Ideas
Buy memory dips on CXMT fears.
If the US-China summit brings a headline allowing CXMT memory access, semiconductor and memory sentiment may weaken because Chinese memory competition appears on the horizon. However, any access would likely be limited to consumer or China-market products rather than HBM and high-end memory, so it would not change the industry fundamentals; he would view a sentiment-driven memory or semiconductor selloff as an opportunity.
AI demand remains strong and investable.
The rate hike reflects strong AI-led growth rather than a shock, and AI capex and Q-cycle demand remain strong. He views AI as one of the two key investment axes, with data-center and AI chips, memory, and GPUs central, while interest broadens from core chips to the surrounding physical infrastructure.
AI drives power infrastructure demand.
As AI investment shifts from core chips toward physical infrastructure, power is increasingly in the spotlight. The buildout of data centers and electricity infrastructure creates persistent demand, so power-related areas should be a focus.
Favor semiconductor equipment on fab expansion.
The AI cycle is intact and fab expansion should drive equipment orders. He favors semiconductor equipment and materials, especially front-end equipment, because new fabs and capacity additions create clear benefit; Korean equipment makers have niche process strengths and the sector can broadly receive spillover even if global leaders such as ASML and Applied Materials dominate.
Use commodities as inflation hedge.
Investors are crowded in AI, and rising commodity and inflation pressure creates a need for hedges. Oil near $100 and other commodities exceeding pre-war highs show persistent price pressure; while this can hurt tech multiples, it should create opportunities in commodities and inflation-beneficiary equities.
Prefer US refiners over Korean.
Refining margins and refined-product prices such as diesel, gasoline, and jet fuel are rising because refinery facilities, not just crude supply, have been hit. US refiners are advantaged by domestic crude and insulation from Middle East shipping and logistics disruptions, while Korean refiners rely on Middle East crude and face higher feedstock and transport costs. He prefers overseas, especially US, refiners over Korean refiners, though the group has already run up.
Prefer US refiners over Korean.
Refining margins and refined-product prices such as diesel, gasoline, and jet fuel are rising because refinery facilities, not just crude supply, have been hit. US refiners are advantaged by domestic crude and insulation from Middle East shipping and logistics disruptions, while Korean refiners rely on Middle East crude and face higher feedstock and transport costs. He prefers overseas, especially US, refiners over Korean refiners, though the group has already run up.
Long global shipping on route disruption.
Shipping is attractive because key routes are longer and less efficient due to Middle East and Red Sea disruptions. Even if disruptions ease, trade flows may not normalize quickly, and route inefficiency supports freight rates. He prefers overseas and global shipping companies over Korean ones because of contract structure, fleet scale, and external conditions; domestic names benefit but are relatively less attractive.
Long global shipping on route disruption.
Shipping is attractive because key routes are longer and less efficient due to Middle East and Red Sea disruptions. Even if disruptions ease, trade flows may not normalize quickly, and route inefficiency supports freight rates. He prefers overseas and global shipping companies over Korean ones because of contract structure, fleet scale, and external conditions; domestic names benefit but are relatively less attractive.
Avoid high-end luxury weakness.
High-end luxury consumption is weakening as broad consumer conditions deteriorate. LVMH lost its long-held French market-cap crown to L'Oréal, and its shares have trended down despite not-terrible fundamentals, suggesting a valuation or era change. He sees high-ticket discretionary categories such as cars, jewelry, and furniture as pressured.
Legacy cosmetics can re-rate.
In a weak consumer environment, cosmetics is one of the better-performing retail categories. Legacy cosmetics brands such as L'Oréal, Shiseido, and Amorepacific (090430.KS) are executing turnarounds or restructurings better than expected, unlike prior indie and trendy leaders. If their improved fundamentals continue, they could be re-rated as uncertainty resolves.
Use KOSDAQ ETFs for exposure.
KOSDAQ is more sensitive to Korean government policy than KOSPI, and favorable policy execution could benefit it. The KOSDAQ market-cap mix has shifted toward semiconductor equipment and materials, whose fundamentals are improving. Since individual stock picking is risky due to sector contagion, KOSDAQ active ETFs and sector or theme ETFs remain valid tools to build diversified exposure for the second half and potentially next year.
Watch China advanced manufacturing.
China's domestic demand remains weak and only IT, electronics, semiconductors, and advanced manufacturing are performing. The government's stimulus stance may be shifting, and stronger support could help Chinese equities, but outside advanced manufacturing the market still lacks merit; that segment is also too small to lift the whole market. Monitor advanced manufacturing and technology as the cleanest China exposure and avoid broad China for now.
Watch China advanced manufacturing.
China's domestic demand remains weak and only IT, electronics, semiconductors, and advanced manufacturing are performing. The government's stimulus stance may be shifting, and stronger support could help Chinese equities, but outside advanced manufacturing the market still lacks merit; that segment is also too small to lift the whole market. Monitor advanced manufacturing and technology as the cleanest China exposure and avoid broad China for now.
Buy Korean dips on known risks.
After the rate hike event, the market's sensitivity to known bad news should decline. If Chuseok or other previously known macro or geopolitical risks create volatility, he views it as an opportunity rather than a reason to sell, and sees downside as relatively limited.
This 3PRO TV (삼프로TV) video, published September 18, 2026,
features So Jin-woong
discussing SMH, AI Semiconductors, AI-SECTOR, Front-end semiconductor equipment, Korean semiconductor equipment and materials, DBC, Inflation beneficiary equities, Korean refiners, CRAK, BOAT, FRO, 028670.KS, 011200.KS, LVMH, High-end luxury goods, OREAL, 4911.T, 090430.KS, KOSDAQ active ETFs, Korean sector/theme ETFs, China advanced manufacturing/technology, FXI, EWY.
15 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
So Jin-woong
· Tickers:
SMH,
AI Semiconductors,
AI-SECTOR,
Front-end semiconductor equipment,
Korean semiconductor equipment and materials,
DBC,
Inflation beneficiary equities,
Korean refiners,
CRAK,
BOAT,
FRO,
028670.KS,
011200.KS,
LVMH,
High-end luxury goods,
OREAL,
4911.T,
090430.KS,
KOSDAQ active ETFs,
Korean sector/theme ETFs,
China advanced manufacturing/technology,
FXI,
EWY
