There is still no sell signal for Samsung Electronics, but SK hynix is unusual? | Hong Sun-ae, Park Byung-chang, Director, Asset Management Strategy Department, Kyobo Securities

Summary

Park Byung-chang, Director at Kyobo Securities, reviews the Korean market's strong but volatile tape, focusing on Samsung Electronics and SK hynix supply-demand, memory semiconductor leadership, and rotation into financials, high-dividend ETFs, and other domestic themes. He argues that Samsung has not shown a sell signal, while SK hynix has stronger earnings growth and cheaper valuation, and that semiconductor exposure should remain a core holding. He is less attracted to the broad KOSPI and S&P 500 indexes, sees a KOSDAQ reform catalyst with high volatility, and expects the next AI upside to come from B2C application-layer platforms like Alphabet, Apple, and Amazon.

• Korean market remains strong with dip-buying and rotation, though holiday risk creates some caution.
• Samsung Electronics shows no sell signal; foreigners have turned buyers and the chart remains above key moving averages.
• SK hynix is favored by domestic investors for stronger earnings growth and cheaper valuation than Samsung, while foreigners are selling.
• Memory semiconductors remain a core portfolio exposure; the speaker prefers a Korean semiconductor ETF to the broad index.
• Korean financials and high-dividend ETFs have March-April dividend momentum, with KB Financial showing strong price action.
• The KOSPI and S&P 500 look less attractive on limited upside; KOSDAQ 150 is a higher-volatility reform watch.
• Nuclear power was a top ETF flow area, and AI upside is shifting to B2C application platforms like Alphabet, Apple, and Amazon.