Stock Market Meets Turbulence, Should We Prepare for Further Decline? What's Happening with Semiconductors? | Kim Jang-yeol, Head of Research Center, Unistory Asset Management

Name: Stock Market Meets Turbulence, Should We Prepare for Further Decline? What's Happening with Semiconductors? | Kim Jang-yeol, Head of Research Center, Unistory Asset Management [Global Interview]
Uploaded: 2026-06-07T23:16:02+00:00
Duration: 2036 s

Stock Market Meets Turbulence, Should We Prepare for Further Decline? What's Happening with Semiconductors? | Kim Jang-yeol, Head of Research Center, Unistory Asset Management [Global Interview]

Watch on YouTube ↗ | June 07, 2026 at 23:16 | 33:56 | 3PRO TV (삼프로TV)

Speakers

Kim Jang-yeol — Reporter, The Bell

Summary

Kim Jang-yeol, Head of Research Center at Unistory Asset Management, analyses the recent sharp decline in semiconductor stocks. He argues the correction is deeper than normal turbulence due to macro triggers (strong employment data, rate hike fears) but fundamentals remain intact. He calculates fair value levels for Micron, Samsung Electronics, and SK Hynix, suggesting watch zones near $820, 300,000 won, and 1.9 million won respectively. Investors are advised to monitor these levels and macro events (FOMC dot plot, oil prices, geopolitical developments) before committing capital.

Kim Jang-yeol discusses the sharp decline in semiconductor stocks on Friday and Monday.
He distinguishes between normal turbulence and a deeper correction (cumulonimbus cloud).
Macro triggers include unexpectedly strong employment data and rising rate hike expectations.
Micron is analyzed with fair value around $820 and a stop-loss at $781.
Samsung Electronics' fair value is estimated at 297,500-300,000 won.
SK Hynix fair value is around 1.89 million won (20% decline from peak).
Valuation multiples (P/E) become attractive at these levels (6-8x for Korean stocks).
Key macro risks: 10-year yield above 4.7%, oil prices, geopolitical tensions (e.g., Middle East ceasefire).

Trade Ideas

Kim Jang-yeol Reporter, The Bell 7:00

Micron fair value near $820.

Micron's fair value is around $820 based on weighting 70% of the pre-hype price (around $670) and 30% of the post-hype price (around $1,000), implying a P/E of ~8x. The recent decline from the peak (over $900) is partly justified by the unwinding of excessive bullishness, but the fundamental CPU-driven demand recovery remains intact. A stop-loss level around $781 is suggested. Investors should watch for buying opportunities near $800-$820 if the stock holds above that level, unless macro conditions (e.g., multiple rate hikes) cause further downside.

Kim Jang-yeol Reporter, The Bell 16:29

Samsung fair value near 300,000 won.

Samsung Electronics' fair value is estimated around 297,500 KRW, derived from averaging the price levels from early May ($670 equivalent) and the post-hype peak, with a safety margin of 20-30% from the average analyst target of 430,000 KRW. At current levels (~329,000 KRW), further decline toward 300,000 KRW is possible, but below that the stock becomes inexpensive at ~7x P/E. Investors should watch for stabilization near 300,000 KRW before buying.

Kim Jang-yeol Reporter, The Bell 17:19

Hynix fair value near 1.9 million won.

SK Hynix fair value is around 1.89 million KRW from averaging the early May and late May price levels, with safety margin applied to the average analyst target of 2.7 million KRW. A 20% decline from the peak of 2.36 million KRW would bring it to ~1.89 million KRW, a level where valuation drops to ~6x P/E (historically attractive for memory cycle stocks). The recent selloff is driven by macro and supply-demand noise, not a fundamental deterioration, so this zone is a watch for potential buying.

Stock Market Meets Turbulence, Should We Prepare for Further Decline? What's Happening with Semiconductors? | Kim Jang-yeol, Head of Research Center, Unistory Asset Management

Summary

Trade Ideas

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