SK Hynix and Samsung Electronics are scheduled to announce earnings on July 29 and July 30, with market participants watching for potential positive impact on the KOSPI index. Hyperscaler companies including Meta and Microsoft (July 30, Korean time) and Amazon (July 31) are also set to report results during the same period. Lee Sang-jun, researcher at NH Investment & Securities, stated that confirmation of AI shortage and capital expenditure expansion trends from hyperscalers following Alphabet's results could provide upward momentum for KOSPI, with specific commentary on industry conditions, guidance, and shareholder returns from the Korean semiconductor companies viewed as additional positive factors.
Hyperscaler Earnings and AI Investment Outlook
NH Investment & Securities set a KOSPI forecast range of 6,700–7,600 for the coming week. Lee noted that if other hyperscaler earnings reports confirm AI infrastructure shortages and capital expenditure expansion following Alphabet's results, KOSPI could regain upward momentum. The researcher highlighted that SK Hynix and Samsung Electronics earnings announcements would provide specific commentary on industry conditions, guidance, and shareholder returns.
Policy Momentum and Market Support Measures
Lee stated that tax reform proposals expected between late July and early August are anticipated to include amendments to inheritance and gift tax laws related to stock price suppression prevention. The government is scheduled to disclose a list of low price-to-book ratio (PBR) companies starting in November. Lee Jae-won, researcher at Yuanta Securities, noted that the government's commitment to improving leveraged ETF systems and supporting the KOSDAQ market continues, suggesting focus on oversold conditions rather than further selling at current levels.
Foreign Ownership Levels and Investment Strategy Recommendations
Foreign ownership stakes in Samsung Electronics and SK Hynix have declined to historical lows. Lee Jae-won stated that if exchange rate stability and physical buying continue, foreign investors have significant room for additional purchases. The researcher recommended prioritizing large-cap semiconductor stocks and expanding exposure to high-earnings and oversold sectors as market conditions improve, while noting that passing the peak of forced selling does not necessarily indicate a trend reversal.
Geopolitical Risks and Oil Price Pressure
Lee Jae-won identified the expansion of US-Iran military conflict as a factor requiring caution due to upward pressure on international oil prices and market interest rates. However, the researcher assessed that further oil price increases would create political burdens for Trump, concluding that the situation would likely result in "TACO" (Trump Always Caves Out).
FAQ
When are SK Hynix and Samsung Electronics scheduled to announce earnings?
SK Hynix is scheduled to announce earnings on July 29, and Samsung Electronics on July 30.
What KOSPI forecast range did NH Investment & Securities provide?
NH Investment & Securities set a KOSPI forecast range of 6,700–7,600 for the coming week.
When is the government scheduled to disclose the list of low PBR companies?
The government is scheduled to disclose the list of low price-to-book ratio (PBR) companies starting in November.
