KOSPI 7,000 Era! Only 'Leading Stocks' Remain... Strategy After New High? | Lee Da-sol, Meritz Securities Gangnam Premier Center Branch Manager [Yeouido Insight]

Summary

Lee Dasol, a Meritz Securities branch manager, analyzes the KOSPI reaching 7,000 and argues the rally is justified by strong AI-driven earnings and low valuations. He stresses staying overweight in leading AI/semiconductor stocks and highlights Interactive Brokers as a structural catalyst for new foreign capital inflows. The discussion covers the cyclical vs. structural debate on AI, the breaking of the Korea discount, and portfolio strategy for this regime.

• KOSPI broke 7,000 on May 6, 2025, after a March correction.
• Lee Dasol believes the rally is fundamentally supported by AI-driven earnings and low valuations.
• He emphasizes that the leading sector—AI/semiconductors—should dominate portfolios.
• Foreign inflows are picking up, partly due to new retail access via Interactive Brokers.
• AI investment is seen as structural, not cyclical, with demand for computing power and memory set to rise.
• The Korea discount is being addressed through governance improvements and easier foreign access.
• Portfolio strategy should prioritize leading stocks while allowing minor positions in catch-up sectors.
• Personal anecdote about AI usage costs illustrates the growing demand for compute resources.