A relief pitcher for Samsung Electronics' KOSPI KOSDAQ index?

[Meritz Securities Market] [Lee Soojung]
20240402 (Tue) Closing Time

A relief pitcher for Samsung Electronics' KOSPI KOSDAQ index?

0. Profit-taking of pharmaceutical bio and coins in the face of rising oil prices and inflexibility of interest rates. On the other hand, AI is recognized as a huge wave that should not be lowered even for a moment. Microsoft-OpenAI's $100 billion project "Stargate" has reached three out of five stages, with AI chips accounting for the majority of the final two stages. Phase 4 is for building small supercomputers (2026), and phase 5 is for building data centers (2028). This project aims to apply standard technology Ethernet networking, not Nvidia-led InfiniBand. Nvidia's solo vs. Micron (+5.4 percent), which benefits from bread that reduces Big Tech's dependence on Nvidia, and Korea's semiconductor industry

1-1. KOSPI +0.2% vs. KOSPI -2.3%. Foreign futures +485.1 billion won, spot KOSPI +1.64 trillion won net purchase (Samsung Electronics shares +1.25 trillion won) vs. KOSPI -228.6 billion won net sale. Investment and private equity funds also joined KOSPI buying/KOSDAQ selling. KOSPI 200 buying and KOSDAQ 150 selling 'KODEX 200 Long-Cosdaq 150 Short Futures ETF' (A360140) today +3.8%, rebounding from the bottom of the Bollinger band after last Monday (3/25)

1-2. Samsung Electronics plans to raise prices of SSD by +3.7 percent, QoQ +25 percent in the second quarter ahead of this week's preliminary earnings announcement. Demand for SSD for enterprises in line with the expansion of AI-related servers has soared in the last two to three weeks. Server companies such as Dell and HPE are pre-ordering due to concerns over shortage of supplies in the second half of the year. Samsung Electronics recovered to 70 percent utilization rate of Xi'anFab, China's NAND flash production base. The company mentioned estimates for operating profit in the first quarter of the DS division in the early-middle to 2 trillion won range of 1 trillion won. Expectations are high for profit return from losses incurred in memory inventory assessment, which accounted for a significant portion of deficit last year

1-3. Fabrice Padu specializing in SSD controllers +11%. CEO Lee Jihyo apologizes 13 times at the shareholders' meeting on 3/28th. Explained that it has secured new NAND customers other than SK Hynix, and Gen5 SSD controllers are expected to start sales this year and increase sales from 2nd quarter. CXL (Exicon +22%, Neosem +8.6%, Okins Electronics +4.4%, TLB +4.1%), SSD (Neosem +8.6%), NAND (Tes +18%, PSK +3.7%) rises

1-4. Samsung Electronics Woo +2.8%, Hanmi Semiconductor +2.2% and Hana Materials +4.0% New 52-week highs. The rise was significant in Microcap (Micro-Tunano +14%, Shinhwa Contec +10%, Winpack +9.9%, Shimtech Holdings +9.1%, New Power Freezma +8.7%, Abov Semiconductor +6.6%, A.K +5.4%, Hanyang Digitech +4.3%, Okins Electronics +4.4%, Jusung Engineering +3.5% and Jusung Engineering +3.5% and FST). On the other hand, neuromorphic major shareholder Jaram Technology plunged -16% after yesterday's trading limit

2. According to a report on the division of labor and defense of Hanwha Aerospace, +15% will be reviewed. The defense businesses of Hanwha Aerospace, including its aviation and defense divisions + subsidiary Hanwha System + Cetrek Eye, will be placed under the subsidiary of Hanwha Aerospace, while the non-proliferation businesses of other subsidiaries, such as Hanwha Precision Machinery + Hanwha Vision, will be transferred to the subsidiary of a new holding company. The company said in a statement, "We are reviewing it, but it has not been confirmed yet." Korean investors, who are suffering from neurosis in listing their subsidiaries after the division of labor, prefer division of labor. SK Etonix's third year of labor, which has been re-listed after the division of labor, will also see the price increase for SK D&D, its subsidiary, today

3. Israel Bombings Iranian Consulate in Damascus, Syria's capital, killing at least 7 people. Heung-A Shipping (+8.9%) and oil/gas (Hinggu Oil Upper Price, Central Enervis +12%; Kyungdong Navien +8.3%; Daesung Energy +6.6%, GSE +6.4%, SK Innovation +3.8%, Daehan Oil +3.2%, SK Discovery +3.2%, S-Oil +3.1%) Soars

4. ENCEM (+6.3%) Discriminatory bullishness. Effectively the only electrolyte subcontractor role in the U.S. due to IRA regulatory requirements (FEOC, limited tax credits when supplying from China) + Xiaomi SU7 hit in China. SU7 is an electric vehicle that CATL and BYD supply batteries together for the first time. BYD supplies LFP batteries to standard models, and CATL supplies LFP batteries to intermediate (pro) and advanced (max) models, respectively. LFP batteries use more than 50% more electrolyte than NCM batteries. Due to the nature of the product, local procurement and supply of electrolyte are recommended. ENCEM is also promoting market entry and market share expansion in North America-focused Capa + China market for CATL and others

5-1. U.S. PCE prices in February were lower than expected, but the ISM manufacturing PMI in March was 50.3pt, significantly exceeding the previous month's (47.8pt) and expectations (48.1pt). It has entered a definitive phase, exceeding the benchmark 50 for the first time in 17 months. PMI 50.3 = Real GDP growth rate +2.2%. CME Federal Fund Rate Futures Reflects Expectations for a cut in the FOMC benchmark interest rate in June fell to the early 50% range at one point. U.S. Treasury yields recovered to 4.3% on 10-year US bonds and 4.7% on 2-year US bonds

5-2. Korea Pharmaceutical Bio Massacre Day (-9.3%) will be suspended from the Ministry of Food and Drug Safety for phase 2a clinical study of "Vax-NK/HCC," a treatment for advanced hepatocellular carcinoma patients with 4/1~5/15 by using drugs whose usage period has been arbitrarily changed without getting approval from regulators. Samcheondang Pharmaceutical (-18%) will explain the company's "groundless" due to rumors such as Eilea Similler, a U.S. patent, and P-novel

5-3. Market shareholder Alteogen (-8.7%) fell below the par on March 29 to 20 after the sale of its stake by the largest shareholder of the company on March 27. Other companies with entities also fell (Legochembio -12%, Biol -12%, Estifarm -9.9%, Binex -10%, etc.). HLB (-3.6%) fell below the 20th for the first time today (-4.3% for HLB Life Sciences, -3.3% for HLB Pharmaceuticals -3.3%). However, as the firepower concentrates, HLB Therapeutics (+4.0%) rises

5-4. CNR Research announced that its affiliate Trials Informatics' Aid-U product has received FDA approval for 510 (K). FDA's medical device 510 (k) license proves its Substantial Equivalence with a Preferred Device that is legally distributed in the U.S. and allows the sale of products in the U.S. market. In the meantime, after the market closed yesterday, did Coreline Soft pay attention to the news that it obtained FDA 510(k) certification for its AI-based coronary artery calcification automatic analysis solution "aview CAC?" In this chapter, however, the decline in healthcare stood at +2.3 percent. Ironically, Coreline Soft's CB issuance worth 18 billion won appeared after the market closed (100% conversion ratio, 16,672 won conversion price, 7.78% of the total number of shares)

6. Other individual stocks: [Electric Devices] Xerong Electric +5.0%, [China/Cosmetics] AmorePacific +4.0%, [Ali] Hyundai Home Shopping +3.7%, [Bum Hyo-sung] Korea & Company +5.1%, [Joseon] Sejin Heavy Industries +6.5% (Korea's first order for liquefied carbon dioxide (LCO2) tanks), STX Heavy Industries +7.9% (Recently announced contract to supply ship engines, expected to achieve results from synergy with HD Hyundai Group) [Stem Cell] Kangstem Biotech's upper limit (approval for use of Atopy dermatitis stem cell therapy 'Purestem-AD' by the Ministry of Food and Drug Safety), [DDI] LX Semicon +5.7% (DDI (display-driven chip) utilization rate recovered sharply from 60% to 90% at the end of last year, effect of mass production for OLED iPads from early this year)

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