Semiconductor Rally Over? The Real Fear Starts Now

Summary

CEO Lee Kwon-hee analyzes the KOSPI's surge to 9,000 led by Samsung Electronics and SK hynix, which he argues remain undervalued amid an AI memory supercycle. He expects concentration to eventually diffuse into power equipment, secondary batteries, defense/industrial names, and semiconductor equipment, and provides specific stock picks along with portfolio allocation and trading discipline advice.

• KOSPI hit 9,000 fueled almost entirely by semiconductor heavyweights Samsung and SK hynix.
• Both memory stocks are still cheap as AI-driven earnings explode; the rally can last into year-end or beyond.
• Power equipment is the first rotation target thanks to AI data center power demand and 765KV upgrade cycle.
• Secondary battery leader Samsung SDI and defense/nuclear/shipbuilding leaders are the next diffusion candidates.
• Front-end semiconductor equipment names like Wonik IPS are starting a new capex cycle with breakout signals.
• Gaming stocks NCSoft and Krafton show earnings recovery and bottoming patterns.
• Portfolio framework: 50% semiconductors, 30% diffusion picks, 20% cash with disciplined take-profit on non-core positions.
• Potential KOSDAQ catalyst from upcoming 30th anniversary policy remains uncertain but worth monitoring.