The Real Thing After the War! How to Prepare for It? | Lee Hyuk-jin, Yeo Do-eun, Heo Jae-moo [Morning N Investment]

Summary

Lee Hyuk-jin discusses investing in the current geopolitical uncertainty, focusing on high-probability patterns and clear cycles. He is bullish on Korean holding companies, semiconductors, and AI software, while expecting tourism to rebound. The market is supported by policy reforms, AI earnings, and potential ceasefire in the Middle East.

• Host Heo Jae and guest Lee Hyuk-jin discuss market resilience amid Iran-US tensions.
• Lee argues that wars typically end quickly and markets decouple from conflict; post-war recovery favors certain sectors.
• He identifies Korean holding companies as key beneficiaries of corporate governance reforms, buybacks, and dividend tax changes.
• SK Hynix and Samsung Electronics are highlighted as cheap AI plays with strong earnings momentum.
• Lee expects memory prices to stabilize and rise again, benefiting Korean semiconductor firms over Chinese competitors.
• Korean AI software companies (Samsung SDS, Hyundai AutoEver) are favored as B2B plays when memory price growth slows.
• Tourism is seen as a beneficiary of weak won and post-war demand, though hotel stocks are mentioned only tentatively.
• US biotech's rally is noted but Korean biotech catch-up is not a strong actionable idea.