JPMorgan: 'SK Hynix to return 180 trillion won to shareholders by next year?' / Why foreigners dumped 1.8 trillion won in futures from 3 PM | Hwang Yu-hyeon Team Leader

[#RealMarket] JPMorgan "SK Hynix to return 180 trillion to shareholders by next year? / Reason foreigners dumped 1.8 trillion in futures from 3 PM | Hwang Yu-hyeon Team Leader
Watch on YouTube ↗  |  August 20, 2026 at 11:00  |  25:58  |  815 Money Talk (815머니톡)
Speakers
Hwang Yoo-hyun — Private Banker Team Lead, NH Investment & Securities

Summary

Hwang Yu-hyeon reviews the August 20 Korean market surge, attributing it to SK Hynix's large buyback and shareholder return news plus US Treasury action that eased long-term rates. He argues Korea's shareholder return theme is starting and supports large-cap semiconductor names plus quality KOSDAQ and materials/equipment exposure. He also explains why the late-session foreign futures selling is less important than strong spot buying.

  • SK Hynix's buyback and dividend news is treated as a major supply floor.
  • Samsung Electronics is expected to follow with shareholder return measures.
  • Korea's value-up and shareholder return theme is seen as a potential re-rating start.
  • The KOSDAQ Select Index is expected to shift flows toward profitable quality stocks.
  • Single-stock leveraged ETF AUM has shrunk, reducing market distortion, but leveraged products are still avoided.
  • Foreign futures selling around 3 PM is viewed as less important than non-arbitrage spot buying.
  • The speaker prefers large-cap semiconductor and materials/equipment names as core positions.
Ideas
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 0:21
Buybacks and dividends support SK Hynix.
SK Hynix announced a large buyback equal to about 3.3% of market cap and is expected to buy roughly 700 billion won per day until early November; dividends are likely to lift total shareholder return above 5% annually, and JPMorgan reportedly sees the shareholder return cap expanded above 50% with at least 180 trillion won of additional capacity by next year. This creates a supply floor and leaves room for further upside.
000660.KS HIGH
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 1:48
Samsung shareholder return and cheap valuation.
Samsung Electronics is expected to follow with shareholder return measures; the stock is cheap on fundamentals and not a theme-driven rally, so even after a 50% technical rebound, selling is not required. First resistance is around 200,000 won, but shareholder return expectations should help firm the downside.
005930.KS MED
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 6:32
Korea value-up re-rating is starting.
Korea's discount has been driven by weak governance and shareholder returns; these issues are now being addressed through large buybacks, cancellations, and dividends, with political momentum behind related laws. If sustained, this can start a Korean re-rating in 2025-2026 and eventually support developed-market index inclusion.
EWY Korea shareholder return theme HIGH
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 8:01
Low PBR cash-rich names become theme.
As the shareholder return theme strengthens, companies trading below 1x price-to-book with large net cash positions are likely to face rising pressure to return capital; this can become a standalone theme in the Korean market.
Korean low PBR cash-rich companies MED
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 12:25
Trade Korean semiconductor equipment/materials names.
Even on a day when Samsung Electronics and SK Hynix surged, other stocks such as semiconductor materials/equipment and KOSDAQ quality names participated, so liquidity is broadening; the speaker favors holding large-cap semiconductor names as core while actively trading Korean semiconductor materials/equipment names in this environment.
Korean semiconductor materials/equipment MED
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 15:34
KOSDAQ Select index drives quality revival.
The new KOSDAQ Select Index will be based on actually profitable companies rather than pure market cap, reducing bio and robotics weight while increasing semiconductor materials/equipment weight; ETFs tracking it are likely to attract funds and make KOSDAQ trading easier from Q4, supporting a KOSDAQ revival.
KOSDAQ MED
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 18:33
Avoid leveraged ETFs amid residual volatility.
Single-stock leveraged ETF AUM has shrunk from about 18 trillion won to the mid-5 trillion won area, reducing market distortion, but volatility is not fully normalized; sharp gap moves make leveraged products dangerous, so the speaker says to avoid leveraged ETFs and use cash/spot positions until a clearer trend forms.
Single-stock leveraged ETF MED
Hwang Yoo-hyun Private Banker Team Lead, NH Investment & Securities 22:39
Monitor SK Hynix ADR discount arbitrage.
The SK Hynix ADR discount to local shares narrowed from around 50% to 27%; the speaker expects a 20-30% band to persist and says arbitrage opportunities can be found there. For Korean investors, local SK Hynix shares are more attractive than the ADR because of taxes and the new shareholder return program.
SK Hynix ADR LOW
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This 815 Money Talk (815머니톡) video, published August 20, 2026, features Hwang Yoo-hyun discussing 000660.KS, 005930.KS, EWY, Korea shareholder return theme, Korean low PBR cash-rich companies, Korean semiconductor materials/equipment, KOSDAQ, Single-stock leveraged ETF, SK Hynix ADR. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Hwang Yoo-hyun  · Tickers: 000660.KS, 005930.KS, EWY, Korea shareholder return theme, Korean low PBR cash-rich companies, Korean semiconductor materials/equipment, KOSDAQ, Single-stock leveraged ETF, SK Hynix ADR