Why Will SK Hynix Rise More Steeply? | Kang Gwan-woo, The Premier CEO

Why Will SK Hynix Rise More Steeply? | Kang Gwan-woo, The Premier CEO [Double Up]
Watch on YouTube ↗  |  April 28, 2026 at 01:31  |  18:30  |  3PRO TV (삼프로TV)
Speakers
Kang Gwan-woo — CEO

Summary

Kang Gwan-woo, CEO of The Premier, argues the KOSPI is undergoing a structural value re-rating driven by much higher corporate ROE and semiconductor earnings. He is positive on Samsung Electronics and SK Hynix, sees the semiconductor cycle extended by HBM but warns of slower earnings growth after the second quarter. He also cautions that AI-related peripheral themes are high-flying and ETF-flow-driven, while KOSDAQ remains unattractive due to weak listings and poor earnings support.

  • KOSPI value re-rating driven by ROE rising above 20% and Samsung/SK Hynix earnings.
  • Samsung Electronics attractive on ROE reaching 40% and diversified IT portfolio.
  • SK Hynix favored as high-beta memory play in ongoing semiconductor upcycle.
  • HBM, long-term agreements and supply tightness may extend the semiconductor cycle.
  • Earnings growth rates may peak after Q2 and slow into 2027, but absolute earnings can still rise.
  • AI value-chain, power infrastructure and ship-engine themes are high-flying and reversal-prone.
  • KOSDAQ looks unattractive due to too many weak listings and narrative-based valuations.
  • Macro headwinds include elevated US 10-year yields and rising oil, while hyperscaler capex guidance is a key catalyst.
Ideas
Kang Gwan-woo CEO 0:24
Korean market re-rating continues on higher ROE
The KOSPI is in a structural value re-rating, not just a normalization. Corporate ROE has risen from around 7-8% to over 20%, reaching about 22%, and Samsung Electronics/SK Hynix earnings upgrades are driving the change. Forward PBR has already moved toward 1.6x, but the earnings foundation has shifted, many low-PBR companies remain, and the old Korea discount is turning into a Korea premium. He expects the re-rating to continue as earnings rise, though valuations are now high.
EWY HIGH
Kang Gwan-woo CEO 2:58
Samsung cheap as ROE climbs to 40%
Samsung Electronics is attractive on PBR because ROE is rising from below 10% to about 40% this year, making a PBR near 2.0x look cheap. Its diversified IT portfolio (memory, non-memory, telecom, display, appliances, smartphones) gives it a sturdier valuation and lower beta of around 1.3-1.4 than a pure memory play, and in HBM4 it appears to be turning the tables with mass-production progress while SK Hynix has not shown comparable signs.
005930.KS HIGH
Kang Gwan-woo CEO 3:30
SK Hynix high-beta semiconductor upcycle play
SK Hynix is a pure memory play with high beta to the semiconductor cycle, so it tends to rise much more steeply than the market when semis are strong. The cycle has not yet clearly peaked out; HBM demand, LTAs and structural supply tightness can extend the upcycle, and absolute earnings should keep rising in H2 even as growth rates slow. However, he is more conservative than bulls on valuation, seeing a 9-10x PER target rather than 12x, warns growth may slow sharply in 2027 and potentially stall in 2028, and notes Hynix has not shown comparable HBM4 mass-production progress.
000660.KS HIGH
Kang Gwan-woo CEO 3:43
Semiconductor upcycle extended by HBM demand
The semiconductor cycle is still in an upswing. Unlike prior cycles, HBM's arrival and rising long-term agreements are changing the structure, supply remains short, and the cycle can extend for longer, so a quick collapse is unlikely. Absolute earnings should rise into H2 even though the earnings growth rate may peak after Q2. He cautions that price increases cannot continue forever and that hyperscaler ROI scrutiny is the key risk.
SMH HIGH
Kang Gwan-woo CEO 12:20
AI peripheral trades high, reversal risk
If the semiconductor cycle eventually cools, leadership may rotate to peripheral AI-related beneficiaries. The market is already assigning growth narratives to AI value-chain stocks, power infrastructure and even ship-engine names tied to data centers. However, these are high-flying, narrative-driven trades sustained by ETF inflows; if flows reverse, they can enter a vicious downward cycle, so he advises caution rather than chasing.
AI value chain Power infrastructure Ship Engines MED
Kang Gwan-woo CEO 16:33
KOSDAQ unattractive; too many weak listings
KOSDAQ remains unattractive because there are too many listed companies and the government should delist weak companies faster and more drastically. Valuations there are often based on talk rather than earnings, and leading companies transfer to the KOSPI only to see their share prices fall after transfer approval. Investors should not be fooled by KOSDAQ valuation rhetoric.
KOSDAQ HIGH
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This 3PRO TV (삼프로TV) video, published April 28, 2026, features Kang Gwan-woo discussing EWY, 005930.KS, 000660.KS, SMH, AI value chain, Power infrastructure, Ship Engines, KOSDAQ. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kang Gwan-woo  · Tickers: EWY, 005930.KS, 000660.KS, SMH, AI value chain, Power infrastructure, Ship Engines, KOSDAQ