DRAM Is So Tight It Must Be Sold Immediately After Production; The Semiconductor Supercycle Led by Samsung Electronics and SK hynix Continues | Park Geun-hyung, Manager

[긴급 시황] D램, 만드는 즉시 팔아야 될 지경이다. 삼성전자, SK하이닉스가 주도하는 반도체 슈퍼사이클 장은 계속된다.ㅣ박근형 부장
Watch on YouTube ↗  |  February 03, 2026 at 06:00  |  19:09  |  815 Money Talk (815머니톡)
Speakers
Park Geun-hyung — Director

Summary

Park Geun-hyung of IBK Investment & Securities explains that the recent KOSPI plunge was mainly forced foreign selling from gold/silver fund liquidations rather than a fundamental break. He remains bullish on Korean equities, especially memory semiconductors, power infrastructure, brokerages, and space/aerospace, citing valuation, liquidity, and earnings upgrades. He also flags semiconductor concentration risk and global rate/liquidity uncertainty.

  • KOSPI rebounded after a plunge driven by forced foreign selling and hawkish Fed-liquidity concerns.
  • Memory prices are surging, with DRAM and NAND Q1 estimates sharply raised and inventories near two weeks.
  • Samsung Electronics and SK hynix are seen as key beneficiaries of the semiconductor supercycle.
  • Power equipment, transformers, and electric wires are favored on data-center power shortages.
  • Brokerage stocks benefit from record deposits, rising trading volume, and IB/credit income.
  • Space/aerospace names are supported by Artemis and SpaceX-related catalysts.
  • The speaker warns that heavy semiconductor market concentration could become risky if growth rates slow.
  • Value-up/commercial-law reform could support Korean holding companies and banks.
Ideas
Park Geun-hyung Director 3:28
Memory supercycle: tight supply, surging prices.
DRAM prices rose 90% in January and TrendForce now sees Q1 DRAM prices up 105-110% QoQ and NAND nearly 100%. Samsung and SK hynix inventory has fallen from 13-16 weeks to about 2 weeks; new capacity ordered in October 2025 takes about a year to produce, so supply stays tight into late 2026. CSP/data-center demand is price-inelastic, causing a full semiconductor supercycle and surging Q1 operating profits.
005930.KS 000660.KS HIGH
Park Geun-hyung Director 4:20
KOSPI undervalued; liquidity supports upside.
Yesterday's KOSPI plunge was mostly forced foreign selling linked to gold/silver fund liquidations, not a fundamental breakdown. KOSPI PER fell to 8.7x, near the bottom 2% of its post-2004 band and below the 10-year average of 10.5x, while EPS upgrades are fast. Policy-driven liquidity, record customer deposits, potential real-estate fund inflows, and returning foreign futures/cash buying support further upside even near 5,000.
EWY HIGH
Park Geun-hyung Director 5:34
Prefer KOSPI over KOSDAQ on valuation.
KOSDAQ ETF inflows let KOSDAQ catch up to and even reverse KOSPI in January, but that catch-up is now largely done. KOSPI valuation is more attractive and semiconductor earnings upgrades favor KOSPI over KOSDAQ, so institutional flows are shifting back toward KOSPI.
KOSDAQ MED
Park Geun-hyung Director 6:29
Defense, shipbuilding orders drive clear earnings.
Defense and shipbuilding are among the machinery/industrial areas with surging order backlogs and clear earnings, making them comfortable selections as institutional supply concentrates in sectors with confirmed results.
Korean defense sector Korean shipbuilding sector MED
Park Geun-hyung Director 9:48
Power shortage drives transformer, wire demand.
Power shortage is the biggest theme and a physical bottleneck for AI data centers, so transformers and grid equipment demand should keep improving. The speaker favors ultra-high-voltage transformers over small/medium ones and names Hyosung Heavy Industries, Hyundai Electric, and Sanil Electric, with Sanil seeing no Q4 issues and growing order backlog; electric wire names Daehan Electric Wire and Iljin Electric are also part of the theme.
298040.KS 267260.KS 062040.KS 001440.KS 103590.KS HIGH
Park Geun-hyung Director 10:38
LS Electric best on earnings, growth.
Among power equipment names, LS Electric looks especially attractive; its earnings and growth stand out, and the stock is already showing strong momentum. The speaker suggests buying on dips with a longer horizon.
010120.KS MED
Park Geun-hyung Director 10:50
Artemis, SpaceX catalysts support aerospace stocks.
The Artemis schedule on February 6 and SpaceX/Starship progress keep the space/aerospace theme alive. Related stocks such as LumiR and Satrec Initiative are showing positive momentum, and the theme is also drawing financial/venture-related interest.
Korean aerospace/space sector Lumir 099320.KQ MED
Park Geun-hyung Director 13:06
Record deposits, trading volume lift brokerages.
Customer deposits have reached a record 106tn won and are rising by about 3tn won per day, bank deposits are draining into equities, and trading volume is increasing. This boosts brokerage revenue from commissions, credit loans, interest, IB, and real estate, so the securities sector should stay strong.
Korean securities sector HIGH
Park Geun-hyung Director 13:22
Mirae Asset Securities has no overhang.
Mirae Asset Securities surged 21% with no remaining overhead supply, rising almost in a vacuum. It benefits from higher trading volume, credit/loan interest, real estate/IB strength, and SpaceX-related financial flows, making it a key beneficiary of the brokerage upcycle.
006800.KS MED
Park Geun-hyung Director 14:04
Value-up reform may lift holdcos, banks.
If commercial-law reform and value-up measures advance, the speaker says investors should also look at Korean holding companies and banks as beneficiaries of improved governance and capital returns.
Korean holding companies Korean banks MED
Park Geun-hyung Director 14:11
Credit-card rate cap pressures US banks.
US banks and financials are struggling because Trump is proposing to cap credit-card interest rates at 10%, roughly half the prior 19.6% level, which would pressure card lending economics.
XLF MED
Park Geun-hyung Director 15:21
Focus on KOSDAQ large caps.
Even if KOSDAQ activation measures attract interest into small/mid caps, the speaker says investors should focus on KOSDAQ large caps rather than small ones.
KOSDAQ large-cap stocks LOW
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815 Money Talk (815머니톡) · Feb 03

This 815 Money Talk (815머니톡) video, published February 03, 2026, features Park Geun-hyung discussing 005930.KS, 000660.KS, EWY, KOSDAQ, Korean defense sector, Korean shipbuilding sector, 298040.KS, 267260.KS, 062040.KS, 001440.KS, 103590.KS, 010120.KS, Korean aerospace/space sector, Lumir, 099320.KQ, Korean securities sector, 006800.KS, Korean holding companies, Korean banks, XLF, KOSDAQ large-cap stocks. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Geun-hyung  · Tickers: 005930.KS, 000660.KS, EWY, KOSDAQ, Korean defense sector, Korean shipbuilding sector, 298040.KS, 267260.KS, 062040.KS, 001440.KS, 103590.KS, 010120.KS, Korean aerospace/space sector, Lumir, 099320.KQ, Korean securities sector, 006800.KS, Korean holding companies, Korean banks, XLF, KOSDAQ large-cap stocks