Samsung Electronics and SK hynix Are No Longer the Underdog: 'Qualcomm Has Surrendered'; Will the 2026 Operating Profit 300 Trillion Won Era Arrive, and What Is the Best Investment Timing? | The Premiere CEO Kang Gwan-woo

Summary

Kang Gwan-woo, CEO of The Premiere, discusses Korean equities, memory semiconductors, credit balances, and brokerage stocks. He argues Samsung Electronics and SK hynix now have stronger pricing power, sees their 2026 combined operating profit potentially approaching KRW 300tn, and favors semiconductors and brokerage stocks while warning on KOSDAQ leverage and foreign selling. He also highlights Samsung's cheap valuation and high ROE and SK hynix's extraordinary ROE.

• Kang Gwan-woo says the KRW 30tn credit balance is high in absolute terms but not extreme as a percentage of market cap.
• He favors Korean brokerage/securities stocks as money shifts from banks toward securities firms.
• He views Qualcomm's guidance cut as evidence of memory shortage and stronger pricing power for Samsung and SK hynix.
• He says Samsung and SK hynix could approach a combined KRW 300tn operating profit in 2026.
• He argues Samsung Electronics is cheap with ROE above 25%, improving foundry prospects, and potential shareholder returns.
• He says SK hynix's ROE above 60% makes its stock rally look justified despite softer 2027 margin consensus.
• He recommends keeping semiconductor exposure as a core holding but raising cash during volatility.
• He warns that KOSDAQ credit balances and turnover are excessive and that foreign selling/short balances need monitoring.