BlockBeats News, July 23rd. Foreign investors have been net buyers of South Korean stocks for four consecutive trading days since July 20th, with a total net purchase of 5.574 trillion South Korean won, approximately $37.9 billion, pushing the KOSPI index back above the 7000-point mark today. Among them, SK Hynix received a net purchase of 2.756 trillion South Korean won, and Samsung Electronics received 1.729 trillion South Korean won, with a total of 4.485 trillion South Korean won, accounting for the absolute majority of foreign net purchases. This is the first time since April that foreign investors have seen four consecutive days of net buying of Korean stocks, with the peak net buying occurring on the 22nd, reaching 2.62 trillion South Korean won.

Foreign capital is concentrating its bets on the core logic of South Korea's leading storage chip companies in three layers:

First, Google's parent company Alphabet has raised its 2026 capital expenditure guidance from $180 billion to $190 billion to $195 billion to $205 billion, and indicated that it will continue to significantly increase investment in 2027, with its remaining contractual commitments soaring to $5.14 trillion, a nearly 10% increase from the previous quarter, validating that the AI investment of super-scale cloud companies is still accelerating;

Second, following a significant retreat earlier, the 12-month forward P/E ratios of Samsung Electronics and SK Hynix have dropped to 1.8 times and 2.7 times, respectively, with expected dividend yields calculated based on this year's performance reaching 7.9% and 11.1%, respectively, showing a significant improvement in valuation attractiveness;

Third, the DRAM contract price is expected to have about a 40% upside potential until the end of 2027, and the HBM supply remains tight due to capacity consumption far exceeding that of ordinary DRAM. However, foreign capital is showing a clear differentiation within the semiconductor sector — a net sell of 139.9 billion South Korean won in Korean-American semiconductors and 43.4 billion South Korean won in Daedeok Electronics during the same period, with SK Hynix and Samsung Electronics having relatively higher earnings visibility. Future asset securities analysts point out that the reasons for the stock price decline are now clear, the retracement has been fully digested, and the current range is a low-entry position for increasing positions.