韩国股市10月屡创盘中新高 “韩国折价”消失了？

Core Insights - The KOSPI index in South Korea reached a historic high, surpassing 4000 points in October, with a monthly increase of nearly 21%, and a year-to-date rise of over 72%, leading other major Asia-Pacific stock indices [2][3] Group 1: AI and Semiconductor Sector - The significant rise in the South Korean stock market is attributed to optimism surrounding semiconductor stocks driven by artificial intelligence (AI) [2][3] - Samsung and SK Hynix are identified as core stocks benefiting from this growth momentum, with their combined market capitalization exceeding 1 trillion KRW, accounting for over 30% of the KOSPI index [3] - The recovery in the memory semiconductor industry and the resulting upward revisions in corporate earnings have been major drivers of the recent stock market rebound [3][4] Group 2: Corporate Governance Reforms - The South Korean government's shift towards corporate governance reforms is enhancing the investment value of the stock market, addressing the long-standing "Korean discount" [4][5] - The "Corporate Value Enhancement" plan, set to launch in 2024, aims to improve shareholder returns and corporate governance, similar to reforms previously seen in Japan [4][6] - Analysts note that the KOSPI's price-to-earnings ratio stands at 17.65, significantly lower than Japan's Nikkei 225 at 25.86, indicating potential for valuation improvement [4] Group 3: Domestic and Foreign Investment Dynamics - Following initial enthusiasm from foreign investors, domestic investors have increasingly supported the KOSPI's upward momentum, with local institutions and retail investors actively participating [6] - Despite a recent net sell-off by foreign investors, the KOSPI index maintained its upward trend, supported by local buying activity [6] Group 4: Valuation and Future Outlook - Analysts believe that despite the substantial rise in the stock market, valuations remain attractive, particularly for domestic market-oriented stocks and leading semiconductor companies [6][7] - The price-to-book ratios for Samsung and SK Hynix are noted to be significantly lower than their global peers, suggesting undervaluation [6] - The ongoing themes of AI, automation, and energy efficiency are expected to continue driving the market, although there are warnings about potential volatility due to geopolitical tensions and economic uncertainties [7]