Even with issues that should be sideways, the Korean stock market is hesitant...Why? | Lee Hyeok-jin Team Leader, Yeo Do-eun, Heo Jae-mu

Even with issues that should be "sideways," the Korean stock market is "hesitant"...Why? | Lee Hyeok-jin Team Leader, Yeo Do-eun, Heo Jae-mu [Morning N Investment]
Watch on YouTube ↗  |  September 07, 2026 at 02:45  |  51:47  |  3PRO TV (삼프로TV)
Speakers
Lee Hyuk-jin — Reporter, The Bell

Summary

Lee Hyeok-jin of NH Investment & Securities discusses why KOSPI is hesitant despite positive AI and semiconductor news. He sees the worst negative feedback loop as broken but warns about pension fund rebalancing, year-end tax-selling in Samsung/SK Hynix, and short-term event risks. He recommends positioning for Q-cycle beneficiaries such as construction, semiconductor equipment/materials, and ESS-exposed battery names rather than chasing semiconductor-only leadership.

  • KOSPI and KOSDAQ opened strong, led by semiconductors, LG Electronics, and energy-related names.
  • Astra/AGI news is interpreted as a real positive for B2B AI and memory demand.
  • VKOSPI below 40 is a positive setup for foreign KOSPI inflows, with 30 as the key level to watch.
  • Year-end tax-selling in Samsung Electronics and SK Hynix may shift flows into ETFs, benefiting Samsung Electro-Mechanics and LG Electronics.
  • Q-cycle beneficiaries include Korean construction, semiconductor equipment/materials, and ESS-related battery names such as Samsung SDI.
  • Samsung Electronics is expected to gain HBM share and benefit from HBM4 base-die and foundry tailwinds.
  • Near-term risks include Chuseok seasonality, the US-China summit, midterm election delays, and pension fund rebalancing.
Ideas
Lee Hyuk-jin Reporter, The Bell 3:47
Watch KOSPI volatility for foreign inflows
Lee says September monthly seasonality and the Treasury buyback/CPI/FOMC calendar may produce short-term market strength, but he advises trimming exposure and raising cash before Chuseok, then re-entering after the holiday when the market's real style is confirmed.
EWY MED
Lee Hyuk-jin Reporter, The Bell 6:52
Buy Samsung Electro-Mechanics and LG Electronics
Because year-end tax-avoidance selling in Samsung Electronics and SK Hynix should flow into ETFs, the top non-memory holdings of those ETFs—Samsung Electro-Mechanics and LG Electronics—should benefit. Lee notes this repeated last year, with Samsung Electro-Mechanics moving first and LG Electronics following.
009150.KS 066570.KS HIGH
Lee Hyuk-jin Reporter, The Bell 8:01
Buy raw materials for 2027 capex
Lee expects the huge Nvidia, Broadcom, and Dell orders to become actual construction/delivery/revenue next year, supporting a strong 2027 first-half rally in which raw materials and parts/equipment may outperform and could even beat electronics/memory returns.
Raw materials/commodities LOW
Lee Hyuk-jin Reporter, The Bell 11:27
Buy US non-dominant stocks
The S&P 500 is only mid-range on valuation, but non-dominant stocks outside the M6/Tesla leaders are near historical valuation lows. Lee says past episodes suggest these non-dominant stocks may lead into year-end, so the US broadening trade is supported.
S&P 500 non-dominant stocks MED
Lee Hyuk-jin Reporter, The Bell 24:40
Own Korean memory for HBM cycle
Samsung Electronics is likely to gain HBM share as HBM demand diversifies away from Nvidia toward Google and AMD next year; its HBM share has already recovered to about 33% and could flip SK Hynix's ~50%. HBM4 base-die demand should also raise Samsung's foundry utilization, and shareholder-return/HBM positioning makes Samsung worth treating differently next year.
005930.KS MED
Lee Hyuk-jin Reporter, The Bell 24:40
Own Korean memory for HBM cycle
Korean memory names are supported by HBM specialty demand, long-term supply contracts, and the coming HBM quantity cycle; valuation is only mid-range and downside looks limited to about 10%, while the sector can still rise 30-40% annually. Electronics/memory should no longer dominate alone, but the memory complex is not bearish.
000660.KS MED
Lee Hyuk-jin Reporter, The Bell 42:54
Buy Korean construction on B2B orders
Korean non-residential construction orders are already surging on data centers, memory fabs, and industrial/urban projects. Because this is B2B construction rather than housing B2C, it should be less sensitive to interest rates next year; GS Engineering & Construction, Samsung C&T, and Hyundai Engineering & Construction are the direct beneficiaries.
028260.KS 006360.KS 000720.KS HIGH
Lee Hyuk-jin Reporter, The Bell 43:35
Buy Korea semiconductor equipment ETF
Korean semiconductor equipment and materials should catch up with the already strong imported equipment cycle; Samsung and SK hynix are pulling forward massive capex, and domestic equipment/materials orders typically follow after foreign equipment is installed. Lee says investors can use a Korea semiconductor equipment/materials ETF rather than doing individual company visits.
Korea semiconductor materials/components/equipment ETF HIGH
Lee Hyuk-jin Reporter, The Bell 47:29
Buy Samsung SDI for ESS exposure
ESS is the strong segment in batteries while EV demand is weak; China's CATL EPS is rising while BYD EPS is weak, and Samsung SDI has roughly 50% of large-battery revenue from ESS. Lee expects ESS-heavy Korean battery names, with Samsung SDI as the representative, to outperform next year.
006400.KS MED
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This 3PRO TV (삼프로TV) video, published September 07, 2026, features Lee Hyuk-jin discussing EWY, 009150.KS, 066570.KS, Raw materials/commodities, S&P 500 non-dominant stocks, 005930.KS, 000660.KS, 028260.KS, 006360.KS, 000720.KS, Korea semiconductor materials/components/equipment ETF, 006400.KS. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Hyuk-jin  · Tickers: EWY, 009150.KS, 066570.KS, Raw materials/commodities, S&P 500 non-dominant stocks, 005930.KS, 000660.KS, 028260.KS, 006360.KS, 000720.KS, Korea semiconductor materials/components/equipment ETF, 006400.KS