Samsung Electronics and SK hynix, Korea's two semiconductor giants, have successively announced unprecedented large-scale shareholder return measures totaling 150 trillion won combined, yet the momentum for stock price gains has actually weakened.

Kwak Sang-jun, CEO of Matrix Investment Advisory, appearing on MBC Radio's 'News High Kick' on the 26th, analyzed that the recent market trend is the result of a combination of heightened market expectations and the high-interest-rate environment in global financial markets.

■ 150 Trillion Won in Shareholder Returns… A Milestone for Korea's Capital Market

SK hynix announced a plan to buy back and retire 40 trillion won worth of treasury shares, followed by Samsung Electronics, which unveiled a shareholder return policy totaling 90 to 110 trillion won, including 30 trillion won in cash dividends for the third quarter. Considering the annual net profit scale of all KOSPI-listed companies, some evaluate this as a landmark, unprecedented decision in the history of Korea's capital market.

However, the market's reaction was cold. Immediately after the announcement, Samsung Electronics' stock price actually traced a downward curve.

■ Figures Falling Short of 'Up to 200 Trillion Won' Expectations

CEO Kwak explained, "There were excessive expectations in parts of the market that Samsung Electronics' shareholder returns would reach up to 200 trillion won. When Samsung Electronics took a conservative stance of adjusting the return scale according to its free cash flow (FCF) situation, disappointed sell orders emerged."

The raised bar of domestic investors, now at the level of U.S. and other developed markets, also played a role. It is pointed out that unlike shareholders who have experienced advanced shareholder return cultures through movements like the 'seo-hak ant' (investing in overseas markets), the cultural gap with domestic companies that still view the stock market merely as a fundraising channel is increasing stock price uncertainty.

■ Shadow of High Interest Rates Cast Over AI Leverage Investments

Meanwhile, with big tech companies' AI power demand reaching hundreds of gigawatts (GW), leverage investments through large-scale bond issuances and loans are surging. Despite the U.S. Treasury's announcement of a Treasury buyback (repurchase) policy, the U.S. 10-year Treasury yield continues to run high, and the prolonged high-interest-rate trend is acting as a burden on asset markets overall.

CEO Kwak advised a patient investment approach, saying, "The party surrounding AI data center investment will continue for now, but investments based on excessive debt could develop into risks within two to three years."

[Stock prices may exhibit expanded volatility depending on corporate performance, industry conditions, merger terms, market supply and demand, and other factors. Securities firms' analyses and forecasts may differ from actual future results and do not guarantee returns on specific stocks. Before making investment decisions, it is necessary to comprehensively verify the company's official disclosures, financial condition, and business progress. This article is not intended to recommend the purchase or sale of specific stocks. This article was written with AI assistance.]