Samjeonnix, why exactly are its ankles tied?

Summary

Lee Ji-hwan, CEO of Aurora Investment Advisors, explains why Samsung Electronics and SK Hynix have been underperforming. He dissects the three bearish narratives—semiconductor cycle peak, China memory threat, and poor shareholder returns—and argues the first two are losing credibility while short covering and foreign long-term inflows are building. Using volume-based technical analysis, he shows the stocks are in a bottoming phase and advises holding or adding. He also warns that the KOSDAQ rally may be a psychological trap.

• Samsung and SK Hynix fell on peak-cycle and China fear, but Micron's resilience and hyperscaler capex undermine those fears.
• Short covering is visible in Samsung Electronics, and foreign long-only funds are quietly accumulating.
• Volume analysis: a climax selling event two weeks ago followed by a low-volume pullback supports a bottom.
• The only remaining headwind is weak shareholder return policy; more proactive buybacks could spark a rapid recovery.
• KOSDAQ's strength looks partly like a short-covering rotation; retail investors should avoid getting lured into a potential trap.
• Lee Ji-hwan prefers semiconductor bets over consumer cyclicals or rate plays at current prices.