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Even If AI Outlook Wavers, the Market Moves Like This (2026.06.26) | Lee Hyeok-jin, Yeo Do-eun, Heo Jae-mu [Morning N Investment]

Even if the AI outlook wavers, the market moves like this_26.06.26. | Lee Hyeok-jin, Yeo Do-eun, Heo Jae-mu [Morning N Investment]
Watch on YouTube ↗  |  June 29, 2026 at 02:27  |  57:10  |  3PRO TV (삼프로TV)
Speakers
Lee Yeok-jin — Deputy

Summary

In this episode, CEO Lee Yeok-jin joins hosts Heo Jae-mu and Yeo Do-eun to discuss the outlook for KOSDAQ, semiconductors, biotech, and oil. He argues that KOSDAQ is set to outperform from July due to falling rates, Alteogen staying on the exchange, and a semiconductor equipment capex upcycle. He remains highly bullish on memory chips, expects Samsung Electronics to deliver a major earnings surprise, and sees crude oil declining further, which will fuel a biotech rally. He also highlights oversold non-semiconductor large-caps like Hyundai Motor and the data-center construction beneficiary GS Construction.

  • KOSDAQ expected to rally strongly from July on lower rates, Alteogen staying, and semi equipment earnings.
  • Memory semiconductor cycle not over; Samsung Electronics Q2 could surprise near 100T KRW operating profit.
  • Korean semiconductor equipment and materials companies set to catch up with global peers during capex upcycle.
  • Crude oil seen continuing to fall on weak real demand, record European heat, and potential Iranian supply – a Goldilocks scenario.
  • Falling oil is historically bullish for biotech, with US biotech breaking out and Korean biotech deeply undervalued.
  • Hyundai Motor and other non-semiconductor KOSPI large-caps are technically oversold and poised for a rebound.
  • GS Construction seen as a beneficiary of rising cloud data center construction capex.
  • Government policy signals (KOSDAQ promotion, Upstage IPO) add a policy-driven tailwind for the KOSDAQ market.
Ideas
Lee Yeok-jin Deputy 2:23
KOSDAQ poised for strong rally in July
KOSDAQ will stage a strong rally from July driven by three factors: (1) falling long-term interest rates as oil prices decline, improving financial conditions; (2) Alteogen, the KOSDAQ leader, cancelling its transfer listing to KOSPI, which prevents a leadership vacuum and is taken positively; (3) semiconductor equipment and materials companies, mostly listed on KOSDAQ, are entering a capex upcycle (Samsung, SK Hynix, TSMC capex rising from Q2 2025 to 2028), while these stocks have been suppressed by the concentration into semiconductor leveraged ETFs and now offer attractive valuations. Additional catalysts include expected government policy support (pension fund buying, KOSDAQ promotion, Upstage IPO), and the fact that KOSDAQ's average investor age is younger, supporting longer-term growth appetite.
KOSDAQ Index HIGH
Lee Yeok-jin Deputy 6:14
Memory semiconductor cycle to accelerate further
The memory semiconductor cycle is far from over and is entering a highly exciting phase. Samsung Electronics’ Q2 earnings could surprise near 100 trillion KRW (approx. double Micron on a currency-adjusted basis), making its valuation extremely attractive. Even if memory prices (P) eventually peak, volume (Q) expansion driven by HBM and AI demand will keep revenue and operating profit structurally higher, so a return to the old trough levels is very unlikely. The setup offers 2–3 years of upside potential with limited downside risk.
005930.KS 000660.KS HIGH
Lee Yeok-jin Deputy 37:50
Hyundai Motor oversold, poised to rebound
Hyundai Motor and the broader KOSPI non-semiconductor large-cap group have been excessively sold off due to the black-hole effect of semiconductor single-stock leveraged ETFs. Hyundai Motor is now in a technical oversold condition, and valuations have retreated into the average band. With semiconductors pausing, non-semiconductor names have room to rebound. Hyundai Motor is a specific expression of this valuation and technical bounce play.
005380.KS MED
Lee Yeok-jin Deputy 41:28
Korean semi equipment stocks to catch up
Korean semiconductor equipment and materials firms (mostly on KOSDAQ) will catch up to global peers like AMAT, Tokyo Electron, and Disco, which have already rallied. Samsung, SK Hynix, and TSMC capital spending is accelerating from Q2 2025 and is expected to rise through Q4 2028. The Korean names have been lagging due to the supply-demand distortion caused by single-stock semiconductor leveraged ETFs, but the fundamental capex upcycle supports a strong catch-up trade.
KOSDAQ semiconductor equipment and materials equities HIGH
Lee Yeok-jin Deputy 48:26
GS Construction to gain from data center boom
Cloud data center construction capex is set to rise sharply next year. Companies that build and operate data centers, such as GS Construction, are well-positioned to benefit from the edge data center trend, where existing logistics centers or vacant IT factories are being converted into data centers.
006360.KS MED
Lee Yeok-jin Deputy 50:17
Crude oil price to decline further
Crude oil prices will continue to decline. The real economy is weak, and Europe is experiencing a record heatwave that will sharply reduce heating demand. Additionally, if Iranian crude starts flowing, oil could fall further, potentially creating a Goldilocks environment. Oil is already declining, and the 70-dollar level should break to the downside.
WTI MED
Lee Yeok-jin Deputy 51:22
Korean biotech to benefit from oil decline
Falling oil is historically a strong inverse driver for biotech. US biotech ETFs (XBI, IBB) are already breaking out to new highs, while Korean biotech has been deeply oversold and is just beginning to recover. With oil heading lower, Korean biotech equities are poised for a significant catch-up rally, supported by attractive valuations, the KOSDAQ promotion policy, and sector themes like obesity and ADC (antibody-drug conjugates).
207940.KS 196170.KQ 068270.KQ XBI HIGH
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3PRO TV (삼프로TV) · Jun 29

This 3PRO TV (삼프로TV) video, published June 29, 2026, features Lee Yeok-jin discussing KOSDAQ Index, 005930.KS, 000660.KS, 005380.KS, KOSDAQ semiconductor equipment and materials equities, 006360.KS, WTI, 207940.KS, 196170.KQ, 068270.KQ, XBI. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Yeok-jin  · Tickers: KOSDAQ Index, 005930.KS, 000660.KS, 005380.KS, KOSDAQ semiconductor equipment and materials equities, 006360.KS, WTI, 207940.KS, 196170.KQ, 068270.KQ, XBI