KOSPI on a Tear… 12 Consecutive Gains Since the Start of the Year! | Park Byung-chang, Director at Kyobo Securities

Summary

Park Byung-chang, Director at Kyobo Securities, reviews the KOSPI's 12-day winning streak and near-5,000 level, arguing that short-term overheating makes chasing the index unattractive while Korea's long-term governance-reform re-rating and US reshoring benefits remain positive. He highlights leadership in Korean robots and logistics automation, semiconductors, Hyundai Motor's robotics/AI transformation, and Korean battery, shipbuilding, defense, nuclear, and power-equipment beneficiaries. He also discusses US mega-cap rotation toward Alphabet, Samsung's Taylor fab and Korean equipment suppliers, AI infrastructure broadening into PCB and satellites, and yen weakness from Japanese fiscal expansion.

• KOSPI extended a 12-day rally to near 5,000, driven by large-cap rotation and theme momentum.
• Park warned that the index is short-term overheated and not attractive to chase, though the long-term Korea re-rating story remains intact.
• Korean robots led, with logistics and process automation strongest because of nearer-term revenue and cost savings.
• Semiconductors, Samsung's Taylor fab supply chain, and broader AI infrastructure such as PCB and satellites were highlighted as key themes.
• Hyundai Motor was cited as a robotics and AI platform story after HSBC raised its target price.
• Korea is seen as a major beneficiary of US reshoring and China exclusion in shipbuilding, defense, nuclear, power equipment, and batteries.
• US mega-cap leadership has shifted, with Alphabet preferred, while Japanese fiscal expansion points to yen weakness.