End of semiconductor fear? Now is the time to prepare for a rebound | Kwon Taek-jung, Deputy Branch Manager of Hana Securities The Centerfield W [Double Crew]

Summary

Deputy Branch Manager Kwon Taek-jung from Hana Securities discusses the extreme KOSPI selloff that pushed valuations to global financial crisis levels and argues the worst is over. He recommends buying the KOSPI index via ETFs as the primary rebound strategy, highlights SK hynix as a top pick ahead of its ADR listing with potential 20% premium convergence, and sees KOSDAQ 150 large caps benefiting from oversold ETF inflows. He also introduces a new LLM token usage index as a useful semiconductor demand gauge and dismisses fears that the memory cycle is ending.

• KOSPI forward PER briefly fell below the Global Financial Crisis low, signaling an extreme valuation reset
• Foreign investors returned to net buying after 14 straight selling days, and NPS mechanical selling is easing
• Historically, buying the index basket (KODEX 200, leveraged ETFs) captures the fastest recovery after sharp drops
• SK hynix’s ADR listing is a near-term catalyst that could bring a TSMC-like 15–20% premium if cross-border custody is allowed
• Hyperscalers are issuing bonds to fund AI capex, defying peak-cycle fears; supply remains tight
• KOSDAQ 150 is rebounding on passive ETF inflows, with top market-cap stocks leading the bounce
• A newly launched Bloomberg SD LLMTK index tracks real LLM token consumption and may serve as a front-line indicator for AI semiconductor demand