Daily Morning Fund Managers' Investment Meeting Live | Park Se-ik Senior Managing Director & Chesley Investment Advisory [Morning Brief / 26.09.01.Tue]

Summary

The morning meeting covers global market performance in August, highlighting the resilience of the US tech sector and the ongoing correction in the Korean market. Analysts discuss the valuation appeal of semiconductor supply chain stocks, particularly substrate manufacturers, and anticipate a strong market rebound driven by corporate earnings after the Chuseok holiday.

• CXMT's strong Q2 earnings highlight China's growing domestic memory capacity despite US sanctions.
• Bitcoin is testing resistance at $80k, with a definitive cycle bottom expected between October and early next year.
• Oil prices are expected to remain range-bound despite Middle East tensions, as alternative supply routes and economic pressures limit upside.
• The PHLX Semiconductor Index's valuation has reset to attractive levels, setting the stage for a potential rebound.
• Korean semiconductor substrate stocks are favored over equipment and materials due to low valuations and strong FC-BGA demand.
• Silver has emerged as a more accurate leading indicator for the KOSPI than copper due to copper's AI-driven decoupling.
• Park Se-ik expects the KOSPI to mirror the 2006-2007 bull market, shaking out weak hands before a massive earnings-driven rally in 2025.