When Fear Is Widespread, Numbers Don't Lie | Lee Jong-won, Team Leader, Hana Securities Sales Department 1 WM Center

Summary

Lee Jong-won, Team Leader at Hana Securities, argues that widespread fear is creating a buying opportunity. He dispels myths about Korean semiconductor weakness by showing export data doubled in six months, views AI chip delays as typical noise, and notes strong Big Tech spending. He also highlights strong cosmetics earnings and reiterates that buying when fear peaks is the right strategy.

• Global macro concerns (oil, inflation) are overblown; CPI expected to fall to 3.9% then 3.5%.
• AI bubble headlines are similar to past Blackwell delay fears that proved temporary.
• Korean semiconductor exports doubled in six months, with no sign of slowdown.
• Big Tech is not cash-starved; they are using existing cash and smart debt issuance to fund AI capex.
• Extreme negative sentiment and panic signal a buying opportunity in Samsung Electronics and SK hynix.
• Korean cosmetics stocks benefit from strong earnings and Amazon Prime Day pull-forward.
• Conclusion: the most frightened moment is when investors should press the buy button on the Korean market.