Why Global Banks Restricted Leveraged Trading on SK Hynix and Samsung Electronics – What It Means for Their Stock Prices, and Why Semiconductor Equipment Stocks Are Surging | Lee Joo-yeon Director

글로벌 은행이 SK하이닉스, 삼성전자 레버리지 거래 제한한 이유...주가에 어떤 영향을 줄까? / 반도체 장비주가 주가 급등 하는 이유ㅣ이주연 이사

Watch on YouTube ↗ | June 13, 2026 at 01:00 | 20:01 | 815 Money Talk (815머니톡)

Speakers

Lee Ju-hyeon — Director, Xangle

Host — Host

Summary

Director Lee Joo-yeon discusses why global banks restricted leveraged trading on Samsung Electronics and SK Hynix, dismissing fears by interpreting the move as a sign of overwhelming demand. She presents Nomura's call that the semiconductor memory supercycle has just begun and reviews the 60% probability of MSCI developed market inclusion for South Korea. The video also covers the structural capex-driven surge in semiconductor equipment stocks and highlights specific names like VM as undervalued, along with a positive outlook for KOSDAQ in the second half.

Global banks hiked borrowing costs for Samsung and SK Hynix positions due to extreme hedge fund demand, not as a bearish signal.
Nomura Securities declares the semiconductor supercycle is in its early stages with AI memory demand forecast to explode.
MSCI developed market inclusion decision in June carries a 60% chance and would be a major catalyst for Korean equities.
Global semiconductor equipment capex hit record levels, shifting to a structural investment cycle that benefits Korean equipment suppliers.
VM is a standout undervalued equipment name trading at 18x P/E versus the sector average of 34x.
Nomura's top picks include Hyundai Rotem, Kia, and Samsung SDI, driven by defense, auto, and power infrastructure themes.
KOSDAQ is expected to improve in H2 2025 with supportive government policy and broadened market participation.

Ideas

Lee Ju-hyeon Director, Xangle 4:22

Fear overdone; strong demand underlies leverage restrictions.

The global banks' move to restrict leveraged trading and sharply raise borrowing costs for Samsung Electronics and SK Hynix shares is not a bearish signal. It reflects overwhelming demand from hedge funds that want to buy the stocks, causing banks to raise fees amid limited lending capacity and higher volatility. The speaker argues that paying extra fees will not deter investors from trading in a market that can produce double-digit returns in days, and that the news is not a reason to fear a peak. Fundamentals remain intact.

Lee Ju-hyeon Director, Xangle 6:59

Semiconductor memory supercycle just starting, per Nomura.

Nomura Securities states the semiconductor supercycle has just begun, citing a vertical rise in monthly memory revenue and forecasting AI-driven memory demand to grow 10,000 to 20,000 times over five years. They raised KOSPI target to 3,100, Samsung Electronics target to 593,000 KRW, and SK Hynix target to 4,000,000 KRW. The thesis is that the current cycle is not a short-term fluctuation but a structural fundamental shift, and the supercycle is in its early stages.

Lee Ju-hyeon Director, Xangle 9:13

Power, defense, auto beneficiaries per Nomura.

Nomura picked Hyundai Rotem, Kia, and Samsung SDI as part of its top recommendations, expecting the defense, automobile, and power infrastructure sectors to drive KOSPI higher alongside semiconductors. These stocks benefit from rising power demand, EV/battery trends, and strong industrial sector momentum.

Lee Ju-hyeon Director, Xangle 10:12

KOSDAQ index to perform in second half.

The KOSDAQ index is expected to perform well in the second half of 2025, supported by the government's 'KOSDAQ revival policy' starting in September and improving corporate governance trends. Recent price action showed KOSDAQ rising together with KOSPI instead of losing liquidity, suggesting a broadening market conducive to growth stocks.

Lee Ju-hyeon Director, Xangle 12:34

Global equipment capex records, structural AI investment.

Global semiconductor equipment capex hit a record $36.55 billion in Q1, up 14% year-over-year, and is expected to set new records for three consecutive years through 2025. The investment paradigm has shifted from cyclical expansion to structural investment in advanced manufacturing driven by AI servers, data centers, and high-bandwidth memory (HBM). Korean equipment suppliers are direct beneficiaries as Samsung and SK Hynix lead spending. The sector is in a supercycle and valuations are not extreme relative to past peak cycles.

Lee Ju-hyeon Director, Xangle 18:06

VM undervalued at 18x PE, catch-up expected.

VM, a semiconductor equipment supplier to SK Hynix, is undervalued relative to peers. While the sector average forward P/E is about 34x, VM trades at only 18x P/E. A recent report argues it deserves to close the valuation gap. Additionally, VM has secured new equipment orders, supporting a catch-up trade.

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