Ideas
Value-up can re-rate KOSPI toward 5,000.
The speaker argues Korea's new Value-up policy is the first event that can re-rate the KOSPI's PBR, moving it from the old 0.8-1.3 range toward 1.5. Using trailing and forward PBR 1.5, he calculates a KOSPI range of roughly 4,200-5,200, with a midpoint near 5,000, and says the improving earnings base plus policy-driven multiple expansion could make this uptrend more persistent than past box-range markets.
Backlog sectors can keep leading on margins.
He highlights the 2025 leading complex of Korean shipbuilding, defense, transformer, and nuclear/power-equipment names as still supported by multi-year order backlogs that convert into revenue over time. For 2026, the key check is whether margins keep improving; if so, he expects these sectors to remain valuation-trading leaders.
Own both Samsung Electronics and SK hynix.
He identifies semiconductors as the key 2026 leadership sector. Samsung Electronics' operating profit bottomed in Q2 2025 and is expected to have the largest incremental KOSPI operating-profit contribution in 2026 as memory prices rise; SK hynix has stronger fundamentals and benefits from AI memory demand, though its margin is forecast to decline after 2027. He says if choosing between them is too difficult, own both top-tier names rather than smaller, higher-volatility semiconductor stocks.
Substrate suppliers benefit later from semiconductors.
He says semiconductor substrate makers are a lagging beneficiary: as semiconductor demand improves, substrate suppliers like Samsung Electro-Mechanics tend to strengthen later. This gives a second-derivative way to play the semiconductor upturn through a supply-chain position rather than a direct memory bet.
Petrochemical restructuring may drive a rebound.
He points to consensus estimates showing high 2026 incremental earnings for Korean petrochemicals, especially LCC/NCC-exposed LG Chem and Lotte Chemical, as industry restructuring reduces supply and lower oil prices improve feedstock costs. However, he calls it a fund-manager-style idea and says the earnings recovery must be verified because the estimates are not yet reliable.
BTS comeback can revive HYBE momentum.
He notes HYBE lagged in 2025 because BTS was absent, but BTS is expected to return in 2026. He compares it with YG Entertainment's 2025 rally when Blackpink returned, suggesting HYBE could see a similar momentum recovery if the comeback materializes.
Lagging earnings growth may regain momentum.
He lists Celltrion among stocks that did not move in 2025 even though earnings were not bad and growth continued. If momentum returns to underowned growth names, Celltrion could regain leadership along with other laggards.
Nvidia margin trend signals AI cycle.
He calls Nvidia the current market leader and says its forecast operating margin is still rising through 2025-2027. As long as Nvidia's earnings trajectory does not peak, he thinks the AI semiconductor cycle can continue; a margin downturn would be the key warning that the cycle is ending.
KOSDAQ activation policy can narrow valuation gap.
He argues the recent KOSDAQ activation policy and government venture-fund efforts can create fresh supply-demand for KOSDAQ stocks, especially as the KOSPI-KOSDAQ performance gap is unusually wide. If the policy improves win rates, money should spread into KOSDAQ after concentrating in large KOSPI leaders.
Korean biotech is a first-half leader.
He sees Korean biotech as a first-half 2026 leadership sector because the JPMorgan Healthcare Conference will draw attention, several Korean biotech companies are invited for the first time, KOSDAQ activation policy is a tailwind, and biotech lagged in 2025 while the KOSPI-KOSDAQ gap is the widest in 20 years. He explicitly says the first half should be led by semiconductors and biotech.
Prefer large-cap Korean stocks over smaller names.
He argues that in a 2026 sector and stock market where index returns are less important, large-cap leaders are the better expression because earnings growth is concentrated in large names, liquidity is deeper, and large caps can attract conservative and institutional money. Smaller names carry higher volatility and less efficient allocation benefit for the same theme.
This 3PRO TV (삼프로TV) video, published January 02, 2026,
features Lee Han-young
discussing EWY, Korean shipbuilding sector, Korean defense sector, Korean transformer/power equipment sector, Korean nuclear power sector, Korean semiconductor sector, 005930.KS, 000660.KS, 009150.KS, KOREAN PETROCHEMICAL SECTOR, 051910.KS, 011170.KS, 352820.KS, 068270.KS, NVDA, KOSDAQ, Korean biotech sector, Korean large-cap stocks.
11 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Lee Han-young
· Tickers:
EWY,
Korean shipbuilding sector,
Korean defense sector,
Korean transformer/power equipment sector,
Korean nuclear power sector,
Korean semiconductor sector,
005930.KS,
000660.KS,
009150.KS,
KOREAN PETROCHEMICAL SECTOR,
051910.KS,
011170.KS,
352820.KS,
068270.KS,
NVDA,
KOSDAQ,
Korean biotech sector,
Korean large-cap stocks
