Name: HBM Shortage Goes Until '2028'! The Real Reason Why the AI Bubble Theory is Ridiculed | Kim Jang-yeol, Head of Research Center, Unistory Asset Management [Focus Today's Stock]
Uploaded: 2026-09-01T11:30:21+00:00
Duration: 2454 s

Speakers

Kim Jang-yeol — Reporter, The Bell

Summary

The speaker analyzes the current market dynamics, emphasizing that the AI capex cycle remains robust despite valuation concerns, supported by surging token demand. He also provides tactical views on Korean equities, advising caution on recently rallied battery stocks while highlighting long-term opportunities in defense, robotics software, and nuclear power.

AI infrastructure investments will continue as token demand is projected to grow 11-15x.
Nvidia remains a solid long-term hold, with $180 acting as a critical valuation floor.
Secondary battery stocks like LNF and POSCO Future M have reached short-term target prices and face profit-taking.
Samsung SDS presents a strong long-term upside driven by its shift to data centers and robotics orchestration software.
Doosan Enerbility is tactically favored over Hyundai E&C due to its direct exposure to Czech nuclear orders.
LIG Nex1 offers significant EPS growth potential from high-margin overseas air defense orders.

Ideas

Kim Jang-yeol Reporter, The Bell 5:45

Battery stocks are near targets, avoid buying.

Secondary battery stocks like LNF and POSCO Future M have rallied significantly on the back of cell makers' LFP and ESS momentum. However, their current stock prices have reached within 10% of analyst target prices, making them vulnerable to profit-taking and pullbacks. Investors should refrain from new purchases at these levels.

Kim Jang-yeol Reporter, The Bell 8:44

Foldable momentum and volume support short-term upside.

BH is historically cheap with a PER around 5x, but it is gaining strong momentum from Samsung and Apple's new foldable phone releases, along with potential robotics parts supply. While a 10x PER might be a stretch just for foldables, the strong trading volume suggests upward momentum, making it a viable short-term play up to 8-10x PER.

Kim Jang-yeol Reporter, The Bell 11:55

Robotics software and data centers drive upside.

Samsung SDS is shifting towards a data center leasing business and providing robot orchestration software for Samsung Electronics. If the robotics software is successfully deployed across 35 sites, it could add 30-40% to their operating profit consensus. The target price could reach the mid-300,000 won range, making it an attractive long-term investment.

Kim Jang-yeol Reporter, The Bell 31:06

Strong AI token demand justifies continued capex.

AI capex and token demand will continue to grow 11-15x, justifying the massive infrastructure investments and ROI. Nvidia's stock is supported by this fundamental demand. The $180 level is a critical floor representing a sub-15x PER; as long as it holds above this, the AI growth story remains intact.

Kim Jang-yeol Reporter, The Bell 36:37

Doosan benefits more from Czech nuclear orders.

In the nuclear sector, Doosan Enerbility is tactically favored over Hyundai E&C. Hyundai E&C is heavily tied to Westinghouse's AP1000, making it vulnerable to ongoing disputes. Meanwhile, Doosan Enerbility is the core equipment manufacturer for the Korean APR1400 reactor, directly benefiting from recent Czech nuclear orders.

Kim Jang-yeol Reporter, The Bell 36:37

Doosan benefits more from Czech nuclear orders.

Kim Jang-yeol Reporter, The Bell 39:15

High-margin overseas orders drive massive EPS growth.

LIG Nex1 has a massive 25 trillion won order backlog, which could grow by 30% due to Middle East and European air defense demand. Since overseas orders yield mid-20% margins compared to 7% domestically, EPS could surge to 30,000-40,000 won, significantly lowering its valuation multiple and making it a highly attractive long-term investment.

HBM Shortage Goes Until '2028'! The Real Reason Why the AI Bubble Theory is Ridiculed | Kim Jang-yeol, Head of Research Center, Unistory Asset Management

Summary

Ideas

Up Next