Now is Absolutely Not the Time, 'The Moment Real Semiconductor Investment Ends' | Yeom Seung-hwan, LS Securities Director [Double Up]

Summary

Yeom Seung-hwan, Director at LS Securities, discusses the KOSPI/KOSDAQ market, noting that excessive concentration in semiconductor stocks due to leveraged ETFs is finally showing signs of broadening. He strongly reaffirms his bullish view on Samsung Electronics and SK Hynix, arguing that the AI memory cycle is far from over as big tech secures long-term supply agreements and memory prices stay elevated. He sees semiconductor equipment as the best KOSDAQ momentum play, expects secondary batteries to rebound on ESS demand, and suggests biotech as a potential future leader. With the KOSPI P/E at deeply cheap levels, he advises buying on dips and expects a short-term market bounce.

• Concentration in semiconductor names driven by single-stock leveraged ETFs distorted supply/demand, but signs of rotation into other sectors are emerging.
• AI capex competition remains intense; memory prices are rising and big tech is locking in long-term supply, supporting Samsung Electronics and SK Hynix.
• Semiconductor equipment and materials (소부장) currently has the strongest momentum among KOSDAQ sectors; Jusung Engineering cited as a notable large-cap.
• Secondary batteries are expected to rebound as data center ESS demand grows and Korean battery makers can replace Chinese suppliers.
• Biotech lacks immediate catalysts but could become a KOSDAQ star player from autumn with academic conferences and tech-export deals.
• KOSPI's P/E has fallen to 6.2, historically cheap, creating a potential short-term rebound opportunity if US CPI data is benign.
• The speaker recommends buying core semiconductor names on dips and cautions against chasing overbought stocks.