Samsung Electronics' Second Support Line: An Opportunity; Focus on Hanmi Pharmaceutical's Follow-up Biopharma Stocks

Manager Seong Ha-jun stated that Samsung Electronics' first support line, which he presented in a weekend public broadcast, was accurately confirmed. The main reasons for Samsung Electronics' stock price decline were cited as the lack of immediacy in its shareholder return policy and concerns about the Financial Industry Structure Improvement Act. It was also analyzed that massive sell-offs by foreigners and a wait-and-see sentiment for major economic events played a role.

Manager Seong Ha-jun revealed that Hanmi Pharmaceutical, which he had preempted in the 400,000 won range, recorded a limit-up with a 3 trillion won technology export, and although its return rate exceeded 30%, he did not sell it. He explained that there is no need to force a sale of a stock that is not experiencing selling pressure. He added that he plans to introduce follow-up biopharma stocks that can have technology transfer expectations, similar to Hanmi Pharmaceutical.

The U.S. Treasury's plan to utilize its General Account (TGA) funds was identified as the reason for the reduced decline in U.S. Nasdaq futures. Manager Seong Ha-jun analyzed that the U.S. Treasury's announcement to use approximately $950 billion in TGA funds to support long-term Treasury buybacks, essentially spending hidden money without issuing bonds, raised market expectations.

Although the composite stock price index fell due to the decline of large-cap stocks like Samsung Electronics, the number of rising stocks was higher within the market. Manager Seong Ha-jun analyzed that a rotational rally occurred, with funds flowing from Samsung Electronics to small and medium-sized stocks. Therefore, he concluded that Samsung Electronics' decline cannot be seen as a risk to the entire market.

Despite Samsung Electronics' record-high shareholder return scale of 110 trillion won, the lack of immediacy in returns was cited as the reason for the stock price decline. Manager Seong Ha-jun explained that unlike SK Hynix, which immediately invested 40 trillion won, Samsung Electronics stated it would decide in January next year, creating a difference. He also added that market concerns exist that the scale of share buybacks may not be as large as expected.

Samsung Electronics announced that it would invest more than 110 trillion won in facility investment and research and development (R&D) this year to secure competitiveness in the AI semiconductor market. This investment is planned across various fields, including HBM, DRAM, NAND, foundry, and advanced packaging.

Manager Seong Ha-jun emphasized that Samsung Electronics' shareholder return policy is not about foregoing growth investment to only increase dividends. He explained that Samsung Electronics has sufficient cash left over even after significant growth investments, which is then returned to shareholders. This was explained by stating that the free cash flow (FCF) calculation method is conservative, and the scale of shareholder return funds is estimated to be between 90 and 110 trillion won.

Considering the uncertainty of a large-cap rebound environment based on macro indicators, it was suggested that new buyers of Samsung Electronics should wait to purchase in the range of 242,000 won to 245,000 won. The specific target band was presented as 242,700 won to 244,800 won.

For investors holding Samsung Electronics with an average price below 300,000 won, holding was recommended. However, for high-point holders with an average price of 300,000 won or more, it was advised that if they aim for short-term profits, they must adjust their average price to at least 286,500 won to 288,000 won to make a profit. The revaluation resistance level was set at 318,500 won.

It was explained that a candle forming a market price in the 14,140 won range needs to be confirmed as NHN KCP's technical low point. Manager Seong Ha-jun mentioned that if a candle appears with 16,410 won, this price will be the lowest, and the first resistance was also set at 16,410 won. The support box range was presented as 13,590 won to 14,140 won.

Manager Seong Ha-jun stated that NHN KCP's ultimate mid-term resistance level exists but is restricted as VIP-only information.

Naver was evaluated as a structural beneficiary stock rather than a stablecoin theme stock. Manager Seong Ha-jun emphasized that Naver has strengths in payment, search, and shopping data linkage, making its value high as a stablecoin platform.

Hanmi Pharmaceutical secured a technology export contract worth a total of 3.1892 trillion won with Genentech, further advancing its position as a company capable of technology exports. A key feature was its successful early preemption in the Phase 1 clinical trial stage. In particular, securing a non-refundable upfront payment of 262.9 billion won was positively evaluated.