◆Aju Economy Major News
▷KOSPI fluctuates -8.29%, +8.18%, and -4.52% in June, with daily volatility reaching 5.30%.
- The KOSPI index has experienced significant fluctuations this month, with declines of 8.29%, gains of 8.18%, and a recent drop of 4.52%. Daily volatility, measured by the standard deviation of daily price changes, has surged to 5.30%.
- This level of volatility exceeds that seen during the COVID-19 pandemic in March 2020 (4.21%) and the global financial crisis in October 2008 (5.15%).
- Monthly daily volatility has expanded from 0.99% in January to 5.30% in June, more than five times the level at the start of the year.
- Analysts attribute the recent increase in volatility to geopolitical risks in the Middle East, inflation concerns in the U.S., expectations of interest rate hikes in Japan, and profit-taking in the semiconductor sector.
- Kim Sung-hwan, a researcher at Shinhan Investment Corp., describes the current market as being in the latter stages of a bull market driven by technological innovation, noting that the recent high volatility is typical of bubble and overshooting phases.
◆Major Reports
▷SpaceX Valuation Analysis [LS Securities]
- SpaceX is currently valued at $1.75 trillion based on its IPO price, with a price-to-sales ratio (PSR) of approximately 100. However, as it expands its data center, AI, and Starlink businesses, the PSR is expected to decrease to around 30 by the end of 2026.
- The company’s data center leasing business targeting Google and Anthropic, along with the construction of orbital data centers (ODC), is emerging as a new growth driver, with significant revenue contributions anticipated starting in 2029.
- The AI coding service 'Cursor' is experiencing rapid growth in annual recurring revenue (ARR), suggesting a high likelihood of SpaceX pursuing acquisitions worth around $60 billion post-IPO.
- Starlink subscribers have surpassed 12 million and are expected to exceed 18 million by the end of this year, with a long-term goal of reaching hundreds of millions of customers.
- There are strong indications that SpaceX may seek to acquire Tesla within 2026 to integrate AI, communications, and mobility ecosystems, and may consider acquiring a mobile network operator (MNO) thereafter.
◆Key Disclosures After Market Close (June 11)
▷CIS changes its name to 'SFA Nexel'
▷Lotte Shopping announces increased interim dividends for the second consecutive year
▷Ubion signs a 3 billion won contract with Samsung Electronics for service enhancement
▷Ecobolt to resume trading on June 16
▷Padu grants stock options totaling 147,000 shares to 65 employees
▷Korea Electronic Certification decides to retire 1.9 billion won worth of treasury stock
▷Daedong Metal announces a decision to acquire and retire 1 billion won worth of treasury stock
▷IL adjusts its conversion price to 3,397 won
◆Fund Trends (as of June 10, excluding ETFs)
▷Domestic equity funds: +64.9 billion won
▷Overseas equity funds: +105.1 billion won
◆Key Economic Indicators Scheduled for June 12
▷Germany: Consumer Price Index (May)
▷UK: Import and Export Trends (April), Industrial Production (April)
▷US: Consumer Sentiment Index (June)
▷Corporate: SpaceX IPO
* This article has been translated by AI.
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