June 26, 2022 Morning Broadcast: Hormuz Re-blockade, Micron Earnings… What's the Stock Market's Direction This Week?

Summary

The morning broadcast analyzes market direction amid Hormuz Strait re-blockade fears and Micron's upcoming earnings. Guests endorse aggressive buying of Korean memory chips (Samsung, SK Hynix) on dips, citing a multi-year AI capex cycle, while warning against KOSDAQ exposure due to structural reforms. Specific stocks like PSK, Dalba Global, Fadu, and SK Square are highlighted, and Hyundai Motor is flagged as a near-term avoid. The crypto segment argues Bitcoin and Strategy's preferred stock are oversold buying opportunities.

• Iran-US negotiations stalled and Hormuz Strait was briefly re-blockaded, but the market sees this as temporary noise rather than a major oil supply crisis.
• Micron's earnings this week are expected to be strong and will further validate the AI-driven memory boom, supporting Samsung and SK Hynix.
• Semiconductor equipment and materials (소부장) are the best way to play the capex cycle as Samsung, SK Hynix, and TSMC plan massive spending from 3Q onward.
• The KOSDAQ index is structurally challenged by the new premium league rules, which will starve most small caps of institutional flows, favoring only a few profitable equipment names.
• SK Hynix's ADR listing and SK Square's shareholder return plans make SK Square a leveraged, higher-alpha alternative to direct SK Hynix ownership.
• Individual stock ideas include PSK (cleaning equipment leader), Dalba Global (cosmetics turnaround), and Fadu (AI chip breakout watch).
• Hyundai Motor is a short-term avoid due to consumer cyclical headwinds; its robotics story is not yet strong enough to offset auto weakness.
• In crypto, the sell-off in Bitcoin and Strategy's preferred stock STRC is overdone; both are seen as dip-buying opportunities with high reversion potential.