Researcher Lee Eun-taek on the Hot Seat Analyzes a New Report | Executive Director Park Se-ik & Chesley Investment Advisory [Morning Brief / 2026.08.06.Thu]

Summary

Park Se-ik reviews Sandisk's booming earnings but warns that Chinese NAND competitors will pressure memory stocks, recommending investors exit Sandisk on rebounds. He also examines researcher Lee Eun-taek's report indicating strong ISM manufacturing expansion, suggesting the recent KOSPI sell-off is overdone and a rebound is imminent, and advises buying or holding through the volatility.

• Sandisk reported huge margins and revenue growth, but the stock plunged on fears of margin decline and competition.
• Chinese memory makers Changxing Memory and YMTC threaten NAND market share and pricing, with YMTC's upcoming IPO a looming negative catalyst.
• Memory stocks like Sandisk and Kioxia should be sold on bounces, as the cycle turns and earnings peak.
• Lee Eun-taek's research shows ISM Manufacturing PMI hit a 4-year high, signaling continued economic expansion and strong restocking demand.
• Historically, KOSPI rarely falls over 20% during ISM expansions, making the recent drop an anomaly driven by deleveraging.
• The current supply zone (6,700–7,100) is a hurdle, but foreign buying and October earnings should push the index higher.
• Investors are advised to buy the dip, hold through the noise, and avoid panic selling at breakeven.