Daily Morning Fund Managers' Investment Meeting Live | Park Se-ik Senior Managing Director & Chesley Investment Advisory [Morning Brief / Thu, July 16, 2026]

Daily Morning Fund Managers' Investment Meeting Live | Park Se-ik Senior Managing Director & Chesley Investment Advisory [Morning Brief / 26.07.16.Thu]

Watch on YouTube ↗ | July 16, 2026 at 00:36 | 2:00:46 | Chesley Investment Advisory (체슬리투자자문)

Speakers

Wang Jeong — Department Head

Choi Ho — Vice President

Park Se-ik — CEO, ex-Chief Strategist

Jun-hyeok — Crypto Analyst

Chang-min Pro — Producer/Analyst

Summary

The hosts review global markets: Wang Jeong analyzes China's duty-free leader as a deep-value recovery play; Seo Chang-min covers the US semiconductor sell-off, the SK hynix ADR arbitrage, and the rotation into mega-cap tech; crypto analyst Jun-hyeok monitors Bitcoin's breakout at 65K; and Choi Ho presents bullish cases for ASML, BlackRock, LIG Nex1, and Pharma Research, all backed by earnings and thematic tailwinds.

China Tourism Group Duty Free trades at 19x P/E with improving inbound tourism and margin recovery, a long opportunity.
US PPI and CPI came in soft, easing rate fears and sparking a rotation from semiconductors into large-cap growth stocks.
SK hynix ADR premium to narrow sharply as the conversion with the local share begins on July 29.
ASML delivered strong Q2 results with visibility stretching to 2028; seen as a quality compounder to buy on dips.
BlackRock's record AUM and ETF dominance make it a long-term wealth-preservation holding.
LIG Nex1 is favored among Korea defense stocks for its long-cycle orders, 2026 earnings growth of 47%, and reasonable valuation.
Pharma Research pivots to export-led growth in medical devices and cosmetics; upcoming Q2 earnings may confirm margin recovery.
Bitcoin is testing 65,000 resistance; a breakout could open the way to 70,000 amid positive risk appetite.

Ideas

Wang Jeong Department Head 4:56

Undervalued Chinese duty-free monopoly recovering strongly.

China Tourism Group Duty Free (Zhongmian) has seen its market cap collapse from 80 trillion to 23 trillion won, P/E has dropped to 19x from historical 30x, yet earnings are improving with Q2 margins expanding on inbound tourism recovery (+20% foreign visitors) and sustained domestic travel. The company commands 72% market share and 90% in Hainan. Despite the stock's collapse, the earnings recovery and low valuation create a re-rating opportunity, with a target price of 37–50, implying 32–37% upside from the last close.

Chang-min Pro Producer/Analyst 15:51

SK hynix ADR premium will collapse on convertibility.

SK hynix ADR previously traded at a 50% premium to the local share due to supply/demand and structural anomalies. With the Korea Securities Depository allowing direct conversion between ADR and the local share starting July 29, the premium will rapidly converge through arbitrage. The ADR already corrected 9% as option flows and leverage ETF rebalancing accelerated the mean reversion, but further convergence is highly likely.

Jun-hyeok Crypto Analyst 20:24

Bitcoin breakout above 65k targets 70k.

Bitcoin tapped the 65,000–65,400 resistance zone and pulled back, but if it breaks out above this level, it will enter a higher channel and target the 70,000 area. The macro backdrop is supportive: CPI and PPI came in soft, and Bitcoin is exhibiting relative strength by not falling alongside semiconductors, suggesting risk flows are rotating into crypto. ETF inflows remain positive.

Choi Ho Vice President 45:00

ASML is a secular EUV monopoly with long visibility.

ASML reported strong Q2 earnings with revenue +24.5% YoY and operating profit +33%, beating consensus. The CEO highlighted extreme long-term visibility driven by AI, with 2027 orders almost fully secured and 2028 orders substantially booked, prompting a potential 30% capacity expansion. Memory-related revenue is expected to grow 75% this year due to DDR and HBM supply shortages. ASML acts like a quality compounder with secular EUV demand; the stock is a buy on dips, especially if P/E corrects to the low 30s.

Park Se-ik CEO, ex-Chief Strategist 63:02

BlackRock is a durable wealth-preservation compounder.

BlackRock is a forever-quality company that will survive for decades. As the global leader in ETFs, it benefits from a secular shift toward passive investing. Record AUM, strong inflows into high-fee active ETFs, and high operating margin (45.9%) demonstrate durable earnings power. It serves as a wealth-preservation vehicle: a low-volatility stock to park profits, similar to buying land, offering stability even during market turmoil.

Choi Ho Vice President 79:02

LIG Nex1 offers defense earnings growth without cliff.

LIG Nex1 stands out in Korea's defense sector: Q2 earnings are expected to beat consensus, with 2026 earnings growth estimated at 47% YoY. Unlike peers with shorter order cycles, LIG Nex1's long-cycle contracts (10 trillion won orders last about 5 years) provide smooth revenue without an export cliff. The valuation is attractive at 38x 2025 P/E and 28x 2026 P/E, especially given the structural demand for air defense and missile systems from the Middle East and NATO. New European partnerships are a positive.

Choi Ho Vice President 91:24

Pharma Research export pivot and margin recovery.

Pharma Research is transitioning from an inbound-domestic medical aesthetics story to an export-driven growth story. Q2 earnings are expected to meet consensus, and the margin recovery to 40% is a key catalyst. Exports of medical devices to Europe are beginning, and cosmetics exports to the U.S. are accelerating; the recent acquisition of a U.S. manufacturer will streamline supply and boost margins. The stock has corrected for 5–6 months and is no longer falling on bad news, offering a favorable risk/reward for a H2 recovery.

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This Chesley Investment Advisory (체슬리투자자문) video, published July 16, 2026, features Wang Jeong, Chang-min Pro, Jun-hyeok, Choi Ho, Park Se-ik discussing 601888.SS, SK Hynix ADR, BTC, ASML, BLK, 079550.KS, 214450.KQ. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Wang Jeong, Chang-min Pro, Jun-hyeok, Choi Ho, Park Se-ik · Tickers: 601888.SS, SK Hynix ADR, BTC, ASML, BLK, 079550.KS, 214450.KQ