今年大涨的韩股要动“财阀利益”，改革下一步：“注销”库存股，消灭“泡菜折价”

Core Viewpoint - The South Korean government is preparing to implement a significant reform by mandating companies to cancel their treasury stocks, aiming to eliminate the long-standing "Korean discount" in the market [1][3]. Group 1: Legislative Developments - The ruling Democratic Party's lawmaker Park Hong Bae indicated that the National Assembly is likely to pass a key bill by the end of this year, which will require listed companies to cancel their treasury stocks [1]. - The details of the legislation are expected to be finalized before submission to the National Assembly's standing committee in November, with a final vote anticipated in December [1]. Group 2: Market Impact - The anticipated reform has become a crucial driver for the rise in the South Korean stock market, with the Kospi index increasing by 1% today, marking a year-to-date gain of 44%, the best performance among major global indices [1]. - The government's ambitious target of reaching "Kospi 5000 points" implies a further 45% increase from the current level, with the cancellation of treasury stocks seen as a vital step towards achieving this goal [1]. Group 3: Treasury Stocks and Valuation - Treasury stocks, which are shares repurchased by companies and held indefinitely in South Korea, are viewed as a temporary tool in other markets but have been criticized for diluting key valuation metrics like earnings per share (EPS) [3]. - According to analyst Lee Kyung-yeon, treasury stocks currently account for approximately 3.1% of the total market capitalization of Kospi-listed companies, and their cancellation could lead to an average EPS increase of 3.2% for these companies [3]. Group 4: Focus on Chaebols - Large South Korean conglomerates, known as chaebols, are significant holders of treasury stocks, which can be used to consolidate management control during critical situations [4]. - Notably, the stock ownership of treasury shares is substantial among some chaebols, with Lotte Group holding 32.5% and SK Group holding 24.8% of their total shares as treasury stocks [4]. Group 5: Market Reactions - The market's response to the impending regulatory changes has been polarized, with some companies, like LG Group, proactively agreeing to cancel their treasury stocks, which has been positively received by investors [5]. - Conversely, other companies have expressed opposition, arguing that the legislation could weaken their defenses against hostile takeovers, increasing their risks in the capital market [5]. - Analysts have noted the dual nature of the situation, suggesting that while the bill could boost investor sentiment and help narrow the "Korean discount," hasty enforcement might lead to unintended negative consequences [5].