Semiconductor exclusion scarier than thirst for returns, why it's not too late yet | Lee Jae-gyu SK Securities PB Deputy Manager

Summary

Lee Jae-gyu, SK Securities PB Deputy Manager, argues that the Korean market is in a semiconductor-led rally with Samsung Electronics and SK Hynix as the clear leaders. He sees further upside for KOSPI while KOSDAQ is deeply oversold but not yet bottomed. He also highlights Samsung SDI as the new battery sector leader, identifies early biotech leaders, and notes the undervaluation of Samsung preferred shares. The core view is that missing semiconductors is the biggest risk, and any dips should be used to accumulate.

• Semiconductors dominate the market; Samsung Electronics and SK Hynix are the core long positions, supported by strong earnings momentum and foreign buying.
• KOSPI index still has upside, driven by cheap valuations and leading chip stocks.
• KOSDAQ is heavily oversold, below war-time levels, but may slide further before bottoming; worth watching for a low-band accumulation.
• In the battery space, Samsung SDI is taking the lead over LG Energy Solution, signaling a potential sector recovery.
• Within biotech, DND Pharmatech and Hanall Biopharma are showing relative strength and could become leaders.
• Samsung Electronics preferred shares are attractively valued and deserve attention.
• Speaker advises gradual, partial buys on semis and warns against chasing all at once, given high concentration and near-term KOSPI resistance around 10,000.