Name: [#UrgentMarketUpdate] Why KOSPI 10,000 Era is Possible / Samsung Electro-Mechanics, LG Innotek Stock Prices Soar… NVIDIA Gave the Answer | Park Geun-hyung Manager
Uploaded: 2026-05-26T06:00:01+00:00
Duration: 1207 s

Speakers

Park Geun-hyung — Director

Summary

IBK Investment & Securities Manager Park Geun-hyung discusses the strong KOSPI rally driven by Iran-US ceasefire progress, falling oil yields, and favorable interest rate outlook. He highlights MLCC and memory as key beneficiaries of rising AI hardware cost shares, and sees KOSPI potentially reaching 10,000 on low valuations. He is cautious on KOSDAQ due to weak fundamentals and policy dependency.

KOSPI strength attributed to geopolitical progress and macro stability
MLCC shortage thesis supports Samsung Electro-Mechanics and LG Innotek
Memory stocks (Samsung, SK Hynix) still have upside from AI demand
KOSPI could hit 10,000 based on historical PER multiples
KOSDAQ rally is policy-driven and lacks fundamental support
Foreign selling in Korean tech is mechanical, not fundamental
Quantum and space themes surface but lack concrete investable edge

Trade Ideas

Park Geun-hyung Director 5:08

MLCC shortage benefits Samsung Electro-Mechanics, LG Innotek

MLCC (multi-layer ceramic capacitors) are entering a shortage phase driven by the rising cost share in NVIDIA's Vera Rubin platform. MLCC cost share jumped from under 10% (in GB300) to nearly 30% in Vera Rubin, and MLCC revenue grew 182%. This benefits Samsung Electro-Mechanics and LG Innotek directly, as they are key MLCC suppliers. The shortage narrative is similar to what happened with memory semiconductors, providing a strong demand tailwind despite elevated valuations.

Park Geun-hyung Director 5:53

Memory stocks still have upside

Memory (DRAM/NAND) still has room to run. The Vera Rubin platform sees memory cost share increase from under 10% to about 30%, and memory revenue growth of 435%. While Samsung Electronics and SK Hynix have already rallied, the fundamental demand from AI remains strong and valuations are not excessive compared to historical norms. The recent foreign selling is mechanical (MSCI weight limits), not fundamental, so the long-term trend is intact.

Park Geun-hyung Director 10:20

KOSPI to 10k on low PER

KOSPI can reach 10,000 points based on historical PER multiples. The current PER is around 7.2x, well below the 10-year average of 10x and the 26-year average of 8.77x. Even 9x PER implies 9,060 points, and 10x implies near 10,000. Past cycles have reached 12-13x PER, so further upside is plausible. Additionally, the Iran-US ceasefire progress, falling oil prices, and stable US economic data support a favorable macro environment. The Fed is unlikely to raise rates before the midterm elections, providing a supportive backdrop.

Park Geun-hyung Director 17:02

KOSDAQ rally unsustainable, avoid

KOSDAQ index lacks fundamental earnings support and its recent rally is largely policy-driven (National Growth Fund). The index is dominated by biotech and secondary battery names that are not generating strong earnings. Without sustained policy support, the rally lacks continuity. Investors should be cautious and focus on the fundamental strength in KOSPI instead.

[#UrgentMarketUpdate] Why KOSPI 10,000 Era is Possible / Samsung Electro-Mechanics, LG Innotek Stock Prices Soar… NVIDIA Gave the Answer | Park Geun-hyung Manager

Summary

Trade Ideas

Up Next