Fiona Yang
speaker
268 appearances
1 recordings
1 series
first heard Jul 2026
last heard 20 Jul
Fiona Yang’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
Yeah, exactly.
That's a fantastic observation that you had there on the Korean market.
I think if we take a step back, quite a few things have worked out very favorably for Korea over the past 12, 18 months.
The memory cycle boosted by AI demand is just phenomenal.
This is one of the biggest super cycles that we have seen for stocks like Samsung Electronics and Essex Hynix.
And on top of that, I think we have to say the Korean government has done a fantastic job
in boosting shareholder return, doing the value up initiative in Korea.
It's a textbook sort of example that all the other countries should really look up to for some of the holdings that we have in the portfolio, especially the financials.
They are boosting shareholder return massively over the past few years.
And they start to really focus on shareholder interest, protecting minority shareholders' interest and giving us more voices in the boardroom.
That's something that I think in all this data center or AI narrative that investors have forgotten.
But I do see risk.
There are two risks I see in the Korean market.
The first one is the concentration risk.
As you correctly pointed out with the participation of leveraged ETF, I do think some of the retail investors might thought they just bought into a product that gives them a bit more return into this investing into a great company.
But reality is it's a much more complex financial product they got themselves into and that led to the capital losses.
And then the other risk is really earnings risk.
Now the market is having super high expectation what the memory price is going to be.
If you look at Samsung Electronics 2Q preliminary result, they delivered 19%, 19 times increase versus 2Q last year.
But share price is actually down post that result, exactly because of this expectation versus reality increase.
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