Foreign Supply-Demand Mockery Only Retail Absorbed, How to Distinguish 'Real Accumulation' | Myung Min-jun, Park Ga-young, Lee Ji-hwan

개미만 받아낸 외국인 수급 조롱, '진짜 매집' 구별하는 법ㅣ명민준, 박가영, 이지환 [주린이 구조대]
Watch on YouTube ↗  |  August 20, 2026 at 13:30  |  45:17  |  3PRO TV (삼프로TV)
Speakers
Lee Ji-hwan — CEO, Aurora Investment Advisory

Summary

Lee Ji-hwan, CEO of Aurora Investment Advisory, discusses how foreign investors use US option expiration to create sharp artificial drops in SK Hynix and Samsung Electronics, and how to distinguish real long-term accumulation from short-term supply/demand noise. He argues recent shareholder-return news, especially SK Hynix's buyback, and hyperscaler AI capex are supporting a durable Korean semiconductor rebound. He also outlines rate-sensitive sector positioning for the coming weeks.

  • SK Hynix's after-close buyback was timed to block foreign futures/program selling and signals multi-year shareholder return support.
  • Samsung Electronics saw long-term fund accumulation begin about three weeks before, absorbing passive/hedge fund selling.
  • Sharp pre-option-expiry drops in big tech/AI names are often artificial and tend to reverse after expiry.
  • Hyperscaler earnings/capex are the decisive turning point for AI memory and Korean semiconductor sentiment.
  • Lee rejects Morgan Stanley's 'Winter Coming' bear report as momentum-driven, not fundamentally accurate.
  • With yields likely easing into September, he favors pharma and consumer discretionary/cosmetics while treating biotech as an exit.
Ideas
Lee Ji-hwan CEO, Aurora Investment Advisory 4:35
SK Hynix buyback signals strong shareholder returns.
The after-close SK Hynix buyback was deliberately timed when foreigners could not use futures or program selling, forcing short covering and a sharp rebound. More importantly, SK Hynix is signaling a multi-year shareholder-return commitment, potentially deploying around 50% of free cash flow over 2026-2028, making the initial buyback only a small part of a much larger return program that creates a durable buyback bid and reduces manipulation-driven volatility.
000660.KS HIGH
Lee Ji-hwan CEO, Aurora Investment Advisory 7:03
Long-term funds are accumulating Samsung Electronics.
Trend-following and fundamental investing often have a sub-40% win rate, so investors must endure multiple losses before large gains; many then sell at breakeven after a recovery. If Samsung Electronics and SK Hynix have bottomed and begin a new long-term uptrend, fundamental investors should not sell at breakeven but hold for the larger move, as Hynix historically could be held from low prices to far higher levels.
005930.KS HIGH
Lee Ji-hwan CEO, Aurora Investment Advisory 12:14
Big tech faces option-expiry volatility.
Around U.S. option expiration weeks, big-tech volatility repeatedly spikes and plausible-sounding news is used to force sharp moves; after expiration the news often disappears and prices return to normal. Investors should be cautious during this window and avoid reacting immediately to headline-driven drops.
XLK MED
Lee Ji-hwan CEO, Aurora Investment Advisory 42:51
Favor pharma over biotech as yields fall.
Lee expects no Federal Reserve rate hike before the November midterm elections, and with Treasury yields easing into the September FOMC, he sees the rate-sensitive pharmaceutical sector as an area to watch and buy. Biotech, by contrast, should be used as an opportunity to exit rather than as a new long.
XLV MED
Lee Ji-hwan CEO, Aurora Investment Advisory 42:51
Favor pharma over biotech as yields fall.
Lee expects no Federal Reserve rate hike before the November midterm elections, and with Treasury yields easing into the September FOMC, he sees the rate-sensitive pharmaceutical sector as an area to watch and buy. Biotech, by contrast, should be used as an opportunity to exit rather than as a new long.
XBI MED
Lee Ji-hwan CEO, Aurora Investment Advisory 43:34
Consumer discretionary and cosmetics look supported.
With Treasury yields likely staying lower into the September FOMC window, consumer discretionary and beauty deserve attention through September. Estee Lauder, a global cosmetics leader, reported earnings and jumped 16%, and Korea's cosmetics export performance has been notable, supporting a positive tactical view on the consumer/beauty complex.
XLY Korean cosmetics exporters EL MED
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This 3PRO TV (삼프로TV) video, published August 20, 2026, features Lee Ji-hwan discussing 000660.KS, 005930.KS, XLK, XLV, XBI, XLY, Korean cosmetics exporters, EL. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Ji-hwan  · Tickers: 000660.KS, 005930.KS, XLK, XLV, XBI, XLY, Korean cosmetics exporters, EL