新政府上台，韩国股市强劲，外资对“韩特估”热情重燃

Core Viewpoint - Investors are betting on the new shareholder-friendly policies of South Korea's President Lee Jae-myung to drive the Korean stock market upward after years of underperformance [1][2] Group 1: Market Sentiment and Investment Actions - Global asset management firms like Aberdeen Investments, Pictet Wealth Management, and Franklin Templeton have recently increased their holdings in Korean stocks or upgraded their outlooks [1] - Aberdeen Investments has raised its allocation to Korean stocks to overweight in its $1.2 billion Asia ex-Japan fund [1] - Since President Lee's inauguration, the KOSPI index has risen over 4%, rebounding more than 20% from its April low, approaching a bull market [2] Group 2: Legislative Reforms and Corporate Governance - Legislative reforms are aimed at addressing the "Korean discount," a phenomenon where local stocks are priced below their book value and lower than overseas competitors [4] - The new administration is expected to enhance shareholder rights by revising commercial laws to expand board responsibilities to shareholders [4][5] - There has been a sevenfold increase in activist campaigns targeting companies from 2020 to 2024, indicating growing shareholder impatience [4] Group 3: Corporate Actions and Future Outlook - A total of 160 companies have announced value enhancement plans, although many lack details [6] - KOSPI component companies are projected to increase total dividend payments by 12% in 2024, reaching 44 trillion won ($32.4 billion) [6] - Stock buybacks are expected to more than double in 2024, reaching 18.7 trillion won [6] - Despite challenges, including potential U.S. tariff increases and economic contraction, there is optimism about a cultural shift in corporate governance in South Korea [6]