Why I See Samsung Electronics More Favorably: H2 Forecast | So Hyeon-cheol, Adjunct Professor, Sangji University [Double Up]

Summary

So Hyeon-cheol, adjunct professor at Sangji University, argues that AI rollover-financing fears are overdone and that memory chip conditions remain intact, with Samsung Electronics looking increasingly attractive on foundry, HBM, smartphone, and valuation momentum. He also flags a possible peace-deal-driven semiconductor rally and a Korean won-strength domestic rotation. The discussion covers macro watchpoints such as Treasury yields, oil, the Fed, and a potential Trump October surprise.

• SK hynix inventory-to-sales ratio fell from 338% in 2023 to 23%, a historical low.
• DRAM price increases are expected to continue at least through Q1 next year.
• Hyperscaler debt of about $3 trillion is manageable against $600-700 billion EBITDA over three to four years.
• Samsung foundry, HBM4 one-stop capability, and smartphone resilience are improving.
• Geopolitical resolution involving Russia or Iran could ease yields and spark short-term semiconductor strength.
• Won strength may rotate money into airlines, power, and domestic-demand stocks.
• Tesla's Cybercab is viewed as a large competitive threat to legacy automakers.
• Trump October surprise and oil/PPI are named macro watchpoints.