Can Alphabet and Micron in the US, and Samsung Electronics and SK hynix in Korea, rise further this year? | Lee Jae-man, Head of Global Investment Analysis, Hana Securities Research Center

Summary

The opening segment flagged a bear-steepening rate backdrop, and the main interview with Lee Jae-man, Head of Global Investment Analysis at Hana Securities Research Center, argued that rate cuts are largely over and long-term yields are rising. Lee said US growth is investment-led through reshoring, AI, and power capex, favoring B2B and order-driven companies over consumer-facing names. He presented four-factor investment screens highlighting US stocks such as Alphabet, Micron, IBM, Lam Research, and Applied Materials, and Korean names such as Samsung Electronics, SK hynix, Hanwha Aerospace, and HD Hyundai Heavy Industries. He also highlighted memory and commodity pricing power, KOSPI upside in the first half, and a possible semiconductor tariff/reshoring event.

• The show opened with a bear-steepening discussion: policy rates on hold while long-term yields rise and bond prices fall.
• Lee Jae-man said US growth is driven by investment, reshoring, AI, and power capex rather than consumption.
• He favors B2B and order-driven industries over consumer-facing companies in this investment-led regime.
• His four screening factors are low inventory/sales, high FCF/sales, strong investment-to-sales conversion, and high ROIC.
• The US screen includes Alphabet, Micron, IBM, Lam Research, Applied Materials, and Newmont.
• The Korean screen includes Samsung Electronics, SK hynix, Hanwha Aerospace, HD Hyundai Heavy Industries, Doosan Enerbility, and others.
• Memory/DRAM and commodity/materials pricing power may keep leading into the first half.
• KOSPI could make its yearly high in the first half, with semiconductor tariff news as a near-term event risk.