February 13 Closing Market: KOSPI Shrugs Off U.S. Bad News… The Market's Pillar of Fire Continues in February! | Hong Sun-ae, Lee Jae-kyu, Kim Jang-yeol
[2월 13일 마감시황] 미국 악재 코웃음 친 코스피…시장의 불기둥은 2월에도 계속 됩니다! | 홍선애, 이재규, 김장열 [클로징벨 라이브]
Speakers
Kim Jang-yeol
— Reporter, The Bell
Lee Jae-kyu
— PB Deputy Manager, SK Securities
Summary
Closing Bell Live for February 13 discussed KOSPI hitting an intraday record before closing slightly lower, while KOSDAQ fell sharply. Kim Jang-yeol and Lee Jae-kyu both favored KOSPI over KOSDAQ, citing Samsung Electronics/SK hynix earnings and liquidity, and remained constructive on memory semiconductors. They also highlighted Korean financials, holding companies, SK Telecom, and SMR/nuclear catalysts, while noting U.S. tech and commodity-market risks.
- KOSPI hit an intraday record but closed down 0.28%; KOSDAQ fell 1.77%.
- Kim and Lee preferred KOSPI over KOSDAQ on stronger earnings and liquidity.
- Samsung Electronics and SK hynix remained the core bullish semiconductor theme.
- Lee favored Korean financials, banks, securities, insurance, and holding companies.
- SK Telecom drew attention on its Anthropic stake and dividend appeal.
- Kim flagged SMR legislation as a catalyst, favoring Doosan Enerbility.
- U.S. Nasdaq weakness, precious-metal volatility, and CPI risk were monitored.
- The market entered the Lunar New Year holiday with focus on post-holiday catalysts.
Ideas
KOSPI favored over KOSDAQ.
Lee also favors KOSPI over KOSDAQ. KOSPI earnings are strong, Samsung Electronics and SK hynix are receiving target upgrades, and they now represent about 40% of KOSPI, while lower-tier KOSPI names can also rise. KOSDAQ operating profit is only around KRW 10tn and pension-fund inflows are likely limited, so the speculative flows after the 3,000-point pledge may struggle. KOSDAQ may rebound after the holiday due to the valuation gap, but short-term KOSPI remains preferable.
KOSPI favored over KOSDAQ.
Lee also favors KOSPI over KOSDAQ. KOSPI earnings are strong, Samsung Electronics and SK hynix are receiving target upgrades, and they now represent about 40% of KOSPI, while lower-tier KOSPI names can also rise. KOSDAQ operating profit is only around KRW 10tn and pension-fund inflows are likely limited, so the speculative flows after the 3,000-point pledge may struggle. KOSDAQ may rebound after the holiday due to the valuation gap, but short-term KOSPI remains preferable.
Samsung and SK hynix buy dips.
Lee remains positive on Samsung Electronics and SK hynix. They are the key KOSPI earnings and index drivers, target prices keep rising from Nomura and SK Securities, and he has recommended both on other broadcasts. He treats them as buy-on-dip names even as the broader market fluctuates.
KOSPI should outperform KOSDAQ near term.
Kim prefers KOSPI over KOSDAQ because KOSPI contains the core earnings drivers, Samsung Electronics and SK hynix, which keep receiving target-price upgrades and are attracting liquidity. KOSDAQ lacks a comparable large leader; policy measures to revitalize KOSDAQ and delist weak companies are positive but not enough, and many KOSDAQ sectors still depend on external catalysts such as rate cuts, electric-vehicle demand, semiconductor capex, or biotech licensing. With KOSPI/KOSDAQ market-cap weight around 8:2, a near-term reversal is unrealistic, so KOSPI should remain stronger.
KOSPI should outperform KOSDAQ near term.
Kim prefers KOSPI over KOSDAQ because KOSPI contains the core earnings drivers, Samsung Electronics and SK hynix, which keep receiving target-price upgrades and are attracting liquidity. KOSDAQ lacks a comparable large leader; policy measures to revitalize KOSDAQ and delist weak companies are positive but not enough, and many KOSDAQ sectors still depend on external catalysts such as rate cuts, electric-vehicle demand, semiconductor capex, or biotech licensing. With KOSPI/KOSDAQ market-cap weight around 8:2, a near-term reversal is unrealistic, so KOSPI should remain stronger.
Memory semis remain cheap; buy dips.
Kim is bullish on memory semiconductors, especially Samsung Electronics and SK hynix. AI data-center capex is still growing strongly, memory has become a relative safe asset in a weak software/tech tape, and DRAM/NAND supply remains tight because capacity was diverted to HBM. Nomura's targets of KRW 290k for Samsung and KRW 1.56m for SK hynix still imply only about 8-9x P/E on his sustainable ROE assumptions; if earnings forecasts are right, the stocks remain cheap, although he warns the cycle could turn in a year or two. He would buy dips.
Securities benefit from rising market turnover.
Lee has a specific positive view on Korean securities firms. Brokerage trading volume is rising across the market, which should support earnings, and the sector benefits from rate cuts. Although securities stocks are already among the best year-to-date performers, he sees continued liquidity and shareholder-return momentum, while warning that names with already-disproportionate trading volume may need time.
Korean financials offer re-rating upside.
Lee is bullish on Korean financials—banks, securities, and insurance—because the domestic market has abundant liquidity and strong shareholder-return/value-up momentum. Korean bank PBR remains low versus Taiwan and Japan, so even a further 30% rise would not necessarily make them expensive. Securities benefit from higher trading volume and rate cuts, banks from shareholder returns, and both are showing independent strength versus U.S. tech. He sees more upside on pullbacks.
KB leads bank value-up re-rating.
Lee highlights KB Financial Group as a leader in the Korean bank re-rating. KB was the first bank to cross 1x PBR, which serves as a benchmark for the value-up story, and its trading volume has not spiked like some peers. He therefore sees its uptrend as more intact and prefers less-crowded financial names.
Holding companies have further value-up upside.
Lee is constructive on Korean holding companies such as LS and SK Inc. He says they are returning toward their intrinsic value after recent strength, and if value-up policies add more value and liquidity continues to flow into the market, holding companies could have further upside. LS had risen strongly over the previous week and SK Inc. was at a new high.
Samsung preferred discount may narrow.
Kim highlights Samsung Electronics preferred shares as a possible way to express the Samsung/SK hynix bullish view. The preferred discount could narrow if NXT allows preferred shares to trade, and the shares help foreign investors fill maximum positions in Samsung Electronics and SK hynix. The common-preferred gap is a structural catalyst worth watching.
SK Telecom buy on pullbacks.
Lee is positive on SK Telecom. The stock jumped on the rising value of its Anthropic stake after Anthropic's valuation increased, but he also notes SK Telecom is a strong dividend payer. He treats it like Samsung Electronics and SK hynix: buy on pullbacks, with more upside likely after a correction.
SMR law favors Doosan Enerbility.
Kim notes that the SMR Special Act is passing the National Assembly after two years of delay, which could provide a catalyst for small modular reactor names. If playing SMR specifically, he says Doosan Enerbility is the better expression than Hyundai E&C because Doosan has both gas-turbine and SMR exposure, whereas Hyundai E&C is more large-scale nuclear. The sector move was modest, but the law is a developing catalyst.
SK Telecom rally may be overextended.
Kim is cautious on the speed of SK Telecom's rally. Anthropic-related value is often cited, but SK Telecom's stake is only around 0.6% and worth less than KRW 3tn, so it cannot fully explain the move. The bullish reports also cite U.S. telecom strength and 5G standalone possibilities; those additional catalysts need to be verified. He generally dislikes low-PBR stocks but sees the move as too fast to chase.
Shinhan may consolidate after volume spike.
Lee cautions that Shinhan Financial Group saw a large surge in trading volume near recent highs. In his framework, heavy volume at a high can lead to short-term correction or a period of consolidation, so investors may need patience with Shinhan while less-crowded financial names could have better near-term upside.
Up Next
This 3PRO TV (삼프로TV) video, published February 13, 2026, features Lee Jae-kyu, Kim Jang-yeol discussing EWY, KOSDAQ, 005930.KS, 000660.KS, Korean securities sector, Korean financials, 105560.KS, 006260.KS, 034730.KS, 005935.KS, 017670.KS, 034020.KS, 055550.KS. 15 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Lee Jae-kyu, Kim Jang-yeol · Tickers: EWY, KOSDAQ, 005930.KS, 000660.KS, Korean securities sector, Korean financials, 105560.KS, 006260.KS, 034730.KS, 005935.KS, 017670.KS, 034020.KS, 055550.KS