Will semiconductors lead before power equipment? Samsung Electronics and SK hynix start new highs?

Summary

The episode reviews a volatile KOSPI session that ended at 8,123 after giving back intraday gains. Lee Jae-gyu of SK Securities argues the broader market trend has turned positive following stable CPI data and easing macro risks. He makes bullish calls on KOSPI, Samsung Electronics & SK hynix, the semiconductor equipment sector, Hanmi Semiconductor, shipbuilders HD Hyundai Heavy Industries and Samsung Heavy Industries, and buying the dip in Naver and Samsung SDS. He advises watching Samsung Electro-Mechanics and LG Innotek until earnings justify valuations, and notes a possible short squeeze in secondary batteries. He prefers semiconductors over power equipment and downplays construction machinery themes.

• KOSPI closed at 8,123, up 4% but off intraday high; late-session selling attributed to ETF rebalancing and leverage concerns.
• Macro backdrop is supportive: CPI was benign, oil and 10-year Treasury stable, exchange rate improving.
• Samsung Electronics and SK hynix are expected to challenge previous all-time highs, driven by strong memory cycle and foreign buying.
• Semiconductor equipment & materials (소부장) sector remains attractive after recent correction, with some undervalued names.
• Hanmi Semiconductor’s high P/E will compress as 2Q/3Q earnings strengthen, offering valuation merit.
• Shipbuilding stocks (HD Hyundai Heavy, Samsung Heavy) have room to run, aided by good earnings, a June US event, and low PBR relative to other sectors.
• Naver and Samsung SDS are buying opportunities after sharp post-Jensen Huang selloff, supported by structural changes.
• Secondary batteries could see a short squeeze but are less compelling than semiconductors; Samsung Electro-Mechanics and LG Innotek require earnings confirmation.