Morgan Stanley nâng cấp thị trường chứng khoán Hàn Quốc lên mức “quá tải” với mục tiêu 9.000 điểm

The Huoxing Finance report states that on August 3, Morgan Stanley upgraded its rating on the Korean stock market to "Overweight" with a target price of 9,000 points, implying a 36% upside from current levels. Morgan Stanley believes that the previous sharp deleveraging cycle is nearing its end, and KOSPI valuations have fallen to historically low levels, offering investors a more attractive entry point. Its data shows that hedge funds have completed approximately 75% of their deleveraging, while leveraged ETF assets have declined by 70% from their peak, significantly improving the ownership structure. Shawn Kim, Head of Asia Technology Research at Morgan Stanley, highlighted three near-term catalysts for Korean semiconductor stocks in the report. First, capital expenditure. The capital allocation moves by Samsung Electronics and SK hynix are viewed as the most important near-term catalysts. The market is awaiting specific announcements from both companies regarding their "value enhancement" initiatives and capital returns; although timelines remain unclear, the expectation itself serves as a potential catalyst. Second, HBM4 pricing. Samsung Electronics recently indicated that HBM4 will account for approximately 60% of its total HBM sales by the end of next year. If HBM4 prices reach the market’s expected level of over $3 per Gb, it could provide positive momentum for overall DRAM pricing in 2026–2027. Third, iPhone 18 launch cycle. Mobile devices still account for 30% to 40% of global DRAM demand and 25% to 30% of NAND demand. According to feedback from Apple’s Korean supply chain partners (e.g., LG Innotek), Apple is optimistic about the iPhone 18 cycle, with expected unit shipments rising 5% to 10% year-over-year. The iPhone 18 is scheduled for release in September, with all initial models being Pro variants (including Pro, Pro Max, and foldable). If sales perform well, it will provide a positive boost to Samsung Electronics and SK hynix.