Daily Morning Fund Managers' Investment Strategy Meeting Live | Park Se-ik Executive Director & Chesley Investment Advisory [Morning Brief / Jul 30, Thu]
Daily Morning Fund Managers' Investment Strategy Meeting Live | Park Se-ik Executive Director & Chesley Investment Advisory [Morning Brief / 26.07.30.Thu]
Speakers
Summary
Amid a global risk-off session driven by surging long-end bond yields and Trump’s Iran rhetoric, the managers dissect FOMC, China’s CXMT IPO, and Big Tech earnings. They issue targeted longs on Microsoft, Lam Research, CXMT, a Chinese AI component stock, and Korean ETFs/securities, while flagging Meta as an avoid.
- US equities fell on geopolitical tensions and a spike in 30Y yields to 5.2%; FOMC held but three members dissented citing AI-driven inflation risks.
- Microsoft beat strongly on cloud, guided flexible capex; Lam Research posted record revenue and margin beat.
- Meta missed EPS, guided lower, and faces margin compression and free cash flow worries.
- China inflows intensified around CXMT's IPO, with a separate AI supplier touted for its monopolistic position and single-digit forward P/E.
- Korean market plunge seen as forced liquidation; Park Se-ik disclosed his firm bought KODEX 200 and KOSDAQ 150 ETFs yesterday.
- Korean securities stocks hailed as a structural growth story after a 40%+ correction, driven by money migration from banks to brokerages.
Ideas
Chinese memory monopoly; massive AI upside.
CXMT (ChangXin Memory Technologies) is a rare Chinese memory leader that just IPO'd. It benefits from explosive AI-driven demand for memory, with only two global players able to make advanced products. The company's first-gen product ASP concerns are overblown; management states ASP is maintained and order backlog is expanding. A recent analyst report applies a 32x P/E on next year's earnings, implying ~70% upside from yesterday's close. Even after a strong run, the stock trades at a PEG below 1x on 50% EPS CAGR. The market fears about capex and demand peak-out are dismissed by management, and the firm is also considering a share buyback. The inclusion into MSCI indices will force passive flows, adding a technical catalyst.
Dominant AI supplier at single-digit forward P/E.
Jungje Ucha is a Hong Kong-listed Chinese AI component supplier that just completed its H-share listing. It is one of only two companies globally that can manufacture a critical first-generation product used by NVIDIA, AMD, Google, and Amazon. In 1Q, revenue surged 262% YoY, gross margin reached 42%, and net margin 32.4%, all improving sharply. The stock trades at a forward P/E that collapses from 240x in 2024 to 116x in 2025, 39x in 2026, and 17x in 2027 as earnings skyrocket. This massive earnings growth, driven by the company's monopolistic position in an AI-fueled supply chain, makes the current valuation compelling.
Oversold, strong earnings support; buy index ETFs.
The Korean market has fallen sharply on forced selling and panic, but fundamentals remain strong—KOSPI trailing earnings have roughly tripled from last year's depressed levels, and the index at 7,500 is fundamentally justified, not a bubble. Foreign futures and options positioning show a clear accumulation of net long positions over the past two days, suggesting institutional players are betting on a rebound. Yesterday the firm used its own capital to purchase KODEX 200 and KOSDAQ 150 ETFs, reflecting strong conviction that the sell-off is a short-term liquidity event.
Cloud growth, capex flexibility, cheap valuation.
Microsoft delivered a strong earnings beat with Azure cloud revenue surpassing $100 billion for the first time and growing at 43%, the highest ever. Capex guidance was flexible—while the company plans to nearly double capacity within two years, it will pace investments based on demand, alleviating overspending fears. Margins remain solid at 45.1% and EPS upgrades will continue. The stock is trading at 19.8x P/E, near the low end of its range, making it cheap given mid-teens revenue growth and robust free cash flow.
Earnings miss, margin plunge, avoid for now.
Meta missed EPS and guided below expectations, with operating margin collapsing from 43% a year ago to 31% this quarter. Free cash flow tumbled over 90% YoY as capex spending remained heavy but revenue growth could not offset the drag. Even though the stock has corrected to 14.4x P/E near historical lows, the market is increasingly worried about the payback on massive AI infrastructure spending and the lack of margin improvement. The stock is likely to retest the lower end of its range.
Strong beat; AI capex lifts equipment demand.
Lam Research reported a record quarterly revenue and EPS beat, with gross margin above 52% and operating margin at 38.4%, both exceeding consensus. The company sees AI-driven capex from hyper-scalers translating into strong equipment demand, and the rule-of-thumb 8% equipment-to-capex ratio is now being revised up to 9-11%. China revenue concentration is declining to 26%, easing geopolitical concerns. After a 30% correction from highs, the stock trades at 30x P/E with continued EPS upgrades, which is now a reasonable entry point.
Structural growth, 40% off; buy securities stocks.
Korean securities stocks are in a structural growth phase as massive money movement from traditional bank deposits to brokerage accounts continues, driving fee income and AUM growth. Despite this long-term trend, the sector has plunged over 40% from its highs, creating a severe mispricing between structural improvement and price. Smart money should use this correction to accumulate securities stocks, which remain one of the few structural growth stories in the Korean market.
Up Next
This Chesley Investment Advisory (체슬리투자자문) video, published July 29, 2026, features Wang Bujang, Park Se-ik, Choi Ho discussing CXMT (ChangXin Memory Technologies), Jungje Ucha, 069500.KS, 229200.KS, MSFT, META, LRCX, Korean Securities Sector. 7 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Wang Bujang, Park Se-ik, Choi Ho · Tickers: CXMT (ChangXin Memory Technologies), Jungje Ucha, 069500.KS, 229200.KS, MSFT, META, LRCX, Korean Securities Sector