Aggressive Trading Only Brings Losses! September KOSPI Rangebound and Small-Theme Strategy | Lee Jae-gyu, SK Securities PB Deputy General Manager

공격적 매매는 손실뿐! 9월 코스피 박스권 대비 소테마 전략ㅣ이재규 SK증권 PB 차장 [집중 오늘의 주식]

Watch on YouTube ↗ | August 31, 2026 at 11:30 | 42:08 | 3PRO TV (삼프로TV)

Speakers

Lee Jae-kyu — PB Deputy Manager, SK Securities

Summary

Lee Jae-gyu, SK Securities PB Deputy General Manager, expects KOSPI to trade in a September box range with fast sector rotation rather than a broad trend. He favors secondary batteries as the top sector pick, keeps pharma/bio positive, and prefers large-cap names plus semiconductor valuation recovery while watching macro risks. He recommends about 20% cash, buying quality sectors on dips, and avoiding aggressive chasing of small themes.

Lee views KOSPI as likely rangebound after August consolidation; the index reclaimed its July monthly level but not its 120-day moving average.
He expects fast sector rotation and advises holding quality sectors instead of chasing daily hot themes.
Secondary batteries are his top sector pick, with construction second; he wants to buy secondary battery dips rather than chase them.
He remains positive on pharma/bio and highlights large-cap names like LG Electronics, Doosan Enerbility, Samsung SDS and NAVER.
Semiconductors are cheap on forward valuations, but a macro break is the main downside risk.
He notes rotation into semiconductor equipment/materials, power equipment, ESS, cosmetics/food consumer names, and wind as an early watch theme.
Geopolitical oil risk and stablecoin legislation are macro variables for KOSPI stability.
His portfolio currently has roughly 20% cash, with exposure to semis/power equipment, pharma/bio, secondary batteries and neglected sectors.

Ideas

Lee Jae-kyu PB Deputy Manager, SK Securities 9:43

KOSPI likely rangebound with fast rotation

Lee expects KOSPI to enter a September sideways/box range rather than a dramatic rally because liquidity has weakened and the index has not reclaimed its 120-day moving average. Within that rangebound market he expects fast sector rotation and individual stocks outside the main index to rise 20-30%.

Lee Jae-kyu PB Deputy Manager, SK Securities 11:20

Secondary batteries top pick; buy dips

Lee's top sector pick is secondary batteries. He argues that if institutions and foreigners sell semiconductors, secondary batteries are the only large enough sector that can absorb their money; US dependence on Chinese batteries is high at 59%; ESS/data-center demand is growing; and a 2027 second-half shortage could make batteries the last AI bottleneck. He would buy on dips rather than chasing after the initial rebound.

Lee Jae-kyu PB Deputy Manager, SK Securities 11:26

Pharma/bio likely rally; secondary to batteries

Lee keeps a positive view on Korean pharma/bio as a sector likely to rally in the second half, though he places secondary batteries above it. He says adverse macro/rate news has already hit the sector and he is carrying a 25% portfolio allocation there.

Lee Jae-kyu PB Deputy Manager, SK Securities 11:54

Construction is second-priority sector

Lee puts construction as his second-ranked sector after secondary batteries, expecting it to participate in second-half rotation among large-cap cyclical sectors.

Lee Jae-kyu PB Deputy Manager, SK Securities 16:21

Large-cap laggards suitable for rotation

In a sideways market Lee prefers large/mid-cap names with enough liquidity and favorable fundamentals. He specifically says LG Electronics, Doosan Enerbility, Samsung SDS and NAVER are suitable to hold and likely to benefit from rotation rather than chasing small themes.

Lee Jae-kyu PB Deputy Manager, SK Securities 17:14

Semiconductor valuations cheap; macro must hold

Lee views Samsung Electronics, SK Hynix and Micron as unjustly cheap on 12-month forward P/E, with Samsung at 4.4x, SK Hynix at 4.1x and Micron at 6.5x. He thinks the semiconductor group can rally further and that applying Micron's multiple could imply roughly 50% upside, but only if macro does not break and credit balances stay manageable.

Lee Jae-kyu PB Deputy Manager, SK Securities 19:36

Neglected consumer/cosmetics names attract rotation

In the current rangebound market, Lee points to rotation into previously ignored consumer sectors such as cosmetics, food and beverages. He names Samyang Foods, Binggrae, Cosmax and Kolmar Korea as examples of funds moving away from crowded semiconductor leadership into neglected consumer names.

Lee Jae-kyu PB Deputy Manager, SK Securities 23:10

Wind power emerging watch theme

Lee says he has recently been drawn to renewable energy, particularly wind power, although he presents it as an early watch theme rather than a fully developed trade.

Lee Jae-kyu PB Deputy Manager, SK Securities 23:37

ESS benefits from AI data-center rotation

Lee sees ESS as part of the AI/data-center ecosystem rather than just renewable energy storage. He says AI theme funds are rotating from GPUs/semiconductors into ESS as data-center power demand escalates, and this momentum is continuing.

Lee Jae-kyu PB Deputy Manager, SK Securities 26:45

Defense watch but lower priority

Lee says defense stocks should be watched after geopolitical news, but for him they are a lower priority than secondary batteries, construction and other large-cap rotation sectors.

Lee Jae-kyu PB Deputy Manager, SK Securities 30:12

Watch semiconductor equipment/materials rotation

Lee changed his semiconductor positioning view: rather than only top-2 semiconductor names, he now says Korean semiconductor equipment/materials companies should be watched for rotation, as funds may rotate into them during a cyclical recovery.

Lee Jae-kyu PB Deputy Manager, SK Securities 30:29

Power equipment positive; Sanil Electric leveraged

Lee turned positive on power equipment after being conservative. He notes that China dependence in transformers is relatively low compared with batteries, Sanil Electric has high US exposure, and data-center power demand is being revised upward, so power equipment is not bad and should be watched along with secondary batteries.

Lee Jae-kyu PB Deputy Manager, SK Securities 36:16

Samsung Electro-Mechanics technically stronger

Lee highlights Samsung Electro-Mechanics as technically stronger than Samsung Electronics and SK Hynix because it has reclaimed and is holding above its 120-day moving average, supported by MLCC and other shortage/bottleneck demand.

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This 3PRO TV (삼프로TV) video, published August 31, 2026, features Lee Jae-kyu discussing EWY, Korean secondary battery sector, XBI, Korean construction sector, 035420.KS, 018260.KS, 034020.KS, 066570.KS, 005930.KS, MU, 000660.KS, 005180.KS, 003230.KS, 161890.KS, 192820.KS, Wind power sector, ESS / energy storage sector, ITA, Korean semiconductor equipment/materials sector, POWL, 009150.KS. 13 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Jae-kyu · Tickers: EWY, Korean secondary battery sector, XBI, Korean construction sector, 035420.KS, 018260.KS, 034020.KS, 066570.KS, 005930.KS, MU, 000660.KS, 005180.KS, 003230.KS, 161890.KS, 192820.KS, Wind power sector, ESS / energy storage sector, ITA, Korean semiconductor equipment/materials sector, POWL, 009150.KS