Trump: 'Will find a solution with Korea'... Has Hyundai Motor overcome the hurdle? | Lee Gun-kyu, CEO of Renaissance Asset Management

트럼프 "한국과 해결책 찾을 것"…현대차 고비 넘겼나? | 르네상스자산운용 이건규 대표 [인뎁스60]
Watch on YouTube ↗  |  January 28, 2026 at 00:46  |  26:58  |  3PRO TV (삼프로TV)
Speakers
Lee Geon-kyu — CEO

Summary

Lee Gun-kyu, CEO of Renaissance Asset Management, remains constructive on Korean equities and the AI-driven semiconductor cycle despite tariff noise. He favors Samsung Electronics on earnings upside and HBM catch-up, sees SK hynix's potential U.S. ADR listing as a re-rating catalyst, and is cautious on Hyundai Motor after its Boston Dynamics-driven rally. He also prefers large-cap Korean defense names over bubble-prone small/mid aerospace stocks.

  • The guest remains positive on KOSPI earnings, citing strong 2026 operating-profit and net-income growth led by semiconductors.
  • AI investment and Big Tech capex are seen as visible drivers through 2027, leaving room for upside if data-capacity growth materializes.
  • Korean memory makers could benefit if DRAM long-term contracts are signed, potentially reducing cyclicality and supporting higher multiples.
  • Samsung Electronics is favored for profit upside and HBM4 catch-up; SK hynix's ADR listing is a watch item.
  • Hyundai Motor is viewed as overextended due to its Boston Dynamics stake, with IPO risk and limited revenue contribution.
  • Korean defense large caps are preferred over small/mid aerospace names, which look bubble-prone on valuations.
  • Tariff risks are treated as negotiation noise rather than an immediate market break.
Ideas
Lee Geon-kyu CEO 1:56
Korean earnings growth supports further KOSPI upside
He remains positive on Korea. The KOSPI has outperformed gold over the past year, and 2026 operating-profit consensus shows +71% growth after +26% in 2025, with Korea leading major countries in net-income growth. Earnings, especially electrical/electronics and semiconductors, are the main driver, so the market can remain attractive despite the rally.
EWY HIGH
Lee Geon-kyu CEO 6:29
AI capex cycle still has upside
AI remains the core investment theme. AI investment is approaching 1% of US GDP, Google has said data-processing capacity must double every six months for five years (about 1,024x), and Big Tech capex visibility looks reasonable through 2027. Many investors still doubt this can happen, which leaves upside.
AIQ HIGH
Lee Geon-kyu CEO 8:44
Long-term DRAM contracts can re-rate Korean chips
DRAM supply is already sold out for about one year, and memory makers are negotiating two- to three-year long-term contracts. If those deals are signed, Korean chipmakers could enjoy a longer cycle and a higher multiple than their historical cyclical discount. DRAM prices are still rising and set makers will have to pass through costs, supporting upward estimate revisions.
SMH HIGH
Lee Geon-kyu CEO 10:27
Samsung profit upside and HBM catch-up
Samsung is his preferred Korean chip name this year. Company guidance near KRW 100tn operating profit is below consensus around KRW 120tn and foreign brokers' 150tn+; if actual profit exceeds KRW 150tn, that upside should be reflected over time. DRAM price spikes are still flowing into estimates, H1 momentum is strongest, and Samsung's HBM4 on a more advanced process has caught up technically, helping it take share from Micron.
005930.KS HIGH
Lee Geon-kyu CEO 14:43
Hyundai rally overstates Boston Dynamics value
Hyundai's rally looks overextended. The move is mainly attributed to the value of its Boston Dynamics stake, but Boston Dynamics' projected 2028 sales of about KRW 6tn are only around 3% of Hyundai's roughly KRW 200tn revenue and the unit is likely loss-making. If Boston Dynamics IPO'd, Hyundai could lose the story and the stock could fall; valuation has already re-rated from about 6x to 12x.
005380.KS HIGH
Lee Geon-kyu CEO 22:55
Samsung share gains pressure Micron
Samsung is expected to take share from Micron this year as Samsung's HBM4 process catches up, while SK hynix's pre-contracted volumes limit near-term share loss. This is a relative negative for Micron.
MU MED
Lee Geon-kyu CEO 23:20
ADR listing could re-rate SK hynix
SK hynix's estimate revisions may be smaller than Samsung's, but a potential U.S. ADR listing is a distinct catalyst. It trades around 8-9x P/B versus Micron at 12-13x; if management announces buybacks or an ADR plan at earnings, the shares could re-rate. This is an event to monitor.
000660.KS MED
Lee Geon-kyu CEO 24:10
Favor large defense, avoid small aerospace
Korea's satellite/space and defense spending should grow, but many small- and mid-cap aerospace/special-metal stocks have tiny revenue relative to market caps and look bubble-prone. Large defense companies are safer: their core defense business is strong and space launch-vehicle exposure can act as plus-alpha. Prefer mid/large defense names over small caps.
Korean defense large-cap stocks MED
Lee Geon-kyu CEO 24:10
Favor large defense, avoid small aerospace
Korea's satellite/space and defense spending should grow, but many small- and mid-cap aerospace/special-metal stocks have tiny revenue relative to market caps and look bubble-prone. Large defense companies are safer: their core defense business is strong and space launch-vehicle exposure can act as plus-alpha. Prefer mid/large defense names over small caps.
Korean small/mid-cap aerospace stocks MED
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This 3PRO TV (삼프로TV) video, published January 28, 2026, features Lee Geon-kyu discussing EWY, AIQ, SMH, 005930.KS, 005380.KS, MU, 000660.KS, Korean defense large-cap stocks, Korean small/mid-cap aerospace stocks. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Geon-kyu  · Tickers: EWY, AIQ, SMH, 005930.KS, 005380.KS, MU, 000660.KS, Korean defense large-cap stocks, Korean small/mid-cap aerospace stocks