Name: Daily Morning Fund Managers' Operations Meeting Live | Park Se-ik Executive Director & Chesley Investment Advisory [Morning Brief / 26.08.26.Wed]
Uploaded: 2026-08-26T00:38:13+00:00
Duration: 7680 s

Speakers

Wang — Manager

Jun-hyuk — Manager

Jang — Analyst

Oh — Manager

Hae-soo — Analyst

Summary

The Chesley team discusses global market trends, highlighting the stabilization of US Treasury yields and oil prices, which supports a favorable environment for equities and Bitcoin. They analyze Intuit's recent earnings and strategic shift, while in the Korean market, they emphasize the strong growth potential of cosmetics company APR and the structural tailwinds for PCB makers like TLB and Simmtech due to the adoption of CAMM memory modules in AI CPUs.

US Treasury yields and oil prices have stabilized, easing macroeconomic pressures.
Bitcoin shows resilience and potential for an upward breakout driven by spot ETF inflows and stablecoin liquidity.
Intuit faces short-term margin pressure as it invests in market share recovery amidst AI disruption.
APR is experiencing rapid global expansion in the US and Europe, maintaining high margins and an attractive valuation.
The shift towards CAMM memory modules in AI CPUs presents a major growth opportunity for substrate suppliers.
TLB, Simmtech, and Korea Circuit are positioned to benefit significantly from the higher ASP and margins of CAMM substrates.

Ideas

Wang Manager 11:58

Strong Q2 earnings driven by fiber prices.

Yangtze Optical Fibre and Cable (YOFC) reported strong Q2 earnings with a 75% YoY revenue increase and a 15x surge in net profit, driven by rising global optical fiber prices and expanding overseas sales. The company achieved a record 62.5% gross margin and holds a dominant 22% market share in China and 15% globally, making it an attractive investment despite broader Chinese market weakness.

Jun-hyuk Manager 28:00

Spot ETF inflows and liquidity support Bitcoin.

Bitcoin is facing resistance in the $81k-$83k range, but strong spot ETF inflows and solid underlying demand suggest it will eventually break through. Furthermore, the US Treasury's issuance of short-term bills, which will likely be absorbed by the growing stablecoin market, will inject liquidity into the system, creating a favorable macroeconomic environment for Bitcoin similar to the 2023 rally.

Jun-hyuk Manager 33:32

Extreme CTA short positions may trigger squeeze.

CTA funds have built extreme short positions on US Treasuries, reaching a 2-standard-deviation level, which increases the probability of a significant short squeeze. The US Treasury's strategy to issue short-term bills to buy back long-term bonds, coupled with stablecoin demand, could stabilize or lower long-term yields, making Treasuries an important asset to monitor for a reversal.

Jang Analyst 60:51

Lowered guidance and AI threats pressure Intuit.

Intuit reported a Q2 earnings beat with strong Credit Karma growth, but the stock plunged after hours due to lowered FY guidance. The company is sacrificing short-term margins to recover market share in the DIY tax segment by offering free services, while facing structural threats and opportunities from AI replacing traditional tax software, warranting a cautious watch.

Oh Manager 89:18

Rapid global expansion and strong margins undervalued.

APR is experiencing explosive growth, with Q2 revenue doubling YoY and operating margins remaining robust at around 25%. The company is successfully expanding into the US via offline channels and TikTok Shop, and its European expansion is showing rapid early growth. Despite this strong fundamental performance and potential for margin improvement as air freight costs normalize, the stock remains undervalued at 18-20x P/E.

Oh Manager 104:12

CAMM adoption drives margins for PCB makers.

As AI investment expands from GPUs to CPUs, the adoption of new memory modules like CAMM (SoCAMM) for Nvidia's Vera CPU is accelerating. Domestic PCB makers TLB, Simmtech, and Korea Circuit are the key beneficiaries. TLB's CAMM revenue portion is expected to double by 2027, driving margin expansion due to 3x higher ASPs, while Simmtech leads globally, positioning them for a valuation rerating.

Daily Morning Fund Managers' Operations Meeting Live | Park Se-ik Executive Director & Chesley Investment Advisory

Summary

Ideas

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