Name: Rate hike but the bad news is over? The reason he says now is actually an opportunity | Park Byeongchang, CEO of MP Partners [Weekend Interview]
Uploaded: 2026-09-19T23:00:36+00:00
Duration: 3160 s

Speakers

Park Byeong-chang — Director, MP Partners

Yeo Doeun — Host

Summary

Park Byeongchang, CEO of MP Partners, told host Yeo Do-hoon that the Fed rate hike removed a major uncertainty and that markets can rally into October, though he expects 2026 to be more difficult. He remains bullish on memory semiconductors, especially Samsung Electronics and SK hynix, citing persistent memory shortages, strong earnings, LTA-stabilized profits, October catalysts, and buy-on-dip logic. He also sees Korea as undervalued after BlackRock upgraded Korean equities, while warning that another Fed hike and AI capex stress could pressure U.S. stocks next year.

Fed hiked rates and was hawkish, but Park viewed the event as largely priced in.
Park expects a possible October rally, helped by Q3 earnings and low pre-election expectations.
He is bullish on Samsung Electronics and SK hynix because memory shortages and LTAs support earnings.
He cites BlackRock's Korea upgrade and cheap KOSPI/EM valuations as a Korean equity opportunity.
He sees December Fed hike risk and warns 2026 U.S. equities may be more difficult.
He advises preparing for panic-driven buying opportunities rather than chasing long-term now.
He says higher rates could pressure AI capex and create credit-event risk.

Ideas

Park Byeong-chang Director, MP Partners 12:26

S&P tactical rally into election.

The Fed rate hike was widely expected and largely priced in, and although the Fed was somewhat hawkish, it was not extremely so. With the hike out of the way, Q3 earnings likely favorable, and election uncertainty likely to pass without a major shock, the speaker expects the market to be supported and rise between earnings and the election. He sees the S&P 500 potentially moving toward 7,500 if it clears the 7,000 area.

Park Byeong-chang Director, MP Partners 15:41

Buy Samsung, SK hynix on memory upcycle.

Memory shortage is real and confirmed by both buyers and sellers, with memory prices expected to keep rising into 2026-2027. Samsung Electronics and SK hynix have huge forward earnings estimates (Samsung around 500 trillion won, SK hynix around 370-380 trillion won next year) but their share prices have not fully reflected this. Q3 earnings should be favorable because FX-related estimate cuts have already been made, buybacks end in early October and stocks often rise after buyback completion, and October is a likely window for a rally. The speaker sets targets of 300,000 won for Samsung Electronics and 2,000,000 won for SK hynix. LTAs have stabilized memory earnings, so sharp plunges should be bought rather than feared.

Park Byeong-chang Director, MP Partners 18:58

Korea undervalued; October tactical rally.

BlackRock upgraded Korean equities to overweight after cutting them in June, arguing that July-August deleveraging has removed leverage risk and that Korean stocks are attractively priced. The speaker notes Korea trades at roughly 6-8x forward P/E versus about 10x for emerging markets and 20x for the U.S., while EM forward earnings are expected to grow about 34% versus 20% for the U.S. He sees October as a potential opportunity for the Korean market, supported by the BlackRock upgrade and the expected memory-leader catalysts, and he also notes year-end and early-year seasonality often supports markets.

Rate hike but the bad news is over? The reason he says now is actually an opportunity | Park Byeongchang, CEO of MP Partners

Summary

Ideas

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