Urgent Market Update: Don't Be Fooled by the Semiconductor Stock Plunge... DRAM Shortage Will Get Worse / Hidden 'Buyback and Cancellation Scenario' in Samsung Electronics Preferred Shares | Park Geun-hyung, Department Head

Summary

IBK Investment & Securities Department Head Park Geun-hyung explains why Hyundai Steel and Hyundai Glovis are moving, and argues that recent dollar weakness, gold strength and Bitcoin strength are tied to US Treasury efforts to manage long-end yields. He sees the KOSPI as rangebound rather than a place to flee, with supply near 8,000-8,100 and support near 6,500. He turns most constructive on memory semiconductors, expecting DRAM and NAND shortages to worsen, and highlights SK Hynix, Samsung Electronics preferred shares, and Samsung C&T as specific ways to express that plus shareholder-return scenarios.

• Hyundai Glovis is supported by undervaluation, stabilizing oil and investor-day expectations; Hyundai Steel is linked to tariff sentiment.
• US Treasury is pushing dollar weakness because fiscal consolidation and rate hikes are politically off-limits, supporting gold, Bitcoin, copper and non-ferrous metals.
• Treasury aims to shift long-end issuance to bills and use stablecoin demand; investors should watch Bessent more than the Fed.
• KOSPI valuation excluding Samsung and SK Hynix is near historical band lows; supply is heavy at 8,000-8,100, with support near 6,500.
• Foreign stock futures remain short; KOSPI 200 futures need to clear about 1,040 to fill the 1,050 gap.
• Data-center construction leading indicators and updated Goldman Sachs forecasts show DRAM and NAND shortages widening.
• SK Hynix is favored for its direct buyback signal; Samsung Electronics preferred shares and Samsung C&T offer shareholder-return and restructuring angles.