It went up, but even now... Are you worried? | Lee Hak-joo, Hana Securities Wonju Branch Deputy Manager [Double Crew]

Summary

Hana Securities Wonju Branch Deputy Manager Lee Hak-joo sees the Korean market rebound as supported by returning pension and foreign buying, and argues Samsung Electronics and SK Hynix remain too cheap even under a bearish cyclical PBR framework. He recommends accumulating semiconductors and AI ecosystem sectors such as nuclear power and transformers, while approaching KOSDAQ selectively through earnings-backed names like Alteogen, Oscotec, and Jusung Engineering. He also views Big Tech free-cash-flow concerns as overblown and treats Fed rate-hike fears as mostly noise.

• Lee views KOSPI and KOSDAQ rebound as positive due to pension and foreign inflows and cheap valuations.
• He argues Samsung Electronics and SK Hynix are cheap on PBR even for semiconductor bears, with HBM pricing and revenue upside.
• He sees potential short covering in Samsung and SK Hynix from low foreign ownership and shareholder-friendly policy.
• He cautions against indiscriminate KOSDAQ buying and favors earnings-backed names such as Alteogen, Oscotec, Jusung Engineering, and profitable cosmetics.
• He expects the Fed to hold rates this year and views rate pressure as mostly noise.
• He says Big Tech free-cash-flow fears are excessive, citing Amazon, Google, and Azure cloud growth and margins.
• He recommends filling semiconductor exposure and buying cheap Korea AI ecosystem sectors such as nuclear power and transformers without leverage.