Rebound after a sharp drop... What's the direction after Micron's earnings announcement? When will KOSDAQ recover?_26.06.24.

Rebound after a sharp drop... What's the direction after Micron's earnings announcement? When will KOSDAQ recover?_26.06.24. | Park Ji-hoon, Yeo Do-eun, Heo Jae-mu [Morning N Investment]

Watch on YouTube ↗ | June 24, 2026 at 02:41 | 1:00:35 | 3PRO TV (삼프로TV)

Speakers

Park Ji-eun — Director

Summary

The morning investment show covers the market rebound after a sharp drop, focusing on semiconductor leaders Samsung Electronics and SK Hynix, upcoming Micron earnings, and KOSDAQ recovery. Guest manager Park Ji-eun presents bullish theses on US biotech ETFs XBI/IBB, specific Korean biotech stocks with catalysts (Alteogen, Hanall Biopharma, Kolon TissueGene, DND Pharmatech), oversold Korean small-cap semiconductor equipment, Samsung Electro-Mechanics, Samsung Electronics over SK Hynix, and SK Square as a dividend proxy.

Market rebounds after previous session's sharp decline, led by Samsung Electronics and SK Hynix.
US biotech ETFs XBI and IBB hit 52-week highs, driven by large pharma M&A despite high rates.
Korean biotech stocks have specific catalysts: Alteogen royalty growth and index play, Hanall Biopharma valuation gap narrowing, Kolon TissueGene Phase 3 data, and DND Pharmatech deal potential.
Korean small-cap semiconductor equipment and materials stocks are oversold and could form a double-bottom if Micron earnings and Japanese equipment trends support.
Samsung Electronics is preferred over SK Hynix for new money due to HBM4 momentum, foundry turnaround, and cheap valuation.
Samsung Electro-Mechanics benefits from customer-funded expansion and high-end MLCC demand, with a positive long-term picture.
SK Square acts as a dividend proxy for SK Hynix, with target prices raised.
Key near-term risks include Micron earnings, KOSDAQ policy clarity, and inflation data.

Ideas

Park Ji-eun Director 5:51

US biotech rally on M&A safety play.

US biotech ETFs XBI and IBB are making 52-week highs, driven by aggressive large pharma M&A activity that acts as a safety play despite elevated interest rates. The M&A momentum and defensive characteristics are attracting flows, while Korean biotech lags.

Park Ji-eun Director 7:42

Phase 3 catalyst may unlock new market.

Kolon TissueGene's Phase 3 trial results are expected in mid-July. If successful, the therapy could open a large new osteoarthritis market, providing a powerful momentum catalyst for the stock.

Park Ji-eun Director 7:49

Deal potential and institutional buying.

DND Pharmatech has deal potential and institutional buying support. The active momentum is still valid, making it a name to watch/play within the biotech catalyst theme.

Park Ji-eun Director 8:16

Royalty growth and passive inflow play.

Alteogen has a clear royalty revenue stream that is strong this year and growing into next year and beyond, with no market noise. As a top market cap on KOSDAQ, it would likely benefit from passive fund inflows if KOSDAQ index reconstitution occurs, creating index premium.

Park Ji-eun Director 10:08

Narrow valuation gap with partner.

Hanall Biopharma's valuation gap with its partner Innovent is historically very wide. This disparity is likely to narrow, presenting a trade opportunity based on mean reversion of the valuation spread.

Park Ji-eun Director 11:20

Buy Samsung for HBM4 and foundry.

Samsung Electronics is cheap at ~7x P/E, has HBM4 momentum, a likely foundry turnaround as it captures TSMC overflow, strong cash for potential M&A, and a Nomura target of 670,000 KRW based on 5x PBR. New money should buy Samsung rather than SK Hynix, which faces HBM4 competition, credit rating constraints, and limited shareholder returns.

Park Ji-eun Director 40:17

Oversold, could bounce on capex catalyst.

Korean small-cap semiconductor equipment and materials stocks (소부장) are heavily oversold, many down 50% from highs. If Micron earnings are well received and Japanese equipment leaders hold their uptrends, the sector can form a double bottom and rebound sharply, driven by Samsung/Hynix packaging and post-processing investment catalysts.

Park Ji-eun Director 51:39

Dividend proxy tied to SK Hynix.

SK Square is a holding company whose NAV is dominated by SK Hynix. As SK Hynix pays dividends, SK Square becomes a dividend proxy. Target prices have been raised, and it remains a positive beneficiary play on Hynix without being the main character.

Park Ji-eun Director 53:48

Strong growth on client-funded expansion.

Samsung Electro-Mechanics is set for strong revenue growth to 5 trillion KRW next year, funded by customer capex. High-end MLCC pricing is positive, and although generic MLCC pricing is stuck due to competitive dynamics, the long-term revenue and earnings picture remains intact and the stock is still attractive.

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This 3PRO TV (삼프로TV) video, published June 24, 2026, features Park Ji-eun discussing XBI, IBB, 950160.KQ, DND Pharmatech, 196170.KQ, 009420.KQ, 005930.KS, Korean small-cap semiconductor equipment and materials, 402340.KS, 009150.KS. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Ji-eun · Tickers: XBI, IBB, 950160.KQ, DND Pharmatech, 196170.KQ, 009420.KQ, 005930.KS, Korean small-cap semiconductor equipment and materials, 402340.KS, 009150.KS