Professionals Must Know How to Do Valuation | Park Se-ik Executive Director & Chesley Investment Advisory [Morning Brief / 26.08.05.Wed]

Summary

Park Se-ik and Choi Ho discuss venture capital lock-up patterns in IPOs, then lay out a two-style US investing approach: 70-80% in quality big tech and 30% in innovative stocks bought on drawdowns. They analyze AMD's data center momentum, dive into whether Korean memory stocks (Samsung, SK hynix) can re-rate like TSMC if they prove margin resilience, and end with technical analysis pointing to a near-term rebound in KOSPI and KOSDAQ.

• Explained how VC lock-up dynamics in IPOs create a short-selling pattern and caution investors.
• Presented a US portfolio framework: 70-80% quality big tech (Apple, Microsoft, Amazon, Nvidia) for stable returns, 30% innovative stocks bought only during large corrections.
• Choi Ho highlighted AMD's strong data center GPU growth, positioning it as a momentum-oriented alternative to Nvidia.
• Park Se-ik analyzed a KB Securities report on TSMC's re-rating history and discussed whether Samsung and SK hynix can achieve similar multiple expansion if they show margin stability through a downturn.
• Noted that HBM commoditization and generic DRAM volatility still pose challenges for Korean memory's re-rating; confirmation will take 1-2 years.
• Technical view: Kosdaq recorded its first-ever three consecutive upside circuit breakers, a potential trend inflection; KOSPI weekly candle shows a bullish reversal pattern similar to past rebounds.
• KOSPI is testing the 20-day moving average and Bollinger mid-band; continuation of the weekly white candle would support a short-term rebound.
• Park emphasized that the ability to perform proper valuation is the defining difference between professional and amateur investors.