SK Hynix, Hanwha Aerospace, HPSP: Buy View Maintained

Manager Jo Gi-jun said he had once 'killed' SK Hynix when its share price was high, but that was at the 2-million-won level; now it is a stock to 'save,' he argued. He emphasized that at the current share price, investors should take a buy view, arguing the stock has moved out of its undervalued range and will trend upward over the long term.

He also forecast that SK Hynix's dominant position in the HBM (high-bandwidth memory) market will be a key driver of share price gains.

This shareholder return policy is expected to serve as a positive signal to investors.

Manager Jo Gi-jun stressed that SK Hynix continues to hold a dominant position in the HBM market. He said its exclusive supply contracts with global big tech companies, covering HBM8, HBM12, and even HBM4, make stable earnings expected.

He added that SK Hynix has secured a competitive edge in HBM technology and production capacity, which will serve as a long-term growth driver. He therefore forecast that SK Hynix's share price will continue on a positive path alongside HBM market growth.

In conclusion, SK Hynix is evaluated as a stock to keep a buy view on, backed by solid earnings from its HBM dominance and its shareholder return policy.

Manager Baek In-yeop gave Hanwha Aerospace a 'save' call. He noted the stock jumped more than 13% in premarket trading before falling together with the market drop triggered by SK Hynix, but he viewed it positively given the news of its U.S. self-propelled howitzer prototype selection and market flows.

Hanwha Aerospace is showing sustained growth in its defense business, raising expectations for orders at home and abroad.

Manager Baek In-yeop explained that the growth momentum of the defense industry will persist given ongoing geopolitical risks. He especially cited additional order contracts continuing to come from existing suppliers, such as the second K9 self-propelled howitzer order from Poland.

As of the end of the second quarter, the ground defense order backlog reached about 38 trillion won, and he assessed that Hanwha Aerospace's earnings stability and growth potential are high.

He therefore advised that a short-term share price drop could present a buying opportunity, and that approaching from a long-term perspective is valid.

He viewed positively the large-scale buying inflows from pension funds and foreign investors in particular.

He explained this reflects the market's high expectations for HPSP's technological capabilities and growth potential.

He stressed that the current upward trend is continuing smoothly and maintained a positive outlook.

He therefore gave HPSP a 'save' call, adding that he is targeting a price of around 70,000 won.

He said even the company's own employees do not consider themselves a robotics company, but after being classified as a robot stock on TV, the share price rose excessively, which he criticized.

He judged that the multiple relative to operating profit is valued far too high.

He insisted it is not a company that deserves a higher valuation than SPG, which earns operating profit in the 20-billion-won range.

This valuation imbalance was presented as a key basis for the skeptical view of the share price.

He also pointed out that HD Hyundai Mobex is not an affiliate of Hyundai Motor Group, and that selling could follow if its HMM stake is sold.

This could act as a risk factor adding downward pressure on the share price. He warned that an HMM stake sale in particular could trigger an unexpected large volume of shares hitting the market, so investors should be cautious.

In conclusion, HD Hyundai Mobex is evaluated as a stock requiring caution given its excessive valuation, the fading robotics theme, and governance risks.

Manager Choi Won-beom gave Korea Kolmar a 'kill' call. The analysis is that Korea Kolmar has recently surged in the short term, so at this point one should consider taking profits as a breather.

He therefore judged that rather than further gains, the time calls for keeping a short-term correction in mind.

Manager Jo Gi-jun stressed that Hyundai E&C should be watched as a nuclear-energy stock. He explained that news of it taking on construction of TerraPower's next-generation reactor gave the share price strong momentum.

This suggests Hyundai E&C is emerging as a core company in a large-scale nuclear order rally, going beyond a simple construction stock.

Manager Jo Gi-jun described the structure in which companies that actually sign nuclear construction contracts are grouped as nuclear-construction stocks and see their share prices rise strongly. He said this means large nuclear orders are accelerating and construction firms are seeing real benefits.

Large construction companies such as Hyundai E&C play a central role in nuclear-related projects and are securing new growth drivers.

Given the share price currently sits in the 110,000-won range, he judged there is ample room for further gains.

This reflects expectations that Hyundai E&C will steadily trend upward on the growth potential of its nuclear business.

The host pointed to the Strait of Hormuz controversy as the background to Jobi's surge, explaining that if costs arise across every supply chain, prices of food ingredients and groceries are expected to rise. The analysis was that expectations for higher prices of fertilizer and agriculture-related goods like Jobi's were reflected.

However, it was pointed out that this is likely a theme-driven short-term rise, and given the structural limits of the fertilizer market itself, sustained gains are hard to expect.

As a result, five stocks were classified as promising, and three were evaluated as ones to approach with caution.