Buzzberg Cup Live

Samsung's Record Profit Fails to Impress | The Asia Trade 7/7/2026

Watch on YouTube ↗  |  July 07, 2026 at 04:38  |  1:35:12  |  Bloomberg Markets
Speakers
SK Kim — Executive Director and Analyst, Daiwa Securities
Masahiro Wakasugi — Senior Industry Analyst, Bloomberg Intelligence
Tatsuo Yamazaki — Former Vice Finance Minister, Japan
Wei Li — Global Chief Investment Strategist, BlackRock
Ron Window — Oil Trading Reporter, Bloomberg
Anthony Stevens — Bloomberg Market Producer
Leanne Ting — Managing Editor, Asia Equities, Bloomberg

Summary

Samsung's record Q2 profit beat estimates but failed to impress, with the stock falling as elevated expectations weighed. SK Hynix's upcoming US ADR listing and strong AI memory demand were positive catalysts for the sector. Former Japanese currency chief Tatsuo Yamazaki argued the yen is 20% undervalued and should strengthen, while BlackRock's Wei Li outlined an overweight on US equities and underweight on JGBs. Oil hit fresh lows amid Saudi price cuts and fears of a supply glut.

  • Samsung Q2 operating profit surges 19-fold to ~89.4 trillion won, beating consensus, but the stock drops on high expectations.
  • SK Hynix begins formal marketing for its $28 billion US ADR listing, seen as a positive catalyst and rerating driver.
  • AI memory demand remains strong, benefiting the broader semiconductor equipment and materials supply chain.
  • Former Japanese Vice Finance Minister Tatsuo Yamazaki says the yen is substantially undervalued and should be around 130 per dollar.
  • BlackRock strategist Wei Li recommends overweight US equities, underweight JGBs, and upgraded EM dollar debt.
  • Oil hits five-month lows as Saudi Arabia slashes prices, signaling a potential supply glut.
  • China tech stocks rotate into laggards like healthcare and consumer as AI earnings expectations become demanding.
Ideas
Masahiro Wakasugi Senior Industry Analyst, Bloomberg Intelligence 10:01
AI memory demand fuels equipment suppliers.
AI investment is shifting from training to inference, requiring different memory and storage systems, broadening demand across DRAM and NAND. Memory companies like Samsung, SK Hynix and Kioxia are investing heavily to expand capacity, which is strongly positive for the materials and equipment supply chain. The entire semiconductor supply chain is in a 'hot' phase with sustained demand.
SMH MED
SK Kim Executive Director and Analyst, Daiwa Securities 27:33
Multi-year LTAs, strong OP, shareholder returns.
Samsung's Q2 operating profit significantly beat consensus even after including one-off bonus costs, with actual OP likely over 100 trillion won. The company has multi-year long-term agreements (LTAs) providing structural earnings stability over 3-5 years. Samsung's leading-edge foundry (2nm) offers a competitive cost/performance edge vs. TSMC's 3nm. Anticipates a sizable shareholder return program in H2, the final year of its three-year policy, which will drive the stock rerating.
005930.KS HIGH
SK Kim Executive Director and Analyst, Daiwa Securities 33:16
ADR listing catalyst, passive fund demand.
SK Hynix's US ADR listing will be a very positive catalyst, narrowing its valuation discount to Micron. Inclusion in indexes like the Nasdaq 100 would trigger massive passive fund buying, creating a long-term positive demand dynamic for the stock.
000660.KS HIGH
Tatsuo Yamazaki Former Vice Finance Minister, Japan 40:12
Yen undervalued 20%, BOJ to hike.
The yen is substantially undervalued by 10-20%, fair value around 130 per dollar based on economic fundamentals. The interest rate differential narrative is bogus; the BOJ's next move is definitely a rate hike, possibly followed by several hikes, while the next Fed move is at most a one-time event. Speculative positioning is driving the yen weaker, and intervention remains a tool to correct the mispricing.
FXY HIGH
Wei Li Global Chief Investment Strategist, BlackRock 56:16
Overweight US equities on structural strength.
Overweight US equities based on a combination of leading corporate sectors, living models, energy independence, and the depth of its capital markets. Took profit on emerging market equities, going neutral, but US equities remain preferred.
SPY HIGH
Wei Li Global Chief Investment Strategist, BlackRock 59:12
Underweight JGBs on BOJ policy, reflation.
Underweight Japanese government bonds due to the policy direction of travel and the reflation trade. Prefer equities in Japan over government bonds. The BOJ is seen falling behind the curve, adding pressure on JGB yields.
JGBUX HIGH
Wei Li Global Chief Investment Strategist, BlackRock 60:56
Upgrade EM dollar bonds for income.
In a higher-for-longer rate environment, income has become very attractive. Upgraded emerging market dollar-denominated debt to take advantage of attractive yields while government bonds have gained an income role even as they lost diversification benefits.
Emerging Market USD Bonds MED
Ron Window Oil Trading Reporter, Bloomberg 63:09
Oil glut, Saudi cuts, prices falling.
Oil prices have hit fresh five-month lows as Saudi Arabia makes the biggest cut to its flagship crude prices in at least 26 years, signaling an impending supply glut. Asian buyers still see Saudi prices as high, so further cuts are possible. OPEC+ is returning more supply, and the market is rapidly repricing from scarcity to oversupply.
BNO MED
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This Bloomberg Markets video, published July 07, 2026, features Masahiro Wakasugi, SK Kim, Tatsuo Yamazaki, Wei Li, Ron Window discussing SMH, 005930.KS, 000660.KS, FXY, SPY, JGBUX, Emerging Market USD Bonds, BNO. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Masahiro Wakasugi, SK Kim, Tatsuo Yamazaki, Wei Li, Ron Window  · Tickers: SMH, 005930.KS, 000660.KS, FXY, SPY, JGBUX, Emerging Market USD Bonds, BNO