Hanwha K9 Self-Propelled Howitzer Breaks Through US Army…9 Years of Results | SK Hynix Burns 40 Trillion Won in Treasury Stock…Largest Among Domestic Listed Companies | Kwon Soon-woo, 3PRO TV Reporting Team Leader

Summary

Kwon Soon-woo reviews three main market-moving news items. First, the US Treasury expanded buybacks to cool long-term yields, though he argues structural debt and inflation pressures keep long-term Treasury yields elevated. Second, SK Hynix announced a massive 40 trillion won treasury stock cancellation, a clear shareholder return positive that may pressure Samsung Electronics to respond. Third, Hanwha's K9 self-propelled howitzer won a US contract, validating Korean defense exporters and supporting Hanwha Aerospace and strategic interest in KAI.

• US Treasury doubles buyback to at least $4bn for 10-30y paper, briefly lowering 30y yields by about 9bp.
• Kwon sees long-term US Treasury yields as structurally elevated due $40tn debt, war spending, and inflation.
• SK Hynix announces a 40 trillion won treasury stock cancellation and strengthens its shareholder return policy to at least 50% of FCF.
• Samsung Electronics faces pressure to produce a larger shareholder return given its 167tn cash assets.
• K9 wheeled self-propelled howitzer wins a US contract, with options to 12 units and a longer-term plan up to 500 units.
• Hanwha Aerospace directly benefits as the maker of the K9 and Cheongung chassis.
• Hanwha is accumulating KAI shares, potentially building a Lockheed Martin-like defense group.