KOSDAQ Market Cap Top Tier Shake-up…KOSDAQ Beneficiaries, Just Starting? | Park Byeong-chang, MP Partners CEO [Market Inside]

Summary

Park Byeong-chang, CEO of MP Partners, discusses the KOSDAQ market cap shake-up driven by semiconductor equipment stocks, arguing it reflects a structural earnings-led shift rather than a bubble. He explains the June ETF rebalancing and its mechanical selling impact on large-cap names, framing it as a buying opportunity for Samsung Electronics and SK hynix. He remains aggressively bullish on Korean equities, particularly KOSDAQ semiconductor equipment names, and highlights Jusung Engineering's breakout as evidence of a sustainable re-rating.

• KOSDAQ top-tier market cap now includes many semiconductor equipment/parts stocks, a healthy structural change.
• The AI cycle has moved from memory to the equipment cycle, driving real earnings growth for domestic equipment makers.
• KOSDAQ revitalization policies (premier league) will likely concentrate institutional money in the top-cap equipment names.
• June ETF rebalancing is causing mechanical selling in Samsung Electronics and SK hynix, creating a buying opportunity.
• Jusung Engineering has broken historical valuation ceilings with an 11.4 trillion won market cap, backed by earnings.
• The broader Korean market is mirroring past US market strength, with EWY already up 11%.
• Google's potential TPU allocation to Samsung Foundry is a positive signal for Samsung's technology.
• Other sectors like power equipment and shipbuilding have good fundamentals but remain overshadowed by semiconductors.