SK hynix, LG Energy Solution, Hyundai Rotem, Leeno Industrial | Cha Young-ju, Director, Wise Economic Research Institute

SK하이닉스•LG엔솔•현대로템•리노공업 | 차영주 와이즈경제연구소 소장 [차영주의 주(株)스토리]
Watch on YouTube ↗  |  February 02, 2026 at 10:25  |  38:20  |  3PRO TV (삼프로TV)
Speakers
Cha Young-joo — Director, Wise Economic Research Institute

Summary

Cha Young-ju, director at Wise Economic Research Institute, reviews same-day brokerage reports on SK hynix, LG Energy Solution, Hyundai Rotem, and Leeno Industrial. The dominant positive theme is a supply-constrained memory cycle with rising ASPs, supporting SK hynix and a broader memory-sector stance and raising watch interest in Samsung Electronics. LG Energy Solution is a watch on ESS profitability versus weak North American EV demand, Hyundai Rotem is a wait-for-autumn 2026 story, and Leeno Industrial's selloff is attributed mainly to supply-demand flows rather than damaged fundamentals.

  • Memory semiconductor supply is tight while AI and hyperscaler demand lift ASPs.
  • SK hynix is framed as a correction buy, with 2026 operating profit consensus around KRW 143-145 trillion.
  • Samsung Electronics is a watch on NAND/DRAM AI demand and Q1 off-season recovery.
  • LG Energy Solution is a watch as ESS turns profitable but weak North American EV demand still dominates.
  • Hyundai Rotem is expected to pause in 2026 before renewed 2027 growth; the speaker sees autumn as key timing.
  • Leeno Industrial's recent volatility is attributed to ETF and passive flows rather than fundamental deterioration.
  • AI capex is the key monitor for whether the memory upcycle extends beyond 2026.
Ideas
Cha Young-joo Director, Wise Economic Research Institute 0:00
Supply-constrained memory pricing supports SK hynix earnings.
Shinhan and KB reports raise SK hynix targets to KRW 1.3-1.4 million and converge on 2026 operating profit near KRW 143-145 trillion. The core case is a supply-constrained memory market: DRAM and NAND bit growth are limited while ASPs rise 24-30%, hyperscaler AI capex is strong, and PC/smartphone customers must accept price hikes. The speaker says quality stocks should be bought on corrections, so the 8% drop is viewed as a pullback opportunity, though 2027 growth-rate moderation and AI capex trends need monitoring.
000660.KS HIGH
Cha Young-joo Director, Wise Economic Research Institute 1:55
Constrained supply and rising ASPs favor memory.
The memory semiconductor cycle is supplier-favorable because capacity and bit growth are constrained, while AI and hyperscaler demand are driving ASPs higher. PC and smartphone customers are being forced to accept price increases, and memory makers are likely to avoid aggressive capacity expansion to prevent a future oversupply. This supports a positive sector stance on memory semiconductors, although AI capex is the key variable that could change the view.
SMH HIGH
Cha Young-joo Director, Wise Economic Research Institute 20:30
NAND/DRAM AI demand may aid Samsung.
The KB report on SK hynix highlights that AI memory demand is broadening beyond HBM into NAND, where Samsung has greater exposure than SK hynix. Samsung is still mainly a legacy DRAM/NAND player with a small HBM share, so Q1 is seasonally weak, but if Samsung overcomes the off-season and NAND/DRAM AI demand increases, its shares could deserve renewed attention. The speaker frames this as a watch item rather than a clean buy call.
005930.KS MED
Cha Young-joo Director, Wise Economic Research Institute 23:20
ESS profits offset EV slump only partly.
SK Securities views LG Energy Solution mainly through its ESS business, where subsidies and improving profitability should drive an ESS profit turn and high growth, even as the overall company remains in loss due to weak North American EV demand and fixed-cost pressure. ESS alone is unlikely to fully cover the EV shock; a new North American EV supply contract or a recovery in EV sales would be the trigger for a stronger stock move. The speaker says to keep watching the name.
373220.KS MED
Cha Young-joo Director, Wise Economic Research Institute 27:19
Defense backlog pause; buy timing autumn.
Meritz maintained a KRW 290,000 target. Q4 missed consensus because Poland's first defense order phase ended and the second has not started, but the 16% defense operating margin was stable and should hold through Q1; profit growth resumes from Q2. The report models 2026 operating profit as broadly flat before a roughly 50% increase in 2027 with a 20% margin. The speaker says there is no need to rush in 2026, existing holders can hold, but new buyers should wait for a better entry around autumn.
064350.KS HIGH
Cha Young-joo Director, Wise Economic Research Institute 32:39
Flow-driven selloff; fundamentals remain intact.
LS Securities attributes Leeno Industrial's recent rally and sharp drop mainly to ETF and KOSDAQ semiconductor supply-demand flows rather than a change in fundamentals. Its PBR and historical valuation are hard to use in this flow-driven period, and further volatility is possible. However, the speaker says the fundamental case has not been damaged, so once the supply-demand distortion passes, fundamentals can become the stock's main driver again.
058470.KQ MED
Up Next
3:38:41
[26.02.02. 오후 방송 전체보기] 코스피 5천 반납, 트럼프·연준 변수로 다시 읽는 증시 흐름
3PRO TV (삼프로TV) · Feb 02
46:05
Massive Metals Selloff, Iran Warns of Regional War | Horizons Middle East & Africa
Bloomberg Markets · Feb 02
42:34
코스닥•반도체•이차전지•조선•원전•방산 | 이재규 SK증권 차장 [이재규의 결정적 한 수(手)]
3PRO TV (삼프로TV) · Feb 02
46:46
The Utilities Analyst Who Says The Data Center Demand Story Doesn't Add Up | Odd Lots
Bloomberg Odd Lots · Feb 02
1:19:18
Why BitGo Went Public | Mike Belshe
Empire · Feb 02

This 3PRO TV (삼프로TV) video, published February 02, 2026, features Cha Young-joo discussing 000660.KS, SMH, 005930.KS, 373220.KS, 064350.KS, 058470.KQ. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Cha Young-joo  · Tickers: 000660.KS, SMH, 005930.KS, 373220.KS, 064350.KS, 058470.KQ