Daily Morning Fund Managers' Operations Meeting Live | Park Se-ik Executive Director & Chesley Investment Advisory [Morning Brief / July 29, Wed]

Daily Morning Fund Managers' Operations Meeting Live | Park Se-ik Executive Director & Chesley Investment Advisory [Morning Brief / 26.07.29.Wed]

Watch on YouTube ↗ | July 28, 2026 at 22:16 | 2:03:08 | Chesley Investment Advisory (체슬리투자자문)

Speakers

Park Se-ik — CEO, ex-Chief Strategist

Choi Ho — Vice President

Jun-hyuk — Analyst

Wang Bujang — China Market Analyst

Summary

The hosts discuss the global sell-off triggered by semiconductor concerns, covering China, US, and Korean markets. They argue the correction is largely over, expect a strong rebound in semiconductors and broader markets, and highlight stock-specific opportunities in Hybe, cosmetics, SK Square, and Seagate. Bitcoin is seen forming a bottom as miners pivot to AI. KOSPI and KOSDAQ are called for a bounce based on historical crash patterns and election-year seasonality.

China market: CXMT listing, Shennan Circuit seen with only 10% upside despite strong PCB demand
US market: Philadelphia Semiconductor Index plunges on AI ROI worries and China supply fears; oil drops on US-Iran talks
Park Se-ik expects a strong semiconductor rebound soon, viewing the sell-off as a deleveraging completion, not a dot-com collapse
Choi Ho highlights Seagate as an AI storage play with strong guidance and reasonable valuation (STX)
Park Se-ik recommends SK Square (402340.KS) on foreign buying and buyback potential; Hybe (352820.KS) on historical even-year dip pattern
Choi Ho details cosmetics upside: LG H&H (051900.KS), Cosmax (192820.KQ), APR (278470.KQ) all undervalued with limited downside
Crypto: Jun-hyuk sees Bitcoin bottom forming as miners pivot to AI, 200-week MA support holds
Park Se-ik calls KOSPI and KOSDAQ for a bounce, citing 1987 Black Monday analog and historical odd-year rally pattern

Ideas

Wang Bujang China Market Analyst 12:28

Shennan Circuit limited 10% upside.

Shennan Circuit is a leading PCB maker benefiting from AI data center demand and new factory ramps. However, the stock already reflects much of the near-term growth, leaving only about 10% upside to a target price of 39 CNY. The company is high quality but the risk/reward is limited.

Jun-hyuk Analyst 33:23

Bitcoin bottom forming as miners pivot.

Bitcoin miners are pivoting to AI data centers, reducing selling pressure and creating a supply vacuum. The 200-week moving average (~63,500) is holding as support, and historical mining capitulation often marks a bottom. This setup suggests Bitcoin is forming a bottom.

Park Se-ik CEO, ex-Chief Strategist 42:00

Strong semiconductor rebound expected soon.

The Philadelphia Semiconductor Index sell-off has been severe, with deleveraging and overheating unwinding. Historical patterns show that after such drops, strong rebounds occur, especially given still-strong earnings growth and reduced valuations. The speaker expects a strong rebound in the coming weeks, with the correction largely having run its course.

Choi Ho Vice President 54:52

Seagate strong AI storage demand, cheap.

Seagate reported strong earnings with a big beat and raised guidance. AI-driven storage demand is robust, supply is tight, and pricing power is strong. Forward P/E of 25.8x is a reasonable valuation given high revenue and EPS growth.

Park Se-ik CEO, ex-Chief Strategist 73:42

Foreign buying and buyback support SK Square.

SK Square is seeing persistent foreign buying, and the chairman may aim to create a friendly foreign shareholder base through share buybacks/cancellation. The speaker views the accumulation as a positive signal, suggesting the stock is attractive.

Park Se-ik CEO, ex-Chief Strategist 97:15

Buy Hybe on historical even-year dip.

Hybe follows a historical pattern of dropping in even (election) years and rallying in odd years. The stock is now at historically low valuations (PE ~21-24x), the company has strong global competitiveness, and new artist pipelines provide growth. The current sell-off after peak-season earnings is a buying opportunity.

Choi Ho Vice President 99:11

LG H&H earnings beat, low valuation.

LG Household & Health Care is expected to beat low Q2 earnings expectations as one-off costs fade. Downside is limited, and valuation is cheap. Supply-demand dynamics in the cosmetics sector are improving.

Choi Ho Vice President 100:06

Cosmax undervalued, upside from recovery.

Cosmax has low investor expectations after recent profit misses, but operating leverage may improve. Valuation has contracted to 12.7x forward P/E, far below its peak. With sector fund flows returning, the stock has significant upside potential.

Choi Ho Vice President 100:26

APR expected August price rebound.

APR underperformed in July due to crowded positioning, but August should see a rebound as the market recognizes strong revenue growth and attractive valuation. Even with slightly lower margins, the value proposition remains compelling.

Park Se-ik CEO, ex-Chief Strategist 109:42

KOSPI rebound after oversold crash.

The KOSPI has fallen sharply in a move reminiscent of the 1987 Black Monday crash. The sell-off is largely over, and a strong rebound is likely, targeting around 7,650. The earnings outlook remains solid, and forced selling from margin calls will soon be absorbed.

Park Se-ik CEO, ex-Chief Strategist 118:30

KOSDAQ to rally per historical odd-year pattern.

KOSDAQ has a consistent historical pattern: it underperforms in even (election) years and rallies strongly in odd years (average even-year return -17.8%, odd-year +40%). The current sharp sell-off fits this pattern, making the end of Q3 an attractive buying opportunity for a rally into the next odd year.

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This Chesley Investment Advisory (체슬리투자자문) video, published July 28, 2026, features Wang Bujang, Jun-hyuk, Park Se-ik, Choi Ho discussing Shennan Circuit, BTC, SOX, STX, 402340.KS, 352820.KS, 051900.KS, 192820.KS, 278470.KS, EWY, KOSDAQ Index. 11 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Wang Bujang, Jun-hyuk, Park Se-ik, Choi Ho · Tickers: Shennan Circuit, BTC, SOX, STX, 402340.KS, 352820.KS, 051900.KS, 192820.KS, 278470.KS, EWY, KOSDAQ Index