Still Waiting: The Opportunity to Buy Cheap Is Coming; 'Now Is a Non-Trend Market, Dangerous to Get On' (Bull Market) with Hwang Yoo-hyeon Team Leader

Summary

Hwang Yoo-hyeon, PB Team Leader at Shinhan Securities, argues that the current Korean market is a non-trend box rather than a chase-friendly uptrend. He expects leadership to come from selective sectors such as cosmetics ODM, secondary batteries, power equipment/nuclear, and semiconductor equipment/materials, while biotech and large-cap leaders like Samsung Electronics and SK Hynix remain unattractive or rangebound. He advises waiting for pullbacks such as 10-day moving-average support instead of chasing extended moves.

• KOSDAQ rebounded after sharp intraday selling but remains a non-trend, stock-picking market.
• Sector money is rotating violently into only a few leaders: cosmetics, secondary batteries, power equipment, and semiconductor equipment/materials.
• Korean cosmetics ODM names like Korea Kolmar, Cosmax, and Cosmecca are leveraged to strong Japanese and global brand marketing and the unlisted Gudai Global.
• Secondary-battery strength is seen as a real trend shift tied to data center power needs but is extended and should be bought on pullbacks.
• Nuclear and power equipment are attractive after a pullback within the power-infrastructure theme.
• Biotech is still a question mark, and leveraged ETFs are unattractive in the trendless high-volatility regime.
• Tactical guidance is to buy near the 10-day moving average and sell or resist near the 50-day moving average.