Is Manspi possible? The key is the semiconductor investment war | Kim Jang-yeol, Head of Research Center, Unistory Asset Management

Summary

Kim Jang-yeol argues that semiconductor stocks are still cheap despite recent gains, driven by forced AI investment from big techs. He recommends buying Samsung Electronics and SK Hynix on dips, and sees KOSPI rising to 11,500. He also highlights a specific equipment stock opportunity in ISC and warns that a US 10y yield above 5% could trigger a major correction.

• Big techs are forced to invest in AI, keeping semiconductor demand strong.
• Samsung and Hynix have low P/E ratios and high earnings growth expectations.
• Buy on dips with a 5-tranche strategy; target prices 43-60M won for Samsung and 270-370M for Hynix.
• ISC has a 20-30% upside to target price after a pullback.
• KOSPI could reach 9,500-11,500 if semiconductor stocks hit targets.
• US 10-year yield above 5% is a key risk to monitor.
• Chinese memory competitors are not an immediate threat.
• The speaker emphasizes valuation and RPO as critical metrics for big techs.