Manager Jo Ki-jun emphasized that SK Hynix's large-scale share buyback might not lead to an immediate surge in stock price, highlighting the importance of strategic selling by pension funds. At the same time, he noted the shift towards strength in the biotech sector.
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As SK Securities was used as a channel for SK Hynix's large-scale share buyback, some investors misunderstood. Manager Jo Ki-jun emphasized that SK Securities is not an affiliate of the SK Group and separated a long time ago. He clarified that SK Securities is currently a separate company with a private equity fund as its major shareholder.
Manager Jo Ki-jun raised the target price for Samsung Electronics to 320,000 won, higher than before. This suggests that investors can anticipate further upside potential for Samsung Electronics. In contrast, he maintained a sell timing target of 2,200,000 won for SK Hynix, recommending appropriate profit-taking rather than further short-term gains.
Manager Jo Ki-jun emphasized that strategic selling by pension funds is absolutely necessary during SK Hynix's 40 trillion won share buyback period. He explained that pension funds must sell to alleviate rebalancing pressure and secure momentum for stock price increases. He strongly criticized increasing only their holdings without selling as an inefficient response and a decision they would regret in the long term, urging pension funds to make wise judgments.
Manager Jo Ki-jun argued that pension funds should act as a market stabilizer by selling rather than buying in the current market. He urged pension funds to utilize SK Hynix's large-scale share buyback period to absorb their holdings. This is interpreted to mean that pension funds should positively leverage the impact of share buybacks by large companies like Samsung Electronics and SK Hynix on the market.
Manager Jo Ki-jun repeatedly emphasized that pension funds should act as a market stabilizer by buffering during market crashes. He argued that they should secure cash through rebalancing and, based on that, respond appropriately during crucial times such as Samsung Electronics and SK Hynix's share buybacks. He warned that if pension funds fail to perform this role properly, the Korean market will suffer severe damage.
Analyzing past share buyback cases from 2015, 2018, and 2024, Manager Jo Ki-jun stated that share buybacks do not necessarily guarantee an immediate surge in stock price. He explained that in actual cases, stock prices often fell or fluctuated during the buyback period. He advised investors not to have excessive fantasies about share buybacks and to approach them cautiously. He even pointed out that the executed volume often fell short of the planned amount.
At first, when we looked at 2015 and 2018, as you can see in 2018, on July 30th, they did 500,000 shares, but only 350,000, 600,000 were executed. The fluctuation rate even dropped.
Although the current market is in an adjustment phase, Samsung Electronics is showing stable trends, having perfectly formed a 300,000 won box range. Manager Jo Ki-jun predicted that if this box range is broken, further increases up to 320,000 won are possible. This implies an upside potential of approximately 20% compared to the current stock price, positively evaluating Samsung Electronics' growth potential even in an adjustment market.
Manager Jo Ki-jun analyzed that the biotech sector has started to rise more significantly than expected, specifically mentioning Alteogen's stabilization in the 300,000 won range and its ascent to the top of the KOSDAQ market capitalization. Along with this, stocks like Samyang Biopharm and Ingenia Therapeutics recorded daily limits, driving the overall strength of the biotech sector. Manager Jo diagnosed that the biotech sector is now starting to establish itself as a major trend leading the market's upturn.
Manager Jo Ki-jun expressed gratitude to Chairman Choi Tae-won for SK Hynix's 40 trillion won share buyback and shareholder return policy, explaining that it had a positive impact on individual investors in a declining market. However, he cautioned against some media outlets' excessive reporting, mentioning overly large figures like 100 trillion won or 200 trillion won.
As the Ministry of Land, Infrastructure and Transport plans to expand modular housing by 20,000 units through the Korea Land and Housing Corporation, NRB is emerging as a major beneficiary. Manager Jo Ki-jun analyzed that NRB has found its bottom and is on an upward trend, with its performance also improving. He evaluated NRB as a promising stock for the mid-to-long term, expecting significant positive news next year and forecasting a positive impact from the government's housing supply expansion policy.
Manager Jo Ki-jun diagnosed that the theme-driven rally in the robot sector has ended and advised against buying robot-related stocks. Instead, he predicted that the secondary battery and biotech sectors are showing their own upward momentum and are poised to enter a boom period. He specifically expected performance-based secondary battery stocks like Samsung SDI to lead the gains.
Manager Jo Ki-jun analyzed that the market leadership structure, unlike in the past, is being reshaped with semiconductors, secondary batteries, and biotech forming a three-way partnership. He explained that each sector is dividing influence among groups, leading to a battle for market leadership. He recommended approaching sub-materials, components, and equipment (SooBujang) and the Samjeon-Hynix (Samsung Electronics-SK Hynix) group's influence, along with theme stocks like optical communication and robots, from a short-term trading perspective.
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