Ideas
Accounting noise masks strong AI PCB growth
Hana Securities raised its target to KRW 160,000 after Isupetasys reported record Q4 revenue. The apparent QoQ operating-profit decline was mainly due to a revenue-recognition change from shipment to customer receipt, which deferred about KRW 20bn, plus one-off year-end bonuses; underlying switch and accelerator MLB demand rose QoQ. The report raised 2026 revenue and operating-profit estimates by 5-11% and expects steep growth in H2 2026 as stage-1 capacity ramps up, multi-layer 800G MLB for next-generation accelerators and switches begins, ASP roughly doubles, and later capacity stages progress. The 2026 EPS-based target implies a 40x P/E, but the PEG is around 0.5-0.6, so the speaker sees growth momentum remaining attractive.
Nuclear design outsourcing upside for KEPCO E&C
NH Investment & Securities upgraded KEPCO E&C to Buy and raised its target by 76%, arguing Team Korea's APR1400 and Westinghouse's AP1000 design scope can widen as new overseas nuclear orders are confirmed. Westinghouse has only about 4,000-5,000 design engineers for 24 US and European projects and cannot handle all reactor-system and integrated-design work, while the industry cannot quickly hire experienced nuclear designers after past denuclearization. KEPCO E&C's roughly 2,000 designers have handled up to eight units, so it could take a meaningful share of non-US projects. The view is partly assumption-based, but the speaker sees it as plausible and timely with US nuclear investment news.
Chinese tourist recovery lifts Korean casinos
The speaker is positive on Korean casino stocks because Chinese tourist demand is recovering: over 200,000 Chinese tourists are expected during the nine-day Lunar New Year holiday, Chinese visa applications to Korea rose 34% YoY to 330,000 through January, and Chinese visitor numbers reportedly increased about 30% after Japan-bound flight cancellations. Even with fewer February operating days, strong Chinese tourist traffic should support casino revenue, with individual travelers and Spring Festival expectations helping the sector.
Paradise benefits from Chinese VIP recovery
Paradise's January casino net revenue was a record KRW 94.3bn, driven by strong mass and Chinese VIP demand; mass drop reached KRW 150bn, up 18% YoY, with both Japanese and Chinese drop up around 30%. Paradise City's recognition is drawing foreign tourists who visit the casino on arrival before moving downtown or vice versa, and rising Chinese VIPs are now adding to the historically important Japanese VIP base. The speaker says Paradise led casino share performance today.
GKL gains on hold-rate and tourist mix
GKL's January casino net revenue and drop were KRW 36bn and KRW 360bn, with hold rate at 12%, up 1%p YoY, suggesting the casino is retaining more and hold trends are improving. The customer mix is shifting from group tourists to individual travelers, and Lunar New Year expectations are strong. The stock rose from the bottom, though GKL lacks a hotel; a possible H2 hotel acquisition was mentioned but remains too unclear for the speaker to include as a firm thesis.
Jeju casino VIP offsets off-season drag
Lotte Tour Development's Jeju casino has a 17% hold rate, 5%p higher than GKL, and VIP revenue is supporting overall casino sales despite the winter off-season in Jeju from November, reduced flights, and weaker tourist traffic. The stock has paused as the market weighs this seasonal weakness, so the setup is worth monitoring rather than a clean long.
Department stores pivot to foreign tourists
The speaker notes that Korean department stores have begun marketing to foreign tourists and opening their doors to them and transit passengers, as weak domestic demand and K-shaped consumption limit local VIP growth. This foreign-tourist strategy could support department store-related shares, which rose together today.
This 3PRO TV (삼프로TV) video, published February 04, 2026,
features Cha Young-joo
discussing 007660.KS, 052690.KS, Korean casino sector, 034230.KS, 114090.KS, 032350.KS, Korean Department Store Sector.
7 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Cha Young-joo
· Tickers:
007660.KS,
052690.KS,
Korean casino sector,
034230.KS,
114090.KS,
032350.KS,
Korean Department Store Sector
