Name: The 'Existing Formula' Has Completely Collapsed, Change Your Mind Even Now | Park Byeong-chang, Director of Asset Management Strategy Department, Kyobo Securities [Weekend Interview]
Uploaded: 2026-04-30T23:01:02+00:00
Duration: 2517 s

Speakers

Park Byeong-chang — Director, MP Partners

Summary

Park Byeong-chang, a director at Kyobo Securities, argues the old investment formula based on low PBR and value has broken and that investors should adapt to a market dominated by liquidity and AI. He sees the KOSPI uptrend intact toward 7,000 and potentially 8,000, with Samsung Electronics and SK hynix as core leaders. He also highlights AI semiconductor supply-chain rotation and power equipment as leading AI-linked areas, while warning against rotating out of semiconductor leaders into other sectors.

Park Byeong-chang of Kyobo Securities says the market's old value/PBR formula has broken.
He views the KOSPI uptrend as intact, with 7,000 likely and 8,000 visible.
Samsung Electronics and SK hynix are framed as core leaders despite earnings-growth concerns.
AI is described as still in infrastructure buildout, with internal supply-chain rotation.
Power equipment is identified as a leading AI-linked sector alongside semiconductors.
He advises keeping a large core in leading semiconductors and using satellites for extra return.
He cautions that other sectors such as shipbuilding, defense, and nuclear cannot replace semiconductor leadership.
The interview also touches on portfolio discipline, buying strength, selling weakness, and education.

Ideas

Park Byeong-chang Director, MP Partners 2:07

KOSPI can reach 7,000-8,000; stay long.

Park argues the KOSPI uptrend remains intact and that 7,000 is likely soon while 8,000 is visible if Samsung Electronics and SK hynix keep leading. The war-driven correction was a technical and supply-demand shakeout rather than a trend reversal because liquidity and AI remain intact, weak retail supply was cleared, and foreign investors have re-entered. He advises staying invested rather than selling solely because of geopolitical noise.

Park Byeong-chang Director, MP Partners 17:31

Keep Samsung and SK hynix core longs.

Park says Samsung Electronics and SK hynix remain the market's core leadership despite concerns that earnings growth is peaking. They have not shown the final parabolic blow-off move, their earnings and cash-flow outlooks are strong, and the AI semiconductor cycle is still intact. If these two fell sharply the whole market would fall, so investors should keep them as core holdings—Park suggests more than 50% core exposure—and seek additional alpha in satellites rather than rotating out of them.

Park Byeong-chang Director, MP Partners 18:07

AI semiconductor cycle remains in buildout.

Park views AI as still in the infrastructure buildout phase rather than a bubble peak. Leadership within the AI hardware supply chain rotates through GPUs, memory, telecom equipment, substrates, and CPUs, so periodic rotations and corrections do not mean the broader AI cycle is over. This supports the semiconductor and AI hardware ecosystem, and he argues Samsung/SK hynix and the Korean market remain linked to that ongoing cycle.

Park Byeong-chang Director, MP Partners 21:43

Power equipment is a leading AI sector.

Park identifies electric power equipment as the second-leading—almost co-leading—market sector alongside semiconductors, because it is part of the same AI ecosystem. Data-center and AI infrastructure demand supports power/energy equipment, and while it tends to move with semiconductors rather than replace them, he treats it as a key AI-linked leading area.

Park Byeong-chang Director, MP Partners 28:27

Large-cap growth concentration trend persists.

Park argues the old value formula based on low PBR and asset value has broken down. Global markets are increasingly concentrated in large-cap growth and AI leaders, as shown by TSMC representing roughly half of Taiwan's market cap, and he says investors should adapt to this concentration trend rather than fight it with old contrarian value approaches.

The 'Existing Formula' Has Completely Collapsed, Change Your Mind Even Now | Park Byeong-chang, Director of Asset Management Strategy Department, Kyobo Securities

Summary

Ideas

Up Next