June, Too Many Events: When Will Volatility End? Where Are the Opportunities? | Park Ji-hoon, Yeo Do-eun, Heo Jae-mu

Summary

In a volatile June market, Manager Park Ji-won discusses where opportunities lie, focusing on foreign accumulation in KOSDAQ, Korean semiconductor equipment and materials, Samsung Electronics’ HBM4 and foundry story, the MLCC/substrate mega cycle, small-cap plays like Daeduck and Amotech, booming cosmetics exports, shipbuilding order momentum, tourism stocks, and the expected stabilization of the Korean won.

• Foreign investors have been quietly buying KOSDAQ stocks, especially semiconductor equipment plays.
• Front-end semiconductor equipment stocks benefit from SK Hynix’s DRAM production doubling target and capex expansion.
• Semiconductor materials names (ENF, Dongjin, Soulbrain) should follow the equipment cycle.
• Foundry-related turnaround stories like Duksan Tesna and KoMiCo offer additional equipment exposure.
• Samsung Electronics is preferred over SK Hynix due to HBM4 progress and a potential foundry rebound.
• Samsung Electro-Mechanics is the prime beneficiary of the MLCC/substrate mega cycle, with smaller plays like Daeduck Electronics, Haesung DS, and Amotech offering differentiated exposure.
• Korean cosmetics brands (APR, Dalba Global) are experiencing an export surge with strong earnings momentum.
• Shipbuilding retains upside on LNG order flow and HD Hyundai Heavy Industries’ leadership.
• Casino and hotel stocks (e.g., Grand Korea Leisure) are seeing gradual inflows from returning foreign tourists.
• Nuclear power is the expected next rotation theme with potential US order news by June-July.
• The Korean won is seen moving back toward the 1,400 level on macro stabilization.
• Power equipment stocks LS Electric and Hyosung Heavy are testing key 60-day support and deserve monitoring.