000 won, that would likely trigger strong follow-through in the four major Korean substrate makers, but he still sees the current entry as ambiguous.
009150.KS WATCH
Korean substrate four majors WATCH
Taekwang preferred LNG data-center fitting play.
LNG remains the near-term usable power source for data centers, and Korean pipe fitting names are leveraged to US LNG terminals. Among Taekwang and Sungkwang Bend, Sungkwang Bend is more pure-play US LNG terminal/piping, while Taekwang has more diversified revenue and stronger cash/assets, so he prefers Taekwang for future growth exposure.
Taekwang Industrial LONG
108860 LONG
Secondary batteries rally if SDI breaks 550,000.
He sets conditional levels for a secondary battery rally: KOSDAQ above 820 points and especially Samsung SDI reclaiming 550,000 won would open strength in names like EcoPro BM, EcoPro, and Daejoo Electronic Materials. Until those levels break, it is not yet an aggressive buying window.
006400.KS WATCH
247540.KQ WATCH
086520.KQ WATCH
078600.KQ WATCH
Isu Petasys key Broadcom-related Korean play.
Isu Petasys is the Korean name that tends to react to Broadcom, and it held a green candle during the prior day's crash on Broadcom expectations. He says it may challenge the 120,000-won area again, but because these setups often get sold when charts become too pretty, he prefers buying weakness rather than chasing strength.
007660.KS LONG
Broadcom's AI growth remains strong.
Broadcom delivered a strong earnings beat with AI semiconductor revenue up about 221% year over year and next-quarter AI guidance accelerating, while also raising long-term AI revenue targets. The after-hours dip was only because the overall revenue guide was slightly below consensus, but the core AI acceleration makes the report positive.
AVGO LONG
Power equipment and cable names bullish.
Power equipment and cable names are breaking out on government infrastructure spending around the Honam semiconductor cluster and structural grid demand. He highlights the major power equipment trio—Hyosung Heavy Industries, LS Electric, and HD Hyundai Electric—and adds that Sanil Electric offers a lighter, more elastic swing trade after holding its 20-day line.
298040.KS LONG
010120.KS LONG
267260.KS LONG
000500.KQ LONG
Buy undervalued cosmetics on market weakness.
Cosmetics is one of only two sectors making new highs alongside banks, and recent pullbacks have not produced heavy selling volume. He says Korea Kolmar is still undervalued and suggests using September weakness to buy attractive cosmetics names on dips for portfolio balance and defensive new-high momentum.
KORU LONG
161890.KS LONG
Hanmi Semiconductor wins TSMC packaging equipment.
Hanmi Semiconductor has now passed TSMC testing and actually supplied TSMC with its 2.5D packaging equipment. This confirms its position in advanced-package and high-bandwidth memory equipment and supports the long-term equipment story.
042700.KS LONG
High-margin HPSP positive on memory/foundry.
HPSP is a high-margin semiconductor process equipment name: third-quarter revenue around 47 billion won with operating profit near 24.8 billion won, and BNK Securities is positive with a target of 66,000 won. Memory drives this year and foundry orders may drive next year.
403870.KQ LONG
Alteogen major legal and export catalysts.
Alteogen has a double catalyst: a legal victory because Halozyme lost all cases, and a 4.4 trillion-won technology export deal with Novartis—the largest in Korea—yet the stock only closed flat due the weak market. He sees the news as genuinely positive and the valuation as reasonable at PER 57 versus Samsung Biologics' 80+ at listing.
196170.KQ LONG
Doosan Enerbility nuclear band attractive.
Doosan Enerbility is attractive in the 70,000–80,000 won range because nuclear power buildout is still expanding and skilled nuclear workers are becoming scarce, supporting pricing and project growth. He likes its band and views nuclear as a policy-supported energy source.
034020.KS LONG
HIGH
11:00
Sep 02
Sep 02
EWY
KOSDAQ FLIP
000660.KS
KORU
KBE
▾
HIGH
Declining stock loan balance signals upward inflection.
The Korean market has entered a short-term consolidation and adjustment phase in early September. There is no clear buying base: excluding buybacks, individuals, institutions and foreigners can all be sellers, while foreign hedge-fund program selling is dominating. With KOSPI pressing into a narrow converging range, chasing short-term bounces has become much harder and aggressive 2-3 day trading should be avoided; weak, whipsaw price action is likely until around pre-Chuseok.
EWY LONG
KOSDAQ LONG
Hold Samsung Electronics and SK Hynix.
Samsung Electronics and SK Hynix holders should not liquidate at current levels. The July low is significant support, and although early September may remain painful, mid- to late-September could bring a turn toward foreign net buying in these large-cap semiconductor names. Investors should wait and, if they need to reduce, do so into rebounds rather than selling at the lows.
000660.KS LONG
005930.KS LONG
Cosmetics and consumer discretionary have earnings momentum.
For investors looking for short-term domestic opportunities, Lee Jihwan suggests accumulating nuclear power and secondary-battery/ESS-related names on pullbacks rather than chasing. He sees them as areas where momentum can expand over a one-to-two-week horizon, while very short 2-3 day trades have become less reliable as the market's convergence nears an end.
KORU LONG
Korean secondary battery stocks LONG
Bank stocks benefit from rate-hike expectations.
Korean bank stocks showed relative strength in the morning because they are treated as beneficiaries of potential interest-rate increases. Lee Jihwan identifies rate-hike beneficiaries as one of the few areas attracting short-term buying interest, even though broad program selling dragged them lower by the afternoon.
KBE LONG
Cosmetics and consumer discretionary have earnings momentum.
Cosmetics and some consumer discretionary names have the strongest earnings among cyclical consumer plays and recently showed good share-price momentum. They were positive in the morning before broad program selling hit, and Lee Jihwan continues to flag them as one of the few trend-capable sectors for short-term and domestic investors.
Korean consumer discretionary stocks LONG
Oil stays high, not extreme spike.
Oil has spiked on US-Iran tensions, but Lee Jihwan judges that a full-scale war is unlikely and neither side wants it. Without a ground war or a US strike on Iranian oil facilities, oil is unlikely to go beyond $90-$100; the more probable path is a sustained high-$80s range rather than an extreme spike.
WTI LONG
HIGH
10:00
Sep 02
Sep 02
SPY
AI hardware value chain
SMH 1ST
005930.KS
000660.KS
▾
HIGH
Jobs report matters more than Broadcom.
Near-term US equity sentiment is constrained and the jobs report now matters more than Broadcom. The market appears positioned for a weak payrolls number, so wage growth and leisure/hospitality employment after the World Cup are key inputs for gauging US domestic demand and near-term index direction.
SPY WATCH
Big Tech cannot cut AI capex.
Big Tech and hyperscalers are trapped in an AI capex arms race. If management cuts or minimizes investment, the market interprets it as surrender in the technology competition and punishes the stock. AI-related capex is therefore effectively forced to continue even though it pressures balance sheets, supporting continued AI hardware demand.
AI hardware value chain LONG
AI penetration low; bubble collapse unlikely.
AI is not a repeat of the dot-com bubble because AI is already delivering visible productivity gains and value creation while US penetration is only around 10% and global penetration is still low. Valuation concerns will persist, but a valuation-triggered bubble collapse is a lower-probability scenario, which supports continued AI-driven semiconductor demand.
SMH LONG
Korean memory discounted but momentum stalled.
Samsung Electronics and SK hynix have strong earnings power but trade at a valuation discount to US memory/storage peers such as Micron and SanDisk. The discount can narrow if earnings grow, but because forward operating profit estimate momentum has flattened since mid-June, near-term stock momentum is difficult. The setup is to watch for earnings estimate re-acceleration.
005930.KS WATCH
000660.KS WATCH
Only AI-partnered software stocks rally.
Software is not enjoying a broad sector rotation in this AI cycle. The software names that have risen recently are those that combined cheap valuations with AI adoption and hyperscaler/AI value-chain partnerships showing real competitiveness. Without that proof of relevance, software stocks do not respond.
AI software WATCH
AI value chain rises after macro clears.
If the macro and geopolitical overhangs that have constrained AI hardware sentiment since mid-July clear, the AI value chain is likely to rise broadly. Within that move, investors should favor companies with less capex burden and additional earnings momentum rather than mechanically following the memory-to-components-to-software rotation formula.
AI value chain WATCH
Watch Nvidia revenue beat power fade.
The halted Nvidia-linked chip collateral financing is not a fundamental negative for Nvidia or Broadcom. It is better read as a window into how financial capital flows through the AI value chain. If AI remains a non-bubble, manufacturing/IT innovation plus bank and SPC financing can keep expansion smooth, but if underwriting missteps reveal AI bubble pockets, financing will become more conservative and raise AI commercialization costs.
NVDA WATCH
AVGO WATCH
HIGH
08:00
Sep 02
Sep 02
EWY
KOSDAQ FLIP
TLT 1ST
KOSPI 200 futures
005930.KS
▾
HIGH
Stay invested through volatility
After the July correction and rebound, Korean equities are being hit again by U.S. rate-hike odds and macro noise. Kang argues valuations are in a bottom zone, bad news is already substantially reflected, and selling now would be too costly; he advises staying invested, paying the 'volatility admission fee,' and making mechanical periodic purchases using spare funds. September FOMC resolution and U.S. midterm election patterns may support a recovery.
EWY LONG
KOSDAQ LONG
Treasury buyback should stabilize long yields
The U.S. Treasury starts buybacks on September 9, which should at least temporarily stabilize or pull down surging long-end Treasury yields. Kang sees this as a near-term catalyst and suspects foreign investors are positioning for it; lower yields would ease discount-rate pressure on equities.
TLT LONG
Watch foreign KOSPI futures positioning
Even while foreign investors sold Korean cash equities heavily, they built roughly 4 trillion won in net long KOSPI futures, indicating positioning for upside. With foreigners controlling 60-65% of futures trading, Kang says investors should closely watch futures as a leading signal for the Korean market.
KOSPI 200 futures WATCH
Hold Samsung and SK Hynix
Kang thinks it is too late to dump Samsung Electronics and SK Hynix at current levels. He sees memory makers entering a supercycle as NVIDIA's solid earnings, capex, and AI server price hikes flow through. He expects 2027 operating profit for both to grow around 40%, and with 50% of surplus cash returned to shareholders, current prices imply 8-10% shareholder return yield. He says to view them as a mix of growth and shareholder-return stocks rather than just growth stocks.
005930.KS LONG
000660.KS LONG
Avoid single-stock leveraged ETFs
Kang says the Samsung Electronics and SK Hynix single-stock leveraged ETFs were never investment products but speculative products. Even after margin rules cut trading volume, volatility decay and compounding continue; when the underlying fell 14%, the leveraged product lost over 40%, and a 19% Hynix decline produced over 50% losses. He warns against holding these structures.
Samsung Electronics single-stock leveraged ETF AVOID
SK Hynix single-stock leveraged ETF AVOID
Watch oil as volatility driver
Kang identifies oil as one of the two key indicators to watch in September. Recent volatility often spikes on U.S.-Iran and Middle East developments; with U.S. gasoline above $4, high oil prices keep inflation pressure on the Fed and create political risk for Trump ahead of the midterms. He advises monitoring U.S.-Iran negotiation direction and oil-driven volatility when managing risk.
WTI WATCH
HIGH
07:00
Sep 02
Sep 02
000660.KS
US AI data center infrastructure (power, cooling, construction, network, security)
005930.KS
Korean semiconductor equipment
KOSDAQ Index
▾
HIGH
Samsung governance binds; Hynix continuity re-rates
Samsung Electronics' July shareholder return helped mark a price bottom because the dividend yield hit about 5% with a 40% drawdown, but its inability to combine buybacks with cancellations, due to governance structure, re-exposed Korea's corporate governance discount. SK Hynix does buyback-and-cancel, so its re-rating depends on showing continuity, while Samsung's re-rating requires resolving governance constraints.
000660.KS WATCH
005930.KS WATCH
AI cash rotating beyond memory to infrastructure
Big Tech cash that previously went to memory is now rotating into the AI data center's physical and security infrastructure, including power, cooling, construction, networking, and security, and into mid/small-cap names. This broadening is the next leg of AI ecosystem expansion.
US AI data center infrastructure (power, cooling, construction, network, security) LONG
Korean semiconductor materials beat equipment now
In Korea's semiconductor supply chain, equipment names have already re-rated on capex expectations, but utilization rates need to rise first. Therefore the better positioning is semiconductor materials plus Samsung Electronics rather than equipment.
Korean semiconductor equipment AVOID
SMH LONG
KOSDAQ empty-house trade continues into November
The overlooked small/mid-cap 'empty house' trade can continue from September through November because Korean small/mid caps are depressed and cheap, the economy is slowing but not crashing, and cash is rotating away from memory into neglected cash-generating, low-valuation names.
KOSDAQ Index LONG
Korean software cheap AI cost play
Korean software is an overlooked, cheap sector that continues to earn. US software is becoming a platform for AI-driven cost reduction, and Korean software should benefit similarly.
Korean software sector LONG
Prefer Korean insurance over banks now
Within financials, prefer insurance over banks because insurers are very cheap, loss ratios are falling, and high interest rates reduce debt burdens. Small/mid-cap insurance names look especially good in September.
KBE AVOID
Korean Insurance Sector LONG
Watch Korean energy infrastructure and traditional energy
With cash leaving memory and the US showing energy infrastructure strength, Korea's energy-related names including nuclear and traditional/chemical energy are cheap and worth monitoring as part of the rotation into infrastructure beneficiaries.
Korean energy infrastructure and traditional energy WATCH
Large-cap Korean construction enters re-rating
Korean construction is entering a re-rating window. The sector has already worked through past PF/domestic pain, reduced domestic exposure, and now has added momentum from data center and energy infrastructure construction, with lead times aligning, so large-cap construction is more attractive than small/mid construction.
Korean large-cap construction LONG
Focus Korean transmission and distribution power
Power stocks are temporarily choppy because of pre-midterm election AI regulation headlines, but after this political period passes, transmission and distribution equipment should be the focus because it requires more replacement/rotation and AI data center power demand remains.
Korean power transmission/distribution LONG
Index S&P 500; alpha Korean stocks
For the remainder of H2, the index itself may be difficult, but individual stocks can still work. For index exposure the S&P 500 is preferable, while for stock-picking Korean names are better because fast rotational buying can move individual stocks, requiring patience until one's stock moves.
EWY LONG
SPY LONG
HIGH
05:30
Sep 02
Sep 02
EWY
DI 1ST
ISC 1ST
232140.KQ 1ST
SHV 1ST
▾
HIGH
Don't exit KOSPI; trade dips short-term.
The Korean market is not at a point where investors should leave. With investor deposits near 100 trillion won and no steady uptrend, he sees a rangebound September and advises using cash for short-term trading on dips rather than lump-sum bottom-fishing; he adds that buying in small steps on weakness is realistic for long-term accumulation in favored semiconductor materials/equipment names.
EWY WATCH
Test/back-end semiconductor equipment demand rising.
Semiconductor test and back-end equipment stocks are showing relative strength in a weak tape. He sees a structural rise in test difficulty and value as semiconductor demand grows and chips become more complex; in the second-half fab expansion cycle, clean rooms come first and then equipment orders, with test/back-end equipment likely to receive early orders. He suggests short-term trading on these signals and watching dips rather than chasing.
DI LONG
ISC LONG
232140.KQ LONG
030200.KQ LONG
US Treasury yields rising; bond selloff likely.
He expects continued upward pressure on US Treasury yields and likely Treasury bond selling because record corporate bond issuance from Amazon, Nvidia, Google and others is reducing investor appetite for government bonds; the short end is already near 4.8-5%, and the crowding-out effect keeps Treasury funding under pressure until new demand, such as stablecoin-related buying, appears.
SHV SHORT
Buy Korean semiconductor equipment/materials on dips.
In the KOSDAQ semiconductor equipment/materials complex, he sees rotation rather than one-way moves: biotech leaders have been pushed out of the top 10 and semiconductor names are steadily rising. He advises not chasing explosive movers but buying high-quality semiconductor materials/components/equipment names that hold firm in down markets on pullbacks; many have Q4 earnings momentum and are cheap relative to market cap, and he expects the rotation to reach front-end and substrate names after the back-end move.
Korean semiconductor materials/components/equipment LONG
Stablecoin theme has multi-year growth.
Stablecoins are a next multi-year growth theme. The US is pushing dollar stablecoins seriously: a 21-bank global consortium including Goldman Sachs, Bank of America and Citi is preparing to issue dollar-backed stablecoins next year for cross-border and digital-asset settlement; the key is defending the dollar, and stablecoin issuers are expected to buy large amounts of US short-term Treasuries, easing US fiscal pressure. He recommends watching stablecoin-related stocks with a long-term view rather than only reacting to current rate stress.
Stablecoin-related Korean stocks LONG
Hold Samsung/SK Hynix for next-year earnings.
Investors who bought Samsung Electronics or SK Hynix near highs should not panic-sell. This year's upside is limited because the stocks are consolidating after a steep run and Samsung/SK are still working through labor and profit-distribution trial-and-error, but earnings are rising; memory prices are increasing, big tech is still spending on non-Nvidia AI, and TSMC capacity is constrained, so Samsung's foundry can capture overflow and drive earnings higher from next year, supporting the shares long-term.
005930.KS LONG
000660.KS LONG
HIGH
03:00
Sep 02
Sep 02
096770.KS
Korean refining stocks
DELL
ITA
005930.KS
▾
HIGH
SK Innovation leads refining stocks on oil/rates.
The overlap of falling rate expectations and rising oil prices is creating a new alternative in Korean refiners. Lee highlights SK Innovation as the best-performing stock lately, with both sides buying and refining/energy stocks moving again.
096770.KS LONG
Korean refining stocks LONG
Dell's record results confirm AI infrastructure demand.
Dell Technologies reported record earnings and jumped after hours because it is now making money from AI server rack assembly, not just PCs; the record result shows AI server rack demand and infrastructure investment are expanding even while macro fears pressure semiconductor shares.
DELL LONG
European defense stocks lead on war demand.
War creates new demand rather than only destroying economies; Europe's economy improved during the Russia-Ukraine war because the defense/military industry boomed, and European defense companies are now leading stock prices.
ITA LONG
Korean semis need Q3 earnings catalyst.
Samsung Electronics and SK Hynix have strong earnings and record semiconductor exports, but their stocks cannot rise because macro risks and supply/demand flows dominate. With noise heavy, nobody wants to buy despite cheap valuations, leaving mostly buybacks and program trading. The most realistic catalyst is third-quarter earnings, with Samsung preliminary results due in early October, so the stocks are likely rangebound until then.
005930.KS WATCH
000660.KS WATCH
US semis face overhead supply, need time.
US semiconductor shares are also stuck in a box because the Philadelphia Semiconductor Index sits below heavy overhead resistance and the chart shows supply rather than buying appetite. Micron remains trapped in its cloud band, and while bulls see consolidation before a breakout, bears see downside risk. The index needs time and the third-quarter earnings catalyst to resolve the range.
SOXX WATCH
MU WATCH
Global bond yields rising on debt, investment.
Rising yields are not a US-only problem: global government bond yields have climbed back to 2023 levels because governments issued large amounts of debt and money's price rose with stronger economies and infrastructure investment in Europe, Korea, Taiwan/Japan and the US, with war adding extra pressure. US 10-year yields near 4.8 are approaching the estimated appropriate level around 5.1, so global sovereign bond prices remain unattractive.
IEF AVOID
Global sovereign bonds AVOID
KOSDAQ is illiquid, directionless after rebound.
Foreign investors have effectively abandoned KOSDAQ; trading is dead, almost no stock saw foreign buying above 100 billion won except Silicon2 and Alteogen, and sell amounts are much larger. After a technical rebound, KOSDAQ has no clear direction.
KRX:KOSDAQ AVOID
HIGH
21:37
Sep 01
Sep 01
WTI 1ST
005930.KS
196170.KQ FLIP
ABL Bio
141080.KQ FLIP
▾
HIGH
Oil breaks $90, upside skewed.
WTI crude broke above $90 after the US struck Iran, and the supply-risk backdrop from Hormuz remains unresolved. The chart is showing a pattern that can test prior highs, and the US having secured Venezuelan oil development rights may reduce its urgency to de-escalate, leaving oil prices skewed upward near term.
WTI LONG
Korean memory exports confirm not peak.
August exports hit a record high and semiconductor exports again reached an all-time high, confirming the semiconductor earnings cycle is not peaking. This supports Samsung Electronics and SK Hynix, with SK Hynix's 1,600,000 won area and Samsung Electronics' 250,000 won area as key downside references.
005930.KS LONG
000660.KS LONG
Biotech vulnerable to rising yields.
Biotech has been the weakest area over the past three trading days as yields and oil rise. Alteogen is slipping, ABL Bio is near lows, and LigaChem has given back its August bounce. If these names fall more than the market today, risk management is needed.
196170.KQ AVOID
ABL Bio AVOID
141080.KQ AVOID
Apple foldable suppliers get next catalyst.
Apple is rising into its foldable phone launch, and related Korean suppliers are moving. BH is the preferred name among foldable suppliers, while LG Innotek is not yet showing the same strength. Apple's defensive AI-light positioning adds support.
AAPL LONG
090460.KS LONG
Buy Korean dips on volatility spike.
The US administration still has policy cards, including Treasury buyback specifics after September 9 and the stablecoin bill vote around September 15. The market is not collapsing, so investors should build positions and endure September volatility rather than exit.
KOSPI 200 Index LONG
Buy energy, shipping, food defensives.
With the US-Iran conflict continuing to pressure markets, defensive and war-related sectors such as energy, shipping, food, and domestic consumer names are the relatively strong alternatives. Energy and commodity-linked sectors are getting a bid from the current macro and US policy setup.
SEA LONG
Food & Agriculture Sector LONG
XLE LONG
Micron strike tightens memory supply.
Micron's Taiwan union has begun a strike preliminary vote and could disrupt global memory supply if a strike proceeds. That would tighten memory supply and support higher memory prices, benefiting Samsung Electronics, SK Hynix, and Micron itself.
MU LONG
Dell server backlog confirms AI demand.
Dell reported very strong earnings, with AI server revenue especially strong, server orders at a record $61 billion, and backlog at $95 billion with an expanding pipeline. This confirms AI demand remains very strong and fundamentals are not deteriorating.
DELL LONG
US earnings support further upside.
US indices are still within box ranges and their trends have not broken. S&P 500 earnings are broadly strong, with a large share of companies growing revenue and operating profit and many surprising to the upside, so it is not time to abandon US large-cap tech and chip exposure.
NDX LONG
SPY LONG
Use defense stocks as hedge.
For investors needing portfolio balance against tech-heavy holdings amid geopolitical risk, defense stocks such as Korea Aerospace Industries, LIG Nex1, and Hanwha Aerospace are preferred over bank and securities names.
047810.KS LONG
064350.KQ LONG
012450.KS LONG
Insurance stocks best rate beneficiary.
Among rate-hike beneficiaries, insurance stocks have less valuation burden and stronger upside elasticity than banks or securities. Hyundai Marine & Fire Insurance and DB Insurance are representative names.
001450.KS LONG
005830.KS LONG
Prefer battery cell makers over materials.
Data center growth and the US energy-related emergency stance are increasing demand for large energy storage, UPS, and BBU batteries. Samsung SDI and LG Energy Solution order wins confirm this, and related battery component and materials names are also seeing volume-supported strength.
006400.KS LONG
Avoid chasing extended consumer/hot stocks.
In a rangebound market, chasing stocks that have already doubled or hit new highs is dangerous because profit-taking is likely. Korea Kolmar has already moved massively and APR is showing immediate supply after new highs, so avoid chasing these extended names.
APR AVOID
161890.KS AVOID
ESS battery demand from data centers.
Data center growth and the US energy-related emergency stance are increasing demand for large energy storage, UPS, and BBU batteries. Samsung SDI and LG Energy Solution order wins confirm this, and related battery component and materials names are also seeing volume-supported strength.
004490.KS LONG
RFHIC leveraged to AI/5G.
RFHIC is positioned for 5G infrastructure expansion tied to physical AI. The stock currently trades around 45,000 won but a new analyst target of 150,000 won has been issued, implying significant upside if 5G deployment accelerates in the US.
RFHIC LONG
Tourism recovery lifts Lotte Tourism.
Lotte Tourism Development is seeing Chinese and other foreign tourist bookings arrive, with drop and visitor numbers improving. Although the target price was lowered, tourism demand supports a recovery view.
032350.KS LONG
Broadcom earnings can spark rebound.
Broadcom earnings are the next major catalyst for semiconductors. If Broadcom's conservative CEO presents an even stronger picture than expected, it can support a rebound in AI-related semiconductor names.
AVGO WATCH
Hotel Shilla bottom turnaround candidate.
Rather than chasing high-flying stocks, investors should look for bottom turnarounds. Hotel Shilla is a candidate that could pop at least once on travel and retail recovery.
HOTL.SN LONG
AI marriage with biotech accelerates drugs.
AI is enabling personalized drug development by analyzing genetic data and shortening candidate discovery timelines. This accelerates the AI-biotech convergence and supports pharma and biotech names tied to AI drug discovery, with Moderna among visible examples.
MRNA LONG
Maska project catalyst for shipbuilders.
The US Navy's inspection of domestic Korean shipbuilders suggests the Maska project is becoming more real. Korean shipbuilders are lagging now, but the possibility of concrete Maska-related news is increasing and should be monitored.
Korean shipbuilding sector WATCH
SK Telecom/Naver sovereign AI bets.
SK Telecom is the most active Korean large-cap on AI alliances with OpenAI and Anthropic, making it a proxy for Anthropic value. Naver's sovereign AI project with Mistral, called Soin AI, is a long-term domestic AI infrastructure story.
035420.KS LONG
SK Telecom LONG
Conference catalysts for Korean pharma.
Upcoming medical conferences can provide event-driven catalysts for Korean pharma and biotech names. The World Lung Cancer Conference, EASD, and especially ESMO in October may draw attention to Yuhan, Hanmi Pharm, LigaChem, and ABL Bio.
000100.KS WATCH
128940.KQ WATCH
Korean semi equipment resilient long.
Korean semiconductor equipment and materials names are gaining momentum even in a weak market because AI demand is intact. MLCC, substrates, sockets, B2B, test parts, and annealing equipment names such as Daedeok Electronics, Simmtech, Samsung Electro-Mechanics, HPSP, EO Technics, and ISC are showing relative strength.
222800.KQ LONG
403870.KQ LONG
ISC LONG
030200.KQ LONG
009150.KS LONG
353200.KS LONG
Refining stocks leveraged to oil strength.
Rising oil prices are supporting refining names. S-Oil is near a key 160,000 won breakout level that would open further upside, and GS can also see additional strength if oil remains firm. Chemical stocks are still not preferred.
078930.KS LONG
Own US domestic production infrastructure.
Trump may use infrastructure stimulus as a powerful market-friendly card before the midterms. If so, companies with US domestic production capacity in power equipment, wires, semiconductors, or medical sectors should be structurally advantaged versus importers.
PAVE LONG
Refining stocks leveraged to oil strength.
Most early gainers are oil-linked sectors such as LPG, shipping, and lubricants. Hormuz tension increases shipping rate expectations and energy-related names are getting a bid in a risk-off tape, though full-scale war would disrupt shipping itself.
010950.KS LONG
Prefer battery cell makers over materials.
Secondary battery mood is turning, but the preferred exposure is cell makers over materials. Samsung SDI is holding relatively well, SK Innovation is recovering on ESS orders, and cell companies should get more attention as physical AI and humanoid robots develop.
096770.KS LONG
Kukdo Chemical re-rating on specialty epoxy.
Kukdo Chemical is the world's number one epoxy company, and its Indian subsidiary has entered a profit-harvesting phase after heavy investment. Special epoxy for electronics, semiconductor materials, and CCL could drive a re-rating, with PBR near 0.4 and earnings doubling.
007690.KS LONG
Ottogi won-strength food play.
Food and beverage stocks are defensive in a weak tape. Ottogi has the cleanest won-strength benefit because its export share is still relatively low compared with Samyang Foods and Nongshim, and its technical setup is less extended.
007310.KS LONG
HIGH
11:00
Sep 01
Sep 01
278470.KS FLIP
214450.KQ 1ST
066970.KS 1ST
MU
Laggard Thematic Stocks
▾
HIGH
Do not chase momentum stocks now.
In the current market environment, it is extremely dangerous to chase stocks that have already risen significantly and appear to be breaking out. Institutional investors are very quick to take profits, leading to sharp, sudden reversals. Chasing these momentum stocks, such as in the cosmetics or secondary battery sectors recently, often results in immediate losses of 5-10%. The strategy of buying high in the hope of selling higher is not working right now.
278470.KS AVOID
214450.KQ AVOID
066970.KS AVOID
Micron's stock is a key indicator.
The stock price of Micron Technology (MU) is a crucial indicator for the near-term direction of the Korean semiconductor sector and the broader KOSPI. Its chart is currently well-positioned for a potential upward move. A rally in Micron would provide a much-needed positive impulse for Samsung Electronics and SK hynix. Conversely, if Micron fails to advance, the Korean market will likely remain stuck in its current lackluster, range-bound state.
MU WATCH
Buy quality stocks during their consolidation.
The most effective strategy in this market is to identify and invest in stocks that are currently consolidating or 'resting' after a period of underperformance, rather than chasing market leaders. These stocks, often within strong long-term themes like AI, offer a better risk-reward. By buying them cheaply during their consolidation phase, investors can position themselves for the next rotation and have the ability to exit with a small loss if the thesis is wrong, which is not possible when buying at the top.
Laggard Thematic Stocks LONG
Watch Doosan Enerbility for consolidation breakout.
Doosan Enerbility is currently facing significant technical resistance and is unlikely to break through in one attempt after the recent market downturn. The stock needs a period of consolidation, likely for another one and a half to two months, to absorb overhead supply. A true, sustainable breakout will likely require a fundamental catalyst, such as a new order from the US or progress with its Westinghouse partnership. Investors should watch for this consolidation pattern to complete before expecting the next major move.
034020.KS WATCH
Semiconductors are cheap with shareholder returns.
Despite the current boring, range-bound price action, investors should not leave the market, particularly Samsung Electronics and SK hynix. These companies are fundamentally undervalued, have strong earnings, and have initiated shareholder return policies (buybacks), which provide a floor for their stock prices. This period of consolidation is necessary, similar to how Apple consolidated for 9 months before its next major rally driven by shareholder returns. The stocks are repeatedly testing key resistance levels, and after three or four attempts, they are likely to break through. Patience is required through this frustrating period.
000660.KS LONG
005930.KS LONG
HIGH
10:00
Sep 01
Sep 01
US big tech stocks
TLT 1ST
SPY FLIP
KWEB 1ST
IEF 1ST
▾
HIGH
Big tech is in AI verification range.
Big tech earnings are strong and AI productivity expectations remain intact, but stocks are rangebound because investor expectations have risen, investors now demand stricter validation of capex monetization, cash flow, debt and financial tables, and macro/geopolitical risks have raised sensitivity; until the verification process passes, the AI narrative alone is not enough to drive prices sharply higher.
US big tech stocks WATCH
Long-end Treasuries face supply-driven upward yields.
After Jackson Hole the market prices roughly 60% odds of a September Fed rate hike and at least one hike within the year; 10-year and 30-year Treasury yields have already moved up and remain elevated. Fiscal deficits are making Treasury supply larger while big tech capex is creating heavy corporate bond supply, so investors demand higher term premium on long-dated Treasuries. Treasury buybacks merely roll debt rather than fix fundamentals, and the Fed retains QT optionality, so long-end rates are likely to stay elevated or biased upward.
TLT SHORT
IEF SHORT
Stay defensive in September equity markets.
September is historically prone to volatility and weak/rangebound equity performance because of portfolio rebalancing after summer, an earnings season lull, and a history of Fed taper/rate decisions around September. With midterm elections still two months away, investors should stay conservative in September by securing liquidity and favoring dollar assets and short-term Treasuries over aggressive equity exposure.
SPY AVOID
SHV LONG
Korean memory semis ride US AI capex.
Korea is part of the US-led semiconductor belt, and memory semiconductor companies are demonstrating massive profit creation and income transfer from AI investment. If growth remains faster than financing costs and the US AI value chain is validated, the positive view on Korean memory semiconductors can be maintained.
KWEB LONG
HIGH
09:00
Sep 01
Sep 01
US10Y 1ST
EWY
005930.KS
000660.KS
▾
HIGH
US 10Y yields likely stabilize, move lower
Shin argues the market's rate-driven volatility is really about doubts over hyperscaler funding after their Q2 results. He expects US 10-year Treasury yields to stabilize and move down from above 4.7-4.8% toward below 4.5% because high market rates are already tightening financial conditions, and upcoming employment and inflation data are likely to soften. Around mid-September, FOMC-related scenarios should all help bond yields stabilize.
US10Y SHORT
KOSPI box range 6,000-7,400, no V-rebound
Shin does not expect a V-shaped recovery for KOSPI. The rebound has been weak, economic leading indicators and export growth are rolling over after peaking, and liquidity is shrinking. He expects KOSPI to stay in a box roughly between the low 6,000s and the low-to-mid 7,000s through year-end, with a possible retest of the low 6,000s. September is likely to be especially difficult because events such as FOMC, G20, and Japan's tightening are likely to be uncomfortable rather than positive catalysts.
EWY WATCH
Samsung, SK Hynix re-rate on shareholder returns
Shin says next year's earnings growth rate for Samsung Electronics and SK Hynix will decelerate sharply from this year's extraordinary surge, so earnings momentum alone will not lift the stocks. The new game is whether these companies use strong free cash flow for efficient capex and shareholder returns, raising ROE and EPS. For Samsung, he notes the market is only paying about 5x PER; if the company proves this sustainability, even a move to 7-8x PER could imply roughly 100% upside and could bring foreign investors back. He expects Samsung and SK Hynix could be very strong in mid-to-late next year if that proof is delivered.
005930.KS WATCH
000660.KS WATCH
HIGH
07:00
Sep 01
Sep 01
EWY
005930.KS FLIP
000660.KS FLIP
Korean semiconductor equipment/materials
089030.KQ
▾
HIGH
KOSPI remains in non-trend box.
Because Samsung Electronics and SK Hynix are unlikely to lead again, the KOSPI index is stuck in a non-trend box: it will not rise much, but also will not fall sharply, so index-level trading is unattractive.
EWY WATCH
Samsung/SK Hynix unlikely to lead again.
Since 2010, previous market leaders have not become leaders again; Samsung Electronics and SK Hynix may not re-emerge as leaders because current prices already reflect strong earnings, so alpha should be sought in smaller names rather than these large-cap leaders.
005930.KS AVOID
000660.KS AVOID
Semiconductor equipment/materials is alpha play.
As long as big tech AI profits continue and drive capacity expansion, Korean semiconductor equipment/materials names benefit; this is the alpha play versus Samsung Electronics and SK Hynix, but stock selection matters because the group moves selectively, with Techwing holding up and Isu Petasys/substrate names strong while LTC and Wonik IPS lagged.
Korean semiconductor equipment/materials LONG
089030.KQ LONG
007660.KS LONG
Buy Korean cosmetics ODM on pullbacks.
Korean cosmetics ODM makers are a proxy for the unlisted Japanese/global brand Gudai Global; they benefit from strong marketing and overseas demand and led the sector early last week, though after a sharp run they should be bought on pullbacks rather than chased.
161890.KS LONG
241710.KQ LONG
192820.KS LONG
Secondary battery trend real but buy dips.
The secondary-battery surge is a real trend change driven by data center electricity shortages forcing faster renewable and power buildout, but it is crowded and extended; buy pullbacks rather than chase the spike, with LNF leading the move.
Korean secondary battery stocks LONG
066970.KS LONG
Biotech remains question mark now.
Korean biotech/healthcare remains a question mark; it is not time to add because rates are a drag and no big licensing-out catalyst has appeared, while new KOSDAQ select index changes may reduce biotech weight on earnings screens.
Korean biotech/healthcare AVOID
Buy nuclear power equipment on pullbacks.
Power equipment, especially nuclear, is one of the few genuine leading sectors; nuclear pulled back after prior strength and is now favorable to watch or buy within the data-center-driven power buildout theme.
Korean nuclear power/power equipment LONG
Avoid leveraged ETFs in trendless market.
In a trendless market with extreme intraday swings, leveraged ETFs are unattractive to hold because they require constant management and can make no net progress while whipping around; avoid them until a clear trend emerges.
Korean Leveraged ETFs AVOID
New leaders emerge from KOSDAQ mid-caps.
When the market is in a non-trend phase, new leading sectors tend to emerge from KOSDAQ mid-caps rather than KOSPI large caps, because large-cap leadership lacks fresh supply and mid-cap names are easier for large traders to accumulate and trade.
KOSDAQ mid-cap stocks LONG
HIGH
05:30
Sep 01
Sep 01
KS 1ST
Korean secondary batteries
EWY
Korean insurers
Korean chemicals
▾
HIGH
Maintain Korean semiconductor long exposure.
Korea's August exports hit an all-time high, with semiconductor exports up 209% year over year and staying above $40 billion for three consecutive months. Despite weak price action, semiconductors are 75% of KOSPI operating profit and 53% of its market cap, so Park argues investors should maintain semiconductor exposure, especially Samsung Electronics and SK hynix, and watch for Q3 earnings confirmation after buybacks wind down.
KS LONG
Buy recovering Korean battery sector.
Korea's secondary battery sector is overlooked and deeply washed-out but is starting to rebound; the EPS momentum chart shows battery sector earnings momentum turning positive, and Park includes batteries among September sectors to trade. He notes short-term selling after a recent 2-3 day rise but views the sector as part of the non-semiconductor earnings recovery.
Korean secondary batteries LONG
Buy KOSPI into fourth-quarter rally.
September is historically weak for US and Korean markets, especially in even-year and midterm-election periods, so KOSPI may stay soft or rangebound in September. But October through December have strong seasonality with improving monthly returns, so Park advises holding through September and gradually adding exposure into the Q4 seasonal recovery.
EWY LONG
Buy Korean banks and insurers.
Rising US Treasury yields and hawkish Fed talk make financials attractive; Korean banks and insurers are showing clearly rising 12-month forward EPS, and life/non-life insurers are improving. Foreign investors also bought banks and financials in August, so Park says financials deserve allocation weight in a rising-rate environment.
Korean insurers LONG
KBE LONG
Watch rebounding Korean chemical sector.
Korean chemicals are deeply depressed and under-owned, but ISM manufacturing new orders are turning higher and the sector's sales growth and operating profit margin are starting to recover. Park cautiously says the chemical sector deserves near-term attention as a forgotten cyclical rebound.
Korean chemicals WATCH
Trade broadening non-semiconductor EPS sectors.
Non-semiconductor KOSPI 12-month forward operating profit is steadily rising even as semiconductor profit estimates flatten, and the KOSPI 200 equal-weight/cap-weight ratio shows market broadening. Park says to trade sectors showing EPS momentum and foreign inflows such as IT hardware, transport, machinery, home appliances, shipbuilding, cosmetics, electrical equipment, batteries and insurance.
KOSPI non-semiconductor sectors LONG
Buy recovering US software sector.
US software stocks are rallying 20% or more and proving the 'SaaS apocalypse' thesis wrong: AI growth is not killing software, it is reviving interest in the sector. Park highlights a rotation where money is moving from semiconductor hardware into US software.
IGV LONG
HIGH
03:00
Sep 01
Sep 01
U.S. Short-Term Treasury Bills
U.S. AI/Semiconductor Hardware
SNDK
MU
AVGO
▾
HIGH
Clarity Act shifts Treasury issuance short.
The Clarity Act matters because it shifts U.S. Treasury issuance from long-term notes to short-term bills; long-term buyers are scarce, while stablecoin issuers like Circle will absorb short-term paper. Therefore the bill helps short-term Treasury bills, not long-term bonds.
U.S. Short-Term Treasury Bills LONG
AI hardware FCF exceeds software.
Software names fell while hardware names rallied; both have good cash flow, but hardware now has far superior earnings and free cash flow, so even if rates rise, hardware can still clear the hurdle rate. The hardware sector has no fundamental reason to fall.
U.S. AI/Semiconductor Hardware LONG
Enterprise SSD adoption lifts SanDisk.
SanDisk is rising because enterprise SSDs are being adopted in server racks; when server builders reduce HBM specs they must increase ESSD capacity, directly supporting NAND/SSD names like SanDisk. Seagate is mostly a hard-disk proxy and not the core story.
SNDK LONG
Micron nears technical cloud breakout.
Micron has been stuck inside a technical cloud and needed time to resolve; it has now reached the cloud's edge, suggesting a potential breakout attempt after a long consolidation.
MU WATCH
Broadcom custom AI demand stronger than feared.
Broadcom's earnings should be good; valuation is not the main issue. New product news, guidance and customer commentary could come out better than expected. Fears that Google orders shift to Marvell are overblown because Broadcom is core to custom AI silicon, and substrate capacity expansion for both Nvidia and ASIC customers signals stronger custom AI demand.
AVGO LONG
Buy Naver on breakout above 234000.
Naver has repeatedly failed at 234,000 won resistance and is building a base; if it breaks that level it can trend higher and turn resistance into support. Below 210,000 won the chart could fail and fall sharply, so buy on breakout and respect stops. He personally holds.
035420.KS LONG
Exchange into dollars now.
Dollar-won has fallen to a favorable level and U.S. Treasury yields are moving up, so Korean investors planning to buy U.S. stocks or travel should exchange into dollars now before the exchange rate rises again.
USD/KRW LONG
Coinbase is a Clarity Act bet.
The host bought Coinbase two weeks ago as a direct bet on Clarity Act passage. If the bill passes, crypto/stablecoin platforms get regulatory clarity and benefit from the same short-term Treasury collateral shift that stablecoin issuers use.
COIN LONG
SK Telecom data center breakout setup.
SK Telecom is being re-rated as a data center play, not just telecom; an analyst report set a 140,000 won target and expects a high-point breakout attempt. Dividends, 5G, AI results and data center expectations are converging, and if the stock breaks the repeated 104,000 won resistance it can rally strongly.
017670.KS LONG
Cosmo investment benefits Pino precursor.
Pino is a recently listed secondary-battery precursor maker. Cosmo Shinmaterials took a 15 billion won third-party allotment stake, creating a precursor-cathode value chain similar to EcoPro Materials and EcoPro BM; Pino should benefit more because it receives the investment.
033790.KQ LONG
HIGH
00:52
Sep 01
Sep 01
356860.KQ 1ST
033160.KQ 1ST
108490.KQ 1ST
006360.KS
006400.KS
▾
HIGH
Nvidia's new socket adoption drives substrate demand.
The adoption of Nvidia's Vera Rubin Socket 2 will drive changes in substrates, benefiting highly exposed companies like TLB. MK Electron is also technically well-positioned with its wide bonding technology for LPDDR5X stacking.
356860.KQ LONG
033160.KQ LONG
Robotis shows strong cost competitiveness in humanoid robots.
Robotis unveiled the AI Sapiens robot, which can be mass-produced at a low cost of around 10 million KRW due to high localization of parts like actuators. This cost competitiveness allows them to compete effectively with Chinese humanoid robot makers.
108490.KQ LONG
Korea's data center hub potential benefits infrastructure stocks.
Korea has the potential to become an Asian hub for data centers, which will benefit system integration and infrastructure companies like LG CNS, Samsung SDS, NAVER, and GS E&C.
006360.KS LONG
018260.KS LONG
Nvidia's Rubin chips drive demand for BBUs.
The adoption of 800V systems in Nvidia's Rubin chips requires Battery Backup Units (BBU) for stable power supply during peak processing. Samsung SDI has mass production capabilities for this, benefiting its value chain including L&F, POSCO FUTURE M, and Hanjoong NCS.
006400.KS LONG
107640.KQ LONG
066970.KS LONG
003670.KS LONG
Cybercab and Optimus developments drive Tesla's momentum.
Tesla is gaining momentum ahead of its Cybercab robotaxi event and the commencement of Optimus humanoid robot production at its Fremont factory, which will be tested internally before broader deployment.
TSLA LONG
Secondary batteries are the best alternative to semiconductors.
Secondary batteries are emerging as the primary alternative to semiconductors in the market. They satisfy the requirements of large market cap, rapid EPS growth, and a strong narrative driven by the AI power shortage and ESS demand.
Secondary batteries LONG
Negative fundamentals overshadow Hyundai Motor's technical rebound.
Although Hyundai Motor is seeing some foreign buying and forming a technical double bottom, its fundamental outlook is negative due to strong labor unions and intense market share competition from Tesla and BYD in the domestic market.
005380.KS AVOID
Samsung's foundry capabilities provide an edge in HBM4.
For HBM4, the base die requires advanced foundry logic processes (4nm/5nm) rather than standard DRAM processes. SK Hynix lacks a foundry and must rely on TSMC or Intel, while Samsung has its own foundry and is adopting the 1c process early, potentially giving Samsung a slight competitive edge in the HBM4 generation.
000660.KS WATCH
005930.KS WATCH
Korea's data center hub potential benefits infrastructure stocks.
Both SK Telecom and NAVER are benefiting from AI data center expectations. They are currently facing strong technical resistance levels (104,000 KRW for SKT, 234,000 KRW for NAVER), but breaking these levels will turn them into strong support and lead to significant rallies.
035420.KS LONG
Wait for better technical setups in power equipment.
Power equipment stocks like HD Hyundai Electric and Hyosung Heavy Industries are facing twisted supply and demand dynamics due to the US emergency declaration news. Investors should wait for them to break above recent highs or fall to solid support levels before buying.
267260.KS WATCH
298040.KS WATCH
Take profits on cosmetics if APR hits resistance.
If APR hits its historical high resistance, it could trigger profit-taking across mid-to-small cap cosmetic stocks as capital rotates to other sectors. Investors should secure profits on a portion of their cosmetic holdings.
Cosmetics AVOID
278470.KS AVOID
Strong export data justifies a higher valuation for Jeju Semiconductor.
Low-power semiconductors (LPDDR5) are seeing strong demand. Jeju Semiconductor is highly favored in this space and deserves a higher valuation based on its strong export data.
032500.KQ LONG
089030.KQ LONG
Korean solar companies benefit from US power shortages.
Renewable energy stocks like Doosan Enerbility, OCI Holdings, Hanwha Solutions, and SK Eternix will eventually take the market baton after power equipment and secondary batteries. Doosan Enerbility is currently at an attractive entry point.
010060.KS LONG
009830.KS LONG
Renewable energy will be the next market leader.
Renewable energy stocks like Doosan Enerbility, OCI Holdings, Hanwha Solutions, and SK Eternix will eventually take the market baton after power equipment and secondary batteries. Doosan Enerbility is currently at an attractive entry point.
475150.KS LONG
034020.KS LONG
Camera module stocks benefit from multiple upcoming catalysts.
Camera module stocks like MCNEX, Actro, and Furonteer are expected to benefit from multiple catalysts including the release of Samsung's Galaxy S26 FE, expectations for Apple's foldable phone, and the increasing demand for cameras in autonomous vehicles and humanoid robots.
097520.KS LONG
BH benefits from Apple's foldable phone supply chain.
BH, a flexible PCB manufacturer, will benefit from Apple's upcoming foldable phone release, as Samsung Display is actively increasing its foldable OLED production capacity to supply Apple.
090460.KS LONG
Rising MLCC prices will drive valuation re-rating.
Global prices for MLCC and FC-BGA are rising, justifying Samsung Electro-Mechanics' recent price hikes. Its valuation is expected to catch up with global peers like Murata.
009150.KS LONG
Breaking resistance levels will trigger strong upward rallies.
Both SK Telecom and NAVER are benefiting from AI data center expectations. They are currently facing strong technical resistance levels (104,000 KRW for SKT, 234,000 KRW for NAVER), but breaking these levels will turn them into strong support and lead to significant rallies.
017670.KS LONG
Broadcom remains the dominant player in AI ASICs.
Broadcom is expected to post strong earnings. Despite valuation concerns and rumors of losing Google's custom chip business to Marvell, Broadcom remains the core of AI ASIC chips, supported by strong substrate orders from its supply chain.
AVGO LONG
Strong foreign buying supports LG Innotek and Electronics.
LG Innotek and LG Electronics are seeing strong foreign buying and are breaking out of their consolidation phases. They offer good swing trading opportunities on pullbacks to their moving averages.
066570.KS LONG
HIGH
11:00
Aug 31
Aug 31
006400.KS
356860.KQ
222800.KQ FLIP
EWY
034020.KS
▾
HIGH
Secondary battery stocks remain positive.
Secondary battery stocks were the session's strongest group on earnings-improvement expectations; POSCO Future M and L&F led, SK Innovation and Samsung SDI showed strength, and LG Energy Solution is also viewed positively, supporting a continued sector uptrend.
006400.KS LONG
066970.KS LONG
003670.KS LONG
096770.KS LONG
Socket demand lifts substrate/PCB names.
Simmtech and TLB have been strong on recent Mondays as increased socket demand is reflected, and Daeduck Electronics joined the move; semiconductor substrate/PCB names are benefiting from continuing demand.
356860.KQ LONG
222800.KQ LONG
353200.KS LONG
Korean stocks still biased upward.
Foreigners sold spot equities but accumulated about 3.5 trillion won in futures over four days and bought 400 billion won in the closing auction; to make real profits on those futures they need to lift the market, and Lee expects KOSPI to be pushed toward 2,750 this week.
EWY LONG
KOSPI 200 futures LONG
Doosan Enerbility still looks good.
Doosan Enerbility recently rebounded and, despite a small decline today, still looks good to Lee as a positive watch/hold candidate.
034020.KS LONG
SSD demand benefits Fadu.
Nvidia's Rubin Ultra may reduce HBM capacity, leading to more lower-spec HBM and larger racks; lower memory capacity could then shift demand toward SSD cache, and Fadu, as an SK-affiliated company, may be best positioned to benefit within SSD-related names.
440110.KQ LONG
Watch Samsung/SK hynix rebound persistence.
Samsung Electronics and SK hynix rebounded today; Lee says it is important to monitor whether that rebound continues, because their persistence would support the broader market.
000660.KS WATCH
005930.KS WATCH
Watch Chinese tourism/Chuseok beneficiaries.
Chuseok and China's Mid-Autumn Festival are approaching and Chinese tourist inflows are visible; Hotel Shilla, Seobu T&D, and Lotte Tourism Development are trying to turn up and are worth putting on a watchlist for event-driven trades, though they are not clearly attractive yet.
004540.KS WATCH
008770.KS WATCH
032350.KS WATCH
Buy Alteogen below 300,000 won.
After its bonus issue, Alteogen has repeatedly defended the 300,000-won level; below that level buyers step in, so the strategy is to buy Alteogen on a break under 300,000.
196170.KQ LONG
Korean shipbuilders face unresolved uncertainty.
Korean shipbuilding names face uncertainty while US JV investment terms are being negotiated and legal disputes remain; Lee is waiting for the uncertainty to clear before getting directional on the sector.
Korean shipbuilding sector WATCH
CMTX bottomed with cheap valuation.
CMTX is a recently listed small cap whose valuation has fallen to around 9x with improving earnings; lockup overhang is mostly cleared and the stock appears to have found a bottom, making it personally worth watching for a turn.
CMTX LONG
Solder ball exports improving for Duksan.
Duksan Hi Metal makes solder balls, and its solder ball export data is coming in stronger than expected; after a related report the stock began moving, with the export-linked fundamental improvement supporting the move.
077360.KQ LONG
Korean stocks still biased upward.
With trading value roughly halved from peak levels, mid-cap and small-cap stocks are likely to strengthen; after September policy classifications are released, qualifying stocks may see strong concentration, and KOSDAQ may remain relatively resilient.
KOSDAQ Index LONG
Wait for Korea Aerospace technical turn.
Korea Aerospace is drawing attention as a stake is being increased, which could create a governance issue that would be positive for the stock; however the stock is still in a downtrend, so Lee wants to wait for it to move above the 60-day line and settle near 150,000 won before becoming constructive.
047810.KS WATCH
HYBE basing, may move next month.
HYBE has not risen even as BTS generates cash, and sentiment is weak; the chart looks to be basing, and once investor sentiment stabilizes after Chuseok, HYBE could move within the next month.
352820.KS LONG
HIGH
09:30
Aug 31
Aug 31
247540.KQ
000660.KS
034020.KS 1ST
EWY
005930.KS
▾
HIGH
Korean AI data center theme is bullish.
SK Telecom's 15GW AI data center plan, much larger than OpenAI's 10GW, is forming a new Korean AI data center theme. Korea can supply semiconductors, construction capability, and nuclear power, so power demand should grow; power equipment, nuclear, renewable/ESS and secondary battery names are breaking out from bottoms on rising volume. Leaders named include Hyundai E&C, Doosan Enerbility, L&F, Samsung SDI, EcoPro BM, HD Hyundai Electric, LS Electric, and Gaon Cable.
247540.KQ LONG
034020.KS LONG
000720.KS LONG
066970.KS LONG
267260.KS LONG
006400.KS LONG
010120.KS LONG
000500.KS LONG
Range-trade SK Hynix between 155 and 180.
SK Hynix's target price was cut and its HBM monopoly premium is eroding, with operating margin seen falling from around 80% to 60%; however, absolute earnings remain very large and buybacks/shareholder return provide support. Technically the stock is trapped between today's low near 155,000 won and the 50-day line near 180,000 won, so the strategy is to buy weakness and sell strength inside that roughly 20% range rather than chase.
000660.KS WATCH
Korean market rangebound until Chuseok.
Trading value has declined sharply and supply/demand is tangled, leaving the Korean market in a narrow box with fast sector rotation. After the Jackson Hole hawkish comment and ahead of the September FOMC and Chuseok holiday, the market is likely to remain rangebound for about three weeks; the appropriate strategy is to buy dips and sell rallies rather than chase strength.
EWY WATCH
Prefer Samsung over SK Hynix now.
Samsung Electronics deserves a somewhat higher weighting than SK Hynix, not because of urgent switching but because Samsung has improving HBM4 yield, a sharply raised target price, more flexible shareholder return policy, and a possible late-October catalyst; SK Hynix has less additional momentum once its buyback ends.
005930.KS LONG
Korean construction and steel bottoming.
Beyond the power equipment and battery names, construction and steel complex are also showing bottoming signals. Construction has data center demand plus Middle East reconstruction potential, with Hyundai E&C and GS E&C showing the strongest price action; steel names like Hyundai Steel and Dongkuk Steel are starting to stir from their lows.
004020.KS WATCH
006360.KS WATCH
001230.KS WATCH
HIGH
08:00
Aug 31
Aug 31
SMH
NVDA FLIP
000660.KS
005930.KS
▾
HIGH
Physical AI is next semiconductor demand driver.
AI's initial killer application was chat, then agentic AI drove the market. The next killer application is physical AI, including humanoids and autonomy. How demand transitions from agentic AI to physical AI will determine the semiconductor cycle, and this supports continued semiconductor demand growth.
SMH LONG
Memory costs are squeezing Nvidia margins.
Nvidia's next-quarter gross margin guidance is slipping from 75% to about 74%, mostly because of memory price increases. Memory's share of AI infrastructure capex has risen from around 10% in 2023 to more than 30%, so expensive memory is now a real drag on Nvidia's profitability even though hyperscalers are still pulling volume.
NVDA AVOID
Memory supply shortage persists until 2028.
Samsung Electronics and SK hynix announced shareholder return and treasury stock policies above market expectations. Lee views this as the 'one shot' remaining for Korean memory stocks: if foreign investors recognize industry stability and shareholder returns, long-term money can enter, and potential MSCI developed market inclusion would further improve supply-demand for the stocks.
000660.KS LONG
Memory supply shortage persists until 2028.
From HBM4, a foundry process is mandatory. Samsung uses a 4nm base die while SK hynix and Micron use 12nm, giving Samsung a potential HBM4 performance edge, and Samsung can make both the base die and core die. But Samsung's 4nm foundry is already full, so its allocation decision between HBM base die and external foundry customers will be a key variable for Samsung Electronics' future; watch how management weights HBM versus foundry.
005930.KS LONG
HIGH
05:48
Aug 31
Aug 31
000660.KS FLIP
361610.KS 1ST
005930.KS FLIP
066970.KS
003670.KS
▾
HIGH
Target cut still leaves meaningful upside.
SK Hynix was pressured after LS Securities cut its target price from 330,000 won to 240,000 won while keeping a buy rating, but with the stock near 160,000 won the target still implies meaningful upside. The report's HBM competition concern is seen as stale because Samsung and Micron have been competing in HBM for some time, so the target-cut logic is questionable.
000660.KS LONG
Merger plunge reversed; valuation still cheap.
SK IE Technology fell sharply on merger-related news from its prior low but reversed strongly today. The stock was already cheap on valuation following the merger, and the additional event-driven drop made it cheaper; today it is rebounding aggressively and standing out among secondary battery names.
361610.KS LONG
Buyback supports downside; medium-term uptrend likely.
Samsung Electronics is being supported at the downside by its buyback/shareholder-return policy and by investor confidence; the stock defended its prior low and reversed intraday from a sharp drop. Near-term price action is still forming lower highs and may see more short-term adjustment, but from a medium/long-term perspective the uptrend is likely to continue.
005930.KS LONG
Lithium and ESS demand boost battery materials.
The secondary battery sector is relatively strong in a weak tape, with L&F and POSCO Future M leading within the group. The move is driven by rising lithium carbonate prices and increasing ESS demand tied to the energy mix, giving the sector momentum.
066970.KS LONG
003670.KS LONG
Beauty sector hits highs; watch export data.
The Korean cosmetics/beauty sector is making new highs and remains one of the most visible sectors. The next key test is the September 1 export data, which should be watched to see whether the sector's momentum carries into September.
KORU WATCH
Fair value reached; upside attractiveness wanes.
Cosmecca Korea rose about 10% this morning and reached roughly 10 times earnings based on projected 2028 earnings of about 160 billion won, implying a market cap around 1.6 trillion won. The stock is not expensive but no longer cheap; fair value has been reached and upside attractiveness has dropped sharply. Heavy volume here could be a late-stage signal.
241710.KQ AVOID
Rate spreads and dividends favor big banks.
Korea's big four bank holding companies are making new highs. Bond yields rose after two consecutive rate hikes, widening interest spreads and supporting bank margins; banks also have shareholder return policies and dividends, and defensive flows into banks when the market is weak should support a slow, steady advance.
055550.KS LONG
086790.KS LONG
105560.KS LONG
316140.KS LONG
Foreign futures buying likely persists until expiry.
Foreigners have been net buying KOSPI futures since early August, accumulating about 3 trillion won by month end. This futures position is likely to be maintained at least until the September futures/options expiry. Today's intraday volatility is mostly weekly option trading, so the underlying futures position remains supportive and limits downside.
KOSPI futures LONG
HIGH
03:00
Aug 31
Aug 31
005930.KS
006400.KS
079550.KS
247540.KQ FLIP
XLK 1ST
▾
HIGH
Prefer Samsung over SK Hynix on HBM.
LS Securities raised Samsung Electronics' target to 450,000 won, citing HBM4 mix expansion and yield improvement; because DRAM upside is limited to 20-30%, the 2027 upside depends on HBM pricing. Samsung is seen as more stable, and foreigners prefer its dividend profile over SK Hynix's buyback/cancellation, while SK Hynix's target was cut to 240,000 won on missed DRAM price upside and limited HBM volume tied to Nvidia.
005930.KS LONG
000660.KS WATCH
Prefer light funded battery names over heavy.
Within Korean secondary battery names, Samsung SDI has the best trend and, along with LNF, has completed capital raising, making it lighter. Posco Future M also looks relatively attractive. By contrast, LG Energy Solution is heavy and less preferred, and EcoPro BM is burdened by a rights-issue/supply overhang.
006400.KS LONG
247540.KQ AVOID
003670.KS LONG
Defense stocks gain from Middle East tensions.
Aerospace/defense names such as LIG Nex1 are rising as Middle East instability acts as a positive catalyst, making defense stocks beneficiaries of geopolitical tension.
079550.KS LONG
Rotate to Big Tech as semiconductors rest.
After Nvidia's semiconductor-led rally faltered, money rotated into large-cap tech names such as Microsoft that can remain resilient even if rates rise. The Philadelphia semiconductor index fell while big tech rose, and the speaker views semiconductors as entering a rest/consolidation phase after a strong run.
XLK LONG
SMH WATCH
Korean battery stocks near resistance; expect pause.
The Korean secondary battery complex staged a strong move in October, pulled back to that base, and is now rebounding. However, many names have already reached resistance and may pause near current levels, so the sector is a watch/patience setup rather than an immediate chase.
Korean secondary batteries WATCH
LNF faces resistance near 150,000; trim.
LNF has rallied about 125% from its July low and broken above the 120,000 won area and the 120-day moving average. The next 140,000-150,000 won zone is a prior breakdown area with trapped supply, so early buyers should trim there; medium-term holders may hold through a pullback for further upside.
066970.KS WATCH
Oil stays geopolitically sensitive; Venezuela supply small.
The Venezuela oil stake/production deal was originally expected to help supply, but the actual incremental volume is seen as small. OPEC discipline looks weak with Russia, Iran, and others selling independently; oil is likely to stay very sensitive to Iran/Hormuz geopolitical headlines even though Venezuela is not a material supply offset.
WTI WATCH
HIGH
00:17
Aug 31
Aug 31
005380.KS 1ST
034020.KS 1ST
222800.KQ FLIP
229640.KS 1ST
353200.KS
▾
HIGH
Hyundai group benefits from physical AI
ETF issuers using bond-mix structures selected Hyundai Motor, Kia, and Hyundai Mobis as the equity upside leg because the physical AI and Atlas era supports long-term growth despite auto cycle weaknesses.
005380.KS LONG
012330.KS LONG
000270.KS LONG
Nuclear and construction set up for rebound
Nuclear and construction stocks are technically set up: Doosan Enerbility held gap support for three days, and Hyundai E&C and GS E&C are attractive on government housing supply policy and SMR investment; nuclear-related construction names likely rebound this week.
034020.KS LONG
000720.KS LONG
Low-power DDR drives substrate suppliers
Low-power DDR5 and DDR6 news should drive interest toward semiconductor substrate and package suppliers, creating supply concentration independent of the index; named names include Simmtech, TLB, Daeduck Electronics, Korea Circuit, and Jeju Semiconductor.
222800.KQ LONG
353200.KS LONG
TLB LONG
080220.KQ LONG
024110 LONG
Copper strength lifts Korean cables
LME copper prices are moving to new highs; domestic cable and power equipment makers can raise selling prices in mid-September, favoring Daewon Cable, Daehan Cable, LS Marine Solution, LS Eco Energy, and Gaon Cable.
229640.KS LONG
006340.KS LONG
060370.KQ LONG
000500.KQ LONG
001440.KS LONG
ESS re-rating drives secondary battery materials
Secondary batteries are being re-rated as an AI/ESS theme rather than pure EV; ESS growth and LFP capacity are key, with POSCO Future M, L&F, Daejoo Electronic Materials, and EcoPro BM as four watch names and Samsung SDI and LG Energy Solution as large-cap ESS beneficiaries.
006400.KS LONG
078600.KQ LONG
003670.KS LONG
247540.KQ LONG
L&F LONG
Prefer KB and Hana for long-term financials
Financial holding companies are appearing among top gainers; for long-term investors, exposure should be compressed to KB Financial and Hana Financial, though short-term trading is difficult.
KB LONG
086790.KS LONG
Samsung HBM4 improvement supports upside
LS Securities raised Samsung Electronics' target to 450,000 won on HBM4 yield improvement; foreign investors favor Samsung's dividend stability over SK Hynix's buyback/cancellation, and the memory upturn still allows PBR-band trading.
005930.KS LONG
Refiners benefit from oil supply shifts
The US-Iran strike and Venezuela oil development/OPEC exit risk are short-term oil and refining catalysts; cheaper Venezuela/US crude improves Korean refiners' feedstock costs, benefiting S-OIL and SK Innovation early in the session.
WTI LONG
010950.KS LONG
096770.KS LONG
Nuclear and construction set up for rebound
GS Holdings cleared a long-term inheritance-related share overhang as the chairman's stake fell below 4%, creating next-generation owner value incentives; AI data center push and refining margin recovery support re-rating, with GS E&C and affiliated names showing strong monthly charts.
006360.KS LONG
078930.KS LONG
AI token growth drives storage demand
Total AI token usage is growing, forcing data center capacity and storage demand higher; SanDisk, Seagate, and Western Digital supply-demand should tighten because capacity is not expanding aggressively, making their recent pullbacks buying opportunities.
WDC LONG
STX LONG
Dovish BOK hike helps rate-sensitive assets
BOK raised 25bp to 3% but the dot plot median at 3.25% signals the tightening cycle is near its end; lower final-rate expectations ease discount-rate pressure on rate-sensitive growth stocks, real estate, REITs, and dividend stocks, while bank upside is limited.
REZ LONG
Korea dividend stocks LONG
Korea rate-sensitive growth stocks LONG
Cash-rich AI platform stocks benefit
Waller's Jackson Hole speech stressed AI productivity spreading beyond semiconductors and data centers; cash-rich mega-cap AI platform companies attracted relative flows, with Alphabet the top retail net buy and Microsoft, Amazon, Meta, and Apple rising despite higher rates.
MSFT LONG
GOOGL LONG
AMZN LONG
Broadcom and AMD gain as Nvidia alternatives
As the Nvidia-centric AI trade became crowded and Nvidia's credit program overreach and antitrust concerns emerged, alternative AI compute beneficiaries such as Broadcom and AMD should gain opportunities; he bought Broadcom with its earnings due this week.
AMD LONG
AVGO LONG
Nvidia demand exceeds supply
Nvidia's earnings beat with data-center sales up 117%, and Amazon AWS announced plans to add about 2.2 million Nvidia GPUs through 2029 with forward 2028 revenue growth guidance near 70%, confirming Nvidia is supply-constrained rather than demand-limited.
NVDA LONG
Retail rotates into DRAM ETF
Retail flow data showed selling of leveraged semiconductor ETFs and buying of unlevered memory ETFs, especially the Roundhill DRAM memory ETF, indicating rotation into orthodox memory exposure rather than exiting AI semiconductors.
DRAM LONG
Clarity bill supports short Treasury demand
The Clarity Act could bring digital assets into regulated finance; stablecoin issuers and tokenized RWA already hold mostly short-term US Treasuries, so passage would create structural incremental demand for short-term Treasuries even if not enough to sharply move yields.
SGOV WATCH
Late cycle memory/storage beneficiary
Total AI token usage is growing, forcing data center capacity and storage demand higher; SanDisk, Seagate, and Western Digital supply-demand should tighten because capacity is not expanding aggressively, making their recent pullbacks buying opportunities.
SNDK LONG
Korean Air supply accumulation attractive
Korean Air has strong accumulated foreign and institutional supply, freight rates are recovering, and the Asiana merger remains a catalyst; if oil stabilizes or falls, the stock is attractive.
003490.KS LONG
Strong chip exports may break KOSPI 7000
If August trade data confirms semiconductor export strength, KOSPI has a high probability of breaking 7,000; the export trend should not reverse, supporting index upside.
EWY WATCH
HIGH
11:00
Aug 30
Aug 30
QQQM 1ST
SNDK
VOO
688825.SS
132030.KS
▾
HIGH
Own DRAM and core ETFs over leverage.
Retail ETF flow shows deleveraging: investors sold leveraged products such as SOXL, TQQQ and Korea 3x, while buying the Roundhill DRAM ETF and plain vanilla VOO, QQQM and SGOV. Choi reads this as a shift toward orthodox memory and core index exposure plus portfolio stability rather than a semiconductor exit.
QQQM LONG
VOO LONG
DRAM LONG
Buy late AI data-center/memory beneficiaries.
Retail investors are rotating into late beneficiaries of the AI data-center and memory investment cycle. He names IREN as expanding into AI data centers and SanDisk as leveraged to memory price increases and AI storage demand, interpreting their purchases as a shift toward second-wave AI hardware beneficiaries rather than crowded AI leaders.
SNDK LONG
IREN LONG
Watch Chinese AI hardware after speculative surge.
CXMT and Unitree's massive IPO spikes reflect China's state-driven revaluation of memory and humanoid robots. They are becoming important Chinese AI hardware proxies, but post-IPO float is small and valuations are stretched, so related ETF and stock investors should watch lockup releases, actual sales and production before chasing.
688825.SS WATCH
688836.SS WATCH
Gold re-emerges as volatility alternative.
With volatility elevated, individual investors are moving back into gold futures ETFs. Choi notes gold is re-emerging as an alternative in unstable markets and says KODEX gold futures may be worth watching.
132030.KS LONG
Rotate toward cash-rich AI platform stocks.
Kevin Warsh's hawkish Jackson Hole comments raised short-term yields and pressured high-valuation AI semiconductor and theme stocks, but the market did not break because money rotated within AI into cash-generation-strong large platform and software names. Choi highlights Microsoft, Amazon, Alphabet, Meta and Apple as beneficiaries of an AI-platform-led rotation rather than a broad AI exit.
MSFT LONG
AMZN LONG
META LONG
GOOGL LONG
AAPL LONG
Memory supply shortage supports memory stocks.
Despite the rate shock, memory names held up better than broader semiconductors. SK hynix's comment that memory supply will be short until 2030 and CXMT's strong results support the view that the memory industry remains solid and that AI demand is underpinning memory pricing, even though China supply expansion remains a later concern.
000660.KS LONG
MU LONG
Peak Korean rates favor rate-sensitive assets.
The Bank of Korea raised rates 25bp to 3%, but its dot plot median of 3.25% signals only one more hike and a short cycle, lowering final-rate expectations. This eases discount-rate pressure on Korean growth stocks, real estate, REITs and dividend stocks, while bank upside is limited.
Korean growth stocks LONG
VNQ LONG
Korean dividend stocks LONG
Nvidia remains supply-constrained AI winner.
Nvidia's Q2 revenue, data-center sales and EPS beat expectations. Amazon AWS disclosed plans to add about 2.2 million Nvidia GPUs into 2029 and guided 2028 revenue growth around 70%, confirming that Nvidia is constrained by supply, not demand, and that hyperscaler AI investment is extending longer than expected despite short-term margin-mix concerns.
NVDA LONG
Own DRAM and core ETFs over leverage.
The Clarity bill is not final, but if passed it would create structural demand for US short-term Treasuries because stablecoin issuers hold reserves in T-bills and cash, and tokenized RWA already allocate heavily to Treasuries. Choi sees it as an incremental short-duration demand factor worth monitoring, not a rate-shifting force.
SGOV LONG
Use bond-mixed ETFs for hedged growth.
Recently listed Korean bond-mixed ETFs are embedding Samsung Electronics, SK hynix, SanDisk, Hyundai Motor Group, Nvidia and Alphabet as equity upside while bonds provide downside hedging. The structure lets investors stay exposed to memory, physical AI/auto and US mega-cap growth with reduced drawdown risk.
Korean bond-mixed ETFs LONG
Buy Doosan Enerbility via nuclear ETFs.
Nuclear-related names are moving again on construction momentum and gas-turbine activity. Doosan Enerbility has already fallen from around 140,000 to 60,000 won and rebounded to 88,000 won near its 200-day moving average, so Choi suggests using high-weight Korean nuclear ETFs for indirect exposure.
034020.KS LONG
Korean nuclear ETFs LONG
Foreign options see limited upside, tail hedges.
Foreigners shifted option positioning from aggressively bullish calls to selling OTM calls and buying OTM puts, indicating they expect moderate KOSPI upside but are hedging against a sharp shock. The net message is a modest grind higher with crash protection.
KOSPI 200 WATCH
Broadcom earnings test AI demand broadening.
Broadcom's upcoming earnings are the key event. Strong guidance for custom AI ASICs, networking and next-quarter sales would confirm AI demand is broadening beyond Nvidia GPUs into ASICs, optical communications and power infrastructure, while a margin or guidance miss could trigger profit-taking across the AI value chain.
AVGO WATCH
Covered-call ETFs fit grinding Korean rebound.
Individual ETF buyers concentrated on KOSPI 200 covered call products, which signals they expect the Korean market to grind along the bottom and recover slowly rather than make a V-shaped rebound. Covered calls monetize that rangebound view.
KOSPI 200 covered call ETFs LONG
HIGH
08:30
Aug 30
Aug 30
MRVL 1ST
NVDA
AVGO 1ST
SMH 1ST
005930.KS
▾
HIGH
Marvell margin structure worsens despite AI
Marvell Technology's latest earnings showed that custom semiconductor design revenue is increasing but its margin structure is actually worsening; NVIDIA's large profits do not automatically mean custom silicon design companies will be highly profitable. The stock's lukewarm reaction reflects this margin concern.
MRVL AVOID
NVIDIA is an AI factory solution company
NVIDIA is not a pure GPU chip company but an AI factory solution provider; it sells data center hardware, chips, server/rack networking, and cooling as turnkey solutions, and owns software stacks like CUDA, Omniverse, and synthetic data platforms. The Hugging Face acquisition, described as the GitHub for AI models, further strengthens NVIDIA's software and developer ecosystem. This vertical hardware integration and horizontal software expansion let NVIDIA adapt to new workloads such as agentic AI and physical AI, set standards, and maintain ecosystem dominance.
NVDA LONG
Broadcom can rise on networking strengths
Broadcom remains the first choice for big tech customers designing custom AI chips and has roughly 70% of the AI accelerator market. Its stock correction reflects concerns about Google TPU fragmentation and intensifying competition, but Broadcom also has significant strengths in networking, so it can resume an uptrend over time.
AVGO LONG
Amazon buying confirms NVIDIA and memory
Semiconductor and AI fundamentals have almost no bad news: NVIDIA guided next-year sales growth of about 70% versus consensus of 40-45%, and the jump in NVIDIA inventory was mostly memory. The current stock weakness is driven by macro and rate uncertainty around Jackson Hole and Kevin Warsh, not by semiconductor fundamentals, and the correction resembles a broken cycle in price but not in fundamentals.
SMH LONG
Korean chipmakers prepared for US tariffs
SK Hynix is preparing Arizona advanced packaging and HBM capacity, and Samsung has the Taylor advanced foundry, so Korean chipmakers already have US production ready. Even if Trump imposes semiconductor tariffs, the medium-term impact is manageable despite short-term stock-market noise.
005930.KS WATCH
SK Hynix pricing power remains disciplined
Memory makers currently earn 75-80% margins and SK Hynix probably could push toward 90%, but aggressive price increases risk political backlash. The company appears to prefer moderate increases through long-term agreements and volume/Q growth; pricing power remains intact but is being managed more sustainably.
000660.KS LONG
HIGH
07:00
Aug 30
Aug 30
US10Y
WTI
USD/KRW
Korean exporters
SMH 1ST
▾
HIGH
US 10-year stabilization remains uncertain.
Treasury buybacks alone have not stabilized the US 10-year Treasury market; using the Treasury General Account to buy briefly moved yields, but the market doubts demand will absorb supply because hyperscalers are preparing large bond issuance. There is also political willingness to restrict corporate bond issuance before midterms, and Jackson Hole is the next key event, so the 10-year yield is not yet stably resolved.
US10Y WATCH
WTI likely range-bound near $80.
WTI crude's chart looks capped around $80. The US has few usable military cards and Iran also lacks the economic and military capacity to escalate much, so if a US-Iran deal occurs oil is not a major problem, and even without a deal there are few catalysts for another surge. WTI is likely to stay range-bound near the low $80s with limited upside.
WTI WATCH
USD/KRW likely boxes in late 1300s.
After the sharp won appreciation to around 1,370, additional large FX supply is not obvious. Samsung Electronics' large dividend and Meta's potential 1 trillion won Korean bond issuance create two-way flows, while export trade surplus dollars had been parked without conversion. Around 1,380, both upside and downside are open, so USD/KRW is likely to stay range-bound in the late 1,300s rather than extend sharply.
USD/KRW WATCH
Won strength won't break Korean exporters.
Won strength should not break Korean exporter stocks because historically foreign investors have bought Korea during won strength, viewing currency strength as national economic health. Electronics-related exporters are already earning record profits and trade at cheap valuations, while other sectors are recovering from past tariff damage, so exporter earnings downgrades from FX are unlikely to shake stock prices.
Korean exporters LONG
AI cycle not ending yet.
The AI cycle is not ending yet; Nvidia's earnings make it premature to call the cycle over. The earlier extreme concentration in electronics was unhealthy and caused a reflex reaction, but true AI overheating and concentration would be a late-stage signal. For now, market normalization needs to come first rather than calling the AI trade done.
SMH LONG
Buy AI peripheral names gradually.
He is personally monitoring and gradually buying AI-related peripheral stocks because the current market environment suits that area. He uses Ichimoku analysis to screen individual names, saying the technique has been unexpectedly accurate in the recent market.
AI-related peripheral stocks LONG
Samsung, SK hynix buybacks as catalysts.
Hyundai Motor Group's investor day disappointed because management seemed to have no immediate will to support the stock price; robot and humanoid Q&A was mostly reserved and vague. Heavy short selling hit Kia and related names, but much disappointment is now reflected and prices are unlikely to fall much from here. If a rebound comes, reducing exposure makes sense, while a new catalyst could trigger short covering.
KS LONG
HIGH
06:00
Aug 30
Aug 30
EWY 1ST
SPY
ICLN
XBI
Korean energy and power grid stocks
▾
HIGH
Hawkish BOK rates cap Korean stock upside.
The Bank of Korea has raised rates twice while the US, Europe, and Japan have not or have raised only once, making Korea the most aggressive major economy. The BOK's hawkish signal that rates will stay high into early next year suppresses liquidity flows into Korean stocks and caps upside; the related won strength also cuts export earnings and delayed the market rebound after the July-August decline.
EWY AVOID
Use pre-midterm weakness for post-election recovery.
Historically, US stock performance is often weak in the two to three months before midterm elections, but after the election stocks have risen almost 80% to 100% of the time over the following three to six months. The current period should be treated as a consolidation window, with weakness as a low-buy opportunity for a post-midterm and early next year recovery.
SPY WATCH
Democratic sweep favors renewables and biotech.
If Democrats take both the House and Senate, the biggest policy beneficiaries would be eco-friendly/renewable energy and pharma/bio because the regulatory environment would shift meaningfully. If the likely split occurs with Democrats taking the House and Republicans keeping the Senate, the market flow would not change dramatically, but Trump policies would lose some force.
ICLN WATCH
XBI WATCH
Energy and power grid shortages favor energy.
Energy and power grids are a more severe bottleneck than semiconductors; electricity itself and the grid needed to connect it are massively short. Korea has renewable generation plans but little transmission-grid discussion, so energy and power grid exposure should be a core H2 through next year opportunity, with the biggest potential change if midterm politics favor renewables.
Korean energy and power grid stocks LONG
Renewables have stronger policy than nuclear.
Under the current Lee Jae-myung government, wind and solar generation weight is expanding sharply while nuclear construction takes too long, so policy intensity favors renewables over nuclear. A nuclear-only story cannot sustain stock prices, but among nuclear-related names Doosan Enerbility is an exception because it also has gas turbine exposure.
Korean renewable energy LONG
Korean nuclear energy AVOID
Doosan Enerbility has nuclear and gas turbines.
Doosan Enerbility has both nuclear and gas turbine exposure, and gas turbines are also doing well recently. This diversified exposure helps the stock hold up and makes it a viable nuclear-related way to play power and energy even though nuclear construction is slow.
034020.KS LONG
FX rebound favors shipbuilders, defense, autos.
If USD/KRW rebounds, the most exchange-rate-sensitive Korean sectors are shipbuilding, defense, and autos. These export/currency-sensitive sectors deserve attention as key beneficiaries of a weaker won.
Korean autos WATCH
Korean Defense WATCH
Korean Shipbuilding WATCH
IT appliances, chemicals, IT hardware turnaround.
Among industries where next year's operating profit may improve more than this year's, only three stand out: IT home appliances/batteries, chemicals, and IT hardware. These are coming from depressed bases, and base-effect turnaround stories tend to produce the most explosive stock performance once the turn becomes visible.
Korean IT home appliance/battery stocks LONG
Korean chemicals LONG
Korean IT hardware LONG
Secondary batteries could turn around next year.
The secondary battery sector has bounced off its bottom and Korean exports in the sector are gradually improving. Battery companies are shifting mix toward ESS, and after a very depressed base this could become next year's key turnaround story, potentially showing higher earnings growth than semiconductors and producing explosive stock performance once the turn becomes clear.
Korean secondary battery stocks LONG
USD/KRW will rebound from September.
The factors that drove won strength over the past three months are fading: SK Hynix ADR-related dollar inflows, the end of August corporate tax interim payments, and government pressure on exporters to convert dollars. From September, USD/KRW is likely to rebound modestly.
USD/KRW LONG
Strong won supports airlines and consumer staples.
If the won stabilizes around 1,380-1,390 per dollar instead of falling sharply, won-strength beneficiaries such as airlines, consumer goods, and consumer staples should perform well. These sectors benefit from a stronger won, but the trade is conditional on the won not rebounding too much.
Korean consumer staples WATCH
Korean airlines WATCH
EV demand lacks full recovery power.
EVs are still autos, and with high interest rates auto demand cannot surge strongly. Tesla and BYD are selling well only because they are discounting heavily, meaning demand is not strong enough to raise prices. The EV market will only get partial benefit from energy transition, not a full industry recovery.
DRIV AVOID
Samsung SDI leads ESS-driven battery turnaround.
Samsung SDI is the only secondary battery name that can really benefit from ESS growth without an EV recovery; it has secured cash, is investing in US ESS, and is furthest ahead in transitioning toward ESS. Other battery companies still need time to survive independently, so SDI deserves the most attention within the battery complex.
006400.KS LONG
HIGH
03:00
Aug 30
Aug 30
AMZN 1ST
000660.KS
005930.KS
NVDA
XLK 1ST
▾
HIGH
Amazon lacks custom AI chip competitiveness.
Lee says Amazon choosing to buy Nvidia GPUs while rivals develop their own chips indicates Amazon lacks in-house silicon capability. When the custom-silicon era takes off, Amazon's competitive position weakens, which raises the question of whether Amazon stock should be sold.
AMZN AVOID
Watch memory cycle, not AI bubble.
Lee argues that the largest risk for Samsung Electronics and SK Hynix is memory price decline and a peaking memory cycle, not whether AI is a bubble. Memory prices rose because suppliers cut supply, not because demand was strong. Since memory earnings are supply-driven, an AI bubble verdict would not directly change their results, though investor sentiment can hit share prices. Investors should separate the memory cycle and supply from AI-demand sentiment.
000660.KS WATCH
005930.KS WATCH
Nvidia's credit sales create receivables cycle risk.
Lee says Nvidia has already secured a hidden next income stream: selling chips on credit to companies that cannot repay, then converting receivables into equity stakes. This financial-platform model can generate dividend and equity income, has a high success probability, and is already visible. Even if GPU sales slow, Nvidia has a future earnings cushion. However, investors may view rising financial income as negative if core growth slows.
NVDA AVOID
Big Tech AI capex lacks paying customers.
Lee says cloud and Big Tech AI capex is not supported by final paying customers: roughly 90% of AI-related revenue is data-center rental, while only 10% is actual AI services. Companies are investing before cash generation, cash is depleting, and the bubble is growing. In one or two years, paying customers are unlikely to be sufficient to recover the investment. If Big Tech capex stops, Nvidia's growth stops too.
XLK AVOID
NAND oversupply may hit SSD profitability.
Lee says enterprise SSD demand should rise alongside AI data-center storage, but NAND is likely to shift into oversupply faster than DRAM. China's NAND market share has already moved above 12%, and NAND has no HBM-like buffer; mobile and desktop NAND are even more vulnerable. NAND price declines could be much faster than DRAM, so SSD demand growth and memory makers' profitability can diverge.
NAND Flash AVOID
HIGH
23:30
Aug 29
Aug 29
CAT 1ST
Korean food stocks
US cyclical/consumer equities
KORU
Korean AI power equipment/wires/MLCC/PCB
▾
HIGH
Trump infrastructure spending lifts Caterpillar.
Trump is likely to focus his next large fiscal action on infrastructure rebuilding, especially neglected power and construction assets, and construction-related names such as Caterpillar are already showing strong price action. The speaker expects more infrastructure-related government funds to flow into these beneficiaries heading into the midterms.
CAT LONG
Stronger won favors Korean consumer stocks.
The stronger won is a positive for domestic consumption and raw-material supply areas, and the speaker recommends adding Korean cosmetics, food, and performance-related consumer names. Even if a September stimulus arrives, he expects market participation to stay narrow and concentrated in earnings-supported consumer areas such as food and cosmetics.
Korean food stocks LONG
KORU LONG
US stimulus expectations favor cyclical stocks.
Market action is already pricing September pre-midterm stimulus expectations into US economy-sensitive and consumer stocks, and the seasonal pattern has typically seen US equities weak in late August and early September before rallying strongly into October as election-related fiscal spending is deployed. The speaker expects this pattern to repeat, with gains concentrated in economically sensitive and Trump-base-linked areas rather than broad equal participation.
US cyclical/consumer equities LONG
Trim extended Korean AI supply-chain names.
The speaker says the portfolio had been 80-90% AI-related, with power equipment, wires, Samsung Electro-Mechanics MLCC, and PCB positions, but now investors should trim or watch those extended non-semiconductor AI supply-chain holdings while keeping semiconductors at the core.
Korean AI power equipment/wires/MLCC/PCB AVOID
US restrictions benefit Korean power equipment.
The US emergency power-equipment action is a leading policy move to restrict Chinese and Chinese re-exported Mexican equipment from critical US power infrastructure. Because Mexico had been a major supplier and much of that was Chinese re-exports, Korean makers of power equipment, transformers, wires, transmission/distribution, and energy storage are likely to gain reflective market-share benefits.
Korean power equipment/transformers/ESS LONG
Add Korean financials before rate hikes.
The speaker expects rate hikes to become relevant later, so he argues investors should start adding financial stocks now as part of second-half portfolio diversification away from the previously concentrated AI and semiconductor allocation.
Korean financials LONG
Stronger won boosts Korean semiconductor parts.
A stronger won reduces raw-material import costs, which had previously compressed margins at KOSDAQ small/mid-cap semiconductor parts and materials makers. Companies in this group that lagged despite the semiconductor boom could now show earnings improvement, especially if Samsung Electronics and SK Hynix begin trending upward after September.
Korean semiconductor small/mid-cap parts/materials LONG
HIGH
13:00
Aug 29
Aug 29
GOLD
USD
TLT
SLV
SILVER
▾
HIGH
Prefer physical metals over paper claims.
In a period of eroding trust, paper instruments such as ETFs and futures are not evaluated as safe collateral. Basel III now recognizes only directly held physical gold as tier 1 capital, and JPMorgan is pulling physical silver from COMEX into its own vaults because counterparties may fail to deliver. Investors should therefore favor directly held physical gold and silver over paper claims.
GOLD LONG
SLV LONG
Reduce US Treasuries as dollar weakens.
US government debt is around $40 trillion, about 120% of GDP, and heavily indebted governments historically reduce real debt by debasing the currency rather than raising taxes or cutting spending enough. This means the dollar will weaken over time and long-term US Treasury holdings become risky, so investors should reduce US Treasury exposure. Ray Dalio is also recommending diversification away from US government bonds.
USD AVOID
TLT AVOID
Silver shortage driven by industrial demand.
Silver is in a structural supply shortage because it is mined mostly as a byproduct of gold, copper, and zinc, and accessible silver could be exhausted in about 17 years. Industrial demand from EVs, 5G, AI, data centers, and satellites is hitting record highs while supply has run deficits for six years, causing London and COMEX silver inventories to fall about 70% from their peak. A visible supply crunch may be approaching.
SILVER LONG
Central banks are structurally buying gold.
Global central banks shifted from selling gold to aggressively buying it after 2008 QE expanded fiat supply, then accelerated to record purchases after the 2022 Russia-Ukraine conflict. They now view the U.S. dollar not just as unattractive but as a geopolitical risk because dollar reserves can be weaponized, leaving gold as the only neutral 5,000-year store-of-value alternative. This is a major paradigm shift toward gold.
GLD LONG
HIGH
11:00
Aug 29
Aug 29
214450.KQ
003350.KS
005930.KS
000660.KS
SPY
▾
HIGH
Cosmetics names likely stay strong.
Cosmetics and consumer-related names should be relatively strong on Monday's weak start as defensive and consumer plays. The speaker names Cosmecca Korea, Kolmar Korea, APR, Hankook Cosmetics Manufacturing, Dalba Global, and PharmaResearch as having intact uptrends and continuing to be worth watching.
214450.KQ LONG
003350.KS LONG
Cosmecca Korea LONG
161890.KS LONG
APR LONG
AP LONG
Korean semis downside limited Monday.
After Samsung Electronics and SK Hynix already fell about 4% on Friday and Micron/SK Hynix ADR held up relatively well overnight, Monday's additional downside for Korean semiconductor-heavy indices should be limited even if the market opens weak because much of the US semiconductor decline has already been pre-reflected.
005930.KS WATCH
000660.KS WATCH
Buy equity dips on yield spikes.
Treasury yields may spike and pressure equities, but the Treasury is defending long-end rates through buybacks and TGA drawdowns, and the speaker expects long yields to stabilize into the midterm elections; any equity pullback caused by higher yields should be treated as a buying opportunity.
SPY LONG
EWY LONG
KOSDAQ shows stronger sentiment than KOSPI.
KOSDAQ is showing a relatively stronger upward-sloping intraday profile than KOSPI, indicating that market sentiment outside the Samsung Electronics and SK Hynix large-cap complex remains alive and that rotation opportunities can persist.
KOSDAQ Index LONG
Buy nuclear, power, renewables dips.
Nuclear power, power equipment, and renewables tied to AI infrastructure should keep rotating and be used as buying opportunities if Monday's weak open creates a dip. Renewables such as wind and solar have not yet risen and could benefit if Democrats win the US midterm elections because renewable energy is their flagship policy.
Korean nuclear power sector LONG
Korean Power Equipment Sector LONG
Korean renewable energy sector LONG
Foldable phone momentum into Apple event.
Optical communication and foldable phone themes are a viable momentum play into Apple's foldable phone reveal around September 9, but actual demand is still limited, so the speaker treats it as a schedule-driven momentum trade only.
Korean foldable phone sector LONG
Korean optical communication sector LONG
Apple CEO may favor Korean memory suppliers.
Apple's new CEO John Ternus taking office on September 1 is an important catalyst because, unlike Tim Cook, he may more directly secure memory from Samsung Electronics, SK Hynix, or Micron instead of probing Chinese suppliers, which could shift memory procurement and support those suppliers.
AAPL WATCH
CXMT threat to Korean DRAM exaggerated.
CXMT's 800% revenue growth and DRAM supply-glut fears are overblown because CXMT cannot meaningfully affect supply until late 2026 or 2027 and uses only a 3rd-generation process while Samsung Electronics and SK Hynix use a 5th-generation process, giving Korean makers better cost, efficiency, and more chips per wafer.
MU LONG
Focus on Nvidia-linked equipment names.
Among semiconductor equipment and MLCC rotation plays, the speaker wants to focus on Nvidia-linked names such as Simmtech, TLB, and Isu Petasys rather than the whole sector, implying compressed selection around direct AI hardware ties.
222800.KQ WATCH
TLB WATCH
Isu Petasys WATCH
Refiners improving but momentum limited.
Korean refining names S-Oil, GS, and SK Innovation have earnings improving into the first half of next year, but momentum is limited by geopolitical headline risk; they move inversely to market direction, and the speaker says they deserve continued attention rather than aggressive trades.
010950.KS WATCH
GS WATCH
096770.KS WATCH
Korean steel earnings improving.
Korean steel stocks were strong this week and earnings are improving, supporting continued strength in the sector.
Korean Steel Sector LONG
Watch AI infra, biotech, secondary batteries.
The speaker's next-week core focus remains AI infrastructure, pharmaceutical/bio, and secondary battery sectors, viewing them as the areas to keep watching for rotation-led opportunities even while the KOSPI index stays capped.
Korean pharmaceutical/bio sector WATCH
Korean secondary battery sector WATCH
Watch AI infra, biotech, secondary batteries.
For the next one to two months, the speaker says investors should hold semiconductors as a core position at a minimum weight while diversifying into other rotation sectors to build returns, rather than expecting index-level gains from Samsung Electronics and SK Hynix.
Korean AI infrastructure sector WATCH
HIGH
09:00
Aug 29
Aug 29
Korean semiconductor sector
EWY
KS
Korean nuclear power sector
PBW
▾
MED
Foreign outflows and tariffs cap semiconductor upside.
Foreign, retail and Hong Kong-linked funds are still heavily positioned in Korean memory and semiconductor names, but outflows are appearing. Lee expects foreign investors to reduce overweight positions on rallies rather than aggressively buying, while U.S. tariff noise adds short-term sentiment risk, so upside in Korean seminductors is likely limited even though earnings are not weak.
Korean semiconductor sector AVOID
KOSPI likely remains rangebound and narrow.
Despite decent earnings and no severe foreign selling, Korea's rate hike, retail outflows, narrow leadership driven by Samsung Electronics and SK hynix buybacks, and lack of aggressive pension rebalancing keep the index in a limited box range. Sector rotation may continue without a broad index rally until a trigger strong enough to attract foreign flows appears.
EWY WATCH
Samsung SDI supply sticky, LFP catalyst supports.
Power-equipment leader Hyosung Heavy Industries is not cheap versus U.S. peers, but it has a U.S. factory, expected order prospects, representative status and supply flows chasing it after China-exclusion and emergency power-system news. In a narrative-driven market, that is enough to keep it moving, though valuation should be understood as flow-driven.
KS WATCH
Nuclear rotation driven by Korean investment policy.
Korean nuclear power names are being rotated into because of strong policy and investment narratives such as the first major Korean investment project, Westinghouse joint acquisition talk, government commentary, and possible September order rumors. Flows chase the strongest AI-linked power and energy stories, and nuclear shares rise and then reassert after dips.
Korean nuclear power sector WATCH
Renewables are quiet next rotation candidate.
Institutional flows into renewables, solar and wind have been steady and global peers are strong, but Korean renewables have lagged. Lee suggests monitoring these names as the next rotation candidate because a trigger could change the picture, while supply is already quietly attached.
PBW WATCH
Korean defense has supply and US trigger.
Korean defense has not followed U.S. defense to highs and remains rangebound, but some companies have entered sample testing for U.S. entry. Supply is already attached and, if a trigger such as a real contract or U.S. expansion confirmation emerges, the sector could re-rate, so Lee suggests monitoring it.
Korean defense sector WATCH
MED
07:30
Aug 29
Aug 29
SMH 1ST
005930.KS
000660.KS
REMX 1ST
005380.KS
▾
HIGH
AI semiconductor cycle worries largely resolved.
After Nvidia's strong results and guidance indicating roughly 70% revenue growth for next fiscal year rather than the feared 40%, most near-term worries about the AI semiconductor cycle should be resolved. The guidance implies AI demand is too strong for supply to fully meet, so the AI semiconductor cycle remains intact.
SMH LONG
NVDA LONG
Samsung and SK Hynix upside limited.
Samsung Electronics and SK Hynix still benefit from AI memory demand, but their operating profit upgrade cycle has stalled because DRAM price increases are slowing, HBM price increases are becoming a margin burden for customers, competition is intensifying, and the sharp won appreciation is a contract/currency headwind. The stocks are more likely to grind slowly higher, but sharp upside is difficult.
005930.KS WATCH
000660.KS WATCH
Substrates and materials better than Samsung/SK Hynix.
For new investment, Korean semiconductor substrate and materials names are more attractive than Samsung Electronics and SK Hynix because the semiconductor trade is shifting from P, price, to Q, volume. As advanced packaging and HBM volume ramps, substrate and materials earnings growth can accelerate next year even as headline semiconductor earnings growth slows from this year's extremely high pace.
REMX LONG
Autos and robots need more time.
Auto stocks are neutral and unattractive as a pure auto trade because high interest rates are a textbook headwind for durable goods and global auto stocks are weak. Hyundai Motor has been relatively resilient and has long-term robotics optionality through Boston Dynamics, but the Investor Day lacked concrete robotics details. Robot-related names need a clearer blueprint and time, and high rates limit expectation-driven rallies.
005380.KS WATCH
058610.KQ WATCH
277810.KQ WATCH
Power grid and equipment remain positive.
Power equipment, transmission, distribution and ESS remain positive because AI datacenter construction is still driving demand and grid/power is the tightest bottleneck. Recent weakness came from the sector already being up 10-20x and some US datacenter construction delays, but Korean companies such as Hyosung Heavy Industries and HD Hyundai Electric have proven global competitiveness and are building US factories, making this area preferable to expensive semiconductor names.
267260.KS LONG
298040.KS LONG
Korean power grid and equipment LONG
KOSDAQ semiconductor equipment and materials have potential.
Korean semiconductor equipment and materials suppliers are structurally second-tier compared with global leaders such as Applied Materials, Tokyo Electron and ASML, and they depend heavily on Chinese materials and parts, which limits how cleanly they can rally on large cluster investment. However, because semiconductor volumes are set to expand this year and next, KOSDAQ-listed semiconductor equipment and materials names still have meaningful potential over time.
KOSDAQ Semiconductor Equipment and Materials LONG
HIGH
06:00
Aug 29
Aug 29
NVDA
MRVL 1ST
SMH 1ST
005930.KS
000660.KS
▾
HIGH
Nvidia dependency is structurally declining.
OpenAI's custom inference chip 'Jalapeno' is an early sign that inference demand is shifting away from Nvidia's standardized GPU stack. Nvidia remains the near-term leader because of its installed base and volume, but customers increasingly want lighter, cheaper, lower-power silicon customized to specific inference tasks. Nvidia dependency will therefore structurally decline, and even if Nvidia keeps first place, its share may erode from about 90% toward 70% or 60% over time, which can eventually affect the stock.
NVDA WATCH
ASIC custom AI silicon is taking share.
The main expression of reduced Nvidia dependence is the rise of ASIC and custom AI semiconductors. GPUs improve performance mainly by adding more dies, making them increasingly heavy, expensive and power-hungry, while inference customers want lighter, application-specific chips using more CPU/NPU and less GPU. The ASIC share of AI silicon has already moved from about 9:1 to 7:3 versus GPUs and is likely to keep rising, with Broadcom as the incumbent and Marvell Technology emerging as a competitor.
MRVL LONG
SMH LONG
AVGO LONG
Korean memory cuts are ceding share.
The intentional underutilization that supported memory prices has now been exposed, and a US California federal court began an antitrust/price-fixing review on June 25. The eventual damages are unforecastable: they could range from tens of trillions of won to more than one quadrillion won across the industry. This creates a large binary legal overhang for Samsung Electronics, SK hynix and Micron, and the speaker argues buybacks and dividends should be deprioritized in favor of building loss provisions.
005930.KS AVOID
000660.KS AVOID
MU LONG
HIGH
03:00
Aug 29
Aug 29
005930.KS FLIP
000660.KS FLIP
Korean secondary battery sector
XBI
Korean robotics sector
▾
HIGH
Trim Samsung and SK Hynix until October.
Foreign and institutional investors sold Samsung Electronics and SK Hynix heavily in August while retail buying was driven by a surge in credit balance, with about 40% of new credit concentrated in those two stocks. Because fresh deposits are not coming in and institutions are likely to keep pressing retail positions until the October earnings release, the top two semiconductor names should stay sluggish into September-October. Existing investors should keep a core position around 30% but trim overweight positions into rebounds rather than add.
005930.KS AVOID
000660.KS AVOID
Rotate into non-semiconductor leadership sectors.
With Samsung Electronics and SK Hynix losing near-term leadership, institutional supply is rotating into other domestic leadership candidates. The speaker is looking for opportunities over the next one to two months in sectors being selected by institutions, including secondary batteries, pharma/bio, robotics, nuclear/power equipment, stablecoin-related names, cosmetics, and semiconductor equipment/materials, especially AI-infrastructure-related groups.
Korean secondary battery sector LONG
XBI LONG
Korean robotics sector LONG
Korean nuclear/power equipment sector LONG
Korean semiconductor equipment/materials sector LONG
Korean stablecoin-related stocks LONG
KORU LONG
Focus on L&F, Samsung SDI, LGES.
Within secondary batteries the speaker says investors do not need to own many names and stock selection matters; among large caps the focus should be on L&F, Samsung SDI, LG Energy Solution, and on KOSDAQ large-cap EcoPro. At least one secondary-battery name should remain in the portfolio.
086520.KQ LONG
Focus on L&F, Samsung SDI, LGES.
The speaker's preferred faster ways to play the secondary-battery and ESS trend are Samsung SDI and L&F, because Samsung SDI is seeing the fastest ESS-driven earnings acceleration and L&F is its biggest beneficiary and the only company able to supply US ESS LFP cathode material. LG Energy Solution and SK Innovation should eventually catch up, with Samsung SDI first, LG Energy Solution second, and SK Innovation third in speed.
066970.KS LONG
006400.KS LONG
Buy LG Chem and LG Energy Solution.
Goldman Sachs published buy ratings on LG Chem and LG Energy Solution, arguing the US executive order restricting large grid-connected foreign battery and power equipment explicitly excludes behind-the-meter distributed storage, so the rule shifts demand toward BTM storage and benefits LG's battery businesses. LG Energy Solution's ESS product mix and utilization are recovering, the stock's bottom looks solid, and the risk/reward is skewed to the upside.
051910.KS LONG
Buy Hyosung Heavy Industries over peers.
Goldman Sachs initiated coverage on Korea's three representative transformer and power-equipment makers, and the top pick is Hyosung Heavy Industries with a buy rating and a target price of 416,000 won, about 50% upside. Transmission-heavy Hyosung is seen as less exposed to later orbital data-center distribution demand uncertainty, while aged US grid infrastructure, AI data-center power demand, low renewable utilization, Korean makers' 95% delivery compliance versus 60% for competitors, and US local production premiums support the group. Hyosung has transformer-focused revenue, expected 34% EPS growth, and US revenue share rising from 35% to 64% by 2030.
298040.KS LONG
Korean ESS chain gains from China ban.
The US is effectively excluding Chinese grid-scale battery and ESS equipment, and since Korea only has about 20% North American share versus China's 80%, Korean manufacturers stand to capture replacement demand. ESS demand is already about 75% of EV battery demand and is expected to overtake EV batteries next year, improving Korean battery makers' bargaining power, North American utilization, and profitability across the ESS value chain.
Korean secondary battery/ESS value chain LONG
HIGH
23:30
Aug 28
Aug 28
SSNLF
000660.KS
MU
SMH
▾
HIGH
52-week low volume signals September rebound.
After the late-July lows, heavy accumulation came into Samsung Electronics and SK hynix, but the market is now in a lull. As of the recording, both stocks posted their 52-week lowest trading volume, indicating both buying and selling have exhausted; with program selling largely climaxed, long-term foreign inflows should improve supply/demand after August, setting up a likely September upward breakout. The weekly chart shows a bottom-confirming volume spike followed by a low-volume contraction that normally resolves within two to three weeks, probably upward.
SSNLF LONG
000660.KS LONG
Micron HBM4 gap boosts Samsung/SK.
Samsung Electronics received strong HBM4 sample-test scores and SK hynix retains stable mass-production yield and likely takes more than 50% of volume. Reports suggest Micron may need a redesign of HBM4 and, if true, cannot supply within a year; that would remove Micron's expected share and raise Samsung/SK allocations, creating a potential September momentum catalyst.
MU AVOID
AI semiconductor uptrend remains intact.
Nvidia results did not break the AI semiconductor cycle; earlier hyperscaler earnings from Google and Amazon showed strong AI data center and cloud revenue, and Nvidia guidance implies semiconductor growth remains valid through 2028, so semiconductor peak concerns are premature.
SMH LONG
HIGH
11:00
Aug 28
Aug 28
161890.KS 1ST
278470.KS 1ST
257720.KQ 1ST
006660.KS
073240.KS 1ST
▾
HIGH
K-Beauty offers safe growth and potential tariff benefits.
K-Beauty stocks are acting as safe, defensive plays hitting new highs, and they could further benefit from potential US tariffs on Canadian cosmetics, alongside major domestic sales events.
161890.KS LONG
278470.KS LONG
257720.KQ LONG
214450.KQ LONG
Government push for Honam cluster boosts local stocks.
The President's strong, monthly-checked push to develop the Honam semiconductor cluster is forcing rapid infrastructure development, benefiting locally tied companies like Kumho Group, Gwangju Shinsegae, and Samsung Climate Control.
006660.KS LONG
073240.KS LONG
037710.KS LONG
002990.KS LONG
006660.KS LONG
US energy needs drive Korean nuclear and gas investments.
Korea's investments in the US will likely focus on gas combined cycle power plants and SMRs to meet urgent US energy needs. Companies overlapping in both nuclear and gas infrastructure, such as Doosan Enerbility and BHI, will be key beneficiaries.
034020.KS LONG
083650.KQ LONG
AI expansion makes cyber security the next bottleneck.
Following power infrastructure, cyber security is emerging as the next major bottleneck for AI expansion, highlighted by 118 big tech companies signing an AI security pact, which will drive continued momentum for domestic security stocks.
CIBR LONG
042510.KQ LONG
263860.KQ LONG
411080.KQ LONG
US regulations on China benefit Korean power equipment.
The US is regulating Chinese power equipment and declaring a national emergency for power grids, which provides a structural competitive advantage and continued strong prospects for Korean power equipment suppliers.
Power equipment LONG
Buybacks provide exit liquidity amid lingering semiconductor uncertainties.
Despite massive share buybacks providing some downside support, foreign investors are using this liquidity to safely offload shares. Combined with Nvidia's slightly negative tone on memory pricing and potential US tariff risks, the semiconductor giants face lingering uncertainties.
000660.KS AVOID
Upcoming digital asset regulations will boost payment stocks.
With the US Clarity Act pending in September to stabilize national debt via stablecoins, and Korea preparing its digital asset framework, payment-related stocks will continue to receive market attention.
Digital asset payment stocks LONG
KOSPI below 2700 is an oversold buying opportunity.
The KOSPI index below 2700 is in oversold territory, and despite current low volatility and lack of momentum, the market is expected to show a gradual upward trend heading into September.
EWY LONG
HIGH
10:00
Aug 28
Aug 28
TLT 1ST
KRX Gold Market
Physical gold (gold bar)
UUP 1ST
GLD
▾
HIGH
U.S. Treasuries face structural de-dollarization selling.
U.S. Treasuries are structurally unattractive in the de-dollarization cycle. U.S. debt is reaching unmanageable levels, Treasury buyback expansion signals that U.S. government bonds are not selling well, and major countries are now selling rather than buying U.S. Treasuries as part of the shift away from dollar assets toward neutral assets such as gold.
TLT AVOID
Prefer physical gold and KRX now.
Physical gold bars and the KRX gold market are currently more advantageous than gold ETFs or gold banking for Korean investors. Physical gold has no capital gains tax on eventual profits despite an upfront VAT and spread, while the KRX gold market has no VAT, low fees, no capital gains tax, and is accessible through ordinary stock apps. Since the Korean kimchi premium is now nearly absent, physical gold and KRX gold are more favorable than ETF or gold banking exposure.
KRX Gold Market LONG
Physical gold (gold bar) LONG
De-dollarization weakens the U.S. dollar.
De-dollarization is a structural paradigm shift, not a temporary event. The U.S. dollar share of global foreign exchange reserves has fallen from about 70% to the 50% range, central banks have bought gold every year since 2010 at historically high levels, U.S. debt is becoming unmanageable, and Western central banks are repatriating gold. This points to continued dollar weakness.
UUP SHORT
Gold correction over; bull cycle continues.
Gold's correction is over and the long-term bull cycle remains intact. After peaking near $5,595 in January and falling below $4,000 in June, gold has rebounded about 20% to around $4,700 and the trend has clearly turned. The next rally trigger is likely a rate hike, because past gold bull phases mostly occurred during rate-hike cycles driven by inflation. Supply is also tight until roughly 2029-2030 due to climate constraints, geopolitics, and US-China friction limiting mining expansion, supporting a long cycle that has historically produced dramatic gains.
GLD LONG
HIGH
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