Stocks that rise regardless of a boxed market are visible | Executive Director Park Se-ik & Chesley Investment Advisory [Morning Brief / 26.09.14.Mon]

Watch on YouTube ↗  |  September 14, 2026 at 01:57  |  26:09  |  Chesley Investment Advisory (체슬리투자자문)
Speakers
Seon-gu — Manager
Park Se-ik — CEO, ex-Chief Strategist
Choi Ho — Vice President

Summary

In this Morning Brief, Park Se-ik, Choi Ho, and guest Seon-gu discuss a boxed Korean market with stock-picking opportunities, shipbuilding and engine supply-chain ideas, defense structural growth, and near-term macro risks. The team expects the Korean market to shake out into early October before a strong rally from November. Specific ideas include Wartsila, HD Hyundai Marine Solution, Korean shipbuilders, Hanwha Aerospace, a US 10-year yield test of 5%, and near-term SOX weakness.

  • Park Se-ik says investors should focus on strong stocks even in a boxed market.
  • Seon-gu presents Wartsila as a data-center engine growth and multiple re-rating idea.
  • Park Se-ik and Seon-gu discuss Korean shipbuilders, FX hedging, and engine-service margins.
  • Park Se-ik calls defense a structural growth sector and highlights Hanwha Aerospace valuation support.
  • The team expects the Korean market to whipsaw in September before a November rally.
  • Choi Ho expects the US 10-year Treasury yield to test 5% again.
  • Choi Ho sees near-term weakness in the Philadelphia Semiconductor Index.
  • Daily US market calls and a Samyang Foods chart comparison were noted but not treated as standalone ideas.
Ideas
Seon-gu Manager 6:06
Wartsila capacity expansion drives data-center engine re-rating
Wartsila is expanding medium-speed engine capacity from roughly 3 GW to 7.2 GW by 2025, far above the market's prior expectation of around 5 GW. Completion in mid-2025 and utilization ramp-up toward 2030 should support strong growth. By 2030, combined low- and medium-speed engine revenue could reach about KRW 10 trillion with margins above 30%, generating KRW 3-4 trillion in operating profit, more than shipbuilding. Medium-speed engine margins are around 45%, and because these engines replace LNG/gas turbines rather than serving only as backup like Caterpillar's high-speed engines, data-center demand is less cyclical and can drive a multiple re-rating.
WRT1V.HE HIGH
Park Se-ik CEO, ex-Chief Strategist 8:09
Shipbuilders ride AI infrastructure cycle despite FX
Korean shipbuilders should not be avoided just because the won is strong. In 2006-2007, oil rose above $100 and the won strengthened to around 900 per dollar, yet shipbuilding stocks kept rising on China's infrastructure cycle. The current AI infrastructure cycle is similar, and shipbuilders hedge FX and raw-material costs. So shipbuilders can continue to rise until the AI infrastructure cycle ends.
Korean shipbuilding sector MED
Park Se-ik CEO, ex-Chief Strategist 10:28
HD Hyundai Marine offers high-margin engine service
HD Hyundai Marine Solution is the ship-engine equivalent of Hyundai Mobis, providing after-sales service for engines supplied by HD Hyundai. Its service margins are above 50%, and the growing installed base of engines opens a new market. This gives it a high-margin, differentiated service business tied to HD Hyundai's engine deliveries.
443060.KS MED
Park Se-ik CEO, ex-Chief Strategist 14:33
Defense is structural growth, valuations stay supported
Defense demand is in a structural growth phase. Poland, which suffered heavily in the world wars, reacted immediately to the Russia-Ukraine war by accelerating defense orders; the Czech Republic and Croatia share similar historical fears, and even Kazakhstan may seek self-defense procurement from Korea. Because this is structural growth, defense stocks are unlikely to fall to very cheap valuation levels.
Korean defense sector MED
Park Se-ik CEO, ex-Chief Strategist 15:39
Hanwha Aerospace buy-and-hold on valuation support
Hanwha Aerospace is a structural growth stock that has corrected from 1.7 million won to around 1 million won. Its valuation is now around 19x earnings and has previously bottomed around 17x. At that level it tends to rebound even without momentum, and downside may be limited to 10-15%. It is a buy-and-hold candidate for re-rating.
012450.KS MED
Park Se-ik CEO, ex-Chief Strategist 17:09
Korean market shakes out before November rally
The Korean market is likely to remain weak/boxed until early October due to FOMC and midterm-election uncertainty, but historically it rallies strongly from mid-October/November. September is expected to scare investors and whipsaw them before the rally. Investors should use the box-range weakness before the midterm elections to pick strong stocks. If the BOJ and FOMC raise rates, the 10-year yield may fall after the hikes and help the market recover.
KOSDAQ EWY MED
Choi Ho Vice President 19:54
US 10-year yield to test 5% again
The US 10-year Treasury yield is around 4.97%. Despite a brief dip on geopolitical risk, oil breaking above $100 is pressuring Treasuries. With low buying interest and inflation/rate concerns, the 10-year yield is likely to test the 5% level again.
US10Y MED
Choi Ho Vice President 20:38
SOX weak early week on Anthropic issue
The Philadelphia Semiconductor Index was relatively strong in the first half, but the weekend Anthropic issue is likely to weigh on semiconductors. He expects the SOX to weaken in the early part of the week and calls for a slight decline today.
SOXX LOW
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This Chesley Investment Advisory (체슬리투자자문) video, published September 14, 2026, features Seon-gu, Park Se-ik, Choi Ho discussing WRT1V.HE, Korean shipbuilding sector, 443060.KS, Korean defense sector, 012450.KS, KOSDAQ, EWY, US10Y, SOXX. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Seon-gu, Park Se-ik, Choi Ho  · Tickers: WRT1V.HE, Korean shipbuilding sector, 443060.KS, Korean defense sector, 012450.KS, KOSDAQ, EWY, US10Y, SOXX