Quiet now... The sector that will surge when foreign buying ends / Why you should increase KOSDAQ weight from May? | Kiwoom Securities Han Ji-young

It's quiet now... This sector's stock price will surge when foreign buying ends / Why the neglected KOSDAQ should significantly increase its weighting starting in May? | Kiwoom Securities Researcher Han Jiyoung
Watch on YouTube ↗  |  May 02, 2026 at 03:00  |  23:59  |  815 Money Talk (815머니톡)
Speakers

Summary

Han Ji-young from Kiwoom Securities argues that KOSPI at 6,700 is not overpriced due to rising earnings, with a target of 8,000–9,000. She highlights a structural shift in semiconductors driven by AI, sees KOSDAQ improvement from regulatory reforms and recommends increasing exposure after mid-May, and identifies underperforming sectors like cosmetics, hotels, and department stores as beneficiaries of FX and wealth effects.

  • KOSPI at 6,700 is not overvalued; earnings upgrades justify higher levels.
  • Semiconductors have structurally changed from cyclical to growth via AI cycle.
  • KOSPI target raised to 8,000–9,000 for 2025 with potential for 10,000.
  • KOSDAQ quality improving; overweight after mid-May, aided by local elections.
  • Cosmetics, hotels, department stores, and securities are laggards with earnings growth and FX tailwinds.
  • Foreign flows are shifting from sell to buy Korea, especially into semiconductors.
  • May likely sees profit-taking but not a major sell-off; overall bullish stance maintained.
  • Passive funds (EWY, DRAM ETF) continue to flow into Korean equities.
Trade Ideas
Han Ji-young Researcher 4:20
Semiconductors structurally changed, no longer cyclical
Semiconductors have structurally changed from a cyclical industry to a growth sector driven by the AI investment cycle. Earnings continue to rise, and the old 'buy high, sell low' cyclical strategy no longer applies. This is supported by rising earnings estimates for Samsung Electronics and SK Hynix, and the shift in market perception is unlikely to reverse until at least the first half of 2026.
005930.KS 000660.KS HIGH
Han Ji-young Researcher 7:39
KOSPI target 8,000-9,000, upside possible
KOSPI is not overvalued despite recent gains; rising earnings (consensus now ~800 trillion won for 2025, ~1,000 trillion for 2026) support a target range of 8,000 to 9,000, with potential for 10,000 if earnings momentum sustains. Money is flowing from deposits into equities, valuations are not stretched, and any correction will be shallow and short-lived.
EWY MED
Han Ji-young Researcher 17:14
Increase KOSDAQ weight after mid-May
KOSDAQ's quality is improving due to government policies to weed out weak companies, which will boost overall ROE and re-rate the index. However, near-term focus remains on large-cap earnings, so the optimal timing to increase KOSDAQ exposure is after mid-May, with an additional catalyst from the June local elections.
KOSDAQ MED
Han Ji-young Researcher 19:16
Cosmetics, hotels, departments benefit from FX
Securities, cosmetics, hotel/resort, and department store sectors have underperformed KOSPI despite rising earnings, making them attractive for catch-up. A strong won and high exchange rate boost foreign purchasing power for cosmetics and tourism, while the wealth effect from the rising stock market supports department store spending. These sectors should benefit from spillover demand as the rally broadens.
KBE PEJ XLY MED
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This 815 Money Talk (815머니톡) video, published May 02, 2026, features Han Ji-young discussing 005930.KS, 000660.KS, EWY, KOSDAQ, KBE, PEJ, XLY. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Han Ji-young  · Tickers: 005930.KS, 000660.KS, EWY, KOSDAQ, KBE, PEJ, XLY