War is finally over! "Don't go on summer vacation" - abundant issues | Kim Jang-yeol, Head of Research Center, Unistory Asset Management [Global Interview]

Summary

Kim Jang-yeol discusses the potential end of the US-China trade war and its impact on macro and equities, expecting ~4% US index upside and oil below $80. He highlights the MSCI Korea watchlist decision this week as a catalyst for Korean stocks. In tech, he defends Alphabet’s equity raise as positive, sees Oracle and Meta dips as opportunities based on RPO growth, and recommends small-cap chip equipment plays via ETFs. He also sets recovery targets for Samsung Electronics and SK hynix.

• War end scenario: equities have ~4% upside; oil drops below $80; yields ease.
• MSCI Korea watchlist catalyst could narrow Korea discount and attract flows.
• Alphabet's equity offering reflects confidence, not distress; it remains an AI fortress.
• Oracle and Meta are already de-rated to ~17x; strong RPO growth makes dips buyable.
• Samsung Electronics and SK hynix could return to 330k and 2.3m KRW respectively.
• Korean semiconductor equipment small-caps may overshoot short-term; ETF approach advised.
• Upcoming events: FOMC, Micron earnings, SK hynix ADR ruling, MSCI decision.