Samsung Electronics, SK Hynix Long-Term Supply Contract... Completely Changed the Fate of the Korean Stock Market "KOSPI 10,000 Era Will Soon Open"

Summary

Han Jiyoung, a researcher at Kiwoom Securities, argues that KOSPI can reach 10,000-11,000 based on earnings growth and P/E expansion driven by stable semiconductor profits from long-term supply agreements (LTAs). He prefers SK Hynix over Samsung Electronics due to higher beta and market attention. He expects AI capex to remain strong, US rates to stay benign, and Korea rates to have limited impact on equities.

• Han Jiyoung forecasts KOSPI 10,000-11,000 target based on 10x P/E and higher earnings.
• He believes long-term supply agreements (LTAs) stabilize semiconductor and thus KOSPI earnings.
• He prefers SK Hynix over Samsung Electronics for higher beta and momentum.
• He expects big tech AI capex to continue, supporting memory demand.
• He sees US 10-year yield 5.0% as key threshold but unlikely this year.
• He expects two Korea rate hikes but already priced in.
• He advises holding leading stocks as long as narrative and fundamentals remain intact.
• He notes August/September earnings will reveal LTA contract details.