韩国股市一年上涨121%，小摩年内看涨至7500点

Group 1 - The South Korean stock market has risen by 121% since the beginning of 2025, with a market capitalization increase of $1.7 trillion, yet "Korean discount" still persists [1][3] - The KOSPI index is expected to reach a peak of 7500 points by the end of the year, representing an increase of over 41% from current levels, according to JPMorgan [1][3] - The KOSPI index's price-to-book ratio is currently 1.7, compared to 1.9 for Japan's TOPIX and 5.5 for the S&P 500, indicating a significant valuation gap [3] Group 2 - The earnings of KOSPI index constituents are projected to double over the next 12 months, while Japan's TOPIX constituents are expected to see a 12% increase [3] - The strong performance of the KOSPI index is largely attributed to major chip manufacturers, with Samsung's stock price doubling and SK Hynix's increasing fivefold since early 2025 [5] - The valuation of Samsung and SK Hynix remains low, with price-to-earnings ratios of 7.9 and 5.7, respectively, compared to 19 for TSMC and 24 for Nvidia [5] Group 3 - There is a growing call within South Korea for increased shareholder returns, as the current price-to-book ratio is significantly lower than the average of developed economies [4] - The ongoing corporate governance reforms are expected to catalyze further market improvements, including potential amendments to the Commercial Code to enforce stock buyback cancellations [5] - The success of governance reforms is crucial for eliminating the "Korean discount," particularly if inheritance tax laws are modified to be based on net assets rather than market value [6]