Why Six Foreign IBs Simultaneously Turned to Buy on SK Hynix: 'Semiconductor Peak-Out Is a Misconception' / HBM4 Game Reversed... Samsung Electronics Reversal Scenario Has Begun | Lee Ji-hwan, CEO of Aurora Investment Advisory

Summary

Lee Ji-hwan, CEO of Aurora Investment Advisory, argues foreign investment banks have shifted back to a buy stance on Korean memory semiconductors, especially SK Hynix and Samsung Electronics, and that peak-out fears are premature. He sees HBM and DRAM pricing power intact, expects HBM4 qualification to favor Samsung and SK Hynix over Micron, and views Samsung as a longer-term winner in next-generation fusion chips. He also discusses market volatility, shareholder return, export data, and a possible re-rating to 10x PER for memory names.

• Foreign IBs including Morgan Stanley shifted to buy on SK Hynix after the correction.
• Leveraged ETF deleveraging is mostly done and foreign long-term inflows may reduce KOSPI volatility.
• HBM and commodity DRAM price fears are seen as exaggerated; memory suppliers retain pricing power.
• Micron is seen as the likely HBM4 bottleneck, while Samsung and SK Hynix are initial supply beneficiaries.
• Samsung Electronics is framed as a next-generation fusion-chip leader and preferred over SK Hynix on shareholder return.
• Memory re-rating to 10x PER is possible if long-term contracts become the majority of revenue.
• The strongest memory momentum is expected around Q4 and year-end.