Semiconductor Stocks, Now Is the Time to Focus on Fundamentals

[Highlight] Semiconductor Stocks, Now Is the Time to Focus on Fundamentals | Executive Director Park Se-ik & Chesley Investment Advisory [Morning Brief / 26.08.04.Tue]
Watch on YouTube ↗  |  August 04, 2026 at 01:43  |  31:21  |  Chesley Investment Advisory (체슬리투자자문)
Speakers
Choi Ho — Vice President
Park Se-ik — CEO, ex-Chief Strategist

Summary

Park Se-ik and Choi Ho discuss the investment landscape, highlighting Palantir's blowout Q2 earnings that break the AI-commoditization narrative, Samsung Electro-Mechanics' leverage to a massive MLCC super cycle, Cosmax's attractive valuation driven by surging US growth, and a tactical rebound setup in KOSDAQ and KOSPI from oversold levels and bullish options flows.

  • Palantir delivered a rule-of-40 score of 154 in Q2, crushing conservative consensus, with US commercial revenue up 149% YoY.
  • Samsung Electro-Mechanics is at the heart of a data-center MLCC boom; record BB ratios and price hikes support a doubling of earnings, and the stock is trading on a depressed multiple.
  • Cosmax is riding strong US export growth while trading at only 14x forward earnings, and the seasonal pattern may break favourably this year.
  • KOSDAQ has fallen sharply to the 760 level, creating deep value, and a 1-2 month bounce toward 800 is likely.
  • Foreign investors have flipped to bullish option positioning after excessive put buying, pointing to a near-term KOSPI rebound.
  • A broad de-leveraging in retail semiconductor bets has cleaned up positioning, shifting the market back to fundamentals.
Ideas
Choi Ho Vice President 5:27
Q2 beat, strong commercial growth, cheap
Palantir's Q2 rule of 40 surged to 154, far above the consensus of 129, driven by a 149% YoY jump in US commercial revenue. This disproves the earlier narrative that AI would commoditize Palantir's solutions. The 3Q consensus of 128 remains very conservative, creating an opportunity. The stock has already corrected about 30% YTD, making the valuation attractive given accelerating commercial growth.
PLTR HIGH
Park Se-ik CEO, ex-Chief Strategist 10:57
MLCC boom, cheap after pullback
Samsung Electro-Mechanics is riding a data-center-driven MLCC super cycle. Murata's record BB ratio of 1.47, tight supply, and extended lead times confirm that demand is outstripping supply, and Samsung Electro-Mechanics recently implemented a 20% price hike. Earnings are expected to double next year, yet the stock now trades at around 35x forward P/E after collapsing from over 90x, making the risk/reward highly attractive as the MLCC cycle accelerates.
009150.KS HIGH
Park Se-ik CEO, ex-Chief Strategist 18:12
US growth offsets China, low valuation
Cosmax, the world's largest cosmetics ODM, is benefiting from strong US growth (+35% YoY) that more than offsets slowing China growth. US operations are approaching breakeven, and a new European factory will expand global reach. The stock trades at only 14x forward P/E despite robust revenue growth and a record order backlog. Seasonally, 2Q is a profit peak, but this year's delayed rally could break the typical pattern and extend upside.
192820.KS MED
Park Se-ik CEO, ex-Chief Strategist 26:19
KOSDAQ oversold, 1-2 month rebound expected
KOSDAQ has fallen severely over the past three months, from a high of around 1200 to near 760, creating substantial price attractiveness. The speaker expects a gradual recovery over the next one to two months, with the index likely climbing back toward the 800 level, supported by oversold conditions and continued strong exports from KOSDAQ-listed companies.
KOSDAQ Index MED
Park Se-ik CEO, ex-Chief Strategist 29:22
Foreign options bullish, near-term KOSPI bounce
Foreign options positioning has turned bullish after heavy put buying at the market peak. Combined with completed retail deleveraging and oversold conditions, this flow dynamic signals a near-term rebound in the KOSPI over the next couple of days, even if US markets dip slightly.
EWY MED
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This Chesley Investment Advisory (체슬리투자자문) video, published August 04, 2026, features Choi Ho, Park Se-ik discussing PLTR, 009150.KS, 192820.KS, KOSDAQ Index, EWY. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Choi Ho, Park Se-ik  · Tickers: PLTR, 009150.KS, 192820.KS, KOSDAQ Index, EWY