A Market Without Bad News, Will KOSDAQ Follow?_26.06.15. | Lee Hyeok-jin, Yeo Do-eun, Heo Jae-mu [Morning N Investment]

Summary

Lee Hyeok-jin lays out a market broadening thesis: the AI-led concentration in semiconductors will rotate into semiconductor equipment, biotech, and KOSDAQ quality stocks, triggered by an expected oil decline below $80 and a more dovish Fed after a likely Iran ceasefire. He names specific positions including Samsung Electronics, SK Hynix, Korean and Japanese equipment, US and Korean healthcare, and electric power equipment, while warning against penny stocks. Historical analogues and upcoming KOSDAQ reforms support the dispersion call.

• Ceasefire hopes and Trump’s incentives may ease geopolitical risks, supporting risk assets broadly.
• WTI crude oil is expected to fall below $80, historically a turning point for healthcare and growth stocks.
• The AI capex cycle is entering its equipment phase, benefiting Korean and Japanese semiconductor equipment firms.
• Samsung Electronics and SK Hynix valuations suggest over 30% upside as the memory recovery strengthens.
• KOSDAQ’s tiered index system from July will direct pension flows into profitable large-cap stocks.
• Sectors like electric power equipment and construction machinery are set to benefit from lower rates and post-war rebuilding.
• Penny stocks face heightened delisting risk under new rules and should be strictly avoided.