Have We Seen the Bottom? A Market Where Caution is Inevitable... 'Money vs. Performance' Who Will Win? | Lee Hyeok-jin, Jeon Byeong-ha, Yeo Do-eun, Heo Jae-mu

Have We Seen the Bottom? A Market Where Caution is Inevitable... 'Money vs. Performance' Who Will Win? | Lee Hyeok-jin, Jeon Byeong-ha, Yeo Do-eun, Heo Jae-mu [Morning N Investment]

Watch on YouTube ↗ | July 22, 2026 at 02:30 | 55:55 | 3PRO TV (삼프로TV)

Speakers

Lee Hyuk-jin — Reporter, The Bell

Jeon Byeong-ha — Committee Member

Summary

Lee Hyeok-jin discusses the Korean stock rebound, emphasizing strong foreign money flows into EWY while warning against leveraged ETF gambling. He highlights undervalued Samsung, AI-resilient SK hynix, and oversold Hyundai Motor Group. Jeon Byeong-ha then analyzes the US-Iran conflict, warning that oil supply risks are underestimated and could trigger a spike.

KOSPI rebounds 6% but volatility persists; caution advised.
Lee Hyeok-jin sees upside to 7,500 but urges focus on fundamentals over noise.
Strong foreign inflows into EWY signal institutional support for Korean equities.
Korean leveraged ETFs accused of turning market into casino; investors advised to avoid.
Samsung Electronics preferred on valuation; SK hynix still holds AI-driven demand floor.
Hyundai Motor Group shares appear overly punished and may recover.
Jeon Byeong-ha highlights elevated geopolitical risk for crude oil from Hormuz blockade and low strategic reserves.

Ideas

Lee Hyuk-jin Reporter, The Bell 12:39

Avoid Korean leveraged ETFs.

The extreme volatility in Korean stocks is being driven by excessive trading of single-stock and index leveraged/inverse ETFs, turning the market into a gambling casino. This distorts fundamental valuation, siphons liquidity away from other sectors, and creates a self-reinforcing pattern of daily stop-loss cascades. Investors should avoid these leveraged products as they exacerbate risk and obscure true investment value.

Lee Hyuk-jin Reporter, The Bell 19:34

Hyundai Motor Group excessively oversold.

Hyundai Motor Group shares have fallen excessively, not because of deteriorating fundamentals, but due to the spillover of leveraged ETF trading concentrating in semiconductor stocks, draining liquidity from other sectors. The sell-off creates a dislocation; the group's underlying business has not significantly changed in the past two months, making this an oversold bounce opportunity once the leverage unwind stabilizes.

Lee Hyuk-jin Reporter, The Bell 22:37

Strong money flows support Korean stocks.

Foreign fund flows into the US-listed EWY (iShares MSCI South Korea ETF) have reached the highest account level in 2 years, with daily inflows continuing even during the recent decline. This influx of passive money, combined with stabilizing won, suggests that the Korean market's downside is limited and supports a recovery, unless global long-term rates spike too high.

Lee Hyuk-jin Reporter, The Bell 27:06

SK hynix cycle not broken by margin peak.

Despite the sharp sell-off driven by fears of peak operating margins, SK hynix's outlook differs from past cycles because AI demand is accelerating bit growth from ~15% to 20% this year and possibly 30-50% next year, comparable to early smartphone/PC expansion rates. This structural demand shift prevents the typical boom-bust cycle, and the current pullback resembles a Lehman-like decline but without the earnings collapse. Additionally, the potential re-discussion of stock-based performance bonuses could provide a positive catalyst.

Lee Hyuk-jin Reporter, The Bell 28:43

Samsung Electronics valuation attractive, buy.

Samsung Electronics' price-to-book ratio has fallen to the mid-range of its historical band, offering valuation support. With KOSPI earnings revisions still trending upward and 12-month forward EPS growth not yet deteriorating, Samsung appears more attractive than SK hynix on pure valuation, particularly if market volatility persists.

Jeon Byeong-ha Committee Member 49:10

Oil supply risks not priced in.

The US-Iran MOU breakdown has reignited military conflict, raising the risk that up to 30% of global oil transit through the Strait of Hormuz could be restricted for an extended period. Additionally, Russia's diesel exports are constrained due to Ukrainian attacks on refineries, and the US strategic petroleum reserve is at multi-year lows, leaving limited cushion. While markets currently ignore this risk, a sudden spike in WTI above $100 is possible, making long crude oil positions worth monitoring.

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3PRO TV (삼프로TV) · Jul 22

This 3PRO TV (삼프로TV) video, published July 22, 2026, features Lee Hyuk-jin, Jeon Byeong-ha discussing KODEX Leverage ETFs, 005380.KS, 000270.KS, EWY, 000660.KS, 005930.KS, WTI. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Hyuk-jin, Jeon Byeong-ha · Tickers: KODEX Leverage ETFs, 005380.KS, 000270.KS, EWY, 000660.KS, 005930.KS, WTI