Semiconductors and Cosmetics Exploded Simultaneously… What Stocks Should We Focus On In The Current Market?

Summary

Hana Securities PB Son Sooyeon discusses two hot sectors: semiconductors and cosmetics. She uses strong export data to support a bullish view on memory chip makers Samsung and SK Hynix, dismissing market fears over HBM loading cuts. In Korean cosmetics, she highlights structural export growth to the US and Europe, backing APR, Cosmax, PharmaResearch, and Korea Kolmar, while warning that VT's slowing momentum makes it an avoid.

• Semiconductor exports hit record highs, with memory accounting for 46% of total exports.
• Market concerns about HBM loading cuts are overblown; supply constraints reflect strong AI demand.
• Long-term agreements (LTAs) remain favorable for memory suppliers, indicating continued tightness.
• K-beauty exports surged 92.2% YoY, led by US and European markets with only 6% US penetration.
• APR is a leading brand with search trends at new highs and resilient post-earnings performance.
• Cosmax acts as an ODM/OEM proxy for the entire cosmetics boom, with its US unit turning profitable.
• PharmaResearch offers upside from Rejuran’s transition into cosmetics and growing European medical device sales.
• VT’s sales momentum has slowed significantly, especially in Japan, making it a stock to avoid.