Daily Morning Fund Managers' Operations Meeting Live | Park Se-ik Executive Director & Chesley Investment Advisory [Morning Brief / 2020.08.26.Thu]

Watch on YouTube ↗ | August 20, 2026 at 00:26 | 1:50:41 | Chesley Investment Advisory (체슬리투자자문)

Speakers

Wang — Analyst

Hae-soo — Analyst

Jung-ryuk — Analyst

Oh — Analyst

Park Se-ik — CEO, ex-Chief Strategist

Summary

The video discusses recent earnings and market movements across Chinese, US, and Korean markets. Key highlights include Xiaomi's earnings beat, Moderna's successful cancer vaccine trials, and the positive impact of new SEC rules on the crypto ecosystem. The analysts also contrast corporate actions, such as share dilution in Nebius versus strategic warrants in Marvell, and highlight strong growth prospects for Samsung Electro-Mechanics and SK hynix.

Xiaomi reported strong Q2 margins and smartphone ASP growth, with potential in its EV business.
Moderna's Phase 3 success in personalized mRNA cancer vaccines could re-rate the company as an oncology platform.
The SEC proposed new rules providing clearer fundraising paths and exemptions for crypto projects.
Nebius Group faces stock pressure due to convertible bond issuance and negative free cash flow.
Marvell's warrant deal with Google secures massive potential AI chip revenue, outweighing dilution risks.
Estee Lauder's earnings beat signals the end of Chinese inventory clearance, benefiting global and Korean cosmetic brands.
Samsung Electro-Mechanics and Simmtech are poised for explosive growth due to rapid MLCC and substrate price hikes.
SK hynix announced a significant share buyback and cancellation program, reflecting confidence in future cash flows.

Ideas

Wang Analyst 6:19

High valuation fully prices in long-term growth.

Despite a successful IPO, Unitree Robotics' current valuation, with a forward PE of around 340x, already fully prices in its long-term growth potential up to 2030, leaving limited upside.

Wang Analyst 7:20

Q2 earnings beat and EV growth potential.

Xiaomi's Q2 earnings beat expectations with improved gross margins and higher smartphone ASPs. While EV margins dropped due to lower subsidies, delivery volumes are increasing, and future new models and overseas expansion offer significant growth potential. Memory price hikes are also less burdensome than expected.

Hae-soo Analyst 19:57

mRNA cancer vaccine success drives platform re-rating.

The successful Phase 3 clinical trial for its personalized mRNA skin cancer vaccine proves that Moderna's mRNA technology works for oncology, potentially re-rating the company from a COVID-19 vaccine maker to a broad cancer treatment platform.

Hae-soo Analyst 21:20

Moderna's success boosts domestic mRNA-related bio stocks.

Moderna's success in mRNA cancer vaccines could positively impact domestic bio companies related to mRNA raw materials, CMOs, and partner firms.

Jung-ryuk Analyst 27:24

SEC rules are positive, but resistance looms.

The SEC's new rules provide a clearer path for crypto fundraising and exemptions from securities regulations, which is positive for the ecosystem. However, strong resistance exists in the mid-$70k range, making it a potential area for short-term profit-taking.

Oh Analyst 47:10

High capex and negative cash flow risk dilution.

Nebius Group issued $4.5B in convertible bonds, diluting EPS by approximately 10%. With high capex needs for data centers and negative free cash flow, further capital raises and share dilution are likely, which will weigh on the stock price.

Oh Analyst 54:33

Google partnership secures massive AI chip revenue.

Marvell issued warrants to Google as part of a custom AI chip co-development deal. If Google exercises all warrants, it implies massive revenue generation ($1.2B) that far outweighs the 7% potential share dilution, significantly boosting Marvell's growth potential.

Oh Analyst 59:48

Restructuring and recovering sales drive margin expansion.

Estee Lauder's Q2 earnings beat expectations with strong gross margins (75.5%). Restructuring efforts and product mix improvements are driving profitability, and sales in North America and China are recovering.

Wang Analyst 64:40

Chinese inventory clearance ends, boosting cosmetic margins.

Estee Lauder's strong earnings indicate that the Chinese market's inventory clearance is mostly over, allowing cosmetics to sell at normal prices and margins to recover. This positive trend should also benefit Korean cosmetic brands and OEM/ODM companies.

Oh Analyst 76:14

Rising MLCC prices and AI demand drive growth.

MLCC prices are rising rapidly (10-30% hikes) and supply is tight due to AI server and EV demand, leading to sharp operating margin improvements. FC-BGA for AI accelerators is also growing, driving explosive earnings growth expectations for Samsung Electro-Mechanics.

Oh Analyst 86:47

Substrate price hikes outpace larger competitors.

Similar to Samsung Electro-Mechanics, Simmtech is seeing rapid price increases for its substrates and modules. The price hike is even faster and stronger than larger companies, making it an attractive edge play.

Oh Analyst 91:35

Massive share buyback reflects strong cash flow.

SK hynix announced a massive share buyback and cancellation program over 3 months, representing approximately 3.3% of outstanding shares. This reflects management's confidence in future free cash flow and will drive EPS growth and shareholder value.

Up Next

Semiconductors and Bio Go Together? Market Mood Has Changed | Park Byung-chang, MP Partners CEO [Market Inside]

3PRO TV (삼프로TV) · Aug 20

Neurosymbolic AI outperforms chatbots and product search | E2327

This Week in Startups · Aug 19

Hanwha K9 Self-Propelled Howitzer Breaks Through US Army…9 Years of Results | SK Hynix Burns 40 Trillion Won in Treasury Stock…Largest Among Domestic Listed Companies | Kwon Soon-woo, 3PRO TV Reporting Team Leader [News3]

3PRO TV (삼프로TV) · Aug 19

Democratic Socialist Wins Upset in FL Senate Primary | Balance of Power 08/19/2026

Bloomberg Markets · Aug 19

Mad Money 08/19/26 | Audio Only

This Chesley Investment Advisory (체슬리투자자문) video, published August 20, 2026, features Wang, Hae-soo, Jung-ryuk, Oh discussing 2522.HK, 1810.HK, MRNA, 005690.KS, 237690.KQ, 950200.KQ, 006280.KS, 207940.KS, 196170.KQ, BTC, NBIS, MRVL, EL, 192820.KS, 271560.KS, 051900.KS, 090430.KS, 009150.KS, 222800.KQ, 000660.KS. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Wang, Hae-soo, Jung-ryuk, Oh · Tickers: 2522.HK, 1810.HK, MRNA, 005690.KS, 237690.KQ, 950200.KQ, 006280.KS, 207940.KS, 196170.KQ, BTC, NBIS, MRVL, EL, 192820.KS, 271560.KS, 051900.KS, 090430.KS, 009150.KS, 222800.KQ, 000660.KS