Samsung Electronics and SK hynix Combined Operating Profit Exceeds 250 Trillion Won; Don't Worry About the Exchange Rate; Foreign Investors Cannot Leave the Korean Stock Market

삼성전자, SK하이닉스 합산 영업이익 250조 돌파! 환율 걱정마세요. 외인은 한국증시를 절대 떠날 수 없습니다.ㅣ이영훈 이사

Watch on YouTube ↗ | January 16, 2026 at 23:01 | 18:16 | 815 Money Talk (815머니톡)

Speakers

Lee Young-hoon — Director

Summary

Director Lee Young-hoon of iM Securities discusses why the KOSPI has risen above 4,800 while many investors still feel underinvested. He argues Korean equities remain more attractive than US equities, led by Samsung Electronics and SK hynix earnings, and sees the dollar and USD/KRW as range-bound rather than a reason for foreign outflows. He also presents tactical preferences for January earnings, shipbuilders, and biotech timing.

KOSPI has surpassed 4,800 but returns are polarized, with growth and alpha themes outperforming.
Samsung Electronics and SK hynix are expected to see combined operating profit above 250 trillion won, with low valuations versus earnings growth.
USD/KRW is viewed as range-bound, with a 1,500 breakout unlikely and mid-1,300s as a likely lower bound.
The dollar index is expected to weaken due to US fiscal pressure, liquidity operations, and likely rate cuts.
Korean shipbuilders are favored for the year on earnings, orders, and potential US Navy and MRO opportunities.
January should focus on earnings and KOSPI over KOSDAQ; biotech is a year-long hold but increasing exposure should wait until after earnings season.
Corporate governance reform and delisting of weak companies are seen as supporting a Korean market re-rating.

Ideas

Lee Young-hoon Director 5:18

Dollar index likely to weaken further

The US dollar index is likely to weaken again this year. Last year saw the first dollar weakness in over a decade, and that trend can continue because US credibility is under pressure, the Fed is effectively supplying liquidity through short-term bill purchases, the Trump administration is pushing Fannie Mae and Freddie Mac to release liquidity, and US debt interest costs make lower rates and currency debasement likely. At least two rate cuts are possible.

Lee Young-hoon Director 7:26

Won likely range-bound with capped upside

The Korean won is fundamentally undervalued and USD/KRW is likely to stay range-bound. A break above 1,500 is unlikely without a special shock, while a move into the 1,200s is also unlikely; if the won strengthens, the pair may fall only to the mid-1,300s. Dollar-index weakness, US fiscal and rate-cut pressures, and already-reflected Korean liquidity and US investment issues limit one-way won weakness, so FX should not drive foreign investors out of Korean equities.

Lee Young-hoon Director 8:03

Korean chip duo earnings outpace prices

Samsung Electronics and SK hynix are the core Korean AI semiconductor IDM beneficiaries and were late starters versus Micron. Their combined operating profit has surpassed 250 trillion won, with Samsung about 150 trillion and SK hynix about 115 trillion, and could reach 300 trillion in 2026, outpacing their stock-price gains. SK hynix trades below 10x P/E, and Samsung likely would too if 150 trillion won earnings materialize. Memory shortage and foundry normalization expectations support the group.

Lee Young-hoon Director 11:36

Korean stocks attractive versus US market

Korean equities are more attractive than US equities. Although the KOSPI has already risen above 4,800 and market returns are polarized, growth with an additional alpha driver remains the preferred area. Foreign investors are unlikely to leave Korea because Samsung Electronics and SK hynix earnings are rising rapidly while valuations remain low, and government corporate-governance reform and delisting of weak companies can support a re-rating and reduce money burning in speculative stocks.

Lee Young-hoon Director 14:11

Prefer KOSPI over KOSDAQ in January

January should be focused on earnings rather than biotech or KOSDAQ. With record earnings expected, the KOSPI large-cap market is more favorable than the KOSDAQ, so investors should favor KOSPI over KOSDAQ during the earnings season.

Lee Young-hoon Director 14:34

Biotech is a year-long hold

The Korean biotech sector has been oversold and may be in the process of finding a bottom rather than immediately starting a new rally. It is still a sector to hold over the year, but January should focus on earnings, so investors should wait until around the end of earnings season before increasing biotech exposure.

Lee Young-hoon Director 15:23

Hold Korean shipbuilders through the year

Korean shipbuilders are a year-long holding. Earnings and orders should support the downside, while concrete US Navy project orders can drive a level-up. With China excluded from the US Navy market, Korea and Japan should share the opportunity; winning even about 50% would also open the MRO market, creating recurring revenue, a larger market, and more stability than the commercial-ship cycle. Margins on US Navy orders are attractive.

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This 815 Money Talk (815머니톡) video, published January 16, 2026, features Lee Young-hoon discussing DXY, USD/KRW, 005930.KS, 000660.KS, EWY, KOSDAQ, Korean biotech sector, Korean shipbuilders. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Young-hoon · Tickers: DXY, USD/KRW, 005930.KS, 000660.KS, EWY, KOSDAQ, Korean biotech sector, Korean shipbuilders