TSMC Strong Earnings → AI-Related Stocks Such as Data Centers Rise | Park Byung-chang, Director at Kyobo Securities

TSMC 호실적→ 데이터센터 등 AI 관련주 상승 | 박병창 교보증권 이사 [마켓 인사이드]

Watch on YouTube ↗ | January 15, 2026 at 23:50 | 33:55 | 3PRO TV (삼프로TV)

Speakers

Park Byeong-chang — Director, MP Partners

Summary

Park Byung-chang, Director at Kyobo Securities, reviews a US market lifted by TSMC's strong earnings and AI/data-center-linked gains, while noting rotation into smaller caps. He argues Korean market leadership is broadening from Samsung Electronics and SK hynix into shipbuilders, power equipment, robots, and undervalued large caps tied to the value-up policy. He also highlights power/energy and transformer bottlenecks as long-duration AI themes, while flagging risks in battery restructuring, Oracle/OpenAI financing, and uncertain foundry opportunities for Samsung.

TSMC's earnings beat lifted AI, data-center, and memory semiconductor sentiment.
US market showed rotation from mega caps to Russell 2000 and small/mid caps.
Korean market leadership is broadening beyond semiconductors into shipbuilding, power equipment, and robots.
Value-up policy is driving interest in low-PBR, high-dividend large caps and holding companies.
Power/energy and transformer bottlenecks are framed as durable AI infrastructure themes.
Government restructuring reviews affect Korean petrochemicals positively and batteries negatively.
The speaker also noted the Korean rate freeze, won weakness, Oracle/OpenAI litigation, Tesla FSD, and private AI investments.

Ideas

Park Byeong-chang Director, MP Partners 1:57

US small caps show rotation.

The US market is showing supply rotation: mega-cap leaders are weak while Russell 2000 and small/mid-cap names are stronger, and Asia is also relatively strong. The speaker notes this rotation but also says it may not last, as mega caps could rebound later.

Park Byeong-chang Director, MP Partners 3:30

Memory shortage supports chip stocks.

TSMC's blowout results and full advanced-node capacity show AI demand remains strong, while memory makers are keeping supply disciplined: Samsung plans only about 5% DRAM wafer growth, SK hynix about 8%, and Micron roughly flat. SK hynix's Cheongju fab starts only in H2 and Samsung's Pyeongtaek fab not until next year, so supply normalization may not arrive until mid-to-late 2027. The speaker says supply/demand and funds are concentrated in memory, with Samsung Electronics, SK hynix, Micron, SanDisk, and Western Digital as key beneficiaries.

Park Byeong-chang Director, MP Partners 6:14

KOSPI upside with limited deep correction.

The speaker expects the KOSPI's third uptrend to reach around 4,800-5,000 and says the index itself is less important now. He argues the market is unlikely to fall deeply because the rally is supported not only by AI/semiconductors but also by value-up and rotating leadership in shipbuilding, power equipment, and robots; if Samsung Electronics and SK hynix pause, other leaders can still lift the market, and foreign flows may return if the won stabilizes.

Park Byeong-chang Director, MP Partners 16:44

Buy undervalued Korean large-cap value-up names.

The speaker argues that Korea's domestic market momentum is increasingly driven by the value-up policy and the semiconductor cycle. With the third commercial-law amendment and tax-law amendment coming, the market is searching for undervalued large caps, especially low-PBR, high-dividend-payout companies and holding companies. Hanwha's buyback/cancellation is an important precedent, and companies that follow with shareholder-return measures should see strong stock performance; Hyundai Motor and Kia are already leading this rotation.

Park Byeong-chang Director, MP Partners 18:10

LNG shipbuilders remain a Korean leadership area.

The speaker highlights Korean shipbuilders as a leading area: Samsung Heavy Industries rose 6.35% and HD Hyundai Heavy Industries rose 8.45%, with LNG-related shipbuilding showing even more strength. He says he has repeatedly pointed to this LNG shipbuilding cycle, and it helps support the Korean market even when semiconductors pause.

Park Byeong-chang Director, MP Partners 28:18

Petrochemical restructuring is positive for stocks.

The government announced a restructuring plan for the petrochemical sector, and the sector rebounded. The speaker argues restructuring is not bad from a stock-market perspective because it can improve the industry's supply structure, even though workers in the industry may disagree.

Park Byeong-chang Director, MP Partners 28:38

Korean battery restructuring review is negative.

The battery industry's slump is prolonged, with many contract cancellations, and the government is reviewing consolidation of battery production facilities and whether the three-company structure is viable. The speaker says the battery makers will not like this, and even the industry ministry's denial does not remove the restructuring pressure; this is a negative overhang for Korean battery names.

Park Byeong-chang Director, MP Partners 29:54

AI power bottleneck favors transformers.

The speaker argues power/energy is the AI theme that can run from beginning to end. Data centers can be built in 3-4 years, but new generation and transmission infrastructure, including permitting, takes about a decade, creating power shortages and local blackout risks. US companies reportedly wait five years for Korean transformers, while GE Vernova and Siemens Energy are not expanding capacity aggressively, creating a bottleneck that should keep Korean transformer/power-equipment names moving in stepwise fashion.

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This 3PRO TV (삼프로TV) video, published January 15, 2026, features Park Byeong-chang discussing IWM, MU, SNDK, SMH, WDC, 005930.KS, 000660.KS, KOSPI (^KS11), Korean equities, Korean undervalued large-cap value-up stocks, Korean holding companies, 000880.KS, 005380.KS, 000270.KS, 010140.KS, 329180.KS, Korean LNG shipbuilders, KOREAN PETROCHEMICAL SECTOR, KARS, XLU, Korean transformer makers, 298040.KS. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Byeong-chang · Tickers: IWM, MU, SNDK, SMH, WDC, 005930.KS, 000660.KS, KOSPI (^KS11), Korean equities, Korean undervalued large-cap value-up stocks, Korean holding companies, 000880.KS, 005380.KS, 000270.KS, 010140.KS, 329180.KS, Korean LNG shipbuilders, KOREAN PETROCHEMICAL SECTOR, KARS, XLU, Korean transformer makers, 298040.KS