Stock Prices Fluctuate, but Ultimately the Answer Is Clear | Hwang Seung-taek, Head of Hana Securities Research Center

주가는 변동하지만, 결국 답은 나와 있습니다 | 황승택 하나증권 리서치센터장 [더블 업]
Watch on YouTube ↗  |  February 06, 2026 at 01:32  |  18:25  |  3PRO TV (삼프로TV)
Speakers
Hwang Seung-taek — Center Head, Hana Securities Research Center

Summary

Hwang Seung-taek, Head of Hana Securities Research Center, frames the recent Korean market selloff as a profit-taking correction rather than a downtrend. He argues Korean fundamentals and policy support remain strong, with KOSPI earnings estimates implying upside beyond 5,850 if earnings hold. He favors semiconductors, robotics-linked autos, defense, aerospace/space, and longer-term biotech, while warning against leverage in a volatile market.

  • Korean market weakness is attributed to profit-taking after large gains and AI software concerns.
  • Hwang sees strong domestic fundamentals, upward earnings revisions, and capital-market policy support.
  • KOSPI could rise above 5,850 if earnings estimates are maintained or upgraded.
  • Semiconductors are the top pick, led by memory supply constraints and sustained AI capex.
  • Autos, defense, aerospace/space, and biotech are other favored areas.
  • He advises holding cash for dip-buying but avoiding leveraged investments.
  • US midterm elections are an uncertainty, but he does not recommend selling before the event.
Ideas
Hwang Seung-taek Center Head, Hana Securities Research Center 2:13
Memory upcycle lifts Samsung and SK hynix
Semiconductors are his top preferred sector. The current memory upcycle differs from past cycles because legacy memory supply is constrained while demand has broadened from HBM to legacy memory and servers. Prices are rising and should remain supported at least through the first half of next year. Aggressive AI capex from global cloud companies including Google, Meta, and Microsoft supports Korean chip demand, and earnings visibility is strong, keeping Samsung Electronics and SK hynix attractive.
005930.KS 000660.KS HIGH
Hwang Seung-taek Center Head, Hana Securities Research Center 2:50
Korean equities are a buy on dips
The recent Korean equity pullback is a profit-taking correction, not the start of a downtrend. Domestic fundamentals are strong because corporate earnings, especially semiconductor earnings, are being revised up more than expected; the government is aggressively supporting capital markets, including KOSDAQ activation; and market volatility is low relative to this fundamental strength. He sees KOSPI earnings power allowing the index to rise above 5,850 if earnings estimates are maintained or upgraded and next-year estimates are pulled into valuation.
EWY HIGH
Hwang Seung-taek Center Head, Hana Securities Research Center 7:51
Autos can become robotics growth stocks
He is positive on Korean automakers because Hyundai Motor and Kia can evolve into growth stocks as robotics-related products, mass production, and profit-turnaround events create new growth drivers beyond their traditional auto businesses.
005380.KS 000270.KS MED
Hwang Seung-taek Center Head, Hana Securities Research Center 8:13
Defense orders and budgets support sector
He is positive on the Korean defense sector. Recent order news, including the possibility of a Canadian submarine order, and government policy support should drive earnings. Next year's defense R&D budget is set to rise about 19.4%, defense capability spending about 12%, and public-private convergence policies should boost private investment.
Korean defense sector HIGH
Hwang Seung-taek Center Head, Hana Securities Research Center 8:51
Aerospace and space offer positive alpha
He views Korean aerospace and space as a positive plus-alpha theme. Korea has launch-vehicle-related developments and space technology issues, and he thinks the area is worth positive attention.
Korean aerospace/space sector MED
Hwang Seung-taek Center Head, Hana Securities Research Center 9:32
Rate cuts revive R&D-heavy biotech
Once the new Fed chair takes office and the rate-cut cycle begins, biotech companies with high R&D intensity historically attract investor interest. He suggests watching R&D-heavy biotech with a medium- to long-term view.
XBI MED
Hwang Seung-taek Center Head, Hana Securities Research Center 9:47
Nuclear is a decent Korean export
Nuclear power is one of Korea's main export products and its earnings outlook is not bad, supporting a positive view alongside semiconductors, defense, and other leading Korean industries.
Korean nuclear power LOW
Hwang Seung-taek Center Head, Hana Securities Research Center 17:35
Avoid leveraged exposure amid event volatility
In a market that has already risen sharply, small events can cause large price swings, and leveraged investments can lead to severe losses. He advises refraining from leverage in this kind of volatile market.
Leveraged equity ETFs MED
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This 3PRO TV (삼프로TV) video, published February 06, 2026, features Hwang Seung-taek discussing 005930.KS, 000660.KS, EWY, 005380.KS, 000270.KS, Korean defense sector, Korean aerospace/space sector, XBI, Korean nuclear power, Leveraged equity ETFs. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Hwang Seung-taek  · Tickers: 005930.KS, 000660.KS, EWY, 005380.KS, 000270.KS, Korean defense sector, Korean aerospace/space sector, XBI, Korean nuclear power, Leveraged equity ETFs