AI Cycle to Continue Until 2030…Where to Focus Now? | Park Ji-hoon, NH Investment & Securities Department Head [Market Inside]

Summary

NH Investment & Securities Department Head Park Ji-hoon discusses the ongoing AI-led market cycle, which he believes will extend to 2030. He presents eight actionable investment ideas centered on the early-stage semiconductor equipment/materials boom, named Korean plays like Samsung Electro-Mechanics and Doosan Enerbility, and sector calls on power equipment, shipbuilding, defense, and biotech. He also notes Samsung Electronics' low valuation re-rating potential.

• Park Ji-hoon sees the AI cycle still in an early phase, with strong capex and infrastructure buildout running to 2030.
• He urges buying Korean semiconductor equipment and materials (소부장) as the capex cycle begins and supply bottlenecks emerge.
• Samsung Electro-Mechanics is his high-conviction pick, expecting massive earnings surprises from MLCC and substrate growth that will compress extreme P/E multiples.
• He advocates Samsung Electronics as a re-rating play from 7x to 10-11x P/E as its ADR listing nears and the memory cycle strengthens.
• Doosan Enerbility is highlighted as the ‘TSMC of nuclear power’, set to benefit from upcoming Korea-US nuclear and LNG project agreements.
• Korean power equipment stocks like Hyosung Heavy Industries are called attractive after a 35% correction, supported by price hikes and strong export earnings.
• He remains bullish on shipbuilders on Trump-MOU reconstruction demand and LNG projects, and on defense stocks due to European cooperation and export growth.
• Biotech is recommended for initial nibbling, citing historical IBB/oil inverse patterns, deeply washed-out sentiment, and upcoming KOSDAQ catalysts.