Looks like solar protection, but it is actually semiconductors again | Yoon Jae-seong, Senior Research Fellow, Hana Securities Research Center

Looks like solar protection, right?" Actually, it's semiconductors again | Yoon Jaeseong, Hana Securities Research Center Senior Research Fellow [Double Up]
Watch on YouTube ↗  |  August 13, 2026 at 01:49  |  19:45  |  3PRO TV (삼프로TV)
Speakers
Yoon Jae-sung — Research Fellow

Summary

Yoon Jae-seong makes a positive case for Korean refiners, arguing record earnings, stronger shareholder-return potential, and a structural feedstock cost advantage can support rerating. He then analyzes the US Section 232 solar import policy, viewing it as a semiconductor supply-chain security measure that should benefit Korean solar/upstream names with US exposure such as OCI Holdings and Hanwha Solutions.

  • Korean refiners are posting record profits while refining margins remain historically strong on tight supply/demand.
  • S-Oil and SK Innovation trade near 1x PBR versus 3-4x for US refiners.
  • Shareholder return expansion is seen as the key trigger for Korean refining rerating.
  • Non-Middle Eastern crude diversification gives Asian refiners cheaper feedstock than before.
  • US Section 232 solar import price floors are framed as protecting semiconductor upstream rather than just solar.
  • US wafer/polysilicon upstream is scarce while Tesla and SpaceX plan major solar capacity.
  • OCI Holdings and Hanwha Solutions are named as Korean beneficiaries with US exposure.
Ideas
Yoon Jae-sung Research Fellow 0:31
Korean refiners can rerate on shareholder returns
Global refining margins are at historically strong levels because oil product demand keeps growing while refining capacity has been cut, especially in the US and elsewhere. Korean refiners are earning record profits, yet trade near 1x PBR versus 3-4x for US refiners. If the huge cash flow is used to expand buybacks and dividends, the valuation gap can close. Even if war-driven refining margins normalize next year, the removal of domestic price caps and cheaper non-Middle Eastern crude should keep earnings close to this year's record levels, supporting further upside.
010950.KS 096770.KS HIGH
Yoon Jae-sung Research Fellow 11:39
Korean solar names benefit from Section 232
US Section 232 solar policy imposes minimum import prices on polysilicon, ingot/wafers, cells and modules to protect domestic solar upstream, with wafer prices supported at 3-4x current prices. The speaker frames this as a semiconductor supply-chain security policy, so he sees it as sticky. US upstream is very short while Tesla and SpaceX plan massive solar capacity. Korean companies with US factories or US-eligible upstream products should benefit: OCI Holdings has a long-term agreement with SpaceX, and Hanwha Solutions already has a vertically integrated US solar plant starting in H2.
456040.KS 009830.KS HIGH
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This 3PRO TV (삼프로TV) video, published August 13, 2026, features Yoon Jae-sung discussing 010950.KS, 096770.KS, 456040.KS, 009830.KS. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Yoon Jae-sung  · Tickers: 010950.KS, 096770.KS, 456040.KS, 009830.KS