Report Predicting Market Crash as SK Hynix Surpasses Samsung Hits Bullish Target; Now Cites 'Current Bottom, 11,000p Target'

As the KOSPI plunged sharply in a short period, a report from Hyesung Securities forecasting the market's previous high two months ago has regained attention. The report's author, Lee Jae-man, global investment analyst at Hyesung Securities, diagnosed the current decline as an overcorrection rather than a fundamental deterioration, maintaining his long-term forecast of the KOSPI reaching 11,000 points. The analyst had previously argued that SK Hynix's market cap surpassing Samsung Electronics' would signal the end of the bullish trend, which occurred on June 22 when SK Hynix first exceeded Samsung's market cap, coinciding with the KOSPI hitting 9,114.55 points. However, the index fell 20% to 7,291.91 points by July 9, reviving interest in the report. Lee noted the current decline aligns with the 20% drop since 2023's peak, suggesting it nears a technical bottom, with potential for a short-term rebound to 9,240 points based on the 20-day moving average spread. Long-term, applying historical PER to 2027 earnings estimates suggests an appropriate index level of ~11,450 points, supporting the 11,000-point target. He also clarified the semiconductor peak narrative, stating Samsung and SK Hynix's profit growth remains above market averages, and U.S. tech AI investments will continue to support the semiconductor cycle.