Ideas
Hynix buyback momentum supports short-term outperformance.
After shareholder return announcements, Lee sees Samsung Electronics and SK hynix shifting from PER-based upside bets to PBR-based downside support. By 2027 both are entering their historical PBR bands, so even if September volatility hits, the drawdown should be a short-term low; buying or adding at the lower end of the band is reasonable.
Nvidia earnings setup unlikely to disappoint.
Lee views Nvidia's upcoming earnings setup as unlikely to be a negative event. He sets two simple thresholds: EPS of about 2 or higher would likely be a surprise, and guidance of 2.3 or higher would likely be read positively. He also reads the pre-announced 15% price increase as deliberate positioning, and notes Nvidia's valuation has already compressed enough that post-earnings downside looks limited.
M6 valuation compression signals buyable weakness.
Lee highlights that the M6, mega-cap tech excluding Tesla, has seen its valuation converge with the S&P 500. Historically, when this happened the subsequent six-month return was strong. Therefore, if Nvidia earnings or September macro pressure causes a selloff, Lee would treat it as a chance to add M6 exposure rather than panic.
September US equity dips are buying opportunities.
Lee expects September US equity volatility to be a buyable dip rather than a bear market. He would treat Nvidia-driven weakness as an accumulate opportunity, and he also sees the US market leading Korea before Korea's own seasonal capital-gains-tax-related pressure.
Construction benefits from data-center and fab building.
Lee argues construction stocks become investable into next year even without relying on rates. Semiconductor fabs, domestic data centers, possible overseas data centers in Korea, and nuclear/energy builds raise contract values materially, and many names trade near 0.6x PBR, including Samsung Group construction and GS Group names.
US long-term Treasuries supported by Treasury management.
Lee reads Treasury Secretary Bessent's announcements as a policy shift into explicit long-term interest-rate management: buyback expansion, stablecoin market development to absorb short-term bills, and language that the worst of the deficit is past. This should support long-duration bonds, especially if Jackson Hole or oil stabilization allows the Fed to sound more dovish.
DRAM upturn stronger than NAND.
Lee sees the memory cycle tilting toward DRAM more than NAND. Recent sell-side reports suggest DRAM can continue higher while NAND is questionable, spot NAND price gains are decelerating, and SK hynix selling Kioxia may reflect a NAND top. Even small-cap semiconductor names are confirming the market prefers DRAM exposure.
DRAM upturn stronger than NAND.
Lee sees the memory cycle tilting toward DRAM more than NAND. Recent sell-side reports suggest DRAM can continue higher while NAND is questionable, spot NAND price gains are decelerating, and SK hynix selling Kioxia may reflect a NAND top. Even small-cap semiconductor names are confirming the market prefers DRAM exposure.
Don't chase Korean obesity new-drug theme.
Lee is cautious on the Korean obesity new-drug theme. Hanmi Pharmaceutical's upcoming launch may create momentum, but the asset is neither best-in-class nor first-in-class, and new entrants will face tougher competition as Lilly develops next-generation obesity drugs. He says those who profited should consider taking profits rather than chasing the theme.
mRNA immuno-oncology beneficiaries Alteogen, ST Pharm.
Lee sees the Moderna mRNA plus Keytruda melanoma result as an important signal that customized mRNA immuno-oncology combinations can become a real market, but he cautions not to chase the move. The clearer Korean beneficiaries are Alteogen, involved in Keytruda SC formulation, and ST Pharm as an mRNA-related supplier; the bigger game is upcoming non-small cell lung cancer data.
Beaten-down retail favorites can rebound sharply.
Lee says the strongest short-term momentum is in beaten-down retail favorites, or empty-house trades. When foreign selling stops and retail deposits rebound, the most beaten-down individual stocks can see sharp refill rallies. He cites L&F rising sharply as an example of this mechanic.
KOSDAQ 2026 setup looks seasonally favorable.
Lee expects KOSDAQ to have a favorable setup next year. Twenty-year seasonality shows odd years produced around +20% average returns while even years produced around -9%, and domestic venture investment in the first half has already surpassed the prior 2022 cycle high while being broad-based rather than concentrated in one theme. He suggests early response around the midterm election bottom.
This 3PRO TV (삼프로TV) video, published August 24, 2026,
features Lee Hyuk-jin
discussing 000660.KS, SSNLF, NVDA, M6 (Magnificent Six ex-Tesla), SPY, Korean construction sector, TLT, DRAM, NAND, Hanmi Pharmaceutical 128940.KS, 237690.KQ, 196170.KQ, 066970.KQ, KOSDAQ Index.
12 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Lee Hyuk-jin
· Tickers:
000660.KS,
SSNLF,
NVDA,
M6 (Magnificent Six ex-Tesla),
SPY,
Korean construction sector,
TLT,
DRAM,
NAND,
Hanmi Pharmaceutical 128940.KS,
237690.KQ,
196170.KQ,
066970.KQ,
KOSDAQ Index
