Samsung Electronics and SK hynix Are Not Enough! KOSDAQ Strategy Aiming for Double Returns | Lee Jaegyu, SK Securities PB Deputy Manager [Today's Focus Stock]

Summary

Lee Jaegyu, an SK Securities PB deputy manager, argues that the Korean stock market will continue its uptrend despite short-term volatility. He believes the recent KOSDAQ resilience signals a shift in investor attention away from an over-concentration in large-cap chips. He suggests increasing KOSDAQ allocations, keeping semiconductors as the core sector, and also liking shipbuilding and robotics, while avoiding power equipment due to high valuations.

• KOSPI remains an uptrend supported by extremely cheap PER (6.9x) and solid semiconductor earnings.
• KOSDAQ is expected to attract inflows after a long period of underperformance; small market cap means large moves on moderate flows.
• Semiconductors are still the leading sector; fundamentals have not changed, and the selloff is seen as a buying opportunity.
• Shipbuilding stocks are attractive on valuation (PBR ~4x) and are added as a secondary overweight.
• Robotics stocks are viewed very positively and are benefiting from an improving KOSDAQ environment.
• Power equipment is considered overvalued at 11x PBR and should be avoided in favor of semiconductors.
• The speaker uses KOSPI and KOSDAQ index ETFs for rotational trades and suggests them for easy exposure.
• Macro fears (CPI, rate hikes, geopolitical risk) are largely priced in or overblown, supporting the bullish thesis.