Daily Morning Fund Managers' Operations Meeting Live | Park Se-ik Executive Director & Chesley Investment Advisory [Morning Brief / 24.08.19]

Daily Morning Fund Managers' Operations Meeting Live | Park Se-ik Executive Director & Chesley Investment Advisory [Morning Brief / 26.08.19.Wed]

Watch on YouTube ↗ | August 19, 2026 at 00:34 | 1:55:31 | Chesley Investment Advisory (체슬리투자자문)

Speakers

Wang Jeong — Department Head

Hae-soo Pro — Pro

Jun-hyuk — Analyst

Choi Ho — Vice President

Oh Kwang-jang — Manager

Park Se-ik — CEO, ex-Chief Strategist

Summary

The video discusses the recent market correction driven by spiking global long-term treasury yields and macro uncertainties ahead of the US midterm elections. The hosts advise adopting a box-range trading strategy focused on structural growth sectors like defense and fundamentally sound areas like memory semiconductors, which are expected to rebound after the current positioning-driven sell-off.

Global long-term treasury yields are rising, pressuring tech and semiconductor stocks.
Defensive sectors are seeing capital inflows as investors rotate out of high-valuation tech.
Bitcoin lacks strong catalysts and is expected to remain range-bound until the US midterm elections.
Korean PCB and substrate companies are seeing earnings consensus upgrades following strong Q2 results.
The Korean market is expected to experience a box-range correction until late October.
Memory semiconductor fundamentals remain strong despite recent macro-driven price drops.

Ideas

Wang Jeong Department Head 1:34

Share buybacks and rising freight rates boost stock.

COSCO Shipping is benefiting from share buybacks, cancellations, and rising freight rates, driving the stock higher.

Wang Jeong Department Head 5:26

AI data center orders drive multiple expansion.

Yantai Jereh Oilfield Services beat Q2 earnings expectations and is seeing expanding gas turbine orders for North American AI data centers, which is driving multiple expansion.

Hae-soo Pro Pro 17:05

High yields drive rotation into defensive sectors.

Defensive sectors like healthcare, consumer staples, energy, and financials are benefiting from capital rotation out of tech stocks due to high long-term treasury yields.

Hae-soo Pro Pro 17:40

Lower capex burden provides resilience against high rates.

Apple is relatively resilient amid rising long-term treasury yields because it has lower capital expenditure and borrowing burdens compared to other AI hyperscalers.

Hae-soo Pro Pro 17:51

Lawsuits and underinsured data centers raise uncertainty.

Meta faces financial uncertainty due to youth addiction lawsuits and reports that its AI data center investments are significantly underinsured.

Hae-soo Pro Pro 18:47

Equity dilution and downgrades pressure the stock.

Intel is facing downward pressure due to equity dilution issues and target price downgrades from major investment banks.

Jun-hyuk Analyst 31:49

Lack of catalysts and liquidity cap upside.

Bitcoin lacks strong catalysts and new liquidity. Historical trends during US midterm election years suggest weakness from late August to November, keeping it in a range between $66k and $70k.

Choi Ho Vice President 43:38

High rates pressure housing and remodeling demand.

Despite an earnings beat, Home Depot's outlook remains sluggish as high interest rates continue to pressure the housing market and remodeling demand.

Oh Kwang-jang Manager 65:11

High exports and low volatility support performance.

APR exhibits lower quarterly earnings volatility and a high export portion compared to large cosmetics peers, supporting solid stock performance.

Oh Kwang-jang Manager 66:45

US howitzer project selection drives valuation rerating.

Hanwha Aerospace was selected as the sole negotiator for a US self-propelled howitzer project, which could lead to a valuation rerating as it expands its US reference.

Park Se-ik CEO, ex-Chief Strategist 73:24

Structural growth stocks suit box-range trading.

The defense sector consists of structural growth stocks that are well-suited for box-range trading during the current market correction.

Park Se-ik CEO, ex-Chief Strategist 73:51

Box-range correction expected until late October.

The broad Korean market is expected to remain in a box-range correction until late October due to high global yields and US midterm election uncertainties, advising against chasing rallies.

Oh Kwang-jang Manager 75:33

Strong Q2 results drive earnings consensus upgrades.

PCB and substrate companies are seeing upward revisions in earnings consensus following strong Q2 results.

Oh Kwang-jang Manager 76:56

Preemptive volume securing drives freight rates higher.

HMM is benefiting from rising freight rates driven by preemptive volume securing ahead of expected tariff hikes.

Park Se-ik CEO, ex-Chief Strategist 92:05

Fundamentals intact despite macro-driven recent sell-off.

The recent sell-off in memory semiconductors is driven by macro factors and crowded positioning, while the fundamental supply shortage remains intact. A rebound is expected around mid-September ahead of Q3 earnings.

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This Chesley Investment Advisory (체슬리투자자문) video, published August 19, 2026, features Wang Jeong, Hae-soo Pro, Jun-hyuk, Choi Ho, Oh Kwang-jang, Park Se-ik discussing 1919.HK, 002353.SZ, XLE, XLV, XLF, XLP, AAPL, META, INTC, BTC, HD, 278470.KS, 012450.KS, 079550.KS, EWY, 009150.KS, 222800.KQ, 420770.KQ, 098460.KQ, 011200.KS, 000660.KS, 005930.KS. 15 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Wang Jeong, Hae-soo Pro, Jun-hyuk, Choi Ho, Oh Kwang-jang, Park Se-ik · Tickers: 1919.HK, 002353.SZ, XLE, XLV, XLF, XLP, AAPL, META, INTC, BTC, HD, 278470.KS, 012450.KS, 079550.KS, EWY, 009150.KS, 222800.KQ, 420770.KQ, 098460.KQ, 011200.KS, 000660.KS, 005930.KS