Semiconductors Beat Tariffs; SK hynix Going Strong... Still the Market Leader! | Vincent, Hana Securities

Summary

Kim Doo-won of Hana Securities lays out a semiconductor-led market view, calling SK hynix the KOSPI leader and favoring the KOSDAQ index itself because of government cleanup and liquidity policies. He also discusses the January FOMC, Fed chair nomination dynamics, U.S. shutdown resilience, and why the stablecoin theme may favor KOSPI large caps over KOSDAQ. On tariffs, he says Hyundai Motor's tariff-driven drop is a buy-on-dip opportunity because its rally is tied to robotics, not auto exports.

• Kim Doo-won says the market is in a semiconductor-led era, with AI as the global theme.
• He calls SK hynix the KOSPI leader and advises buying leading stocks on dips.
• He prefers buying the KOSDAQ index itself due to cleanup policy, liquidity injections, won strength, and expected rate cuts.
• He sees KOSPI large caps benefiting more than KOSDAQ from the stablecoin/GENIUS Act theme because lower short-term Treasury yields support rate-sensitive tech capex.
• He expects the January FOMC to hold and focuses on Fed chair nomination, independence, and self-reliance.
• He cites historical S&P 500 gains around Fed chair nominations.
• He says U.S. shutdown and rate-spike noise are outweighed by AI investment and a resilient economy.
• He views Hyundai Motor's tariff-driven weakness as a buy-on-dip because its robotics theme remains intact.