Samsung Electronics Has One Decisive Blow Left to Break TSMC's Stronghold / The Real Reason Hyundai Motor Is Going All-In on Robots | Director Lee Young-hoon

삼성전자, TSMC 아성 무너뜨릴 결정적 한 방 남았다. / 현대차 로봇에 올인 하는 진짜 이유ㅣ이영훈 이사

Watch on YouTube ↗ | January 18, 2026 at 08:00 | 21:33 | 815 Money Talk (815머니톡)

Speakers

Lee Young-hoon — Director

Summary

In this interview, Director Lee Young-hoon of iM Securities discusses Korean semiconductor and auto/robot stocks with host Kim Tae-sung. Lee is constructive on Samsung Electronics, citing HBM4 early-entry potential and foundry normalization, and on SK hynix, citing cheap valuation and a possible ADR listing. He also remains positive on the AI cycle, while flagging legacy-chip speculation and macro systemic risks. On Hyundai Motor, he highlights EV, autonomous-driving, and humanoid-robot transformation, shareholder-return upside, governance re-rating, and Nvidia Alpamayo partnership potential.

Lee sees Samsung Electronics benefiting from HBM4 early entry and foundry yield and pricing improvements.
SK hynix is described as cheap, with a possible New York ADR listing as a valuation catalyst.
Lee expects the AI cycle to last longer because of U.S. policy and U.S.-China technology competition.
Legacy chips and private-fund systemic risks are flagged as watch items, not reasons to exit the AI theme.
Hyundai Motor is viewed as transforming into EV, autonomous-driving, and humanoid-robot exposure.
Hyundai Motor's shareholder returns and governance restructuring are seen as additional re-rating drivers.
Nvidia's Alpamayo platform could make Hyundai an optimal autonomous-driving partner.
Host Kim Tae-sung frames the discussion around valuation and key catalysts.

Ideas

Lee Young-hoon Director 1:06

Samsung has HBM4 and foundry momentum.

Samsung Electronics has more momentum than SK hynix. It may enter the HBM4 market early for the first time, and designs using its newest DRAM process have shown a good response with better thermal control; early HBM4 entry could lift HBM expectations and trigger a stock re-rating. In foundry, yields are improving—2nm around 50%, 4nm around 70%, and 8nm orders are flowing in—while pricing is more than 30% cheaper than TSMC, making Samsung competitive for large orders. Tesla, Qualcomm, Apple, and other big-tech customers could accelerate foundry normalization, and TSMC's record capex suggests the market is moving Samsung's way. Samsung's valuation is still not expensive, and one or two more major foundry orders could drive faster stabilization and further upside.

Lee Young-hoon Director 1:06

SK hynix cheap with ADR re-rating catalyst.

SK hynix is still cheap even after its large rally and should benefit from memory shortage conditions. A New York ADR listing would allow the market to compare it directly with Micron instead of treating it as a local or illiquid listing, but to make that work the company would likely need large additional buybacks. That would strengthen shareholder returns and help the market rediscover corporate value, and the ADR catalyst alone could support further upside.

Lee Young-hoon Director 9:46

AI cycle is not short yet.

The AI cycle is unlikely to be short. The U.S. government cannot easily step away from AI because it needs AI to support economic growth and manage debt, and in the U.S.-China technology hegemony race, the U.S. is unlikely to stop while China keeps pushing. Therefore AI-related semiconductor demand should remain supported; corrections may occur, but they are not likely to be large enough to justify exiting the theme now.

Lee Young-hoon Director 10:55

Hyundai Motor robot and autonomy re-rating.

Hyundai Motor is no longer just a legacy automaker: it has moved rapidly into EVs, ranks about eighth globally in EV sales, and its EVs have won multiple car-of-the-year awards. It acquired Boston Dynamics in 2020 and has kept investing in humanoid robots while the market ignored it; its autonomous-driving investments, including 42dot and Motional, are running Level 4 tests in Las Vegas and Boston. Among global automakers, few have both Level 4 autonomous service potential and humanoid robot performance, yet it trades at a discount to Toyota and below 1x PBR. As the market recognizes this transformation, the valuation can be re-rated.

Lee Young-hoon Director 19:05

Hyundai group governance re-rating via Boston Dynamics.

Hyundai Motor Group's governance reform requires funding, and the group's market caps have risen so much that the chairman cannot simply sell shares to raise it. Boston Dynamics is the clearest source of funds, likely via an IPO, and peer humanoid robot valuations have jumped to around KRW 50 trillion, which could make a Boston Dynamics listing valuable for both the chairman and the company. Market talk that Hyundai Mobis will be artificially suppressed during the restructuring is not credible; the whole Hyundai Motor Group is entering a period of re-evaluation.

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This 815 Money Talk (815머니톡) video, published January 18, 2026, features Lee Young-hoon discussing 005930.KS, 000660.KS, SMH, 005380.KS, 012330.KS. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Young-hoon · Tickers: 005930.KS, 000660.KS, SMH, 005380.KS, 012330.KS