KOSDAQ, Semiconductors, Secondary Batteries, Shipbuilding, Nuclear, Defense | Lee Jae-kyu, SK Securities Deputy Manager

코스닥•반도체•이차전지•조선•원전•방산 | 이재규 SK증권 차장 [이재규의 결정적 한 수(手)]

Watch on YouTube ↗ | February 02, 2026 at 09:50 | 42:34 | 3PRO TV (삼프로TV)

Speakers

Lee Jae-kyu — PB Deputy Manager, SK Securities

Summary

Lee Jae-kyu, Deputy Manager at SK Securities, reviews a sharp Korean market selloff, with KOSPI down 5.26% and KOSDAQ down 4.44%, and urges risk management rather than indiscriminate buying. He argues KOSPI is now relatively more attractive than an overheated KOSDAQ, while highlighting holding companies, entertainment/cosmetics rotation, and a tactical trim of semiconductors. He remains positive on AI memory leaders Samsung Electronics and SK hynix over the longer term but warns that if the market does not rebound tomorrow, forced selling risk could rise.

Korean equities fell sharply, triggering a sidecar; individual investors bought about 4.5 trillion won in KOSPI.
Lee Jae-kyu attributed much of the drop to technical overextension after a steep rally, not solely to Kevin Warsh's Fed nomination.
He warned against margin/credit trading and advised reducing overall equity exposure if investors feel uncomfortable.
He prefers KOSPI over KOSDAQ, citing KOSDAQ's rapid 800-to-1,100 move and smaller-than-hoped pension inflows.
He named holding companies SK, LS, and Hanwha as attractively valued after the selloff.
He suggested rotation into Korean entertainment and cosmetics, and a tactical reduction in semiconductors.
He maintained a positive longer-term view on AI memory via Samsung Electronics and SK hynix, while flagging March-April financial-report risk for pharma/biotech.
He said the market needs a next-day rebound to avoid a prolonged correction and potential forced selling.

Ideas

Lee Jae-kyu PB Deputy Manager, SK Securities 23:01

AI memory leaders with earnings upside

He argues Korea's market strength was driven by the AI trend and the fast-growing storage business led by Samsung Electronics and SK hynix. SK Securities raised SK hynix's target from 1 million to 1.5 million won, and although current prices may already reflect last year's earnings, forward earnings estimates keep rising, leaving memory names with upside potential.

Lee Jae-kyu PB Deputy Manager, SK Securities 24:55

KOSPI preferred over overheated KOSDAQ

He argues the KOSDAQ became overheated after a very fast move from around 800 to over 1,100, driven largely by individual investor flows and leveraged ETFs, while expected pension-fund inflows may be smaller than hoped. By contrast, KOSPI is not expensive on PER/PBR and 2026 EPS estimates are rising, so he prefers KOSPI blue chips over chasing KOSDAQ.

Lee Jae-kyu PB Deputy Manager, SK Securities 24:55

KOSPI preferred over overheated KOSDAQ

He argues the KOSDAQ became overheated after a very fast move from around 800 to over 1,100, driven largely by individual investor flows and leveraged ETFs, while expected pension-fund inflows may be smaller than hoped. By contrast, KOSPI is not expensive on PER/PBR and 2026 EPS estimates are rising, so he prefers KOSPI blue chips over chasing KOSDAQ.

Lee Jae-kyu PB Deputy Manager, SK Securities 25:45

Pharma/biotech tactical Jan-Feb window

He remains positive on KOSDAQ-listed pharma/biotech for the January-February policy and seasonal window, but recommends holding only until that window because March-April financial reports could bring fundamental risk/events.

Lee Jae-kyu PB Deputy Manager, SK Securities 26:36

Holding companies attractive after selloff

After today's sharp selloff, holding companies such as SK, LS, and Hanwha have become attractively valued. He points out that SK fell about 10%, LS about 12%, and Hanwha about 5%, creating price merit, and that their financial statements look undervalued, with LS in particular offering exposure to AI/power-equipment beneficiary LS Electric. He sees them as more attractive than KOSDAQ.

Lee Jae-kyu PB Deputy Manager, SK Securities 30:55

Avoid overheated KOSDAQ 150 leverage ETF

He warns investors not to buy the KOSDAQ 150 leveraged product, calling leverage too dangerous. Even the KODEX KOSDAQ 150 ETF rose about 40% in less than two weeks, showing short-term overheating and excessive retail flow, so leveraged KOSDAQ exposure is unattractive.

Lee Jae-kyu PB Deputy Manager, SK Securities 33:02

Trim semiconductors tactically

In the current selloff, he advises reducing semiconductor exposure today and rotating toward sectors showing relative strength, such as entertainment and cosmetics. This is a tactical trim after the semiconductor-led rally, not a denial of the longer-term AI memory story.

Lee Jae-kyu PB Deputy Manager, SK Securities 33:08

Entertainment and cosmetics rotation

He notes that entertainment and cosmetics stocks have been rising since last Friday, suggesting a rotation into these sectors. He advises looking at Korean entertainment and cosmetics going forward as the market rotates away from crowded areas.

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This 3PRO TV (삼프로TV) video, published February 02, 2026, features Lee Jae-kyu discussing 005930.KS, 000660.KS, EWY, KOSDAQ, Korean biotech/pharma, SK Inc., 006260.KS, 000880.KS, KOSDAQ 150 Leveraged ETF, Korean Semiconductors, Korean entertainment, Korean cosmetics. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Jae-kyu · Tickers: 005930.KS, 000660.KS, EWY, KOSDAQ, Korean biotech/pharma, SK Inc., 006260.KS, 000880.KS, KOSDAQ 150 Leveraged ETF, Korean Semiconductors, Korean entertainment, Korean cosmetics