Name: Daily Morning Fund Managers' Investment Meeting Live | Executive Director Park Se-ik & Chesley Investment Advisory [Morning Brief / 26.08.13.Thu]
Uploaded: 2026-08-13T00:28:48+00:00
Duration: 6726 s

Speakers

Wang — General Manager

Jun-hyuk — Analyst

Choi Ho — Vice President

Moon Sang-moo — Managing Director

Oh — Manager

Summary

The morning meeting covers global market updates, focusing on strong AI infrastructure earnings and macroeconomic shifts. Analysts discuss the implications of US CPI data, potential Yen intervention mechanisms, and specific stock performances in the US and Korean markets. Key highlights include deep dives into Coherent's margin expansion and Cosmax's structural turnaround.

Foxconn Industrial Internet reported strong Q2 earnings driven by AI server demand.
US CPI data met expectations, increasing the likelihood of a Fed rate hold in September.
Coherent (COHR) showed strong operating leverage and capacity expansion in its optical components business.
AI hardware investments are expanding beyond GPUs into optical components, MLCCs, and ESS.
Cosmax posted record earnings with a structural turnaround in its US operations.
JYP Entertainment faces significant headwinds due to weak earnings and upcoming artist contract/enlistment risks.

Ideas

Wang General Manager 7:33

AI server shipments drive massive revenue growth.

Foxconn Industrial Internet (FII) is benefiting from massive AI server and 800G switch shipments to major tech clients like Nvidia, Amazon, Google, and Apple. While its operating margins are low and unlikely to expand significantly, its massive scale creates a strong barrier to entry, ensuring steady revenue growth and making it a solid quality stock.

Jun-hyuk Analyst 31:33

FIMA repo liquidity boosts alternative fiat assets.

To strengthen the Yen without crashing global markets, Japan will likely use the Fed's FIMA repo facility to borrow dollars against US Treasuries and buy Yen. This mechanism will inject massive dollar liquidity into the financial system, which will flow into alternative fiat assets like Bitcoin and Gold, driving a long-term bull market for them.

Choi Ho Vice President 52:51

Wafer capacity expansion drives strong margin growth.

Coherent is demonstrating strong operating leverage driven by its datacenter and communications segment, which now accounts for 80% of revenue. The early completion of its 6-inch InP wafer capacity expansion will significantly reduce unit costs and boost margins. With orders booked through 2028 and strong demand for optical transceivers, the stock remains highly attractive despite short-term profit-taking.

Moon Sang-moo Managing Director 75:58

AI focus shifts to high-efficiency bottleneck solvers.

As AI datacenter buildouts continue, the market is shifting its focus from expensive GPUs and memory to components that offer high efficiency and solve power/data bottlenecks at a lower cost. The next hardware areas poised to generate excess returns are optical components, MLCCs, and Energy Storage Systems (ESS).

Oh Manager 87:53

US turnaround and domestic demand drive growth.

Cosmax delivered record Q2 earnings, driven by strong domestic skincare demand from inbound tourists and the first-ever profit from its US subsidiary. The structural turnaround in the US and a diversified client base suggest that its historical weak seasonality in Q3/Q4 margins may disappear this year, justifying a higher valuation target.

Oh Manager 97:16

Weak earnings and IP risks limit upside.

JYP Entertainment's Q2 earnings severely missed expectations due to weak merchandise sales, and its future outlook is deteriorating. The company faces significant risks from TWICE's contract renewals and Stray Kids' upcoming military enlistments, without strong new rookie groups to fill the revenue gap, making the stock completely unattractive for investment.

Daily Morning Fund Managers' Investment Meeting Live | Executive Director Park Se-ik & Chesley Investment Advisory

Summary

Ideas

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