7월 실적 시즌 결국 '이 주식'으로 쏠린다!…반도체 독주 vs 후발주 반격 l 김태홍 l 정헌정 l 정우창

#SamsungElectronics #SKHynix #KOSDAQ ▶ 20260630 Reading the Board: Pandora ▶ Mon-Thu 19:00 📈 Hosts: Anchor Jung Yoon-sung / Caster Lee Jung-woo 📈 Guests: ■ Kim Tae-hong | CEO, Growth Hill Asset Management ■ Jung Heon-jung | General Manager, Gangnam WM Center, Hanwha Investment & Securities ■ Jung Woo-chang | General Manager, Apgujeong WM Center, NH Investment & Securities 📈 The Surprise Announcement of EcoPro BM's 1.2 Trillion Won Paid-in Capital Increase and an Analysis of KOSDAQ Investor Sentiment ✔️ [O/X] Is the news of the paid-in capital increase, announced abruptly after the market close, a cold shower on the KOSDAQ market? 👉 CEO Kim Tae-hong & General Manager Jung Heon-jung (O): A large-scale capital increase (approximately 8% of market capitalization) released immediately after the KOSDAQ index showed signs of breaking out of its bottoming-out range with a long bullish candlestick will inevitably act as a negative factor for short-term investor sentiment. In particular, raising capital at a time when the secondary battery market is in a downturn (with profits expected to fall by about 20% this year) is a factor that undermines market confidence. 👉 Department Head Jung Woo-chang (X): Since the KOSDAQ market is already in a sufficiently "cold bath," the potential for further shock is limited. Rather, if this rights offering is used to preemptively raise funds for mining investments and the ESS (Energy Storage System) sector, which has recently shown signs of recovery, it could serve as an opportunity to take two steps forward. ✔️ Policy Momentum from the 30th Anniversary of KOSDAQ Launch and the Introduction of a Promotion/Relegation System 👉 The establishment of a "Premier League" (1st Division) and the introduction of a promotion/relegation system to improve the fundamental structure of the KOSDAQ market are becoming more concrete. The policy to delist failing "zombie companies" and penny stocks with a market capitalization of less than 20 billion won is a positive factor in the mid-to-long term. Stocks selected for the Premier League are expected to benefit from future demand from large institutional investors (such as the National Pension Service) and the formation of new ETFs. 🔥 July Earnings Season Begins: Is It an Endless Repetition of Concentration in Leading Stocks? ✔️ [O/X] Will the semiconductor sector dominate and market concentration re-emerge as the July earnings season begins? 👉 All three speakers (O): Although the sectors experienced volatility in June, the semiconductor "top two" are the only ones with overwhelming absolute earnings growth and fundamental superiority. We expect the rally to continue around the time of Samsung Electronics' preliminary earnings announcement scheduled for July 7. 👉 Restoration of guidance credibility: While Samsung Electronics' short-term figures may fall slightly due to factors such as the reflection of performance bonus provisions, if domestic companies clearly present a transparent structure for long-term supply contracts (SCA/LTA)—a model initiated by Micron in the U.S.—concerns about a downturn can be dispelled, enabling a revaluation of multiples (upward trend). 👉 Control of supply and demand uncertainty: Although the exchange rate has surged past the 1,550 won mark, expectations for SK Hynix's U.S. NASDAQ ADR listing (serving as a dollar supply source) are currently offsetting this. The National Pension Service's official announcement of resuming its July rebalancing is also unlikely to turn into a massive sell-off, as preemptive selling pressure has already been absorbed through upward adjustments to limits. ⚡ Fill the Main Dish! Earnings-Based Sectors for Concentrated Response • Semiconductor Front-end Materials, Parts, and Equipment (SoBuJang): Momentum for the expansion of the Pyeongtaek Line P4 and SK Hynix's Y1 plant remains valid. Considering equipment lead times, a large-scale order rally is awaiting in the second half of the year (August–September), making this the safest refuge within the KOSDAQ. • Power Equipment (Hyosung Heavy Industries Top Pick): A sector facing a clear 'bottleneck (shortage)' situation, second only to semiconductors. Hyosung Heavy Industries is projected to report a Q2 operating profit of over 280 billion won, a 60–70% surge year-on-year, and the effects of the expansion of ultra-high voltage transformers in North America are beginning to materialize. (Continued interest in other power infrastructure stocks, such as Gaon Cable, a beneficiary of the bus duct sector). • Niche Earnings Stocks (Retail & Cosmetics): Department stores (such as Shinsegae) and convenience stores show excellent earnings appeal in the second quarter, driven by the proven domestic spending power of wealthy investors and the attractiveness of defending against the Japanese yen. • Next-Generation Players Guarding the Gateway (Robotics): This is a sector where market attention is set to shift once the slope of semiconducto...