Analyzing the market impact of the U.S. Treasury's TGA fund utilization plan and Samsung Electronics' immediate shareholder return issues, and proposing investment alternatives.
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.
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.
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.
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.
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.
The specific target band was presented as 242,700 won to 244,800 won.
The revaluation resistance level was set at 318,500 won.
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.
Manager Seong Ha-jun emphasized that Naver has strengths in payment, search, and shopping data linkage, making its value high as a stablecoin platform.
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.
Answers come from the transcript, with the exact spot cited.
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