Leading Stocks Rally Unstoppable, but National Pension Service Is a Variable | Vincent, Hana Securities Analyst

Summary

Vincent, a Hana Securities analyst, presents a strongly bullish view on Korean equities, headlined by SK hynix, which he believes is entering a major revaluation phase as it lists ADRs in the US this summer. He advises buying on dips, even those caused by geopolitical shocks, and identifies power equipment as the next AI bottleneck. He also flags the National Pension Service's July rebalancing as a short-term supply event but remains confident that leading stocks will continue to outperform.

• KOSPI hits 9,000 amid historic volatility; Vincent reiterates his 'buy on dips, buy leaders' strategy.
• SK hynix is his highest-conviction long — a US ADR listing in late July/August will unlock active fund inflows and re-rate the stock.
• SK hynix Q2 earnings expected around 7 trillion won operating profit, far above consensus, with valuation cheap versus Micron.
• AI memory bottleneck (HBM) remains intact, and SK hynix continues to innovate, supporting a structural revaluation.
• Geopolitical shocks, such as Iran, are seen as buying opportunities for KOSPI, as oil markets remain calm and risks are gradually priced.
• Power equipment and electricity infrastructure emerge as a new AI bottleneck investment theme, spurred by Elon Musk's space data center vision.
• National Pension Service's ~45 trillion won rebalancing in July is a supply headwind, but expected to be absorbed by domestic and foreign flows.
• Fed's shift from transparency to strategic opacity under Powell will cause initial volatility but is not a direct trade signal.