Hello, this is Hyejin Kim, the consistent host of Cash Maker. Our documents. Well, it's been a while since we filmed a video. It seems like it's been about 10 days since the last one. Yes, that's right. We haven't been able to do live broadcasts for a long time while enjoying our long summer vacation. We haven't been able to upload many videos either, and it seems like many of you have been waiting. Yes, so starting today, we will work hard again and do our best. Next, we will soon upload content related to overseas stock trading that many of you have been waiting for. Besides that, we have many other things planned, so please continue to show lots of love for the Cash Maker channel. We have a lot of diverse content planned that both our existing subscribers and new subscribers will enjoy.

I want to have a lot of meetings recently because I plan to spend a lot of money. So, I will spend a lot of money on video production to improve the video quality a bit. I want to try various content creation and, of course, the videos that are uploaded daily will continue as they are now. However, I am thinking of creating a lot more planned content from now on. So, please continue to show a lot of love and support in the future, and please click on the subscribe and like buttons. Well then, shall we start right away with the content prepared by the CEO today? It's been a while, what are we going to do? Many individual investors are feeling a bit disappointed, especially considering the current situation. Today, based on Cha Young-il's perspective, looking at the flow of the New York Stock Exchange, it was very good. Recently, it feels like there is too much relative deprivation.

Of course, small and medium-sized stocks are not doing well in the New York stock market either. The Russell 2000 is not doing well, and many big tech companies are leading the way, but in New York, even within small and medium-sized stocks, the semiconductor sector is doing well. For example, it's doing well. Strangely, in our case, except for Samsung Electronics and SK Hynix, small and medium-sized semiconductor companies are not doing well. In the case of our company, looking at the trend of the New York Stock Exchange, it was very good, and then, in terms of the semiconductor sector, the trend was good. Even in the early part of the market, it seemed to be rising a bit, but now, in the middle of the market, it is falling again. Many people are worried that the increase was too high, thinking, Should I just sell these small and medium-sized stocks? Should I hold on to them? Could this lead to concerns about the secondary battery sector?

I feel like there might be some concerns. So, in this session, I will analyze why the heads of small and medium-sized enterprises seem a bit weak these days and when they might leave their positions. I think many of you are curious about this. Firstly, the main reason why small and medium-sized enterprises are not doing well these days. I believe there are roughly four main issues. Firstly, there is a concentration of demand. Secondly, there is uncertainty about Samsung Electronics. Thirdly, there is uncertainty about performance. Lastly, there is uncertainty about the financial investment system. Even though there are already four good issues, should they leave or not? Currently, there are already four bad issues. So, it's not an easy situation. I will explain each of these and see if they can be resolved or not.

First of all, let's talk about the first issue of supply concentration. Currently, there is a concentration of supply in Samsung Electronics and SK Hynix in the semiconductor sector. It is understood that the semiconductor sector is doing well, but the fact that Samsung Electronics and SK Hynix almost monopolize the supply is preventing the trickle-down effect of the supply from happening. However, this situation is becoming more prominent. So far, Samsung Electronics' uncertainty is somewhat connected to this. Foreign investors and institutional investors were not very confident in Samsung Electronics. Therefore, most foreign investors who bought Samsung Electronics did not do so based on expectations for Samsung Electronics but rather mechanically entered index funds.

Those funds that came in because they liked Samsung Electronics itself or liked the semiconductor sector itself didn't actively buy Samsung Electronics. They were worried that although the semiconductor sector is good, Samsung Electronics might not benefit from it. Until not long ago, there were talks about Samsung Electronics just producing HBM3, it was just a media play, showing off, and it wasn't even sellable. They were just producing it in large quantities, planning to dispose of it all later, which was causing concerns that there might be a shock. This was a story that was circulating until about 2 weeks before the preliminary earnings announcement. Even foreign investors or institutions were not actively buying Samsung Electronics, and sector funds were not buying either. But now, with the release of the preliminary earnings, they have done that, as expected.

So, what I talked about during the open room or live fortunately turned out to be correct. If it hadn't been right, I would have worried about the substance. I confidently expressed myself, so if you look at the preliminary performance announcement, you will understand. I was confident during the live broadcast, and then I did well in the open chat room. Fortunately, the scenario I expected unfolded. So, Samsung Electronics' performance was very good. Ultimately, concerns about the legacy-related aspects have been resolved, and as for the part related to HBM 3, although more details may come out in the conference call, ultimately, when selling, of course, it didn't sell much to NVIDIA, but it sold a lot to AMD or to China, so there were no major issues in that area. Confirmation was made, so Samsung Electronics...

I think the uncertainty about the aquarium will be resolved. So, as I mentioned earlier, the supply that was originally a bit retroactive for Samsung Electronics sector funds is being caught up late. Of course, even now, many foreigners are buying Samsung Electronics, considering the weight of Samsung Electronics in the entire semiconductor sector. However, compared to the weight that Samsung Electronics holds within the sector, foreigners still have a relatively small stake. For example, recently, whether it's TSMC or Micron, these stocks have been rising significantly compared to Samsung Electronics' weight within the sector. Therefore, there is clearly less remaining within the sector. As a result, due to the uncertainty about Samsung Electronics' performance, they have held back on investing, but now that the uncertainty has been resolved, they need to invest quickly, so they need to think about something else now.

There is no Samsung Electronics SK Hynix land at first, so the overflow effect of supply is exceeding now. Therefore, small and medium-sized enterprises are not doing well. When the supply is not coming in, positive material effects have come out. However, you should think like this. But I think time will solve this because until when will you keep buying Samsung and SK Hynix? Historically, it has always been like this. Whenever there is a semiconductor big cycle, in the beginning, the ID companies go first, and then there is a time gap before the small and medium-sized enterprises go. This has never been an exceptional case. Small and medium-sized enterprises went first, and then IDMs went. There has never been a case where IDMs went first and then small and medium-sized enterprises followed. This is commonly referred to as Samsung Electronics in IDM.

SK Hynix, the leader, has never not followed Samsung Electronics. Ultimately, you should consider that they eventually followed. I believe that in this cycle, with a sufficient time lag, the semiconductor sector will also follow the small and medium-sized businesses. Next, regarding the uncertainty of Samsung Electronics I mentioned earlier, there is uncertainty about Samsung Electronics. Of course, major domestic small and medium-sized businesses in Korea do not only trade Samsung Electronics. They trade Micron and others as well, but nevertheless, because Samsung Electronics has such a large share within the sector, stocks related to Samsung Electronics did not perform well. Some stocks that did perform well were specialized in hbn. However, as I mentioned earlier, this uncertainty is likely to be resolved. Some people are talking like this. You may still think that Samsung Electronics has not received a video call yet, but on the contrary, this time Samsung Electronics' performance.

Even if you look at the presentation, you can understand that they achieved 10 trillion won without Nvidia. If we add MBD here, there is a high possibility of achieving 15 trillion won in quarterly operating profit again in the current favorable environment. If that happens, I believe there is also a high possibility of a trickle-down effect towards Samsung Electronics' small and medium-sized suppliers. Anyway, if you see it as uncertainty being resolved now, and then there is uncertainty about performance. This uncertainty can vary within the sector. For example, in the first quarter, there were high expectations for semiconductor performance, but when it actually came out, Samsung Electronics and SK Hynix were slightly disappointed. And other small and medium-sized companies, except for a few stocks, were mostly disappointed. So, the performance was not really...

I think it's a lingering thought, so there are concerns about the second-quarter performance. Just as we had expectations for the first quarter, it wasn't as refreshing as we had hoped. Therefore, there are worries that the second-quarter performance may not be good. Consequently, although it's not actively coming in, I don't think this year's performance will be great. Why do I say that? First of all, the anticipation that had risen as a base has disappeared due to the first-quarter performance season. It's been about three to four months since then. Of course, there are stocks that haven't dropped. However, those that did not disappoint during the first-quarter performance season are doing well, while those that had disappointment in their performance have mostly dropped. So, what I'm saying is that what rose in anticipation for the first quarter has now turned into disappointment.

If it has not risen, the stock price itself has not increased, but there is a high possibility that the performance will improve from the second quarter. Because from the second half of last year to the first quarter of this year, it was the IDM time. As you can see here, the semiconductor sector's profits are increasing in order. Initially, IDM semiconductors bring in a lot of revenue because they start with manufacturing. As the inventory decreases when demand increases, the inventory decreases, and then the prices rise. Ultimately, all of this is driven by IDM because it's not about increasing operating rates or investing. As time passes, if there is confidence in improving inventory and demand, then the operating rate will increase. But as you all know, from the second quarter of this year, Samsung Electronics or SK

After Hynix, the utilization rate was increased up to Micron, so the utilization rate has been discussed from the second quarter to now, around 80% to 90%. So, the benefit at that time is that with the increased utilization rate, the shipment volume has increased. This means that more raw materials have been used. Then, there is a high possibility that the prices of raw materials will rise. Therefore, I think that during the second quarter earnings season, stocks related to raw materials and semiconductor-related stocks have a higher chance of showing earning surprises. If that's the case, when earning surprises come out in a state where the stock prices have already dropped significantly, there is a high possibility that they will be properly reflected. And then, I expect a rise in equipment stocks from the third quarter onwards. Because ultimately, equipment stocks need to catch up. So far, Samsung Electronics and SK Hynix have been passive, mostly all tech.

The focus has been only on the migration process, especially now even within these small and medium-sized enterprises, only a few specialized items have risen. As everyone knows, like Hanmi Semiconductor, then Techwing, and then PSK Holdings, only stocks that can have significant profits have risen. The rest have all dropped, you know. But this part is now being resolved because Samsung Electronics, for example, has resumed construction projects that were temporarily halted, like the Pyeongtaek plant. SK Hynix also recently announced an investment of around 83 trillion won, so talks of expansion have emerged. This means that actual expansion has now begun, ultimately leading to expectations of new orders starting from the third quarter. Therefore, in terms of equipment suppliers, we are still observing that there is a possibility of a sufficient time gap for them to rise. That's why there is anticipation for orders to come in the third quarter. So, here, thirdly, there is uncertainty regarding performance.

This is certainly likely to be resolved now. Next, there is uncertainty related to the implementation of the Gold Trade Act. I think this is commonly referred to as the semiconductor shortage that limits supply, which I consider to be the most powerful negative factor. Ultimately, foreign investors are not relevant. In the end, for the KOSDAQ to rise, it is important for individuals to actively participate. As you know, of course, the implementation of the Gold Trade Act is not necessary now. It will be enforced from January next year, but that is not important. Why is it not important? Because once taxes start coming in, the money that was already invested here will not go out, but new money will not come in. That's what's important. It is crucial that new money does not come in. Therefore, the resolution of this uncertainty about the Gold Trade Act is important.

Until the issue is resolved, individuals' smartphones are not allowed in, so there is a significant gap in the supply. As mentioned earlier, in a situation where the period and environment for foreigners to actively buy small and medium-sized KOSDAQ stocks are not favorable, the flow of personal funds is blocked, which naturally is not good. Recently, even the opposition party has been discussing this issue. The public opinion regarding the enforcement of the capital market act is not favorable, especially with continuous coverage in the news. Therefore, as many are selling their stocks in Korea and moving to the United States, more individual investors are emerging. They are now becoming aware of these issues and are feeling pressured. Considering this, although I believe it is right to discard the enforcement, or rather improve and delay it, there is a high possibility that it will not be enforced next year. Of course, we must clearly signal this.

That's right. If we can't hold on until the end of the year, it's already over. But before that, I feel like I'm going to make a decision. Yes, considering those things, it seems like we are entering a phase where uncertainties are gradually being resolved. Therefore, as time passes, just like the concerns I had while being in charge of the small office, everything is being resolved. So, if you are still holding on when I leave the small office, it's appropriate to hold. And if by any chance, I say I have cash now, it's better to buy more when it drops. So, looking at which stocks can show some strength within the small office from now on, I think stocks like HPSB, Hanmi Pharmaceutical, QNC, DuckSan High Metal, and Reno Industry might gain some strength. When the small office rises again this time, it will be the second wave.

There will be a jade auction, and items that have been on the jade land will surely be of high quality. The jade that is currently on the land is seen as a commodity. However, today it is already moving a bit. Recently, I keep mentioning HPSP. However, the only downside of HPSP is that, as I emphasized in the live broadcast the other day, there is a selling issue. So, until it is sold, it may not easily trend upward. But since there are many vacant positions now, in my personal opinion, we might consider aiming for at least the previous high level. That's what I'm thinking. Next, as I mentioned earlier, in the case of Micron, the shipment volume is increasing. Eventually, there will be a lot more to inspect. When that happens, I believe Micron's performance will naturally improve.

One micron once raised expectations significantly, but when the lid was actually opened, the performance was not that great. That's why the bleeding volume did not increase. However, starting from the second quarter, the bleeding volume is said to increase. If that's the case, there is a high possibility that the performance will be significantly good. Another thing is that eventually the bleeding volume will increase. When wafer input increases, it means quartz usage increases. Naturally, if the price of the wafer and QNC increases, there is no choice but to have a loss. Furthermore, if a lot of semiconductors are produced, a large amount of solder balls will be used, which may lead to a shortage of tin metal. Also, in the case of non-memory semiconductor-related matters, like Reno Gong, isn't there a bit of a buzz around TSMC? Yes, it's been ongoing.

The semiconductor shipment volume continues to increase, indicating a favorable environment. Considering the demand for non-memory related products such as power devices is expected to keep rising, there might be concerns about the performance being affected in that area without the support of Airino. Therefore, I think it is worth paying attention to the stocks that may see a secondary rebound within the small and medium-sized enterprises this time. With that said, I will conclude today's video. If you enjoyed today's video, please subscribe and become a cash maker. If you choose us, we will make cash for you.

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