Ideas
Korean stocks attractive in first half.
He views 2026 as an attractive year for Korean equities, especially the first half, because semiconductor earnings support the market, low PER and liquidity can remain in Korea, dividend-tax reform supports shareholder returns, and KOSDAQ policy support improves supply-demand. He prefers semiconductors, bio/healthcare, and holding companies, with space and robots as smaller themes.
Dividend tax reform lifts Korean holding companies.
2026 is the first year of separate taxation of dividend income in Korea, similar to Taiwan's 2017-18 starting point. This should encourage higher dividends and shareholder returns and draw capital from bond markets into equities, favoring Korean holding companies.
Physical AI robotics theme gains momentum.
Actuator modules for humanoid robots are currently Chinese, but the US will need non-Chinese replacements. Korea's auto parts value chain has precision casting and integrated actuator capabilities, and Hyundai Motor is best positioned to mass-produce robots; companies such as HL Mando and SA can be re-rated as robot value-chain suppliers.
Physical AI robotics theme gains momentum.
Physical AI and robotics is the most emphasized 2026 theme; US and Chinese government and private investment are accelerating, and even if Korean competitiveness is uncertain, the theme can create a bubble. Korean robot component names such as SPG and Robotis have been strong, but he expects momentum to shift toward large corporates.
Physical AI robotics theme gains momentum.
Physical AI and robotics is the most emphasized 2026 theme; US and Chinese government and private investment are accelerating, and even if Korean competitiveness is uncertain, the theme can create a bubble. Korean robot component names such as SPG and Robotis have been strong, but he expects momentum to shift toward large corporates.
Oracle risks OpenAI valuation failure.
If OpenAI cannot successfully raise its private valuation, Oracle would likely fall first and AI-related weakness could broaden. He says to watch whether OpenAI achieves further valuation-up, creating a conditional downside risk for Oracle.
SpaceX IPO to move space chain.
SpaceX's IPO process and market cap will be a major event for the space industry value chain and could significantly affect listed space-related stocks. He frames it as a key private-to-public market catalyst to monitor.
Korean sensor makers gain robot demand.
Robot sensing is shifting from expensive rotating LiDAR to multiple solid-state LiDAR and camera combinations. Korea has semiconductor and component strength to match Chinese costs, and named Korean sensor component makers Samsung Electro-Mechanics, LG Innotek, and SOS should benefit as robot parts demand rises.
US healthcare benefits from political backdrop.
When Trump's approval rating fell below 40% in his first term, anti-Republican S&P 500 winners were healthcare and new environment. The current political backdrop and early healthcare strength suggest healthcare can outperform again.
Korean bio benefits from policy, politics.
The US political backdrop with weak Trump approval favors anti-Republican sectors such as healthcare. In Korea, KOSDAQ support policy matters because KOSDAQ market cap is heavily bio, and the government wants to support large-cap KOSDAQ bio names with earnings rather than small speculative biotech.
China policy boosts AI hardware.
China's new five-year plan includes AI glasses in subsidies, signaling China wants to dominate AI hardware just as EV subsidies once did. He advises watching AI hardware alongside semiconductors, especially components such as cameras and substrates.
Semiconductors lead; Samsung has more upside.
Korean semiconductor earnings are the main driver of KOSPI earnings and valuations; memory operating margins are converging with foundry margins, reducing the old memory discount. He expects first-half semiconductor re-rating with at least 30% upside versus prior valuation highs, and sees more room in Samsung Electronics than in SK hynix.
KOSDAQ policy support drives upside.
The Korean government is rolling out KOSDAQ support policies to fix the KOSDAQ-KOSPI relative gap and restore the new-growth listing and VC cycle. Because KOSDAQ has low institutional ownership and heavy short selling, policy-driven institutional and retirement-fund allocation plus retail deposits can drive a strong supply-demand rally.
Buy ESS battery names at bottom.
The battery sector is in a bottom range and box trade after a three-year correction. EV battery demand faces negative signals such as BYD passing Tesla and US/Europe EV plan retreats, so the better bottom-buying opportunity is ESS-linked battery names such as Samsung SDI and LG Energy Solution.
Hyundai Motor Group re-rates on robotics.
Auto multiples now depend on robotics or luxury, and luxury is broken, so the market will pay for robotics. Hyundai Motor Group stocks trade below legacy average and can re-rate from robot equity value. Hyundai Motor itself may see around 20% upside, while Hyundai Glovis and Hyundai AutoEver offer more leverage to robot business and equity value.
Luxury auto premium has broken.
The luxury auto premium has broken down; Ferrari and Porsche are being smashed, with Porsche operating margin around 1%. EV acceleration and Ferrari's limited production prevent the old luxury scarcity and performance premium, making luxury automakers unattractive.
This 3PRO TV (삼프로TV) video, published January 02, 2026,
features Lee Hyuk-jin
discussing Korean equities, EWY, Korean holding companies, Korean Robotics, 204320.KS, SA, Physical AI/robotics, 058610.KQ, 108490.KQ, ORCL, UFO, 009150.KS, 011070.KS, SOS, XLV, Korean bio/healthcare, KOSDAQ large-cap bio with earnings, AI Hardware, 005930.KS, 000660.KS, KOSDAQ, 006400.KS, 373220.KS, 005380.KS, 086280.KS, 307950.KS, RACE, POAHY.
16 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Lee Hyuk-jin
· Tickers:
Korean equities,
EWY,
Korean holding companies,
Korean Robotics,
204320.KS,
SA,
Physical AI/robotics,
058610.KQ,
108490.KQ,
ORCL,
UFO,
009150.KS,
011070.KS,
SOS,
XLV,
Korean bio/healthcare,
KOSDAQ large-cap bio with earnings,
AI Hardware,
005930.KS,
000660.KS,
KOSDAQ,
006400.KS,
373220.KS,
005380.KS,
086280.KS,
307950.KS,
RACE,
POAHY
