As the stock prices of Samsung Electronics and SK hynix diverge, the perspectives of individual and foreign investors on the domestic semiconductor giants also appear to differ. Foreign investors have heavily net bought Samsung Electronics, exceeding a 50% ownership rate, while individuals are increasing their scale of "debt investment" by holding SK hynix.
According to the Korea Exchange on the 20th, as of the 18th of this month, the net buying amount of Samsung Electronics by foreign investors is 1.877 trillion won. This has surpassed double the net buying amount of Samsung Electronics over the past month (713 billion won). Consequently, the foreign ownership rate of Samsung Electronics is reported at 50.19%, recovering the 50% level after three months since April 24 (50.00%).
This is interpreted as the effect of Lee Jae-yong, the chairman of Samsung Electronics, escaping from legal risks. On the 17th, the Supreme Court confirmed Lee's innocence regarding allegations of unfair mergers and accounting fraud. There seems to be expectations that the difficulties in the memory semiconductor (HBM) market that had been holding Samsung Electronics back, as well as the large-scale deficits in the foundry (contract manufacturing) sector, will be alleviated following Lee's acquittal.
On the other hand, foreign investors have net sold 301 billion won worth of SK hynix this month. This marks the end of a two-month consecutive buying streak in May and June. SK hynix's stock price faced increased pressure after exceeding 300,000 won for the first time during trading on the 11th, and the foreign securities firm Goldman Sachs downgraded its investment opinion to neutral, leading to a flood of profit-taking.
In this context, individual investors have net bought 1.233 trillion won worth of SK hynix this month, while they have sold off 2.315 trillion won worth of Samsung Electronics. The credit balance of SK hynix stood at 395.1 billion won as of the 17th, a 30% surge compared to the end of last month (305.2 billion won).
The credit balance indicates the amount that individuals have not yet repaid after investing in stocks through credit transactions, which typically tends to increase when a rise in stock prices is anticipated. This figure reflects that the enthusiasm for debt investment among individual investors is concentrated on SK hynix.
Hanwha Investment & Securities analyzed in its semiconductor industry report that "The potential changes in the HBM market structure next year could act as a downward factor for stock prices," and noted, "Considering the possible changes in the HBM market structure and the anticipated decrease in conventional DRAM prices due to the increase in D5 supply, there is a high possibility of further adjustments in SK hynix's stock price."