[Chesley Morning Brief] Global Stock Valuation Check [26/05/26]

Watch on YouTube ↗  |  May 26, 2026 at 00:17  |  1:38:24  |  Chesley Investment Advisory (체슬리투자자문)
Speakers
Park Se-ik — CEO, ex-Chief Strategist
Wang Jeong-bu — Chinese market analyst

Summary

The video reviews global stock valuations, covering the China market, US market (Memorial Day), crypto, and a deep dive into S&P 500 and KOSPI top stocks. Key themes include semiconductor strength, catch-up plays like LG Innotek, and the Philadelphia Semiconductor Index as a proxy. Macro factors like oil and interest rates are also discussed.

  • China market update: tech stocks rallied, CXMT listing news boosted semiconductor names, glass fiber theme highlighted.
  • US market: Memorial Day holiday, but last Friday saw gains on US-Iran deal hopes and falling oil.
  • Crypto: Bitcoin found support at $75k, but ETF outflows were large; SEC tokenization news impacted related stocks.
  • Valuation check: S&P 500 PER at 21x, KOSPI PER at 8.1x; many Korean large caps up triple-digit percentage YTD.
  • Samsung Electro-Mechanics and LG Innotek compared: Samsung's earnings have surpassed past peak, LG Innotek seen as a catch-up play.
  • Philadelphia Semiconductor Index recommended as a proxy for the strong semiconductor rally.
  • USD/KRW expected to fall below 1500 if oil and rates stabilize.
  • Caution advised on late-cycle narrative-driven small/mid caps; focus on fundamental support.
Trade Ideas
Park Se-ik CEO, ex-Chief Strategist 49:00
USD/KRW to fall below 1500.
If oil prices and interest rates stabilize, the USD/KRW exchange rate will likely fall back below 1500 won per dollar, meaning a stronger Korean won.
USDKRW=X MED
Park Se-ik CEO, ex-Chief Strategist 73:32
Earnings estimates above 2022 peak.
Samsung Electro-Mechanics' earnings estimates have already surpassed the 2022 IT super cycle peak, supporting the stock price with strong earnings momentum. The stock's valuation multiple is also rising, reflecting the earnings growth.
009150.KS HIGH
Wang Jeong-bu Chinese market analyst 76:02
Catch-up play to Samsung Electro-Mechanics.
LG Innotek is a catch-up play to Samsung Electro-Mechanics in the global component rally. Upside from camera module margin improvement (higher ASP due to variable aperture) and substrate expansion (FCBGA). Valuation is still lower than peers, similar to a previous situation where a stock went from 20 to 60 HKD.
011070.KS HIGH
Park Se-ik CEO, ex-Chief Strategist 92:08
Hold SOX as semiconductor proxy.
The Philadelphia Semiconductor Index is very strong and if picking individual semiconductor stocks is difficult, holding the index itself is a good strategy. The index's momentum is robust and likely to continue.
SOXX HIGH
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This Chesley Investment Advisory (체슬리투자자문) video, published May 26, 2026, features Park Se-ik, Wang Jeong-bu discussing USDKRW=X, 009150.KS, 011070.KS, SOXX. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Se-ik, Wang Jeong-bu  · Tickers: USDKRW=X, 009150.KS, 011070.KS, SOXX