Why South Korea Is the Next Player After Dollar Hegemony | Vincent, Hana Securities Analyst

Summary

Vincent Kim Do-won, an analyst at Hana Securities, argues that the global market regime is shifting from a petrodollar to a semiconductor-dollar order, making South Korea a strategic beneficiary. He sees KOSPI re-rating, Middle East reconstruction demand for Korean construction and energy, and sustained AI-driven memory semiconductor demand. He favors SK hynix over Samsung Electronics while remaining positive on both, and presents a contrarian barbell with KOSDAQ and biotech if rate expectations reverse.

• Vincent Kim Do-won of Hana Securities discusses Korea's re-rating as a manufacturing and semiconductor power.
• He argues the U.S. security asset hierarchy has shifted from oil to semiconductors, creating a semiconductor-dollar era.
• Middle East reconstruction is seen as a catalyst for Korean construction, nuclear, energy, and industrial capacity.
• UAE's OPEC exit is viewed as bearish for long-term oil price ceilings and supportive of U.S. disinflation.
• AI capex is expected to keep expanding because spending is survival-driven and broadens across industries.
• He prefers SK hynix over Samsung Electronics but remains positive on both and on the memory cycle.
• He suggests a barbell with SK hynix and KOSDAQ or biotech, which could rally if rate expectations turn downward.
• May market risks include leveraged ETF launches and the U.S.-China summit, so he advises selection and concentration.