In the End, Treasury Stock Cancellation Is the Answer... Aftermath of Samsung Electronics' Announcement... Why the Korean Stock Market Is on Alert Next Week | Director Lee Young-hoon

Summary

Director Lee Young-hoon discusses next week's Jackson Hole meeting, the US Treasury buyback debate, memory peak-out concerns, and the market impact of Samsung Electronics and SK Hynix shareholder returns. He argues memory is not yet at a peak and that Samsung should lead with large buyback and cancellation rather than cash dividends. He also explains why KOSDAQ sentiment is unstable and what policy changes would be needed for improvement.

• Jackson Hole is expected to bring no major Fed policy change; attention is shifting to US Treasury buyback commentary.
• Memory peak-out fears are judged premature, with HBM supply described as nearly sold out through 2028.
• SK Hynix's 40 trillion won shareholder return is seen as market-expected but still positive because more shares can be retired at lower prices.
• Samsung Electronics should expand buyback and cancellation because it lifts EPS and avoids dividend-related FX outflows.
• Samsung-led buyback/cancellation could be the starting point for normalizing Korean stock market supply.
• KOSDAQ's instability stems from leveraged ETF-driven flows, high-rate noise, supply outflows, and weak policy follow-through.
• KOSDAQ reform should focus on post-IPO execution and use of proceeds, not only delisting penny stocks.