Daily Morning Fund Managers' Operation Meeting Live | Park Se-ik Senior Managing Director & Chesley Investment Advisory [Morning Brief / 26.09.04.Fri]

Watch on YouTube ↗ | September 04, 2026 at 00:53 | 2:28:45 | Chesley Investment Advisory (체슬리투자자문)

Speakers

Wang — Manager

Jun-hyuk — Analyst

Choi Il-ho — Vice President, Chesley Investment Advisory

Park Seong-gu — Manager

Park Se-ik — CEO, ex-Chief Strategist

Summary

The Chesley morning briefing covered global markets across two parts. In part one, the team reviewed China A-shares and a detailed bullish Chinese MLCC name, US market strength after Waller's dovish comments, and Bitcoin's technical breakout. In part two, the team analyzed the ISM services and AI adoption surveys, Lululemon's weak earnings, Korean market positioning, European bond divergence, and the Samsung Electronics/SK Hynix memory debate.

China A-shares were mixed; property transaction recovery expectations supported real estate, while shipping and materials names were strong.
Wang detailed a bullish case on Chinese MLCC maker Sanjeonja based on AI MLCC demand, ASP increases, margin expansion, domestic substitution, and separator upside.
US equities rallied as Waller's dovish comments lowered rate-hike expectations and supported growth and software names.
Bitcoin broke above its 50-day moving average near 81,300 dollars on favorable macro and technical drivers.
ISM services came in strong but its price index rose, and the NY Fed survey showed AI adoption broadening but still shallow investment.
Lululemon was rejected as an attractive setup after weak revenue, poor traffic, inventory markdown risk, and deeply disappointing guidance.
Samsung Electronics was defended as cheap and fundamentally intact, with Park Se-ik adding a buy-on-fear view for Samsung and SK Hynix.
In Korean defense, Hanwha Aerospace and LIG Nex1 remained in box ranges while Hyundai Rotem broke down, making it relatively unattractive.

Ideas

Wang Manager 16:52

Bullish Sanjeonja on MLCC and separator.

Chinese MLCC maker Sanjeonja is benefiting from AI MLCC demand, ASP increases, supply tightness, and China domestic substitution. Q2 results beat consensus by 12-15%, gross margin expanded to 44.9%, operating margin to 30.5%, and its separator/SFC business could add significant value; the manager estimates the separator business alone could be worth about 32 trillion won and a 1.2x PBR gives a target near 138 with about 28% upside.

Jun-hyuk Analyst 34:42

Bitcoin breaks 50-day MA; stay long.

Bitcoin cleared the 50-day moving average near 81,300 dollars and broke above resistance, triggering short liquidation. Favorable catalysts include Trump's war-end comments, yen appreciation reducing yen-carry unwind risk, Waller's dovish comments lowering rate-hike expectations, robust technical momentum, and spot ETF inflows.

Choi Il-ho Vice President, Chesley Investment Advisory 72:15

Lululemon demand and guidance deteriorating.

Lululemon's Q2 revenue fell 4% YoY and missed consensus, same-store sales dropped 9%, and the Americas fell 8%. Visitor traffic declined across stores and online, core leggings and accessories weakened sharply, and elevated inventory will force markdowns. Q3 guidance was far below consensus with revenue down 10-11% and EPS of 0.93-0.98 versus 2.41 expected, so the deteriorating demand and margin quality make the stock unattractive.

Park Seong-gu Manager 90:07

Avoid Hyundai Rotem; prefer Hanwha/LIG.

Within Korean defense/aerospace, Hanwha Aerospace and LIG Nex1 still have gradually improving earnings and margins and remain in box ranges, but Hyundai Rotem lacks that improvement and has broken down through its box range, making it unattractive relative to Hanwha and LIG.

Park Seong-gu Manager 90:07

Avoid Hyundai Rotem; prefer Hanwha/LIG.

Within Korean defense/aerospace, Hanwha Aerospace and LIG Nex1 still have gradually improving earnings and margins and remain in box ranges, but Hyundai Rotem lacks that improvement and has broken down through its box range, making it unattractive relative to Hanwha and LIG.

Park Seong-gu Manager 106:52

Samsung Electronics valuation cheap, fundamentals intact.

Samsung Electronics' valuation has returned to pre-AI levels with 12-month forward PBR of 1.7x and PER of 4.3x, yet DRAM supply is expected to stay tight through 2028, HBM-driven DRAM ASP is forecast to rise 15%, 5%, and 22% in 3Q, 4Q, and 1Q26, and China AI infrastructure demand is strong. Shareholder returns are supportive: at 25,000 won the common dividend yield is about 8.3% and the preferred yield about 11%. The call is to stay centered rather than panic.

Park Seong-gu Manager 124:19

Prefer Samsung over SK Hynix now.

Park argues that if consensus for 2027 semiconductor earnings of roughly 530-550 trillion won is intact, the current fear in Samsung Electronics and SK Hynix is overdone. As fear increases and prices fall, investors should buy into Samsung Electronics and SK Hynix on weakness because the stocks have become attractively priced and upcoming earnings should reduce the fear.

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This Chesley Investment Advisory (체슬리투자자문) video, published September 04, 2026, features Wang, Jun-hyuk, Choi Il-ho, Park Seong-gu discussing Sanjeonja, BTC, LULU, 064350.KS, 012450.KS, 079550.KS, 005930.KS, 000660.KS. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Wang, Jun-hyuk, Choi Il-ho, Park Seong-gu · Tickers: Sanjeonja, BTC, LULU, 064350.KS, 012450.KS, 079550.KS, 005930.KS, 000660.KS