Goldman Sachs South Korea Closing Report — Weak Support 📊 KOSPI fell 3.52% to … · @2030FY_X · TwKit

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Goldman Sachs South Korea Closing Report — Weak Support 📊 KOSPI fell 3.52% to 5533.8, turnover USD 10.4bn, foreign net buying USD 46m 📊 KOSDAQ fell 3.62% to 764.1, turnover USD 4.8bn, foreign net selling USD 92m 📌 [Market Review] 📉 KOSPI moved almost in a straight line downwards, closing back below 5600. 📉 Intraday fund flows saw high volatility; foreigners ultimately ended with a slight net buy on the KOSPI, heavily net selling USD 95m in Samsung Electronics, while recording the highest net buying in the transportation equipment sector at USD 41m. 📉 Domestic institutions were the main net sellers today, with the highest selling volume in the tech sector reaching USD 381m. 📉 Retail dip-buying provided some support, but in the absence of corporate buyback funds from other companies, the buying was insufficient to fully absorb the selling pressure. 📉 SK Hynix (000660 KS) fell 5.5% and Samsung Electronics (005930 KS) fell 4.0%, giving up most of yesterday's gains. Most other sectors also closed lower on shrinking volume. 📉 The Bank of Korea kept its policy rate unchanged at 3%. 📉 KOSPI turnover increased by 31.9% compared to the 20-day moving average. 📉 The KRW appreciated by 8 bps to 1322.3 against the USD. 📌 [Key News] 💻 Semiconductor Sector (Down): SK Hynix (000660 KS) fell 5.5% and Samsung Electronics (005930 KS) fell 4.0%, closing lower and giving up most of yesterday's gains. 💻 Domestic institutions and retail investors were joint net sellers in the tech sector. Buying power was weak, with retail investors being the only net buyers overall today. 💻 SK Hynix's share buyback program was completed yesterday, one month ahead of schedule, removing the support from buybacks. 💻 Reports indicate that Micron does not plan to develop 4F² memory chips; local reports suggest that amid intensifying technological competition, Samsung Electronics and SK Hynix may face continuously mounting pressure. 💻 Notably, foreigners continued their two-day net buying streak in SK Hynix with a slight net buy of USD 34m, but turned to net sellers of USD 95m in Samsung Electronics, snapping a four-day net buying streak. 💻 Domestic institutions were net sellers of both names, selling USD 200m in SK Hynix and USD 65m in Samsung Electronics; retail investors bought the dip, buying USD 158m in SK Hynix and USD 158m in Samsung Electronics. 🏦 Bank of Korea keeps rate unchanged at 3%: The BOK Monetary Policy Board unanimously decided to keep the policy rate unchanged at 3.00%, in line with Bloomberg consensus and our forecast. 🏦 The central bank statement showed an upward revision to the upper bound of its economic growth forecasts, with 2026 and 2027 growth projected at 3.3% and 2.9% respectively, compared to market consensus of 3.5% and 2.5%, while noting upside risks to the 2027 inflation forecast. 🏦 We believe the Governor maintained a hawkish stance during the press conference, which was within market expectations. 🏦 Compared to the central bank's previous assessment, the domestic macro environment has broadly strengthened. The Governor stated that the Monetary Policy Board will maintain a hawkish stance until it is confirmed that inflation is converging toward the 2% target. 🏦 We maintain our previous forecast of a 25 bps rate hike to 3.25% in Q1 2027, while not ruling out the possibility of a November hike, which will ultimately depend on macro data, policy direction following the US midterm elections, and changes in global oil prices. 🏗️ Construction Sector (Up): The construction sector traded higher, led by Samsung Engineering (028050 KS) which surged 16.1%. The company's Q3 results beat expectations with an operating profit of KRW 500.6bn, compared to the pre-market consensus of just KRW 249.0bn. 🏗️ In addition, Samsung Engineering announced a share buyback of 16.4m shares from October 23 to January 22 next year, and will cancel 14.55m shares upon completion to enhance shareholder returns. 🏗️ Driven by positive spillover effects, industry peers DL E&C (37550 KS) rose 1.0% and HD E&C (000720 KS) rose 0.5%, outperforming the broader market. 🎮 Game Development Sector (Up): The sector outperformed the broader market, led by Kakao Games (293490 KQ) which rose 7.3% after a local brokerage upgraded its rating from Neutral to Buy and raised its price target by 67%. 🎮 The report noted that the company expects profitability to improve in 2027, while remaining in an operating loss in 2026, with growth momentum coming from a continuously expanding pipeline of new games. 🎮 Among them, "Dokkaebi's World" showed strong early performance, and "Odin 2" is set to launch in 2027. Coupled with other upcoming releases, the market expects a potential earnings turnaround and room for valuation rerating. 🎮 Additionally, within GIR's coverage universe (Kakao Games is not covered), GIR remains bullish on NC, supported by three rationales: First, sustained revenue from the Korean and Taiwanese servers of "AION2"; Second, positive initial feedback following the global launch of "AION2" on October 5; Third, a gradually clearing pipeline of blockbuster AAA games post-2026.

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