Korea Market Morning Brief — Jun 25, 2026: Samsung, SK Hynix, Hyundai & More (Pre-Market)

Korea Market Morning Brief — Jun 25, 2026. A pre-market look at the ten large-caps that foreign investors watch most closely on the KOSPI. This edition is deliberately qualitative: we do not quote intraday index levels, the won/dollar rate, or specific analyst price targets, because those real-time figures cannot be sourced reliably at the time of writing. Instead we focus on verifiable company catalysts, risks and the earnings/disclosure calendar.

Korea pre-market brief — large-cap watchlist

This week's theme. Trading has been unusually volatile, driven by semiconductors. A sharp tech-led sell-off was followed by a partial rebound as investors stepped back into chip names. The standout structural story: SK Hynix overtook Samsung Electronics as the KOSPI's most valuable company for the first time in roughly 25 years, on the strength of its high-bandwidth-memory (HBM) franchise for AI. Treat near-term price swings as elevated; the durable signal is the AI-memory leadership shift and the policy push behind domestic tech.

10-Stock Snapshot

Company	Code	Sector	Watch point (qualitative)
Samsung Electronics	005930	Semiconductors	Automotive/HBM memory momentum; lost #1 KOSPI cap spot to SK Hynix
SK Hynix	000660	Semiconductors	HBM/AI leader; filed SEC registration for a US securities offering (Jun 24)
Hyundai Motor	005380	Autos	US tariff drag on profit; retains FY2026 targets on pricing/new models
Kia	000270	Autos	Guides for earnings recovery this year on new models, mix
LG Electronics	066570	Electronics	“Physical AI” narrative; pulled back from early-June highs
LG Energy Solution	373220	Batteries	North America ESS (LFP) expansion to offset EV slowdown
Samsung Biologics	207940	Biopharma (CDMO)	Record backlog, Rockville site; union labor-dispute risk
NAVER	035420	Platform	Sharp rally on AI-policy bets; AI monetization still unproven
Kakao	035720	Platform	Rallied with NAVER on policy hopes; commercialization lag a risk
Hanmi Semiconductor	042700	Chip equipment	HBM TC-bonder supplier; off May highs, tracks HBM capex

Notes are qualitative summaries of recently reported catalysts/risks, not price forecasts.

Semiconductors lead the tape

Semiconductors — Samsung, SK Hynix, Hanmi

SK Hynix (000660). The clear AI-memory winner: HBM demand from global accelerator customers has lifted it past Samsung in market value for the first time in about 25 years. A concrete near-term catalyst is its SEC registration statement filed Jun 24, 2026 tied to a planned US securities offering / ADR listing in the second half — a structural step toward a broader US investor base. Risk: the stock has run hard, so it is sensitive to any wobble in AI-capex sentiment.

Samsung Electronics (005930). Ceded the top KOSPI cap spot but retains broad memory/foundry exposure and has been pushing in automotive and next-gen HBM memory. Risk: relative HBM positioning versus SK Hynix remains the key debate.

Hanmi Semiconductor (042700). A pure-play on HBM manufacturing equipment (TC bonders, HBM inspection). It is a leveraged read on HBM capacity additions at memory makers. Risk: it has pulled back from its May high and is highly cyclical with chip capex timing.

Autos navigate US tariffs

Autos — Hyundai, Kia

Hyundai Motor (005380). US auto tariffs remain the dominant earnings headwind — Q1 2026 net profit fell about 23.6% year-on-year on tariff and cost pressure, yet group revenue hit a record and management kept its full-year 2026 targets, leaning on pricing and new models. Risk: tariff burden is expected to stay broadly similar to last year.

Kia (000270). After tariffs cut last year's operating profit sharply, Kia is guiding for an earnings recovery this year, driven by new launches and a better product mix. Risk: same external tariff exposure as Hyundai.

Batteries & Biopharma — LG Energy Solution, Samsung Biologics

LG Energy Solution (373220). Strategy is shifting toward North American energy-storage (ESS) capacity, positioning as a regional LFP-ESS supplier to offset softer EV demand. Risk: EV-cycle timing and pricing.

Samsung Biologics (207940). Fundamentals are strong — an industry-leading bioreactor capacity and a multi-billion-dollar order backlog, plus a Rockville (Maryland) site acquisition and partnerships (incl. CEPI and Eli Lilly). Risk: its first-ever labor dispute, with a union representing most of the workforce having threatened a walkout, is a near-term operational overhang to monitor.

Platforms — NAVER, Kakao, and LG Electronics' AI angle

NAVER (035420) & Kakao (035720). Both rallied sharply on expectations that the Lee administration's large AI-investment agenda will favor domestic tech platforms. One brokerage flagged NAVER as a preferred, undervalued name in the sector. Risk: several houses have trimmed targets as AI monetization is delayed; the moves look policy/sentiment-driven and need real commercial results to hold.

LG Electronics (066570). Surged earlier this month on a "physical AI" narrative and high-profile AI-ecosystem engagement, then gave back ground. Next earnings are scheduled for Jul 23, 2026. Risk: expectations have run ahead of confirmed numbers.

Earnings & Disclosure Calendar

Korean large-caps report on a quarterly cadence; the heavy reporting windows are typically January, April, July and October. Samsung Electronics usually opens the season with preliminary (guidance) results in early in the reporting month, ahead of full statements.

• Early July: Samsung Electronics preliminary Q2 figures (typical pattern; date to be confirmed by the company).
• Jul 23, 2026: LG Electronics scheduled earnings.
• Aug 19, 2026: Hanmi Semiconductor scheduled earnings.
• Through July: remaining large-caps (SK Hynix, Hyundai, Kia, LG Energy Solution, Samsung Biologics, NAVER, Kakao) report Q2 within the standard window — confirm exact dates via each company's IR / DART disclosures.

On price targets

We intentionally omit specific numeric price targets. For those, foreign readers can consult published sell-side research: domestically, houses such as Mirae Asset Securities and Samsung Securities; among global banks, Nomura, Morgan Stanley, Goldman Sachs and JPMorgan regularly cover these names. Always check the report date — Korea's AI-memory and platform names have moved fast, so older targets may be stale.

Disclaimer. This brief is general market information compiled from public news sources and is not individualized investment advice, a recommendation, or an offer to buy or sell any security. Figures and dates are as reported by cited sources and may change; real-time index, currency and target-price levels are deliberately excluded where they could not be verified. Investing involves risk, including loss of principal. Do your own research and consult a licensed advisor.

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