89 Trillion Won Operating Profit – The Real Momentum Is in Late July

Summary

Yoo Chang-hee, CEO of Yoostock, reviews the market after Samsung Electronics' 89 trillion won operating profit record. He defends the long-term case for Samsung and SK hynix, downplays memory cycle peak fears, and expects hyper-scaler earnings in late July to restore confidence. He recommends reducing positions in shipbuilding stocks hit by Canada contract disappointment, sees a limited bounce in Hyundai Motor, and highlights a short-term ADR trading opportunity for SK hynix.

• Samsung Electronics and SK hynix remain core holdings despite near-term noise; record earnings and 20% memory price hike support continued strength.
• Memory cycle peak concerns are overblown; hyper-scaler earnings in late July will clarify demand, and mega investments by Korean leaders are a strategic deterrent.
• Hanwha Ocean and HD Hyundai Heavy Industries face downside risk after Canada contract loss; recommend cutting positions by about 30%.
• Hyundai Motor may see a limited bounce to 550,000-600,000 won as global auto stocks begin to recover.
• SK hynix ADR listing around July 7 could provide a short-term trading signal if the ADR opens at a premium.
• Customer deposit balances have declined to 120 trillion won, limiting near-term upside, but funds are expected to return.
• KOSDAQ biotech and semiconductor equipment stocks show relative strength, but without a clear directional thesis.