High interest rates and economic slowdown are coming at the same time… Why you need to pick 'quality stocks' now | Jang Ye-jin, Park Seung-young, Hanwha Investment & Securities PLUS Asset Strategy Team Head

High interest rates and economic slowdown are coming at the same time… Why you need to pick ‘quality stocks’ now l Jang Ye-jin, Park Seung-young, Hanwha Investment & Securities PLUS Asset Strategy Team Head [Yeouido Insight]
Watch on YouTube ↗  |  September 17, 2026 at 11:30  |  33:59  |  3PRO TV (삼프로TV)
Speakers
Park Seung-young — Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division

Summary

In this episode, Jang Ye-jin interviews Park Seung-young of Hanwha Investment & Securities about the FOMC, high rates, and slowing growth. Park argues investors should shift toward quality, cash-rich, and dividend stocks, prefer semiconductor equipment over memory, and prepare for the AI shift from training to inference. He also expects won weakness above 1,400 per dollar, favors US equities over Korean equities, and sees the KOSPI staying range-bound until year-end.

  • The FOMC hike was largely absorbed, with one more hike expected in Korea and the US.
  • High rates plus slowing growth favor quality, cash-rich companies over funding-dependent growth.
  • Korean financials and profitable biotech like Hanmi Pharmaceutical and Oscotec are cited as quality examples.
  • Semiconductor equipment is preferred over Samsung Electronics and SK hynix due to FX insulation and global capex.
  • The AI shift from training to inference favors substrates, DRAM, devices, software, AI verticals, and SI firms, while reducing AI infrastructure.
  • The KOSPI is seen as range-bound with low volume; volume should confirm any breakout.
  • Won weakness above 1,400 per dollar supports US equities over Korean equities.
  • Investors should avoid over-trading and use year-end weakness to prepare for next year.
Ideas
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 9:05
Favor cash-rich quality stocks.
With interest rates high and the economy starting to slow, companies that generate strong cash flows and do not need external funding are safer. Investors should shift toward quality, cash-rich stocks rather than companies that still need to raise capital.
Korean quality/cash-rich stocks HIGH
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 9:13
Korean banks are quality rate beneficiaries.
Rate moves should support financial stocks, and Korean banks/financials are cited as representative quality stocks to move into as the market becomes more unstable.
Korean financials/banks MED
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 9:43
Profitable biotech over funding-dependent biotech.
In biotech, investors should separate companies that need to raise funding from those that already generate cash. Hanmi Pharmaceutical and Oscotec are profitable and do not need financing, unlike many biotech peers facing a high-rate funding environment.
128940.KS 039200.KQ MED
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 10:43
Prefer chip equipment over memory.
Within semiconductors, equipment stocks are preferred over memory and finished-chip makers. Equipment companies sell mostly to domestic customers, so they are less exposed to the weaker won, and global fab construction plus ASML's shipment outlook point to a long capex cycle. Samsung Electronics and SK hynix may face FX translation headwinds and are lower priority.
Korean semiconductor equipment stocks HIGH
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 13:25
KOSPI stays range-bound; trade extremes.
The KOSPI is expected to remain range-bound with low trading volume. The market has traded in a broad 5,500-7,300 range and is now around 6,700, so investors should focus on range extremes and use volume to confirm any breakout rather than over-trading.
EWY MED
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 15:51
Prefer dividend stocks into slowdown.
For the fourth quarter, as the economic cycle slows and Korean third- and fourth-quarter earnings are unlikely to be strong, dividend and cash-rich stocks are preferable to growth stocks. The point is not just dividend timing but owning companies with cash buffers during a slowdown.
Korean high-dividend/cash-rich stocks MED
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 17:48
Shift from AI training to inference.
AI is shifting from training to inference. Training favored concentrated HBM, data centers and power infrastructure, but inference is distributed, so the focus should move toward DRAM, substrates, devices, software and AI verticals. Reduce exposure to AI training infrastructure and move toward inference beneficiaries.
AI-SECTOR HIGH
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 19:26
Samsung Electronics better than SK hynix.
In the AI inference phase, the beneficiary set broadens beyond SK hynix's HBM leadership. Samsung Electronics appears relatively better than SK hynix as demand spreads toward DRAM and related components.
005930.KS MED
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 19:26
Samsung Electronics better than SK hynix.
In the AI inference phase, the beneficiary set broadens beyond SK hynix's HBM leadership. Samsung Electronics appears relatively better than SK hynix as demand spreads toward DRAM and related components.
000660.KS MED
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 24:38
SI firms benefit from inference data.
In the inference era, companies will keep more sensitive data internally rather than uploading it to public clouds, which should increase work for SI/IT services firms. Watch SI order wins and their end-markets as a signal.
Korean SI/IT services companies MED
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 31:11
US equities beat Korean equities.
The won is more likely to weaken than strengthen because rate paths are converging and Korea still has large overseas investment outflows. That makes US equities more attractive than Korean equities.
Korean equities MED
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 31:11
US equities beat Korean equities.
The won is more likely to weaken than strengthen because rate paths are converging and Korea still has large overseas investment outflows. That makes US equities more attractive than Korean equities.
SPY MED
Park Seung-young Portfolio Strategy Team Leader, Hanwha Investment & Securities PLUS Business Division 31:46
Won weakens above 1,400 per dollar.
USD/KRW is expected to rise above 1,400 because Korea has large outbound investment needs and rate convergence supports dollar strength. The won weakness is a key reason to prefer overseas assets.
USD/KRW MED
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This 3PRO TV (삼프로TV) video, published September 17, 2026, features Park Seung-young discussing Korean quality/cash-rich stocks, Korean financials/banks, 128940.KS, 039200.KQ, Korean semiconductor equipment stocks, EWY, Korean high-dividend/cash-rich stocks, AI-SECTOR, 005930.KS, 000660.KS, Korean SI/IT services companies, Korean equities, SPY, USD/KRW. 13 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Seung-young  · Tickers: Korean quality/cash-rich stocks, Korean financials/banks, 128940.KS, 039200.KQ, Korean semiconductor equipment stocks, EWY, Korean high-dividend/cash-rich stocks, AI-SECTOR, 005930.KS, 000660.KS, Korean SI/IT services companies, Korean equities, SPY, USD/KRW