Will September's Stock Market Be Sluggish? The 'Diffusion' Opportunity Is Here... Why Are Shares of Samsung Electronics and SK Hynix Falling Despite Good Earnings? | Park Ji-hoon, Lee Tae-won, Yeo Do-eun, Heo Jae-mu

Will the September stock market be sluggish? The opportunity for 'diffusion' is here... Why are the stock prices of Samjeonnix, which have good earnings, falling? | Park Ji-hoon, Lee Tae-won, Yeo Do-eun, Heo Jae-mu [Morning N Investment]
Watch on YouTube ↗  |  September 02, 2026 at 02:30  |  55:58  |  3PRO TV (삼프로TV)
Speakers
Park Ji-hoon — Director, Asset Management Consulting Dept., NH Investment & Securities
Lee Tae-won — Branch Manager, NH Investment & Securities Ichon-dong Center

Summary

Park Ji-hoon and Lee Tae-won join Heo Jae-mu and Yeo Do-eun to discuss September market risks and sector opportunities. They argue KOSPI is rangebound into the FOMC but see semiconductor downside protected by buybacks and long-term earnings-supported upside. Park highlights secondary batteries, regional balanced-development/data-center names such as GS E&C, and Samyang Foods, while Lee highlights cosmetics and biohealth exports, Samsung preferred shares, and screen-based laggards. The main implication is to use September volatility to accumulate select earnings-upgraded and policy-supported names rather than chase the index.

  • Geopolitical and 10-year Treasury risks near 4.8% create a macro overhang but no direct oil trade is recommended.
  • KOSPI is expected to stay rangebound until the September FOMC, with Samsung Electronics and SK hynix buybacks cushioning downside.
  • Semiconductors are viewed as having earnings and valuation support, though foreign profit-taking and Chinese memory competition remain concerns.
  • Secondary batteries and ESS are seen as a re-rating theme, with Samsung SDI and LG Energy Solution named.
  • Policy-driven data-center and construction exposure is highlighted through GS E&C and domestic AI/data-center names.
  • Cosmetics and biohealth exports are strong, with Korean Kolmar and Celltrion cited as institutional accumulation plays.
  • Samyang Foods is seen as an export story with a near-term inheritance-tax overhang ending in early September.
  • Speakers recommend watching for foreign buying to return after the mid-September FOMC before broad market direction improves.
Ideas
Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 18:39
Crypto benefits from stablecoin Treasury demand.
The falling purchasing power of the dollar is pushing the US to rely on short-term debt, with banks set to buy short-term Treasuries under looser regulation and stablecoin issuers also forced buyers. This steady short-term debt bid is one reason digital asset and crypto prices have bounced from their lows.
BITO LOW
Lee Tae-won Branch Manager, NH Investment & Securities Ichon-dong Center 20:26
KOSPI rangebound until September FOMC.
September is traditionally weak and foreign selling is continuing, but Samsung Electronics and SK hynix buybacks of about 1.5 trillion won daily provide a downside cushion. The KOSPI is likely to stay rangebound until the September 16 FOMC, after which the Fed's rate direction will determine whether foreigners return and the market breaks out.
EWY MED
Lee Tae-won Branch Manager, NH Investment & Securities Ichon-dong Center 27:03
Korean semis can outperform on earnings.
Fidelity's semiconductor report argues EPS growth is exceeding share-price gains, historically giving near 100% odds of semiconductor gains over the next 12 months; semis also trade near the bottom quartile of relative PER with 77% probability of outperforming. Because Korean and US semis are linked, Samsung Electronics and SK hynix should outperform into year-end/next year, with buybacks sealing the downside.
005930.KS 000660.KS HIGH
Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 32:46
Battery earnings recovering; buy SDI, LGES.
Samsung SDI and LG Energy Solution saw consensus earnings bottom in Q1 and then get revised up from March while stock prices lagged. ESS momentum returned in August; Samsung SDI became the sector leader because its GM joint venture conversion to ESS and Samsung Display stake sale fund ESS capex, plus solid-state humanoid battery optionality. LG Energy Solution has larger ESS capacity and is competing for the humanoid cylindrical battery selection expected in Q1 next year.
006400.KS HIGH
Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 35:23
LNF faces short-term LFP approval risk.
LNF has rallied hard from the bottom but faces a clear event risk: if a customer approves LFP supply from Posco Future M in September, Posco Future M takes some of the LFP pie, creating a short-term short/momentum issue for LNF. LNF is still winning for now, so this is an event to monitor rather than an active short yet.
066970.KS MED
Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 38:19
Naver, SDS, SK Telecom AI beneficiaries.
In the domestic AI/data-center theme, SK Telecom is the obvious Entropic-listing beneficiary, while Naver and Samsung SDS are the two domestic AI platform companies with data-center connectivity. As data-center investment builds, these are the clearest local AI/data-center expressions.
017670.KS 018260.KS 035420.KS LOW
Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 39:11
GS E&C is cheap data-center beneficiary.
Balanced regional development is the strongest multi-year government policy driver, and construction is the top sector beneficiary. GS Group's East Sea data center project could generate 2-3 trillion won annual revenue and 200-300 billion won operating profit once completed, with GS E&C the likely builder. GS E&C is low PBR, around 5-6x PER, and has subsidiary sale proceeds that can cut debt and interest costs, giving both policy and data-center momentum.
006360.KS HIGH
Lee Tae-won Branch Manager, NH Investment & Securities Ichon-dong Center 41:50
Korean Kolmar rides cosmetics export boom.
Korean cosmetics exports grew 37.8% in July and 52% in August, and have been positive for nine consecutive months. Korean Kolmar, a representative cosmetics name, saw institutions accumulate over 600,000 shares from July and foreign buying before reporting 50% operating profit growth and 68% net profit growth, driving a sharp rally; the export trend supports continued strength.
161890.KS HIGH
Lee Tae-won Branch Manager, NH Investment & Securities Ichon-dong Center 42:35
Celltrion benefits from biohealth export growth.
Biohealth exports rose 30.4% in July and stayed strong in August. Celltrion is a large-cap biotech that began rising from August 1 with institutional and foreign accumulation; the data supports biohealth as an alternative export theme to semiconductors.
068270.KS HIGH
Lee Tae-won Branch Manager, NH Investment & Securities Ichon-dong Center 45:22
Samsung preferred offers discount-narrowing upside.
Private funds bought Samsung Electronics preferred shares rather than common during August. The common/preferred discount widened from a typical 25% to over 50% after June, and funds appear positioned for that gap to narrow, making the preferred a cheaper path to Samsung exposure with discount-narrowing upside.
005935.KS MED
Lee Tae-won Branch Manager, NH Investment & Securities Ichon-dong Center 47:28
Own earnings-upgraded laggards with institutional inflows.
Screening for market cap above 1 trillion won, forward earnings upgrades, not having already surged relative to the market, and healthy foreign/institutional inflows identifies LG Energy Solution, LS, Yuhan, Daeduk Electronics, and TES. These are mostly secondary battery, bio, and semiconductor equipment/materials laggards that could pay off later in Q4 once foreign selling abates after the September FOMC.
006260.KS 000100.KS 353200.KS 095610.KQ MED
Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 51:51
Samyang's tax overhang ends; exports strong.
Samyang Foods is 80% export-driven and therefore FX-linked. The inheritance tax valuation window tied to the chairman's June stock gifts ends this week on September 6, removing an artificial overhang. Export data remains strong and the China plant starts next year, so after the tax window the stock can trade on export fundamentals.
003230.KS HIGH
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This 3PRO TV (삼프로TV) video, published September 02, 2026, features Park Ji-hoon, Lee Tae-won discussing BITO, EWY, 005930.KS, 000660.KS, 006400.KS, 066970.KS, 017670.KS, 018260.KS, 035420.KS, 006360.KS, 161890.KS, 068270.KS, 005935.KS, 006260.KS, 000100.KS, 353200.KS, 095610.KQ, 003230.KS. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Ji-hoon, Lee Tae-won  · Tickers: BITO, EWY, 005930.KS, 000660.KS, 006400.KS, 066970.KS, 017670.KS, 018260.KS, 035420.KS, 006360.KS, 161890.KS, 068270.KS, 005935.KS, 006260.KS, 000100.KS, 353200.KS, 095610.KQ, 003230.KS