Semiconductor Stock Correction Market, More Important Than Stop-Loss Is 'Purchase Price'. | Kim Jang-yeol, Unistory Asset Management Research Center Head [Focus Today's Stock]

Summary

Kim Jang-yeol analyzes the current semiconductor stock correction, attributing the selloff to big tech funding, index rebalancing, and a new Korean tax proposal on unrealized gains. He argues the drop creates a buying opportunity for Samsung Electronics and SK Hynix, which trade at deeply discounted valuations relative to Micron, and reiterates his positive view on Micron itself.

• Recent correction driven by known factors (big tech equity issuance, rebalancing) and a new negative catalyst (Korean unrealized gains tax talk).
• Samsung Electronics and SK Hynix valuations are near 5-6x 2027 P/E, historically cheap and at a wide discount to Micron.
• The AI memory demand story remains intact; Micron earnings could be a positive catalyst for the whole memory sector.
• The speaker personally remains positive on Micron, citing reasonable ~7.5x forward P/E.
• He advises disciplined buying on dips, suggesting entry below 0.8x of fair value targets to manage noise and potential tax risk.
• Market breadth and concentration are becoming less comfortable, but Korea’s absolute valuation is low (KOSPI ~7.7x trailing P/E).
• The unrealized gains tax proposal is seen as unlikely to pass but is a near-term sentiment headwind.