"Let's Ride the Value-up Policy Tailwind"… Reclaims the 1,000 KOSDAQ After a 7% Surge in a Day

"밸류업 정책 훈풍 타보자"…하루새 7% 폭등 천스닥 탈환

Watch on YouTube ↗ | January 27, 2026 at 08:02 | 1:12:59 | Chesley Investment Advisory (체슬리투자자문)

Speakers

Park Se-ik — CEO, ex-Chief Strategist

Summary

Park Se-ik reviews Korean market news, focusing on a KOSDAQ surge above 1,000 driven by value-up policy expectations and broad sector rotation. He also discusses National Pension Service allocation changes, semiconductor materials/equipment and memory supercycle developments, and Samsung Bioepis/Samsung Epis Holdings earnings and relative valuation. The video includes a Canadian submarine contract opportunity for Korean shipbuilders and a weak-dollar rotation thesis.

KOSDAQ rose 7% in a day and reclaimed 1,000 on value-up policy expectations and broad rotation.
National Pension Service modestly raised its domestic equity target but the speaker criticized past inaction at low PBR.
Semiconductor materials/equipment rallied on capex hopes; actual volume recovery and capex announcements are key.
Memory market forecasts show AI-driven revenue growth and legacy DRAM/NAND price spikes.
Samsung Bioepis reported record revenue; the speaker compared Samsung Epis Holdings' valuation to Celltrion.
Canada's 60tn won submarine contract is an event to watch for Hanwha Ocean and HD Hyundai Heavy Industries.
The speaker reiterated long-term KOSPI mean-reversion and a weak-dollar rotation into emerging markets.

Ideas

Park Se-ik CEO, ex-Chief Strategist 14:51

Korean stocks mean-revert to 8% average.

The Korean market's long-term average return had been depressed at around 2.5% due to cyclical earnings, but historically KOSPI has delivered about 8%. Last year's 75.6% gain restored the long-term average to 8%, and mean reversion should continue. KOSPI forward PER is only around 11, and NPS/value-up policy provides a supportive flow backdrop.

Park Se-ik CEO, ex-Chief Strategist 20:03

Weak dollar starts EM rotation.

The dollar is weakening and global fund managers are beginning to rotate into emerging markets and risk assets. Trump is likely to talk about exchange rates this year, and fund manager surveys suggest the rotation is not yet crowded, so the trend may be just starting.

Park Se-ik CEO, ex-Chief Strategist 20:03

Weak dollar starts EM rotation.

The dollar is weakening and global fund managers are beginning to rotate into emerging markets and risk assets. Trump is likely to talk about exchange rates this year, and fund manager surveys suggest the rotation is not yet crowded, so the trend may be just starting.

Park Se-ik CEO, ex-Chief Strategist 29:09

Watch Korean submarine bid for Canada.

Canada's 60tn won CPSP submarine project is now a package deal where MRO, military support, and economic impact account for most of the evaluation, favoring a broad Korean industrial consortium. Hanwha Ocean and HD Hyundai Heavy Industries are competing against Germany's TKMS, and while the speaker leans toward Korea over Germany, the March final proposal is the key catalyst to watch.

Park Se-ik CEO, ex-Chief Strategist 32:29

KOSDAQ rally faces stretched valuations.

KOSDAQ surged 7% in a day and reclaimed the 1,000 level on value-up policy expectations, broad rotation from large-cap KOSPI, foreign/institutional buying, and January seasonality. However, trailing PER around 103 and PBR 2.27 versus KOSPI 1.6, with only 10tn won operating profit, make valuations stretched and earnings follow-through critical.

Park Se-ik CEO, ex-Chief Strategist 50:46

Watch equipment/materials on chip capex.

The semiconductor rally has spread to KOSDAQ materials/equipment, but current improvement is price-driven, not volume-driven. Large memory makers have little incentive to increase wafer output while prices are high, so equipment/materials earnings need actual volume recovery. Watch Samsung and SK hynix capex announcements; if large capex comes, the sector can re-rate. Fund managers may favor large-cap KOSDAQ names like Leeno Industrial and EO Technics due to quality and liquidity.

Park Se-ik CEO, ex-Chief Strategist 55:38

AI memory supercycle drives chip prices.

AI-driven data growth and HBM/server DRAM demand are fundamentally reshaping the memory market. Global memory revenue is expected to more than double in 2026 and rise another 53% in 2027 to $842.7bn, with DRAM taking about 79% of the market. Suppliers' focus on HBM/server DRAM is causing legacy DRAM/NAND shortages and price spikes, including DDR4 tripling, NAND up 80%, and Samsung raising NAND prices over 100% in Q1 while negotiating further in Q2. Beneficiaries include Samsung Electronics, SK hynix, and Micron.

Park Se-ik CEO, ex-Chief Strategist 65:56

Samsung Epis cheap versus Celltrion.

Samsung Epis Holdings reported record revenue and strong product-sales profit. The speaker previously highlighted it as undervalued at 329,000 won and an 8tn won market cap; now at about 15tn won, it still trades at a large discount to Celltrion's roughly 49tn won market cap despite comparable or higher revenue and operating profit, suggesting relative valuation upside if the gap narrows.

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This Chesley Investment Advisory (체슬리투자자문) video, published January 27, 2026, features Park Se-ik discussing EWY, DXY, EEM, 042660.KS, 329180.KS, KOSDAQ, 058470.KQ, 039030.KQ, 005930.KS, 000660.KS, MU, Samsung Epis Holdings. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Se-ik · Tickers: EWY, DXY, EEM, 042660.KS, 329180.KS, KOSDAQ, 058470.KQ, 039030.KQ, 005930.KS, 000660.KS, MU, Samsung Epis Holdings