Morgan Stanley: 'Semiconductor-driven export boom will last until the end of next year'

Summary

Park Se-ik reviews the day's top business news, covering SK Group's AI data center plans, SK Hynix overtaking Samsung Electronics as KOSPI's market cap leader, Morgan Stanley's bullish semiconductor export outlook, China's chip ambitions, and the upcoming MSCI review. He offers investment views on Hyundai Motor and Kia as long-term holds, the structural shift of Korean household assets into stocks, and a potential short-term catalyst from the MSCI reclassification decision.

• SK Hynix surpasses Samsung Electronics as KOSPI's largest company by market cap, driven by its pure-play AI memory focus and ADR listing expectations.
• Morgan Stanley expects the semiconductor-driven Korean export boom to last until end-2027, fueled by the AI investment cycle.
• Park Se-ik advises holding Hyundai Motor and Kia, citing cheap valuations, real robotics capabilities, and benefits from the weak won.
• He highlights a structural shift where Korean households are moving assets from real estate to financial assets, which should underpin long-term equity demand.
• The June 24 MSCI review is seen as a potential upside catalyst; a developed-market watchlist inclusion could lift the KOSPI.
• China's aggressive semiconductor push is flagged as a long-term threat to Korea's chip dominance, echoing past auto and petrochemical experiences.
• The market is volatile with many non-semiconductor stocks under pressure, while semiconductor names remain relatively resilient.