SUNG OH· WEEKLYISSUE 06
2026.08.03 – 08.07· MARKET REVIEW
What came down was the price,
what remains are the conditions.
A selloff and rebound overlapped in one week. In this kind of tape, last week's rankings age quickly. Next week's call turns on the four conditions below.
WHAT ARRIVES NEXT WEEKWhat to Watch
KOSPI−5.10%6,595.45 → 6,258.77
KOSDAQ+10.98%719.76 → 798.81
Around KOSPI 20013.34%pGap between KOSPI 200 and the rest
SUNG OH WEEKLY· 2026.08.08· 10 STORIES01 · The Week in Review ↓
01· THE WEEKThe review ends here
01
What fell
was not sectors,
but size
One thing carries from last week into next week.Relative strength in the first week after a sharp selloff is not a reliable sector-selection tool for the following week.
KOSPI −5.10%, KOSDAQ +10.98%. Twenty of 24 sectors outperformed the index; only Electrical & Electronics and its parent Manufacturing category were weaker than the market. The divide was not sector — it was size.
SIZE· Weekly Return by Market-Cap Size
Large Caps−6.16%
Mid Caps+8.32%
Small Caps+5.87%
KOSPI 200−6.89%
Ex-KOSPI 200+6.45%
Center line = 0%· KOSPI 200 vs. the rest: 13.34%p gap· Final KRX data
Foreign Investors−KRW 5.93tnGave back most of the 7/31 one-day buying
Retail Investors+KRW 7.90tnThe side that absorbed the selling
Institutions−KRW 2.31tnNet sellers on four of five sessions
Market Breadth· 8/760.9%Share of advancing KOSPI stocks· 8/3 49.8 → 8/4 86.1 → 8/7 60.9
KOSPI· Naver Finance investor-flow data. Sidecar Trading Curb was triggered for four straight sessions from Aug. 3, then stopped on Aug. 7.
One Takeaway
Post-selloff relative strength is not a signal.
Power infrastructure, downgraded in the previous issue, jumped back near the top· Construction, previously dead last, ranked No. 1 of 24· Electrical & Electronics, the only upgrade, finished last.
When leveraged positions are being unwound, selling first hits the names that had risen the most. That is why a one-week ranking can print the opposite of the following week.
Deleveraging Full figures and cross-check are at the back.
Five Sessions on Record· Index and Flows
| Date | KOSPI | KOSDAQ |
|---|---|---|
| Mon 8/3 | −5.12% | +2.44% |
| Tue 8/4 | +1.62% | +5.88% |
| Wed 8/5 | +3.76% | +2.42% |
| Thu 8/6 | −4.58% | +0.26% |
| Fri 8/7 | −0.60% | −0.36% |
| Investor | 8/3 | 8/4 | 8/5 | 8/6 | 8/7 |
|---|---|---|---|---|---|
| Retail Investors | +4.65 | +0.82 | −1.18 | +3.34 | +0.27 |
| Foreign Investors | −2.82 | −0.37 | +1.45 | −3.33 | −0.86 |
| Institutions | −1.95 | −0.54 | −0.28 | −0.12 | +0.58 |
SUNG OH WEEKLY· S1
02· WEEK AHEAD8/10 – 8/18
02
Next Week's Map ·
What Moves What
Three clusters of events hit different sectors.Inflation hits the discount rate; Taiwan and equipment test the AI cycle; the two domestic events affect flows and policy.
CPIInflation→Rates · FX→Growth Stocks
TSMCOrders→AI Investment→Semiconductors
MSCIConstituents→Passive Flows→Individual Stocks
MACRO· U.S. July CPI
Wed, Aug. 12 · 21:30
Numbers
Headline 3.4–3.5%· Core 2.5%· Sources differ; median shown
8/13 PPI and 8/14 retail sales should reinforce the week's direction
Above 2.5%
Discount-rate pressure returns for growth stocks· Rate-hike case returns for the Aug. 27 BOK meeting· Weaker KRW
Below 2.5%
Semiconductors· Internet· Positive for batteries· Construction gets relief through funding costs
Semiconductors· TSMC July Revenue ·
Applied Materials
Mon, Aug. 10· Thu, Aug. 13 · after the U.S. close
Numbers
Applied Materials
Quarterly Revenue $8.95bn ± $0.50bn· EPS $3.36 ± $0.20
TSMC
Read July revenue by its month-on-month directionApplied's figure is company guidance, not consensus. TSMC is a regular release with no consensus estimate.
Quarterly Revenue $8.95bn ± $0.50bn· EPS $3.36 ± $0.20
TSMC
Read July revenue by its month-on-month direction
If It Holds
First reason to buy semiconductors again· Positive for all five areas in Section 03
If It Rolls Over
Equipment· Materials lose price support first
Core memory names come next
Core memory names come next
KOREA· Semiconductor Special Act Takes Effect· MSCI August Review
Tue, Aug. 11· Thu, Aug. 13
Special Act
Industrial-complex infrastructure 50–100% support is the core measure· The 52-hour workweek exemption was dropped from the final bill
MSCI
LG Innotek inclusion· HLB deletion expected· Kyobo estimate
Constituents and rebalance size are confirmed on 8/13
Schedule
Because the market is closed Aug. 17, the next session after 8/14 is 8/18· Rebalance demand is compressed into four days
Three Calls for Next Week
- Do We Buy Semiconductors Again?
Foreign cash flow turns net positive· TSMC revenue momentum holds· Applied guidance at the top end. Buy when all three line up. - Do We Keep Rate-Sensitive Growth Stocks?
If core CPI is above 2.5%, sell Internet· Batteries· and growth KOSDAQ. Below 2.5%, do the opposite. - Is Foreign Selling in Large Caps Over?
While the weekly −KRW 5.93tn outflow persists, favor ex-KOSPI 200 and small/mid caps.
Full Calendar for Next Week
| Date | Event |
|---|---|
| Mon 8/10 | TSMC July revenue |
| Tue 8/11 | Semiconductor Special Act Takes Effect |
| Wed 8/12 | U.S. July CPI · 21:30· Cisco earnings (consensus revenue $16.82bn · EPS $1.17) |
| Thu 8/13 | U.S. July PPI· MSCI August Review· Applied Materials |
| Fri 8/14 | U.S. July retail sales |
| Mon 8/17 | Market closed for substitute Liberation Day holiday |
| 8/19· 8/27 | FOMC minutes· BOK Monetary Policy Board |
Three August Index Outlooks· The calls are crowded in one direction
| Source | View |
|---|---|
| Daishin· 8/6 | August index upside near 9,300; the same report gives a settling range of 6,500–6,800 |
| Hana· 8/3 | Two rebound axes: rates and foreign flows. Forward P/E is at a historical low. |
| Daishin· 8/7 | Semiconductors return as crowding unwinds, joined by lagging sectors. Basis: Q2 non-semiconductor exports +20.3%. |
Among the 72 research notes collected for this issue, most August outlooks point higher. That does not mean downside risk is absent; it describes the distribution of the material we reviewed. A consensus this one-sided is itself something that needs confirmation.
SUNG OH WEEKLY· S2
03· LEAD SECTORSemiconductors
03
Semiconductors:
Conditions for Buying Again
Not “Is it safe to buy now?”
but “What must be confirmed before buying?”Industry-cycle data are already strong,
but two variables remain: flows and next-quarter expectations.
July Memory Exports+287%Hana· Fundamentals have decoupled from the index for four weeks
Long-Term Contracted VolumeFY27 50%SanDisk Bit Shipments· FY28: two-thirds
Flow Outflow−KRW 8.3tnWeekly institutions + foreign flow in semiconductors/equipment· Yuanta
Fundamentals and price have split. The re-entry call comes from flow data, not another strong industry-cycle number.
01Core Memory Names
02Package Substrates
03HBM Back-End
04Materials · Components
05Optical Communications
Areas to Watch· Ranked by thesis strength
Core Memory Names
Buy when foreign cash flow turns net positive
2027 volumes are locked in by long-term contracts· Only the price fell· Flows, not earnings, determine the re-entry point· Two research notes identify Samsung Electronics' shareholder-return discussion as a potential rerating catalyst.
Samsung ElectronicsSK· HanaSK hynixHana
Package Substrates
2H FC-BGA margin approaches 30%· GigaVis orders begin
These numbers arrived before memory did.
Ibiden FY26 Operating-Profit Guidance JPY 127bn· Double YoY· Electronics-Segment Operating-Margin Target 29.3%· 2030 target brought forward by four years· Quarterly Advances Received JPY 154.5bn· Up JPY 73.6bn in one quarter· 35% of this year's capex plan.
Customers prepaid the investment· Post-2029 volumes are already at the contracting stage.
Three domestic names.
Samsung Electro-Mechanics· Q3 mass production for server CPUs ramps in earnest· Q2 FC-BGA mass production for North American switch ICs began· Margin: low-20%s → near 30% in 2H· iM.
LG Innotek· Daeduck Electronics· Entry into switch-IC market in 2H· Late entrant.
GigaVis· Of Ibiden's JPY 210bn annual investment plan, JPY 20.1bn was spent in Q1· Orders come in 2H.
Samsung Electro-MechanicsiMLG InnotekiM· Late entrantDaeduck ElectronicsiM· Late entrantGigaVisiM· Inspection Equipment
HBM Back-End Equipment
Additional TC-bonder orders· Q3 one-off costs; KRW 48.9bn
Orders moved separately while memory prices wobbled.
Hanwha Vision Q2 Operating Profit KRW 65.6bn· +197% QoQ· Driven by SMT equipment and TC bonders at consolidated affiliate Hanwha Semitech· Additional TC-bonder orders for SK hynix· Q3 falls to KRW 48.9bn on one-off costs.
Kiwoom· Undervalued versus 2027–28 HBM growth· Sector top pick.
Hanwha VisionKiwoom top pick
Materials· Components
Pyeongtaek P4 expansion schedule· NAND utilization
The first place to show up when utilization rises.
Wonik QnC· Q3 Operating Profit KRW 34.2bn· +327% YoY· The basis is threefold: Pyeongtaek P4 expansion, NAND utilization, and sales to TSMC.
Samick THK· Korea's only mass producer of LM guides and ball screws· Collaborative robots entering wafer transport· Trading resumed in April this year· Start with earnings.
Doosan· Acquiring 70.61% of SK Siltron for KRW 2.3tn· 8.2x EV/EBITDA· vs. an overseas average of 10.5x.
Wonik QnCKiwoomSamick THKSK· Not RatedDoosanDS
Optical Components
Do not price it in before the rule is announced
The U.S. is preparing rules to block new imports of China-made optical transceivers for data centers· Combined share of the top three Chinese vendors in 800G optical modules 60%· If blocked, substitution demand emerges immediately· Still under review.
OE SolutionsMeritz· HanaRF MaterialsMeritz
Buy When These Turn On
- Foreign KOSPI cash flow Five-session cumulative flow turns net positive
- TSMC July revenue (8/10) keeps rising month on month
- Applied guidance (8/13) is at the top of the company's stated range
Cut Exposure When These Turn On
- Further guidance cuts· Storage-led cuts spread into memory
- Memory spot prices roll over· The fundamental thesis itself weakens
- Hyperscaler CAPEX cuts Announcement
- Foreign selling persists· One-month semiconductor/equipment outflow exceeds −KRW 9.3tn
- General-purpose server demand slows again· The package-substrate thesis breaks
- Rule proposal dies· Applies only to the optical-components thesis
Five Decisions to Settle in August
| Additional Long-Term Supply Contracts | Do disclosures increase confirmed 2027 volumes? |
| Samsung Electronics Shareholder Returns | Policy commentary· Cited by two notes as a rerating catalyst |
| Market-Cap Weight | Do Samsung Electronics and SK hynix rebound from 27.08% and 24.08%? |
| FC-BGA Operating Margin | Does Samsung Electro-Mechanics approach 30% in 2H? |
| Ibiden Equipment Orders | Whether spending executes in 2H· Timing of GigaVis order recognition |
Next Week
TSMC Revenue· Applied guidance· Foreign Cash Flows
August
MSCI Rebalancing· Effect of Special Act implementation· Shareholder-return commentary
3–6 Months
2027 Volume Contracts· 2H FC-BGA Margin· HBM and NAND Prices
Evidence· What Last Week Revealed
SanDisk· Revenue $8.97bn, +372%· Data-center revenue surged 1,298%· Next-quarter guidance of $10.3–10.8bn missed expectations· Down 6.81% in the Aug. 6 regular session.
WDC· Revenue, EPS and guidance all beat expectations· Down 13.03% the same day.
Expectations, not earnings, set the price.
The move reached Korea on Aug. 6: Samsung Electronics fell 6.3%, SK hynix 10.4%, and SK Square 13.3%. On Aug. 7, Samsung Electronics rose 0.22% while SK hynix fell 4.88%, marking the point where stock-specific reactions began to diverge despite the same industry backdrop.
| Source | Thesis |
|---|---|
| SK· 8/3 | P/E says undervalued, P/B says overvalued. ROE quadrupled in 10 months. |
| Hana· 8/3 | The cycle is clearly strong, yet the index has been weak for four weeks. July memory exports +287%. |
| Daishin· 8/6 | Concerns eased after news that 2027 DRAM and HBM volumes were sold out |
| Daishin· 8/7 | One guidance print shook the whole sector. NBM FY27 50% · FY28 two-thirds. |
| Kiwoom· 8/7 | The sector with the biggest earnings surprises had a negative share-price response. Continued in Section 06. |
The first three say it is cheap; the last two say it still does not rise. The dividing line between the camps is the decision threshold.
Stock names are those cited in brokerage research and are not buy recommendations from this report. Target prices are omitted because sources may differ.
SUNG OH WEEKLY· S3
04· SECTORSThree Sectors to Watch Alongside
04
Which Sectors
Look Good?
Each has a catalyst that can be checked by next quarter.Construction· ESS· Platform
BUILD / NEXT
Construction
Is the next leg housing, or data centers and plants?
A · Why Now
Housing and industrial facilities run on different clocks.
Housing· Q2 margins recovered to the mid-teens· Housing presales remain weak· Unsold homes rose YoY for the first time in seven months to 67,000· Of 30,000 post-completion unsold units, 84.2% are in non-capital regions.
Industrial Facilities· Same axis as the power bottleneck in Section 07· Data-center and power-plant orders are the next story.Housing not yet; industrial facilities first
Housing· Q2 margins recovered to the mid-teens· Housing presales remain weak· Unsold homes rose YoY for the first time in seven months to 67,000· Of 30,000 post-completion unsold units, 84.2% are in non-capital regions.
Industrial Facilities· Same axis as the power bottleneck in Section 07· Data-center and power-plant orders are the next story.
B · Time Horizon
1–2 Years· Data centers and plants have a lag from order to revenue recognition. Housing needs another 3–6 months of unsold-inventory and rate data.
C · Stocks
GS E&CHana top pickDL E&CEugene top pick
Once a housing recovery is confirmed, interior names LX Hausys and Hanssem join the list (Hana· tax-reform beneficiaries)
D · Confirmation
After the third-week August hearing on regional electricity tariffs, watch for data-center starts and order disclosures· Housing presales rebound· Unsold inventory turns down· Gap between market-implied and official bond ratings narrows
E · What Breaks It
Further increase in unsold inventory· Market rates rise· Greater concentration of post-completion unsold units in non-capital regions· More than five companies trade at market-implied ratings below official ratings
Construction· Five Names the Bond Market Rates Lower
| Company | Market-Implied Rating Gap | Spread |
|---|---|---|
| Lotte E&C | −2 notches | 166.6bp |
| HL D&I | −1 notch | 136.3bp |
| HDC Hyundai Development Company (I-PARK) | −1 notch | 39.2bp |
| SK ecoplant | −1 notch | 36.7bp |
| POSCO E&C | −1 notch | 20.9bp |
| Hana Credit· Five of 16 companies surveyed. Official ratings were unchanged in 1H with no downgrades. Housing starts in 2025 were 273,000, just 57% of the 15-year average of 477,000. The conclusion: market rates are the key variable for the cycle. | ||
ESS / NEXT
ESS· Batteries
Where does inference-power demand show up as actual revenue?
A · Why Now
As AI shifts from training to inference, data-center power demand becomes 24/7, and ESS absorbs it.
Cells · ESS· Earnings visibility exists. Materials· Annual guidance cut by as much as 50%· Not yet.Upstream vertical integration and next-generation materials remain valuation variables
Cells · ESS· Earnings visibility exists. Materials· Annual guidance cut by as much as 50%· Not yet.
B · Time Horizon
1–2 Years· From ESS order to revenue takes time. Cell makers' earnings show up first on a quarterly basis.
C · Stocks
LG Energy SolutionHana top pickSamsung SDIHana top pick
For materials companies, first wait for guidance cuts to stop
D · Confirmation
ESS order announcements· Standalone (Grid) installations keep rising· Do Europe and Other regions continue to offset the North American decline?· Dedicated data-center tariff finalized· Draft 12th Basic Plan for Electricity Supply and Demand (September)
E · What Breaks It
Further cuts to materials guidance· ESS order delays· Europe and Other fail to offset the North American decline· The dedicated data-center tariff is cut enough to pull down renewable PPA contract prices and demand
| Region | June | YoY |
|---|---|---|
| Global | 39.7 | +17.8% |
| Europe | 3.4 | +176.3% |
| Other | 20.2 | +98.3% |
| China | 12.4 | −16.9% |
| North America | 3.8 | −49.0% |
| Hana Securities · Rho Motion. The market is not simply getting bigger — the growth is moving to different regions. North America and China shrank while Europe and Other filled the gap. That is why regional exposure matters for Korean cell makers. | ||
Jan–Jun Cumulative Installations
| Region | Cumulative | YoY |
|---|---|---|
| Global | 161.9 | +25.0% |
| Europe | 18.0 | +95.9% |
| Other | 54.5 | +114.7% |
| China | 65.3 | −4.3% |
| North America | 24.1 | −9.7% |
Direction is also visible by connection type. Of June grid-connected volume, Standalone (Grid) 26.8GWh· +48.6%· Wind/solar-attached volumes declined· Chemistry is entrenched at 95.4% LFP.
The market is moving from generation-attached equipment to systems that support the grid itself — the same direction as Section 07's power bottleneck.
Gap There is not yet a stock-specific thesis for listed Korean ESS systems/equipment names. We name only the two cell makers.
PLATFORM / NEXT
Internet· Platform
When does AI investment move from cost to revenue?
A · Why Now
NAVER Q2 revenue rose 16.2% to a record while operating profit slipped 0.2%; Kakao posted record quarterly results, yet operating loss in AI services widened to KRW 58.0bn. Both companies are in a phase where AI is already lifting revenue while still dragging on costs. The company that reaches the crossover first gets rerated first.
The same investment is demand for the power sector in Section 07, but a cost here
B · Time Horizon
Quarter· Judge Q3 by whether ad growth and operating margin rise together.
C · Stocks
NAVERKakaoNCSOFTIBK
NC has a different catalyst: three titles — AION 2, Cinder City, and Project Bonfire — will be shown at Gamescom on Aug. 26, and AION 2 is scheduled for global early access on Sep. 30.
D · Confirmation
Does ad growth rise from 7.5%?· Does AI contribution above 60% translate into ad pricing?· Services (+31.3%) and C2C (+74.9%) growth holds· Growth rate from KRW 25.2tn Npay payment volume· Kakao AI-segment loss narrows
E · What Breaks It
Operating-profit decline continues into Q3· AI-segment loss widens· Capex plan raised
Platform· NAVER Q2 by Segment
| Segment | Figure | YoY |
|---|---|---|
| Revenue | KRW 3.3888tn | +16.2% |
| Operating Profit | KRW 520.3bn | −0.2% |
| NAVER Platform | KRW 1.9022tn | +12.3% |
| ↳ Advertising | N/A | +7.5% |
| ↳ Services | N/A | +31.3% |
| Financial Platform | KRW 470.7bn | +16.0% |
| ↳ Npay Payment Volume | KRW 25.2tn | +21.0% |
| Global Challenge | KRW 1.0159tn | +24.4% |
| ↳ C2C | N/A | +74.9% |
| The company says AI contribution to advertising exceeds 60%. It said the AI factory project with NVIDIA is structured to minimize upfront capital burden. On Aug. 7, flows diverged: retail +KRW 109bn net buying, foreign −KRW 60.9bn, and institutions −KRW 50.9bn. | ||
Stock names are those cited in brokerage research and are not buy recommendations from this report. “Top pick” labels refer to the respective brokerage.
SUNG OH WEEKLY· S4
05· FX OUTLOOKUSD/JPY· USD/KRW
USD/KRW· 08.071,416.10
THE KNOTAfter Coordinated Intervention,
JPY and KRW
JPY and KRW
05
a ceiling was drawn,
but direction remains open.
What range does KRW trade in from here?Intervention only drew a ceiling.
Direction is set by the BOJ rate path.
Japan intervened alone on Jul. 30· Defended USD/JPY at JPY 160.18· The U.S. joined the next day, pushing it into the 157s· The first coordinated action in 28 years since 1998. KRW strengthened too, with USD/KRW at KRW 1,416.
In less than a week, JPY gave back half its gain. Two things intervention did not touch.
ⓐ U.S.–Japan rate gap
ⓑ Japan's fiscal expansion· JPY 370tn for AI · semiconductors
USD/JPY160.18Coordinated Intervention157 Range
USD/KRW1,432Stronger KRW1,416
The key is not intervention, but the Bank of Japan. The July meeting held at 1.00% (8–1).· Takata argued for a 1.25% hike· Gov. Ueda signaled rate-hike discussions from September· Hana Securities leans to an October hike and leaves room for Japan's 10Y yield to reach 3.0% by year-end.
A hike strengthens JPY, but bond yields also rise in a country planning to spend JPY 370tn.
Two Scenarios and Korean Sectors
Scenario ASustained JPY Strength
Conditions BOJ stays on an October hike path· U.S. inflation slows, narrowing the rate gap· USD/JPY 160 as an upper reference
USD/KRW Lower end of the KRW 1,410–1,470 band· Hanwha
Favored Banks· Airlines· Chemicals· Domestic Demand
Disfavored KRW-translated earnings of exporters
Scenario BRenewed JPY Weakness
Conditions Hike delayed· U.S. rates rise again· Flows that drove KRW strength are exhausted
ADR conversion· Exporters' USD selling· Banks' pre-emptive selling is finite· Hanwha
USD/KRW USD/KRW rises back to KRW 1,480 by year-end· Eugene
Favored Semiconductors· Exporters such as semiconductors and autos
Disfavored FX losses for foreign investors· Import Prices· Strengthens the Aug. 27 BOK hike case
Keep both scenarios open and judge by the signals below.
Signals Tilting Toward A
- The Bank of Japan's September meeting formalizes a rate-hike discussion
- Japan's 10Y yield rises toward 3.0%, narrowing the rate gap
- U.S. July Core CPI at or below 2.5% (8/12)
- Further intervention or renewed policy coordination
Signals Tilting Toward B
- BOJ remains on hold in October
- U.S. Core CPI above 2.5% revives rate expectations
- Exporter USD selling and ADR-conversion flows are exhausted
- Crude import unit cost keeps rising· June: $116.3/bbl
Caution· Counterexample Left by This Week
The formula “a stronger KRW brings foreign investors in” broke this quarter
USD/KRW 1,432 → 1,416· Over the same period, foreign KOSPI net selling totaled KRW 5.93tn· June foreign net outflow from Korean equities: $31.61bn· Daishin· An offsetting structure in which a current-account surplus does not immediately translate into KRW strength and foreign inflows.
FX is a variable that separates sector P&L, not a leading indicator of foreign flows.
This leads into the Aug. 27 BOK meeting. Korea July CPI: 2.8%· Yuanta's 3%-range condition for an early hike was not met· Supports Kiwoom's view: hold, then look to October· Daishin adds a caveat: core inflation accelerated even as headline inflation slowed.
Under A, a stronger KRW lowers import prices and hike pressure; under B, the opposite.
Even a Faster A Carries Risk· JGBs
Long JGB yields are a fuse for global risk assets
Even a Faster A Carries RiskIf a country planning JPY 370tn of spending raises rates,
government bond yields jump.
A surge in long JGB yields triggers a yen carry unwind and then
spills into global risk assets.
That is why Scenario A should not be read as unconditionally favorable.
Evidence· How Six Research Notes Divide the Explanation
| Source | Thesis |
|---|---|
| SK· 8/3 | U.S. objective: block weakening JGB demand and a rise in long yields. Not a trend reversal, but a measure to prevent sharper further JPY weakness. |
| iM· 8/3 | Pre-empt a second Truss shock and support Korea/Japan investment commitments to the U.S. USD/KRW band: 1,400–1,450. |
| Eugene· 8/5 | Structural weak-yen factors remain, so strength should be short-lived. USD/KRW at 1,480 by year-end. |
| Hanwha· 8/7 | Policy acts as a ceiling that makes upside and downside asymmetric rather than simply lowering the exchange rate. August band: 1,410–1,470. |
| Hana· 8/3 | The ultimate solution is a rate hike. Hold at 1.00% (8–1); Takata argued for 1.25%; October hike possible; 10Y upper end at 3.0%. |
| Daishin· 8/7 | June current-account surplus was $49.73bn but concentrated in semiconductors. Foreign net outflow of $31.61bn was the offset. |
Intervention Size· Confirmed vs. Unconfirmed
A Treasury secretary memo was caught on camera, with “To Do: Buy JPY” on the top line.
The $5–10bn cited in reports is the number on the memo, not a confirmed execution amount· The Treasury did not disclose the size· There was also an observation that euros, not dollars, were sold to buy yen.
SUNG OH WEEKLY· S5
06· MARKET LOGICEarnings Selection Tool
06
From Here,
Which Earnings
Should We Buy?
In a market where good earnings are no longer enough,
what criteria should we use?We look at four things.
Guidance· Margin· Free Cash Flow· Speed at Which Investment Converts to Revenue
Where the market assigns value
is moving from last quarter's earnings to next-quarter expectations and cash.
is moving from last quarter's earnings to next-quarter expectations and cash.
| Before | Now |
|---|---|
| Last-Quarter Revenue | Next-Quarter Guidance |
| AI Revenue Growth | Return on AI Investment |
| Capex Expansion | Free-Cash-Flow Recovery |
| Industry Growth | Magnitude of Company-Specific Beat |
Four Things to Watch Next Earnings Season
Guidance
Immediate Application· 8/13 Applied Materials
Look first at the next-quarter range, not last quarter's numbers. Put consensus next to company guidance; the decision line is whether the bottom of the range falls below consensus.
Margin
Immediate Application· October · Korean Q3· NAVER ad growth and operating margin
When revenue grows, does operating margin rise too? If revenue grows while margin stays flat, growth costs have not yet been recovered.
Free Cash Flow
Checkpoint· DS expects the gap between capex and revenue recognition to narrow from 2028
During capex expansion, cash signals before net income. This quarter showed cases where cloud revenue growth accelerated to 82%, 43%, and 37% even as cash flow worsened.
Speed of Conversion From Investment to Revenue
Key Question· Can liquidity endure that payback period?
The same capex has different revenue-recognition lags by sector. With Big Tech's cumulative capex above $1.1tn, Berkshire's new $30bn-plus position in Alphabet was a vote for the payback period rather than near-term cash flow.
Where This Criterion Came From
| Case | What Set the Price? |
|---|---|
| SanDisk· WDC | Earnings beat, but next-quarter guidance hit the expectations bar |
| Datadog | Beat and raised, yet fell 19%. Expectations were ahead of earnings. |
| NAVER· Kakao | Revenue rose while profit stalled. AI costs are showing up first. |
| Kiwoom· More than 80% of U.S. companies reporting Q2 beat expectations· Semiconductors and equipment posted roughly 16% EPS surprises, the highest of any sector, yet the average share-price reaction was negative· For software and IT hardware, the correlation between surprises and share-price reactions exceeded 0.9. The expectations threshold sits in a different place for each sector. | |
SUNG OH WEEKLY· S6
07· LONG VIEWAI Power
07
From the Power Bottleneck,
The Order in Which Money Shows Up
The question that should come after “data centers are increasing.”Which industry captures orders first,
and which does not recognize revenue until three years later?
20298.4GWGovernment-stated Korean AIDC scale
203518.4GWTarget year of the same plan
Cumulative InvestmentKRW 1,000tn+Total estimate through 18.4GW in 2035· DS
DS Investment & Securities, Aug. 7. This is an estimate of cumulative investment over the full plan period, not annual spending.
First decide where buildout comes first. Even if generation capacity remains, the grid cannot connect new load without headroom. Jeonnam,· No. 1 in both power self-sufficiency and solar capacity,· is rated for phased expansion due to grid constraints.
Transmission lines, not power plants, set the sequence.
GRID· Regional Power Self-Sufficiency
Gyeongbuk251.8%
Jeonnam215.0%
Gangwon175.6%
Gyeongnam137.0%
Solar Capacity· Gyeongbuk 4.4 / Jeonnam 6.5 / Gangwon 2.1 / Gyeongnam 2.3GW· When grid headroom is included, Yeongnam and Gangwon are first in line
From Order to Revenue· Six Stages
Tariffs· Regulation
Within 6 Months
The first place where price moves.
Third-week August public hearing on the regional electricity-tariff system· Finalized in 2H· Four national tiers based on transmission-use cost, power self-sufficiency, and balanced national development.
August LNG fuel cost: KRW 155.09/kWh· +9.3%· SMP crossed KEPCO's breakeven level of KRW 146.
KEPCOHana
Data-Center Construction
1–2 Years
Once the site and grid are fixed, orders show up first.
Same axis as the construction section in 04· Industrial facilities before housing· Order disclosures lead quarterly earnings.
The first fork is whether starts appear in Yeongnam and Gangwon first.
GS E&CHana top pickDL E&CEugene top pick
Transmission & Distribution Equipment
1–2 Years· Already visible in backlog
If the grid is the bottleneck, the largest amount attaches here — and it is already visible in orders.
LS ELECTRIC· Q2 new orders: KRW 2.1tn· +243% YoY· Switchgear 50%, ultra-high-voltage transformers 20%· Backlog KRW 7.0tn, up KRW 1.4tn in one quarter· Fixed contracts with U.S. Big Tech are under discussion.
LS ELECTRICHanaLSMirae AssetLS Eco EnergyIBK
Two Points on the Same Chain· LS and LS Eco Energy
LS· A holding company linking materials, cable, and equipment in one chain· Consolidated revenue forecast: KRW 27.5tn in 2024 → KRW 43.9tn in 2027· Mirae Asset initiated coverage on Jul. 30.
LS Eco Energy· Q2 revenue KRW 350.3bn, a quarterly record· Busduct revenue KRW 9.8bn, up 158%· Passed prequalification testing for 400kV ultra-high-voltage cable· Orders as early as 2H 2027.
ESS· Cooling
1–2 Years
Inference-power demand becomes 24/7 and shifts into storage. This is the same point as the ESS section in 04.
Already visible in June installation data· Standalone systems accounted for 26.8GWh of grid-connected volume· +48.6%· Wind/solar-attached volume declined.
The market is shifting from generation-attached equipment to systems that support the grid itself.
LG Energy SolutionHana top pickSamsung SDIHana top pick
Generation· Solar
1–2 Years
Where the U.S. solar policy in 08 meets Korean renewables.
If dedicated data-center tariffs fall sharply, renewable PPA rates also fall, reducing demand· One caveat applies.
Hanwha SolutionsEugene· KyoboOCI HoldingsEugene· Kyobo
Nuclear
3–5 Years
It arrives last, but the money lasts the longest.
TerraPower obtained a nuclear construction permit· Discussions of cooperation with Korean companies were mentioned· Still discussions, not contracts.
Hyundai E&CEugene· Discussion stageHD Hyundai Heavy IndustriesEugene· Discussion stage
Early Signals
- Third-week August hearing then final regional tariff grades
- Draft 12th Basic Plan for Electricity Supply and Demand· Expected during the September regular National Assembly session
- Data-center start and order disclosures Do they appear first in Yeongnam and Gangwon?
- Whether a dedicated AI data-center tariff is created and the size of the discount
- Power-equipment backlog Does it rise further from KRW 7.0tn?· Whether fixed contracts with U.S. Big Tech are signed
Conditions That Break the Thesis
- Tariff finalization is delayed beyond 2H
- The dedicated-tariff discount deepens, weakening renewable PPA demand
- Grid-upgrade budgets and permits remain bottlenecks, delaying starts
- AI capex plans themselves are cut
- Copper, silver, etc. raw-material prices rise and squeeze power-equipment margins again
Footnote· The Neighbors of Data Centers
AI infrastructure costs are billed not only in electricity, but also in neighbors' sleep.
Microsoft's $7.3bn AI data center was sued over noise in Michigan· It paid ordinance-violation fines and offered to buy residents' homes· The same type of lawsuit has emerged in New Jersey. Siting conflict can delay schedules at any of the six stages above, so we treat it as one potential cause of construction delays.
Stock names are those cited in brokerage research and are not buy recommendations from this report.
SUNG OH WEEKLY· S7
08· POLICYUS SOLAR· SECTION 232
08
When a Price Floor Appears,
Who Makes Money First?
Section 232· Section 232 of the U.S. Trade Expansion Act.The Commerce Department investigates whether imports threaten national security ·
The President decides on tariffs and import restrictions ·
This case uses a minimum import price instead of a tariff.
2026.08.06· Proclamation Signed
About 13 months after the investigation began. The basis was the collapse in the U.S. share of polysilicon production capacity from 50% in 2005 to below 2% in 2024.
2026.12.04· Applies to customs entries
The importer must prove that the first independent-party sale price in the U.S. MIP is at or above the required level
Around Implementation· Contract Renewal
The first point where the price floor enters ASPs. Contract terms set here determine later revenue.
2027· Revenue and Profit
Because the increase accrues to seller margin rather than government tax revenue, the gap between the floor and the market price remains with the seller.
| Product | MIP | Reference |
|---|---|---|
| Polysilicon | $21 / kg | Current China price: about $4/kg |
| Ingots· Wafers | $100 / kg | About 1.5x the market price |
| Solar Cells | $0.22 / W | Additional 15% tariff on derivative products |
| Modules | $0.38 / W | Imported module prices rise from the low-$0.30s range |
| Derivative-product tariffs are 15% for Korea, Japan and the EU, and 10% for the U.K. Polysilicon itself is subject only to the MIP, with no tariff. Based on Kyobo's calculations. | ||
Who Benefits First, and Who Comes Later
FirstOCI Holdings
Malaysian feedstock is exempt from the tariff, while the MIP directly becomes an ASP floor for both polysilicon and wafers. This is the shortest path from policy to price.
ThenHanwha Solutions
Georgia capacity captures higher U.S.-made module ASPs, followed by the benefit of internalizing cell production. Because this sits at the module stage, it passes through one additional contract-renewal cycle.
Early Signals
- Before Dec. 4 Pre-ordering and inventory buildup
- Do U.S. module and wafer spot prices rise toward the MIP?
- 2027 Deliveries Contract-renewal pricing
- Confirm higher U.S. ASPs in both companies' quarterly earnings
Conditions That Break the Thesis
- Implementation is delayed or litigation pushes Dec. 4 back
- U.S. solar installation demand itself slows
- Expectations are already priced in· OCI Holdings YTD +111.8%
- The annex defines MIP coverage and exemptions more narrowly than expected
YTD Share Price· How Much Is Already Priced In?
| Stock | YTD |
|---|---|
| SK Eternix | +165.7% |
| HD Hyundai Energy Solutions | +145.0% |
| OCI Holdings | +111.8% |
| Hanwha Solutions | +20.3% |
| KOSPI | +49.4% |
| Kyobo Securities, as of Aug. 7. The same note concludes that the biggest policy uncertainty for 2H has been resolved. Hanwha Solutions' YTD gain being smaller than the index is part of the basis for the ordering above. | |
SUNG OH WEEKLY· S8
09· BRIEFSThree Smaller Variables
09
Small, but Direction-Changing
Three Variables
These are not quarter-defining narratives; we selected only developments that can move the prices and earnings of specific sectors first.
ENERGY· Chemicals
Low Rhine Water Levels
IBK Securities· 8/6
Water level at a record low· Disruptions to German petrochemical feedstock procurement· If Europe's isocyanate (TDI/MDI) procurement shortage persists, volume shifts to alternative suppliers.
Watch both Rhine water levels and European spot prices. If water levels recover, the thesis disappears; this is a short-term variable.
Hanwha SolutionsTDI· IBKKumho Mitsui ChemicalsMDI· IBK
US–CHINA
Ban on Chinese Optical-Transceiver Imports· Proposal stage
Meritz Securities· 8/7
U.S. proposal to block new imports of Chinese optical transceivers for data centers· Target announcement by year-end· Top three Chinese vendors hold a combined 60% share of 800G optical modules· If finalized, substitution demand would be large.
Technology decoupling continues regardless of the late-September U.S.–China summit· Meritz.
OE SolutionsRF Materials
REFINING
Base-Oil Margins
Hana Securities· 8/3
July base-oil export unit price +17%· Margin spread at a record high· Driven by Middle East refinery outages· It reverses when the facilities restart.
Refining margins are reflected with a one-month lag· Watch Q3 earnings for the impact on refiners' P&L. Strength is expected to persist through 2H.· Hana.
S-OilHana top pickSK InnovationHana top pick
SUNG OH WEEKLY· S9
10· AFTER HOURSHUMOR
10
This Week's
Darkly Funny Stories
First· Who Was Trapped?
“The index fell” and “the market fell” are not the same statement. If you cannot identify where the noise is coming from, you will get lost in the same place next week.
Second· Customer Advances
| Who | The industry's No. 7 funeral-service company Bumo Sarang |
| What Money | Customer advances KRW 59.5bn· Money subscribers prepaid for their own funeral services |
| Where | U.S.-listed 2x Leveraged ETF· A product that tracks twice the daily move of BitMine, a company accumulating Ethereum |
| What Remained | Book value at end-2025 KRW 10.2bn· Valuation loss KRW 49.3bn, about 83% of principal |
| Industry | Of 75 funeral-service firms nationwide, 32 have total assets below customer advances· KRW 11tn market· 11mn subscribers |
| Regulation | Because the industry falls under the Korea Fair Trade Commission, it is effectively outside financial regulators' prudential rules· 50% of customer advances can be invested freely |
An individual buying a 2x leveraged ETF must complete prior education, a three-hour mock-trading course, and post a KRW 30mn base deposit. A corporation investing KRW 59.5bn of other people's funeral money faced no such requirements.
Reported May 18, 2026· Book value is as of end-2025. This is an unrealized valuation loss, not a realized loss, and reported loss figures differ by media outlet.
SUNG OH WEEKLY· S10
SCORECARDVerification Section Separate From the Main Text
Previous Weekly Scorecard ·
Where Did the Market Answer?
We test only the proxy indices designated in advance last week. The criteria are also unchanged from last week: relative strength of +1.0%p or more / market-like within ±1.0%p / relative weakness of −1.0%p or less. The price score is the sector's weekly return minus the KOSPI's −5.10% weekly return.
Scorecard· Four Axes
| Axis | Predefined Criterion | Result |
|---|---|---|
| 01 · U.S. QRA | Coupon issuance up / unchanged or lower | 8/5 refunding: $125bn Held unchanged, with no increase Unchanged / Lower |
| 02 · U.S. 10Y | Weekend close above / below 4.745% | 8/6 final: 4.670% Carried to the next issue |
| 03 · Electrical & Electronics | Sector weekly return − KOSPI weekly return, ±1.0%p | −11.04% − (−5.10%) = −5.94%p Relative Weakness· Downgrade |
| 04 · Foreign Cash Flow | KOSPI five-session cumulative flow; whether it turns net positive | −KRW 5.93tn; no turn Not Met |
| AI data centers remain off the candidate list, as previously designated. Banks, previously deferred, posted +5.56% in the KRX Banks index this week. Axis 04 carries over unchanged as the first line of Section 03. | ||
Review· A Break Condition Actually Occurred
The previous issue set two break conditions. If the U.S. Treasury does not increase long-duration issuance, tension in the rates axis eases.· If employment collapses, earnings — not rates — become the problem.
The first condition occurred. The Aug. 5 refunding was held unchanged with no increase.
The index fell even after that tension eased, so rates were not the cause of this week's decline.
Deleveraging filled that explanatory gap.
Margin-financing balance: KRW 37.5tn on Jun. 24 → KRW 27.6tn on Aug. 5· Semiconductor Top2 leveraged ETF average daily turnover: KRW 7.5tn → KRW 0.6tn on Aug. 6· Samsung Electronics and SK hynix market-cap weights fell versus June to 27.08% and 24.08% in July· On Aug. 7, turnover was 79% of the five-day average while the short-selling share rose from 3.6% to 6.2%.
SK Securities · 8/3· Stock-picking after deleveraging. Hana Securities · 8/5· The end of deleveraging, the start of alpha.
The wording differs, but the conclusion is the same: this is a phase of stock differentiation rather than an index-direction trade.
Last Issue's Call vs. This Week's Outcome· Full Cross-Check
| Sector | Last Issue | This Week |
|---|---|---|
| Power Infrastructure | −13.64%p · downgrade | +15.72% KRX-Akros AI Power Infrastructure |
| Telecom | −9.46%p · downgrade · removed from candidates | +5.19% KOSPI Telecom |
| Defense · Shipbuilding | −2.40%p · downgrade | +4.67% Shipbuilding TOP10 · +14.49% Defense TOP5+ |
| Construction | Bottom · −13.54% | +17.42% No. 1 of 24 |
| Electrical & Electronics | +1.56%p · upgrade· Promoted to main | −11.04% Last of 24 |
| Four of five positions reversed within one week. This is evidence that relative strength does not work as a selection tool immediately after a sharp selloff. | ||
Full Weekly Sector Scorecard· KOSPI Sector Indices
| # | Sector | Weekly | Relative Strength (%p) |
|---|---|---|---|
| 1 | Construction | +17.42% | +22.52%p |
| 2 | Chemicals | +10.46% | +15.56%p |
| 3 | Metals | +8.47% | +13.57%p |
| 4 | Machinery & Equipment | +7.72% | +12.82%p |
| 5 | General Services | +7.25% | +12.35%p |
| 6 | Pharmaceuticals | +6.70% | +11.80%p |
| 7 | Paper & Wood | +6.57% | +11.67%p |
| 8 | Food, Beverage & Tobacco | +6.49% | +11.59%p |
| 8 | Transportation Equipment & Parts | +6.49% | +11.59%p |
| 10 | Entertainment & Culture | +5.90% | +11.00%p |
| 11 | IT Services | +5.34% | +10.44%p |
| 12 | Non-Metals | +5.30% | +10.40%p |
| 13 | Telecom | +5.19% | +10.29%p |
| 14 | Transportation & Warehousing | +4.57% | +9.67%p |
| 15 | Real Estate | +3.20% | +8.30%p |
| 16 | Electricity & Gas | +2.89% | +7.99%p |
| 17 | Financials | −0.07% | +5.03%p |
| 18 | Medical & Precision Instruments | −0.24% | +4.86%p |
| 19 | Distribution | −0.55% | +4.55%p |
| 20 | Securities | −2.32% | +2.78%p |
| 21 | Insurance | −4.51% | +0.59%p |
| 22 | Textiles & Apparel | −5.89% | −0.79%p |
| 23 | Manufacturing | −7.05% | −1.95%p |
| 24 | Electrical & Electronics | −11.04% | −5.94%p |
| Relative Strength 20· Market-Like 2· Relative Weakness 2. Final KRX data. | |||
KRX Series · Theme Highlights· Same Week, Different Families
| Index | Weekly |
|---|---|
| KRX K-AI Biotech KOSDAQ | +26.07% |
| KRX Construction | +15.99% |
| KRX-Akros AI Power Infrastructure | +15.72% |
| KRX K-AI Defense TOP5+ | +14.49% |
| KRX K-AI Secondary Batteries | +13.34% |
| KRX Utilities | +7.85% |
| KRX Banks | +5.56% |
| KRX AI Semiconductors | −4.42% |
| KRX K-AI Semiconductor TOP2+ | −5.25% |
| KRX Blue Chip 25 | −8.14% |
| KRX Semiconductors | −9.64% |
| KRX Samsung Electronics | −12.00% |
| KRX SK hynix | −17.23% |
| All 39 KOSDAQ indices posted relative strength versus the KOSPI. The leaders were KOSDAQ 150 Healthcare +22.92%, General Services +20.11%, Technology Growth Companies +17.34%, and Pharmaceuticals +16.28%. | |
Methodology· Do Not Mix Index Families
KOSPI sector indices are market-cap weighted, while KRX series/theme indices use different methodologies. We do not aggregate or directly compare the two families; each table is prefixed with its index family.
For flows, total and five-session cumulative figures come from Naver Finance investor data, while stock-level figures come from the KRX regular market series. They are not mixed within the same card, and no shares are calculated across the two.
USD/KRW uses the 15:30 close in Korea's onshore weekly FX session. The JPY/KRW base rate is omitted because it belongs to a different series. Weekly returns are index-to-index, from the Jul. 31 close to the Aug. 7 close.
Stock names cited in the body are those appearing in brokerage research and are not buy recommendations from this report. Target prices are omitted because brokerages can differ even on the same stock.
SOURCESData & Sources
Research· Filings· Prices
FX · Macro SK Securities, “U.S.–Japan FX Coordination: A Joint Line in the Sand Against Yen Weakness,” 8/3· iM Securities, “Why the U.S. and Japan Moved Aggressively to Defend the Yen,” 8/3· iM Securities, “The Powerful Korea–U.S.–Japan FX Intervention Coordination,” 8/3· Eugene Investment & Securities, “U.S.–Japan Coordinated Intervention: Yen-Strength Effect Likely Short-Lived,” 8/5· Hanwha Investment & Securities, “USD/KRW: Flows Drove the Fall, Policy Caps the Rise,” 8/7· Hana Securities, “[July BOJ] Growth Concerns Ease, Inflation Risks Rise,” 8/3· Hana Securities, “Positive Effects of FX Decline Should Be Reflected in Share Prices,” 8/3· Daishin Securities, “Korea Current Account: June Surplus Driven by Semiconductor Surge,” 8/7· Daishin Securities, “Korea CPI: Core Inflation Actually Accelerates,” 8/5· Hana Securities, “Global Bonds [Q3 QRA]: Supply Concerns Delayed, Not Gone,” 8/6
Semiconductors · Market Logic SK Securities, “Semiconductors: Cheap, Yet Expensive,” 8/3· Hana Securities, “Need to Reassess Long-Term Supply Contracts,” 8/3· Daishin Securities, “Memory-Cycle Concerns Ease, Virtuous Cycle Re-Forms,” 8/6· Daishin Securities, “The Crack Left by SanDisk Spreads Across Semiconductors,” 8/7· Kiwoom Securities, “Rotation Into Growth Stocks Delayed,” 8/7· DS Investment & Securities, “2Q26 Hyperscaler Earnings,” 8/5· Kyobo Securities, “When Markets Shake, Look Again at Buffett's Alphabet,” 8/3· iM Securities, “Murata Earnings and Implications for Samsung Electro-Mechanics,” 8/3· iM Securities, “Ibiden Earnings and Implications for Korean Package-Substrate Names,” 8/5· Kiwoom Securities, “Wonik QnC: Entering Earnings Recovery,” 8/3· Kiwoom Securities, “Hanwha Vision: Time to Refocus on HBM Growth,” 8/4· SK Securities, “Samick THK: From Semiconductor Equipment to Collaborative Robots,” 8/6· DS Investment & Securities, “Doosan & SK: Win-Win Strategy Through the Siltron Acquisition,” 8/3· SK Securities, “Stock-Picking Begins After Deleveraging,” 8/3· Hana Securities, “The End of Deleveraging, the Start of Alpha,” 8/5· Daishin Securities, “Semiconductor Crowding Eases: KOSPI After Deleveraging,” 8/7· Yuanta Securities, “QWER — Week 1 of August,” 8/7· Daishin Securities, “Recovering From an Historic Shock: August Market Outlook,” 8/6· Hana Securities, “What Will Drive a KOSPI Rebound?” 8/3· Kyobo Securities, “MSCI August Quarterly Review Preview,” 8/3
Sector Hana Securities, “Construction: Investment Views After the 2Q26 Review,” 8/6· Eugene Investment & Securities, “Strong Rebound: Time to Look at Construction Again,” 8/6· Hana Securities, “CrediVille: Is the Construction Industry Healthy?” 8/7· Hana Securities, “Construction: 2026 Tax Reform Plan,” 8/5· Hana Securities, “Secondary Batteries: Focus on Three Keywords,” 8/3· Hana Securities, “The Age of Inference, Korea's Megaproject, and ESS,” 8/6· Hana Securities, “June ESS Battery: Standalone ESS Installations Rise,” 8/3 (Rho Motion data)· IBK Securities, “Internet/Game Daily,” 8/7· Hana Securities, “July Base-Oil Export Prices Surge Again,” 8/3
Power · Policy DS Investment & Securities, “Korean AIDC at a Glance,” 8/7· Mirae Asset Securities, “LS: Power Supercycle, Quantifying Growth,” 7/30 (coverage initiated)· Hana Securities, “LS ELECTRIC: Earnings Growth That Won't Stop,” 7/24· IBK Securities, “LS Eco Energy: Stable Earnings Trend,” 8/7· Eugene Investment & Securities, “Weekly Power & Battery,” 8/3· Hana Securities, “Utilities Weekly: Regional Differential Tariff (Discount) System,” 8/7· Eugene Investment & Securities, “Meta Leaves RE100 and Bill Gates Visits Korea,” 8/3· Eugene Investment & Securities, “Solar: Final Section 232 Declaration and Impact,” 8/7· Kyobo Securities, “U.S. Solar Section 232 Finalized,” 8/7· IBK Securities, “The Rhine Is Drying Up,” 8/6· Meritz Securities, “Ban on Chinese Optical-Transceiver Imports and the U.S.–China Summit,” 8/7· Hana Securities, “Telecom Equipment: The Number of Suppliers Is Shrinking Sharply,” 8/7
Filings · IR NAVER Q2 2026 Earnings Release (8/7)· Kakao Q2 2026 Earnings Release (8/7)
Prices · Flows KRX Information Data System · final weekly data· Naver Finance investor-flow data· Korean onshore FX market weekly-session close· Korea Financial Investment Association market-cap weights
Media Reports Treasury memo and euro-selling observations: Axios, Fortune and Nikkei Asia. Data-center noise lawsuits: Tom's Hardware and Futurism. The funeral-service advances story in the second AFTER HOURS cut: Korea Economic Daily (2026.5.18) and company audit reports. The U.S. Treasury did not confirm the intervention amount; the main text distinguishes the memo figure from the executed amount.