SK하이닉스 ADR 끝나면 다음주 시장 완전히 달라진다 | 이혁진 NH투자증권 자산관리컨설팅부 팀장 | 디코딩 마켓

Rising Difficulty in the Stock Market in the Second Half: The issue of interest rate hikes, which was absent in the first half, will be present in the second half. Furthermore, as the derivative of semiconductor growth (growth acceleration) enters a phase of deceleration, the difficulty level will increase somewhat [00:59]. However, since this interest rate hike is a gradual increase based on robust economic growth rather than inflation, this is an uneven phase transitioning from the 'end of the bull market' to an earnings-based 'staircase market' [01:47]. The Real Culprit of the Sharp Decline is the Non-Semiconductor Sector: The fundamental cause of the recent panic market lies not in semiconductors, but in the 'crash in the non-semiconductor camp' where valuations (PER over 15x) had skyrocketed excessively [02:49]. Currently, the non-semiconductor sector has fallen to the average of its valuation band, while the semiconductor sector is oversold below the lower end of the band, resulting in an all-time undervalued state (valuation decline at the level of the financial crisis) [03:34]. SK Hynix NASDAQ ADR Listing and End of Supply and Demand Disturbance: The core cause of the short-term supply and demand disturbance that fueled this sharp decline is SK Hynix's listing on the US NASDAQ ADR (worth approximately $28 billion) [07:30]. This represents a massive IPO scale comparable to that of Saudi Aramco in the past, and a simultaneous sharp decline occurred as global asset managers rebalanced their portfolios by emptying out similar semiconductor stocks, such as Micron, to raise funds for the Hynix offering [08:35]. Outlook for Market Trigger Shift Next Week: Looking at the case of TSMC ADRs listed in 1997, ADRs in the US market traded an average of 1,520% higher than the original Taiwanese shares [09:29]. From the perspective of US investors, SK Hynix, trading at a P/E ratio of 56 times this year, offers strong buying appeal [08:17]. Therefore, this week, just before the listing, marks the peak (peak-out) of the supply and demand turmoil, and starting next week, it is highly likely that the ADR revaluation effect will act as a positive trigger for the inflow into the underlying stock [10:17]. After 'this day' of SK Hynix's NASDAQ ADR listing, the semiconductor market will completely change next week (Lee Hyuk-jin, NH Investment & Securities) [Successful Investment Afternoon Market] ● Anchor Lee Hye-soo Guest: Lee Hyuk-jin, Team Leader, Asset Management Consulting Department, NH Investment & Securities #KoreaEconomicTV #Semiconductor #SKHynix #SamsungElectronics #Securities -------------------------------- Production: PD Lee Young-kyung, Writer Lee Hyun-ju, AD Lee So-hyun, FD Lee Su-bin, FD Oh Chang-hwa ※ This content is for reference only for investment purposes. You are solely responsible for any investment decisions. ------------------------------------------------- 🎯 Investment judgment, information is the key. Check out fast and accurate core information now on the official Korea Economic TV Telegram. 🎁 Subscribe for free 👉 https://t.me/wowtv_official