Samsung Electronics and SK hynix Operating Margin 67%? They Beat Even Nvidia! / Korean Stock Market Still Undervalued... But Why Are Foreigners Selling? | The Premiere CEO Kang Gwan-woo

삼성전자·SK하이닉스 이익률 67%? 엔비디아도 제쳤다! / 한국증시 아직도 저 평가.. 그런데 외국인은 왜 팔고 나갈까? | 더 프레미어 강관우 대표
Watch on YouTube ↗  |  February 11, 2026 at 07:00  |  25:40  |  815 Money Talk (815머니톡)
Speakers
Kang Gwan-woo — CEO

Summary

Kang Gwan-woo, CEO of The Premiere, remains constructive on Korean equities and AI semiconductor suppliers despite recent volatility. He argues that Big Tech AI capex will keep flowing to chip makers, especially Samsung Electronics and SK hynix, while software/SaaS and hyperscaler free cash flow come under pressure. He also frames foreign investor selling as profit-taking and rebalancing, highlights KOSPI's still-attractive earnings-based valuation, and warns that mega IPOs such as SpaceX and OpenAI could drain US market liquidity. Korean space-related stocks are presented as a local thematic beneficiary.

  • Korean market volatility is elevated after a strong rally and foreign selling.
  • AI capex is expected to continue for years, benefiting chip suppliers over software platforms.
  • Samsung Electronics and SK hynix are viewed as key AI memory beneficiaries with strong margins and low forward PER.
  • Korean software and platform names such as NAVER and Kakao are seen as structurally weak due to limited global AI scale.
  • Mega IPOs from SpaceX, OpenAI, and Anthropic could drain US market liquidity.
  • KOSPI is still attractive on earnings and rising ROE, though PBR looks stretched.
  • Korean space-related stocks could rally on SpaceX IPO-related news flow.
Ideas
Kang Gwan-woo CEO 1:01
Memory duo profits surge, still cheap
Samsung Electronics and SK hynix are the primary Korean AI-capex beneficiaries. SK hynix's Q4 operating margin beat consensus at 57% versus 53%, and 2026 consensus operating margin is 67%, above Nvidia. Samsung's operating profit is expected to grow by more than 200% year over year. Their combined operating profit already exceeds KRW 300T and could top KRW 330T next year. Because they are not increasing capex aggressively, free cash flow is strong and forward PER is below 10x, leaving room for valuation re-rating. Foreign selling looks like profit-taking rather than a fundamental break.
005930.KS 000660.KS HIGH
Kang Gwan-woo CEO 3:56
AI capex flows to chip suppliers
The AI model and platform ecosystem keeps expanding, with new releases such as Claude Cowork and more Chinese models coming. Big Tech hyperscalers are committing huge AI capex—2026 plans add up to roughly $660B, and Jensen Huang says capex must continue for 7–8 more years. Those dollars flow to AI chip suppliers, boosting IT hardware and semiconductors, especially in Korea. Chip suppliers are earning exceptional margins while their valuations remain low, so capital should keep rotating toward them.
SMH HIGH
Kang Gwan-woo CEO 4:10
AI threatens SaaS subscription models
AI agents and new models such as Claude Cowork threaten the SaaS/subscription software model—the so-called SaaSocalypse. Software companies that earned recurring subscription revenue may be disrupted or replaced by AI-native models, and even current winners are not guaranteed to stay dominant. The software subscription sector therefore faces structural risk.
IGV MED
Kang Gwan-woo CEO 4:48
Korean platforms lack global AI scale
Korean software and platform companies such as NAVER and Kakao are structurally disadvantaged in AI because their core market is Korean-language and domestic. Global AI models built in English can scale worldwide, while Korean platforms cannot, limiting their addressable market and multiple. Their shares have not participated in the rally and continue to drift, so they are unattractive relative to Korean hardware and semiconductor exporters.
035420.KS 035720.KS MED
Kang Gwan-woo CEO 6:23
Big Tech capex squeezes free cash flow
Big Tech hyperscalers such as Amazon, Alphabet, Microsoft, and Meta are spending enormous amounts on AI capex, data centers, and power. This spending is likely to leave little free cash flow and could lead to lower valuations, while the capex dollars are captured by chip suppliers. Hyperscalers are therefore the less attractive side of the AI trade.
AMZN GOOGL MSFT META MED
Kang Gwan-woo CEO 11:53
Mega IPOs drain US liquidity
2026 could see mega IPOs and fundraising rounds from SpaceX, OpenAI, Anthropic, and others that require more than $100B of public-market capital. This would drain liquidity from the US market and could force investors to sell existing holdings in advance, especially in already-high areas. US market supply is therefore likely to be weak around these events.
SPY HIGH
Kang Gwan-woo CEO 14:15
Korean space stocks can rally
SpaceX's potential IPO and associated space news flow should keep the space theme hot. Korean space-related stocks and the space data center theme can rally strongly on local momentum even if US market liquidity is strained. This is a domestic thematic play tied to global space IPO news.
Korean space-related stocks MED
Kang Gwan-woo CEO 18:45
KOSPI still cheap on earnings
KOSPI remains attractive on earnings even though PBR is stretched. ROE has risen to 16%, corporate earnings are growing more than 90% year over year led by Samsung Electronics and SK hynix, and forward EPS is moving with the index rather than being discounted, suggesting further upward revisions. Money is shifting from real estate and low-yield bank deposits into Korean equities. Foreign selling looks like profit-taking and rebalancing, not a rejection of the fundamental story.
EWY HIGH
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This 815 Money Talk (815머니톡) video, published February 11, 2026, features Kang Gwan-woo discussing 005930.KS, 000660.KS, SMH, IGV, 035420.KS, 035720.KS, AMZN, GOOGL, MSFT, META, SPY, Korean space-related stocks, EWY. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kang Gwan-woo  · Tickers: 005930.KS, 000660.KS, SMH, IGV, 035420.KS, 035720.KS, AMZN, GOOGL, MSFT, META, SPY, Korean space-related stocks, EWY