How This Year's Stock Market Differs from 2007

Summary

Park Se-ik's morning briefing reads investor comments and news, covering the health insurance deficit, bank retirement pension money moving into risk assets, proposed inheritance-tax changes tied to PBR, and SK hynix's record HBM-driven earnings. He highlights AI memory/HBM strength, SK hynix's valuation discount versus Micron, a distorted USD/KRW rate, a nascent petrochemical margin turnaround, and the case for shifting pension deposits into KOSPI and US index ETFs. The closing article compares the current KOSPI rally with 2007 and notes further upside potential but also the need for caution.

• Health insurance spending topped 100 trillion won with a record deficit, raising long-term fiscal pressure.
• Bank retirement pension assets are shifting from deposits into risk assets, with non-principal-guaranteed products growing sharply.
• Park Se-ik argues pension deposits should be moved into KOSPI-tracking and US index-tracking ETFs.
• SK hynix's HBM leadership delivered record operating margins, and HBM4 competition with Samsung is intensifying.
• Park Se-ik sees SK hynix as undervalued versus Micron and expects the distorted USD/KRW rate to normalize.
• He flags a potential petrochemical turnaround as lower oil input costs widen product margin spreads.
• The 2007 comparison article suggests KOSPI could reach 6,700 on historical PBR, but he mainly reports the view.