The Era of AI Inference is Coming—Semiconductors Are Not Over Yet... What Are the Leading Stocks in Q4? | Park Seung-young, Hanwha Investment & Securities PLUS Asset Strategy Team Leader
The Era of AI Inference is Coming" Semiconductors Are Not Over Yet...What Are the Leading Stocks in Q4? | Park Seung-young, Hanwha Investment & Securities PLUS Asset Strategy Team Leader [Global Interview]
Speakers
Park Seung-young
— Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
Summary
Hanwha Investment & Securities PLUS Asset Strategy Team Leader Park Seung-young lays out a rangebound KOSPI view and a commodity/geopolitical hedge framework, arguing oil stays firm and US fiscal fears are overdone. He remains positive on Korean semiconductors on dips, with Samsung Electronics preferred over SK hynix as AI inference shifts demand toward DRAM. For Q4 he highlights Samsung preferred/common dividends and healthcare/biotech seasonality, while advising a half-Korean, half-US index allocation and not overweighting gold or bitcoin.
- KOSPI is seen as rangebound; keep equity exposure and trim extended positions.
- Oil and war-related complacency is risky; use US energy stocks and commodity ETFs as hedges.
- Korean intermediate goods earnings look vulnerable if commodity prices roll over.
- US fiscal and Treasury concerns are considered overdone; runaway long-term yields are unlikely.
- Korean semiconductors should be bought on dips and held long term.
- Within semiconductors, Samsung Electronics is preferred over SK hynix on inference/DRAM and dividend logic.
- Q4 ideas include Samsung Electronics preferred shares for dividends and healthcare/biotech seasonality.
- Gold and bitcoin should not exceed about 10% of a total portfolio.
Ideas
Park Seung-young
Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
0:51
KOSPI stays rangebound; keep equity exposure.
He recommends keeping a simple split of half Korean stocks and half US stocks, preferably through index products, because the Korean index already has heavy Samsung Electronics and SK hynix exposure and the US index has 35-40% in big tech. When those two tech segments become extended, rotating toward other sectors is reasonable.
Park Seung-young
Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
4:54
Oil firm; hedge via energy and commodities.
He argues the market is too complacent about war risk because investors assume Trump will de-escalate, but oil supply is tight and Iran's roughly 3-4 million barrels per day of capacity is a sensitive swing factor. WTI could temporarily spike toward $100, so investors should hedge commodity inflation by buying US energy stocks or commodity ETFs, while Korean intermediate goods producers are vulnerable because FIFO accounting masks raw-material cost pressure and earnings will look worse once commodity prices roll over.
Park Seung-young
Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
4:54
Oil firm; hedge via energy and commodities.
He argues the market is too complacent about war risk because investors assume Trump will de-escalate, but oil supply is tight and Iran's roughly 3-4 million barrels per day of capacity is a sensitive swing factor. WTI could temporarily spike toward $100, so investors should hedge commodity inflation by buying US energy stocks or commodity ETFs, while Korean intermediate goods producers are vulnerable because FIFO accounting masks raw-material cost pressure and earnings will look worse once commodity prices roll over.
Park Seung-young
Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
13:06
Don't overweight gold and bitcoin.
He treats gold and bitcoin as alternative assets that are mostly used when stocks and bonds are struggling, and says they should not exceed 10% of a total portfolio. He believes the US fiscal worries supporting gold are somewhat overdone, so carrying too much gold or bitcoin is not advisable.
Park Seung-young
Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
14:05
US fiscal fears overdone; Treasury yields capped.
He thinks US fiscal and Treasury market worries are overdone: interest expense is only about 17% of revenue versus a 20% danger threshold, foreign ownership is below 30%, and short-term debt is only about 20% of total issuance. With China relaxing some Treasury buying restrictions and the US buyback extending duration, he says betting on an uncontrolled rise in long-term Treasury yields is dangerous and buyers would likely emerge if yields spike.
Park Seung-young
Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
20:05
Buy Korean semiconductor dips, hold long-term.
He says semiconductors have already shown downside in August and early September, fundamentals remain strong, and the sector is unlikely to be as weak in September as it was in July-August. He advises against rotating out of semiconductors and says investors should buy on meaningful dips and hold long term rather than trying to trade around the position.
Park Seung-young
Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
20:38
Overweight Samsung Electronics over SK hynix.
As AI demand shifts from training to inference, he expects DRAM demand to strengthen more than HBM, which is why he thinks Samsung Electronics will do better than SK hynix. He also notes Samsung can return cash through dividends as year-end approaches while SK hynix's buyback support is fading, so semiconductor portfolios should raise Samsung Electronics weight relative to SK hynix, for example to around 7:3.
Park Seung-young
Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
20:38
Overweight Samsung Electronics over SK hynix.
As AI demand shifts from training to inference, he expects DRAM demand to strengthen more than HBM, which is why he thinks Samsung Electronics will do better than SK hynix. He also notes Samsung can return cash through dividends as year-end approaches while SK hynix's buyback support is fading, so semiconductor portfolios should raise Samsung Electronics weight relative to SK hynix, for example to around 7:3.
Park Seung-young
Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
25:32
Hold half Korean, half US index exposure.
He recommends keeping a simple split of half Korean stocks and half US stocks, preferably through index products, because the Korean index already has heavy Samsung Electronics and SK hynix exposure and the US index has 35-40% in big tech. When those two tech segments become extended, rotating toward other sectors is reasonable.
Park Seung-young
Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
28:13
Healthcare/biotech seasonal Q4 opportunity.
He points out that healthcare and biotech tend to strengthen in November-December as investors front-run the January JPMorgan healthcare conference, and Q4 is a season when Korean corporate earnings matter less. Since healthcare/biotech can act as a substitute when earnings-driven sectors are tired, he suggests looking at healthcare as a Q4 idea.
Park Seung-young
Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division
29:12
Samsung preferred best Korean dividend stock.
For Q4 dividend-oriented positioning, he says investors should look beyond earnings and consider dividend capture. He names Samsung Electronics preferred shares as the best Korean dividend stock, followed by Samsung Electronics common, and then traditional financial dividend payers.
Up Next
This 3PRO TV (삼프로TV) video, published September 08, 2026, features Park Seung-young discussing EWY, WTI, US energy stocks, DBC, Korean intermediate goods manufacturers, BTC, GLD, TLT, Korean semiconductor sector, 005930.KS, 000660.KS, SPY, Korean healthcare/biotech, 005935.KS. 11 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Park Seung-young · Tickers: EWY, WTI, US energy stocks, DBC, Korean intermediate goods manufacturers, BTC, GLD, TLT, Korean semiconductor sector, 005930.KS, 000660.KS, SPY, Korean healthcare/biotech, 005935.KS