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KOSPI broke 7000... Isn't it too high and deep to be a wave? | Baek In-jae Deputy Center Head

KOSPI broke 7000..." Isn't it too high and deep to be a wave? | Baek In-jae Deputy Center Head [Double Crew]
Watch on YouTube ↗  |  July 14, 2026 at 01:27  |  23:28  |  3PRO TV (삼프로TV)
Speakers
Baek In-jae — Deputy Center Director, Hana Securities

Summary

Baek In-jae, Deputy Center Head, addresses the recent KOSPI crash below 7,000, arguing that the sell-off is overdone relative to fundamentals. He highlights historically low valuations, a structural AI-driven memory shortage supporting Samsung Electronics and SK Hynix, and the amplifying role of leveraged ETFs. He advises investors to hold on and consider buying at peak pessimism while noting that KOSDAQ is losing capital to leveraged large-cap plays.

  • KOSPI PER fell to 5.8x, below 2008 crisis low of 6.3x, signaling extreme undervaluation.
  • Fundamental earnings of Samsung Electronics and SK Hynix remain strong, driven by structural memory shortages from AI demand.
  • Excessive trading in single-stock leveraged ETFs is the main cause of extreme volatility and a 'short gamma' feedback loop.
  • Credit balances have not declined significantly, remaining a potential headwind.
  • KOSDAQ underperformance is attributed to money shifting into leveraged ETFs on large-cap memory stocks.
  • The speaker recommends holding positions and buying at the peak of pessimism, expecting a rebound to at least 8,000 on KOSPI.
Ideas
Baek In-jae Deputy Center Director, Hana Securities 4:40
KOSPI extremely cheap, buy and hold
KOSPI has fallen to an extreme valuation with a price-to-earnings ratio of 5.8x, even lower than the 6.3x trough during the 2008 financial crisis. The fundamentals of major Korean companies like Samsung Electronics and SK Hynix are intact, and the sell-off is driven by external noise and leveraged ETF unwinding, not fundamental damage. He believes the index will rebound to at least the 8,000 level, and that investors should hold on and even consider buying at this peak pessimism.
EWY HIGH
Baek In-jae Deputy Center Director, Hana Securities 5:22
Memory shortage supports Samsung and Hynix
Samsung Electronics and SK Hynix are at the center of a structural semiconductor memory shortage driven by AI demand. The SK Group chairman stated that supply capacity cannot meet demand, creating a persistent imbalance. Their earnings are solid and uplifting, and the current price decline is not due to fundamental deterioration. He recommends holding these stocks as long-term core positions.
005930.KS 000660.KS HIGH
Baek In-jae Deputy Center Director, Hana Securities 19:28
Avoid KOSDAQ as funds shift away
KOSDAQ is underperforming because investors are shifting funds into leveraged ETFs on Samsung Electronics and SK Hynix, which offer stronger earnings visibility and double returns. KOSDAQ companies lack clear earnings and their potential for large gains is now less attractive compared to leveraged large-cap plays. This migration of capital is causing KOSDAQ to fall more sharply.
KOSDAQ Index MED
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This 3PRO TV (삼프로TV) video, published July 14, 2026, features Baek In-jae discussing EWY, 005930.KS, 000660.KS, KOSDAQ Index. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Baek In-jae  · Tickers: EWY, 005930.KS, 000660.KS, KOSDAQ Index