These stocks are likely to lead the market in the first half of next year | Executive Director Park Se-ik & Chesley Investment Advisory [Morning Brief / 26.09.17.Thu]

Watch on YouTube ↗  |  September 17, 2026 at 01:52  |  24:49  |  Chesley Investment Advisory (체슬리투자자문)
Speakers
Park Se-ik — CEO, ex-Chief Strategist
Choi Ho — Vice President
Moon — Executive Director

Summary

Park Se-ik and Choi Ho discuss the Korean equity market's structural re-rating, arguing the recent correction is a buying opportunity before the US midterm election period. They debate HBM and semiconductor pricing power, with Park highlighting HBM customization and Choi warning that HBM margins can fall if the memory cycle weakens. Moon flags Samsung's in-house HBM base-die edge, Nvidia's continued AI hegemony, and a basket of high-OP-margin Korean stocks that may lead in H1. Park also criticizes the Fed's neutral-rate communication and notes Middle East and BOJ risks.

  • Korean equities seen as structurally re-rated; correction viewed as buy opportunity.
  • HBM debate: customized high-margin HBM vs. risk of contract price cuts if memory cycle weakens.
  • Samsung's in-house HBM base-die capability highlighted as potential edge.
  • Nvidia described as retaining AI hardware hegemony.
  • Korean high-OP-margin improving stock basket expected to lead H1.
  • Fed communication on neutral rate criticized; next FOMC hike risk remains.
  • Middle East tensions and BOJ meeting are near-term uncertainties.
Ideas
Park Se-ik CEO, ex-Chief Strategist 0:21
Buy Korean stocks on correction.
Korean equities have structurally re-rated because Korean companies have become global top-tier manufacturers and the commercial law revision can restore minority shareholder value. The current correction, driven by rate-hike noise and geopolitical risk, is a buy-the-dip opportunity; the index is unlikely to fall back below the 3,000-4,000 range.
EWY HIGH
Park Se-ik CEO, ex-Chief Strategist 3:42
HBM customization supports high margins.
HBM has become customized and contracted long-term with AI server and cloud developers from the design stage, so HBM should retain high margins and long-term agreements while generic DRAM remains volatile. This makes the AI semiconductor supply chain structurally more attractive than conventional memory.
SMH MED
Choi Ho Vice President 8:57
Still likes semiconductors, but upside limited.
He remains positive on semiconductors, though the setup is already strong and upside may be limited. HBM prices are likely to catch up next year after lagging generic memory, but if generic DRAM prices fall too much, HBM pricing and margins can also weaken because both use the same wafers.
SMH MED
Park Se-ik CEO, ex-Chief Strategist 10:00
Samsung has in-house HBM base-die edge.
Samsung Electronics produces HBM base die in-house, while SK hynix relies on TSMC. Because base die is critical for HBM bandwidth, Samsung may have a differentiated next-generation HBM technology and supply-chain edge worth monitoring.
005930.KS MED
Moon Executive Director 11:27
Nvidia keeps AI hardware hegemony.
Despite hopes that HBM would become a commoditized DRAM-like profit pool with multiple expansion, Nvidia retains hegemony in the AI hardware ecosystem and design control, so value continues to accrue to Nvidia rather than memory makers.
NVDA MED
Moon Executive Director 12:10
SK hynix shareholder return insufficient.
SK hynix's shareholder-return program is not convincing because the 40T ADR issuance mainly offsets the increased share count rather than delivering aggressive share cancellation. Without stronger capital returns, the stock may continue to trade at a low multiple.
000660.KS MED
Moon Executive Director 13:00
Korean high-margin improving stocks to lead.
A basket of 27 Korean stocks with operating margins above 10% and improving next-year earnings is likely to lead the market in the first half of next year; he would buy the basket and advises checking whether the margin improvement is sustainable.
Korean high-OP-margin improving stocks MED
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This Chesley Investment Advisory (체슬리투자자문) video, published September 17, 2026, features Park Se-ik, Choi Ho, Moon discussing EWY, SMH, 005930.KS, NVDA, 000660.KS, Korean high-OP-margin improving stocks. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Se-ik, Choi Ho, Moon  · Tickers: EWY, SMH, 005930.KS, NVDA, 000660.KS, Korean high-OP-margin improving stocks