September Stock Market: Keep Correction in Mind, But You Must Buy Stocks! Where Are Assets Moving Besides Semiconductors? | Lee Hyeok-jin, Yeo Do-eun, Heo Jae-mu [Morning N Investment]

Summary

Lee Hyeok-jin discusses September KOSPI weakness as a seasonal correction near its end and advises buying the dip for 12-month upside. He argues consensus is wrong on memory shareholder return and Fed rate guidance, favoring Samsung then Hynix, and expects rotation beyond semiconductors. He outlines non-semiconductor themes including semiconductor equipment/materials Q-cycle, construction, power generation, cosmetics, biotech, batteries/ESS, and apparel/fabric.

• KOSPI/KOSDAQ fell on long-rate and Jackson Hole concerns; foreign and institutional investors sold while individuals bought.
• September correction is seen as a late-cycle seasonal decline and a buying opportunity for 12-month returns.
• Memory semiconductor valuation depends on operating margin and monopoly power, not shareholder return; Samsung below 1.5 PBR first, SK hynix later.
• Jackson Hole-driven long-rate spike may reverse if the Fed skips September, supporting US long-duration Treasuries.
• Non-semiconductor rotation is attractive via M6 and KOSPI ex-semiconductors at cheap valuation.
• Q-cycle infrastructure: Korean semiconductor equipment/materials and construction benefit from data center and semiconductor plant orders.
• Power generation themes: solar short-term, natural gas mid-term, nuclear/SMR long-term.
• Other themes: cosmetics/beauty, biotech, battery ESS/LFP, and apparel/fabric/spandex.