SK hynix Earnings Release... 4Q Operating Profit 19.2 Trillion | Director Park Byung-chang

Summary

Park Byung-chang, a director, reviewed U.S. and Korean markets after the FOMC hold and SK hynix's 4Q earnings. He highlighted the semiconductor-led rally, KOSDAQ ETF inflows, and the case for further upside in Samsung Electronics and SK hynix. He also discussed policy efforts to reduce the Korea discount, AI supply-chain themes, and risks such as Micron correlation and potential long-term memory competition.

• FOMC held rates steady with no clear H1 cut and little market reaction.
• U.S. semiconductor stocks led gains, with strength broadening into equipment and materials.
• SK hynix reported 4Q operating profit of 19.2 trillion won, beating expectations.
• Korean memory names remain relatively undervalued versus Micron and Nvidia, with rising 2026 earnings estimates.
• KOSDAQ rallied on heavy ETF inflows and short covering, prompting a bullish flow thesis.
• Korea is viewed as an undervalued AI beneficiary, with governance reform potentially reducing the Korea discount.
• Secondary batteries and robot components were strong, partly framed as AI-linked themes.
• Risks include correlation with Micron, potential long-term memory competition, and policy execution.