Intel, Micron Soar...Samsung Electronics, SK Hynix "Rose Less," What Should We Buy Now? | Kim Jang-yeol, Head of Unistory Asset Management [Global Interview]

Watch on YouTube ↗  |  May 05, 2026 at 23:19  |  32:28  |  3PRO TV (삼프로TV)
Speakers
Kim Jang-yeol — Reporter, The Bell

Summary

Kim Jang-yeol discusses the semiconductor sector, highlighting that Korean memory stocks are undervalued relative to US peers and recommends buying them. He warns that US memory stocks like Micron have already re-rated and are less safe. He also advises monitoring Intel and AMD due to high valuations but potential overshoot.

  • Kim argues Samsung Electronics and SK Hynix trade at low P/E multiples (5x) vs US peers (8-10x).
  • He believes the Korea discount will narrow, driving upside for Korean memory stocks.
  • He advises against buying Micron and SanDisk at current levels as they have already re-rated.
  • He views Intel and AMD as high-risk but worth watching due to CPU shortage narrative.
  • He mentions that Samsung's foundry business is a positive but not enough to swing the stock alone.
  • The global semiconductor demand remains strong driven by AI and server CPU shortages.
  • He cautions that any unexpected macro event could cause sharp pullbacks.
Trade Ideas
Kim Jang-yeol Reporter, The Bell 5:02
Korean memory stocks undervalued relative to peers
Samsung Electronics and SK Hynix are trading at very low P/E multiples of 5x-5.5x on consensus earnings, while US memory peers Micron and SanDisk trade at 8x-10x. This undervaluation is due to Korea discount factors (geopolitical risk, labor issues), but these do not fundamentally impair earnings. As the semiconductor cycle continues and earnings grow, the valuation gap should narrow, leading to significant upside. Both companies also benefit from strong AI-driven memory demand and CPU shortages.
005930.KS 000660.KS HIGH
Kim Jang-yeol Reporter, The Bell 14:00
Intel and AMD high risk, monitor
Intel and AMD have surged on CPU shortage and foundry hopes, but their valuations are very high (Intel ~100x P/E, AMD ~50x). The speaker advises not to sell too early as earnings estimates are still being updated and the stocks could overshoot. However, he also warns that analysts may downgrade or switch recommendations. This is a high-risk setup worth monitoring.
INTC AMD MED
Kim Jang-yeol Reporter, The Bell 17:47
US memory stocks too expensive to buy
Micron and SanDisk (Western Digital) have already re-rated to 8x-10x forward P/E, moving from a cyclical discount to a more normal valuation. For new investors, entering at these levels is not safe because the easy gains have been made and any earnings miss could cause significant downside. Korean stocks offer a better risk-reward.
MU WDC MED
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This 3PRO TV (삼프로TV) video, published May 05, 2026, features Kim Jang-yeol discussing 005930.KS, 000660.KS, INTC, AMD, MU, WDC. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kim Jang-yeol  · Tickers: 005930.KS, 000660.KS, INTC, AMD, MU, WDC