Will the dot-com bubble crash be re-enacted? | Lee Jae-chan, Hana Securities Myeongdong Financial Center PB [Double Crew]

Summary

Lee Jae-chan from Hana Securities argues that the current market at KOSPI 8000 is not a bubble like the dot-com era, citing sustained AI capex. He recommends focusing on AI infrastructure (semiconductors, nuclear, solar) as the core portfolio. For alpha, he suggests allocating 10-20% to KOSDAQ medical device stocks, particularly skin beauty names, and highlights Pharmaresearch, Curiox, and other small-cap plays.

• Lee Jae-chan believes the market is still mid-cycle and not due for a crash.
• AI infrastructure capex is not declining, supporting further upside.
• Oil and rates are headwinds but not terminal for the rally.
• KOSDAQ medical device sector offers high operating margins and global growth.
• Pharmaresearch may rebound on improving cosmetics margins.
• Curiox has a novel serum separation technology with ten-bagger potential.
• Super Rookie names are interesting but not yet actionable.
• The host and guest agree on a portfolio split of 70-80% leading sectors and 10-20% medical devices.