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A daily market brief, published each morning. Markets, stocks, industry, economy, global, and policy — sorted by category.

Stocks·2026-09-17

Samsung Active Asset Management Fund Manager Front-Running Allegations Spread

An exclusive report revealed that a manager who ran a Kosdaq active fund at Samsung Active Asset Management is under investigation by the Financial Supervisory Service on suspicion of personally purchasing stocks in advance of the fund's planned holdings. The fund had drawn attention for marketing an aggressive active strategy that did not simply track the Kosdaq index weighting but instead arbitrarily raised the weight of stocks the manager deemed promising, and it gained market attention as a so-called "Samsung pick" after posting strong returns. The hosts noted that if the allegations are true—that managers used sophisticated methods such as burner phones and tethering to evade IP tracing while front-running—this would be an extremely serious case, tantamount to front-running the entire market after the fund had disclosed its stock-by-stock weightings. Since the fund industry is ultimately built on investor trust, betraying that trust was assessed as a grave incident that undermines confidence in the asset management industry as a whole. Calls emerged for disclosure of the manager's real name, an official apology and countermeasures from Samsung Asset Management, and a full compliance investigation of all fund managers. Regarding news that the manager in question had already been replaced, the hosts criticized Samsung's explanation—that the move was for asset management efficiency—as an unconvincing account. There were also calls to pursue institutional mechanisms that would disclose the identity of fund managers involved in similar incidents going forward, to prevent recurrence. Given that the Kosdaq market involves large numbers of retail investors, there was consensus that this incident must not fade away as a mere one-off episode but should lead to genuine institutional reform.

Stocks·2026-09-16

Samsung Electronics, SK Hynix Earnings Forecasts Raised as Taylor Plant Ramps Up

Despite the negative backdrop of surging US Treasury yields and a weaker won, earnings consensus for Samsung Electronics and SK Hynix is rising rather than falling. The market's annual operating profit forecast for Samsung Electronics has climbed from around 101 trillion won three months ago to 112.8415 trillion won recently, an upward revision of more than 12 trillion won. SK Hynix's forecast has likewise risen from 75 trillion won three months ago to 78.1291 trillion won currently. The sharp rise in memory chip prices was cited as the key driver behind the upward earnings revisions. Samsung Electronics' foundry plant in Taylor, Texas, originally targeted for full-scale operation in November, has reportedly already begun trial production as customer demand to secure supply has intensified. The company plans to complete mass-production verification by year-end and begin full-scale product supply starting next year, with the Taylor plant's utilization rate currently known to be approaching 30%. If the pace of the utilization rate increase accelerates, the timing of the foundry division's turn to profitability could also be moved up. That said, some analysis suggested that the foundry division's return to profitability in the third quarter could be difficult given the depreciation expenses associated with the Taylor plant. Apple has reportedly agreed to accept memory pricing from Samsung Electronics that is roughly 30 to 40% higher in the first quarter of next year compared with the third quarter of this year. Given that Apple had reportedly explored sourcing memory from Chinese suppliers recently, the outcome is being interpreted as Apple ultimately accepting the price increase terms set by Samsung. Because Apple products such as the iPhone contain numerous Samsung Electronics components, including substrates, displays, and memory, this price adjustment is being read as reflecting both a decline in Apple's negotiating leverage and an improvement in Samsung Electronics' profitability. A report indicated that the timing of an initial public offering (IPO) for Boston Dynamics, in which Hyundai Motor has invested, could remain uncertain even through 2027. The key factor is support for large-scale mass production of the Atlas humanoid robot — the company would need to begin generating profit through mass production for its corporate value to peak, enabling an IPO, but that timing appears likely to be pushed back. The report cited remarks from a senior company executive who spoke on condition of anonymity, and noted that other humanoid robot projects, including Tesla's Optimus, are also seeing slower-than-expected progress toward mass production, fueling analysis that the timeline for commercializing humanoid robots is being delayed industry-wide. Power equipment and cable-related stocks also stood out with gains. Shares related to LS Group affiliate LS Eco Energy jumped from the morning session on news that the company, in collaboration with Gaon Cable's US subsidiary, had recently completed supply of underground cables to a large-scale US solar power plant. The power equipment theme has recently been moving in tandem with issues surrounding US-bound investment and the energy value chain, warranting continued attention.

Stocks·2026-09-15

Brokerages Keep Raising Samsung Electronics, SK Hynix Targets — Except One Outlier Downgrade

Despite the AI pace-slowdown debate, domestic brokerages continued raising price targets for Samsung Electronics and SK Hynix. KB Securities and others lifted their targets, while Citi raised its 2027 and 2028 operating profit estimates by 6% and 9%, respectively. BNK Investment & Securities, however, issued a report arguing memory prices have reached roughly half the price of finished PCs and smartphones, prompting mid- and low-tier OEMs to cut memory content, and recommended maintaining a range-bound stance with a target of 270,000 won for Samsung Electronics and 1.48 million won for SK Hynix, citing weakening demand. Park Sidong pushed back, calling the report's basis weak. He argued that the root cause of price increases lies not only in rising demand but also in supply shortages, and that because capacity expansion takes considerable time, prices and earnings are unlikely to turn down in the short term. He described the report as one that keeps repeating a forecast until it eventually comes true, contrasting it with the broader consensus among domestic and international reports that the semiconductor industry faces no issues through 2028. Meanwhile, BlackRock upgraded its investment view on Korean and Taiwanese equities from neutral to overweight, citing their possession of scarce resources — memory and semiconductor supply chains — needed for the AI boom, along with solid corporate earnings. The hosts noted that BlackRock's downgrade to underweight last June had proven well-timed, and interpreted this latest upgrade as centered on companies such as TSMC, Samsung Electronics, and SK Hynix that can sustain earnings in a high-rate environment.