Fund Managers' Discussion on Whether to Sell Semiconductor Stocks Now

Summary

Park Se-ik and Choi Ho discuss whether to sell semiconductor stocks after the sharp correction. They explain that the recent 35–40% drop has normalized valuations, while DRAM/NAND shortages and contract-price increases persist. Park argues the dip is a buying opportunity for Samsung Electronics and SK hynix, and also recommends buying the KOSDAQ 150 ETF amid rate-driven weakness that he expects to ease.

• The firm reduced semiconductor exposure about three weeks ago due to inflation friction, China supply noise, and equipment constraints.
• Memory chip prices remain in shortage, with fixed contract prices still rising and likely to continue into early next year.
• Fund flows into semiconductor ETFs have been positive despite the price decline, suggesting accumulation rather than capitulation.
• Samsung Electronics and SK hynix are now viewed as attractively valued after the sell-off removed the earlier overheating.
• Park sees the current pullback as a smart buying opportunity for DRAM/NAND related stocks.
• KOSDAQ has been hit hard by rising interest rates, but Park expects rates to stabilize in H2 and recommends buying the KOSDAQ 150 ETF at current levels.
• China's Changxin Memory IPO and general supply concerns are noted as risks, but the structural shortage story remains intact.
• The 10-year US Treasury yield at 4.59% is seen as a temporary headwind that is holding back equity rallies.