As the Exchange Rate Stabilizes in 2026, Stock Prices Begin to Surge; Value Stocks Face a Historic Surge Opportunity After 20 Years, and the Tenbagger Is 'Right Here' | Jeon In-gu, Director, Jeon In-gu Economic Research Institute

2026년 환율 잡히면서 주가 폭등 시작된다. / 가치주, 20년 만에 역대 급 상승 기회가 왔다. 텐베거는 "바로 여기"ㅣ전인구 경제연구소 전인구 소장

Watch on YouTube ↗ | January 01, 2026 at 09:00 | 23:27 | 815 Money Talk (815머니톡)

Speakers

Jeon In-gu — Director, Jeon In-gu Economic Research Institute

Summary

Jeon In-gu, Director of the Jeon In-gu Economic Research Institute, argues that recent won strength is temporary because Korea's structural FX pressures remain, so USD/KRW is biased higher but likely capped near 1,480-1,500. He sees government policy as the dominant driver of Korean equities, favoring KOSPI large caps, value/low-PBR/dividend stocks, AI and shipbuilding policy beneficiaries, and mid-cap holding companies. He also outlines a 2027-28 manufacturing turnaround cycle and warns that Korean real estate is likely to remain under regulatory pressure while liquidity is directed toward stocks.

FX intervention is seen as temporary, with structural outflows keeping USD/KRW biased higher.
Government policy is expected to defend the KOSPI around 4,000 and open upside toward 5,000.
Foreign inflows are expected to favor Korean large caps through FX gains, deregulation, and ETF buying.
Value, low-PBR, and dividend stocks are expected to benefit from policy and rotation.
AI and shipbuilding are named as government-policy beneficiaries.
Mid-cap holding companies are seen as cheap targets or value-up candidates, with Hankook & Company cited.
A 2027-28 manufacturing cycle could create turnarounds and tenbaggers.
Korean real estate is viewed as regulatory-suppressed, with liquidity favoring equities.

Ideas

Jeon In-gu Director, Jeon In-gu Economic Research Institute 3:53

USD/KRW biases higher despite intervention

Government FX defense is temporary and does not fix structural causes such as fiscal deficits, outflows for U.S. investment, and pension/individual overseas investment. Therefore USD/KRW can rise again, although authorities likely defend the 1,480-1,500 area and speculators may trade the 1,430-1,480 range.

Jeon In-gu Director, Jeon In-gu Economic Research Institute 8:28

Foreign inflows favor Korean large caps

Foreign investors have concentrated buying in Korean large caps because won appreciation can add about 5% even if share prices are flat, the government relaxed regulations for top 100 market-cap stocks, and foreign money often enters through ETFs that are large-cap weighted. This large-cap leadership is likely to continue, so KOSPI investors should focus on large caps.

Jeon In-gu Director, Jeon In-gu Economic Research Institute 10:10

Value stock era after 20-year winter

Value stocks have lagged for about 20 years. After technology leadership peaks, investors rotate toward fundamentals, safety margin, and dividends. Government policies such as low-PBR reform, dividend separate taxation, and value-up support suggest a new value-stock era, so investors should look at value, asset, low-PBR, and dividend-growth names.

Jeon In-gu Director, Jeon In-gu Economic Research Institute 11:44

Follow government policy for one-year rallies

Do not fight government policy because money flows to sectors the government designates. Entering early in policy-favored themes such as AI, shipbuilding, low-PBR, and dividends can produce strong one-year rallies, although this is not a two-to-three-year trend bet.

Jeon In-gu Director, Jeon In-gu Economic Research Institute 11:50

Government AI funds favor AI stocks

The government designated AI as a growth sector and pledged 150 trillion won, so policy-driven funds should flow to AI-related companies and show up as revenue. Following this government policy early is a good one-year rally strategy, and AI-related stocks are a direct way to play it.

Jeon In-gu Director, Jeon In-gu Economic Research Institute 12:00

US shipbuilding demand aids Korean yards

U.S.-Korea shipbuilding and naval cooperation can let Korean shipbuilders build ships for the U.S., and those revenues flow back to Korean shipyards, improving earnings. This is a government-policy-aligned sector example.

Jeon In-gu Director, Jeon In-gu Economic Research Institute 12:51

Korean real estate remains regulatory-suppressed

Korean real estate wants to rise with liquidity, but the government is likely to keep strong regulations, especially one-homeowner rules, to suppress prices ahead of the June local elections. Liquidity is instead being directed toward the stock market, making real estate less attractive than the KOSPI.

Jeon In-gu Director, Jeon In-gu Economic Research Institute 13:59

Korean stocks supported; 5,000 possible

The KOSPI is supported by government policy, FX stabilization, foreign inflows, tax incentives, and ample liquidity. The government likely will not allow the index to break 4,000 before the June local elections and may keep adding policy support, so a move from 4,000 toward 5,000 is possible, especially if the AI bubble does not burst.

Jeon In-gu Director, Jeon In-gu Economic Research Institute 15:56

Dividend tax change lifts Korean dividend stocks

Separate taxation of dividend income is powerful because it can encourage dividends to grow about 10% annually, lifting the effective yield and pulling dividend-related share prices higher in proportion.

Jeon In-gu Director, Jeon In-gu Economic Research Institute 19:16

Mid-cap holding companies have value-up potential

Mid-cap holding companies often have market caps far below the value of their affiliates and face inheritance issues. Private equity can use tender offers to buy them cheaply and capture valuable subsidiaries, forcing owners to defend via value re-rating or buybacks/cancellation. Either path should lift holding-company share prices.

Jeon In-gu Director, Jeon In-gu Economic Research Institute 20:34

Hankook & Company has hidden value

Hankook & Company is cited as a mid-cap holding company with valuable Hankook Tire exposure; subsidiary earnings are rising quickly and the holding company's own earnings are improving, so it is worth watching for value re-rating.

Jeon In-gu Director, Jeon In-gu Economic Research Institute 20:53

2027-28 manufacturing cycle may create turnarounds

Long-cycle analysis suggests KOSPI bottoms in years ending 2/3 and highs in years ending 7/8, tied to 10-year Juglar and 20-year manufacturing cycles. After the 2022-23 AI revolution, by 2027-28 Korean and Asian manufacturers may adopt AI/robotics, improving productivity and margins. Finding neglected manufacturers with such turnarounds could yield tenbaggers.

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This 815 Money Talk (815머니톡) video, published January 01, 2026, features Jeon In-gu discussing USD/KRW, Korean large-cap stocks, Korean Value Stocks, Korean policy beneficiary stocks, Korean AI-related stocks, Korean Shipbuilding Stocks, Korean real estate, EWY, Korean dividend stocks, Korean mid-cap holding companies, 000240.KS, Korean manufacturing turnaround stocks. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jeon In-gu · Tickers: USD/KRW, Korean large-cap stocks, Korean Value Stocks, Korean policy beneficiary stocks, Korean AI-related stocks, Korean Shipbuilding Stocks, Korean real estate, EWY, Korean dividend stocks, Korean mid-cap holding companies, 000240.KS, Korean manufacturing turnaround stocks