Name: Daily Morning Fund Managers' Operations Meeting Live | Executive Director Park Se-ik & Chesley Investment Advisory [Morning Brief / 26.08.06.Thu]
Uploaded: 2026-08-05T21:44:06+00:00
Duration: 7605 s

Speakers

Wang Bujang — China Market Analyst

Jo Yang — Cryptocurrency Analyst

Oh Gwajang — Section Chief

Park Se-ik — CEO, ex-Chief Strategist

Choi Ho — Vice President

Summary

The Chesley Morning Brief on August 6 covers global markets, with a focus on Chinese semiconductor equipment leader AMEC, crypto opportunities via Bitcoin and Ethereum, Korean stock Simmtech, and risks in memory names like SanDisk. ISM data supports a bullish view on KOSPI and KOSDAQ, while Chinese small-caps are flagged for monitoring.

Chinese semiconductor equipment maker AMEC sees structural growth from domestic capex and sanctions, driving a multi-year expansion.
Bitcoin and Ethereum are expected to benefit from excess liquidity generated by the AI credit cycle, with ETH poised to catch up.
Simmtech delivered a strong earnings beat on the back of high-margin socket products and raised guidance, signaling a sustained upcycle.
SanDisk and Western Digital are viewed as avoid despite low multiples due to upcoming Chinese competition in NAND memory.
The ISM Manufacturing PMI surge confirms economic expansion, supporting a KOSPI recovery toward 7,600 by October.
KOSDAQ is seen as bottoming near 800 following leverage unwinding, with seasonal gains expected into next year.
China's ChiNext and STAR Market indices show persistent relative strength worth monitoring for further leadership.

Ideas

Park Se-ik CEO, ex-Chief Strategist 11:00

China small/mid-caps show relative strength

Chinese small- and mid-cap indices (Chinext, STAR Market) are outperforming both their Korean and global peers, supported by strong local retail flows and concentrated exposure to high-growth sectors. While the hosts are still researching, the persistent relative strength warrants monitoring for a potential breakout or continued leadership.

Wang Bujang China Market Analyst 12:42

Chinese semi equipment leader growing structurally

AMEC is China's second-largest semiconductor equipment maker, benefiting from structural growth in domestic chip capex driven by US sanctions. Revenue and margins are surging with a multi-year cycle ahead despite a high P/E of 75x. The company maintains a buy rating, and even conservative estimates suggest significant upside, given its leading position in etch and deposition tools.

Jo Yang Cryptocurrency Analyst 30:14

AI credit cycle fuels Bitcoin upside

Bitcoin is poised to benefit from excess liquidity generated by the AI credit cycle. Arthur Hayes argues that while the AI bubble resembles 2008 credit dynamics, the cycle is not yet over and the resulting liquidity will flow into crypto. Bitcoin's bottom may already be in, downside is limited, and it has room to rise.

Jo Yang Cryptocurrency Analyst 41:27

Ethereum to catch up to Bitcoin

Ethereum is undervalued relative to Bitcoin and has a superior technical setup. Tokenization trends will inevitably move to public chains like Ethereum, and its adoption removes career risk for institutional gatekeepers. Combined with the same AI liquidity tailwind, ETH is well-positioned to catch up to BTC's gains.

Park Se-ik CEO, ex-Chief Strategist 71:20

Memory stocks face Chinese supply danger

SanDisk and Western Digital appear cheap on a trailing P/E basis, but the memory cycle is at risk from new Chinese competitors (Changxin Memory, Yangtze Memory). These supply additions will eventually pressure NAND pricing and margins. The market is currently underestimating this threat; investors should use any bounce to exit positions.

Park Se-ik CEO, ex-Chief Strategist 99:00

ISM expansion supports KOSPI recovery

The ISM Manufacturing PMI surged to its highest since May 2022, confirming that the economic cycle is still expanding. Historically, during ISM upturns, KOSPI rarely suffers >20% corrections; the recent Black Monday-style selloff was exaggerated by leverage unwinding. With earnings season ahead, the KOSPI is set to recover toward the 7,600 level by October.

Oh Gwajang Section Chief 103:39

Simmtech socket cycle drives strong earnings

Simmtech delivered a strong earnings beat with operating profit 33% above consensus, driven by high-margin socket products and overall blended ASP improvement. The company aggressively raised full-year guidance, and the new socket business is experiencing step-function revenue growth. Valuations remain reasonable, and the cycle could last at least another year given still-low PCB and substrate pricing versus prior cycles.

Park Se-ik CEO, ex-Chief Strategist 115:29

KOSDAQ seasonal bottom near 800

KOSDAQ typically bottoms in even-year second halves and then rallies into odd-year spring. The recent plunge washed out excessive leverage, and volume has already bottomed. At levels below 800, accumulation makes sense for the seasonal upswing that usually begins in November and carries into the first half of next year.

Daily Morning Fund Managers' Operations Meeting Live | Executive Director Park Se-ik & Chesley Investment Advisory [Morning Brief / 26.08.06.Thu]

Summary

Ideas

Up Next