韩国股市10月屡创盘中新高

Core Viewpoint - The Korean stock market, represented by the KOSPI index, has seen significant growth, with a nearly 21% increase in October alone, leading to a year-to-date rise of over 72%, driven by optimism in AI and semiconductor stocks, as well as expectations of corporate governance reforms [2][5][6]. Group 1: AI and Semiconductor Sector - The surge in the Korean stock market is largely attributed to the AI-driven optimism surrounding semiconductor stocks, particularly Samsung and SK Hynix, which together account for over 30% of the KOSPI index [6][7]. - The global shortage of memory chips has led to strong earnings expectations for major players like Samsung and SK Hynix, with both companies reporting record quarterly revenues and profits [6][7]. - SK Hynix's stock has more than doubled this year due to high demand for its high-bandwidth memory used in generative AI, while Samsung's stock has risen over 96% following a significant profit rebound [6][7]. Group 2: Corporate Governance Reforms - The Korean government's push for corporate governance reforms is seen as a key factor in enhancing the investment appeal of the Korean stock market, addressing the historical "Korean discount" in valuations [7][8]. - The "Corporate Value Enhancement Plan," set to launch in 2024, aims to encourage companies to improve shareholder returns and governance, similar to reforms seen in Japan [7][8]. - Analysts believe that if regulatory bodies continue to support these value-enhancing measures, the Korean stock market could sustain its growth trajectory [8]. Group 3: Domestic Investor Participation - Following initial enthusiasm from foreign investors, domestic investors have increasingly supported the market, with local institutions and retail investors actively buying into the market [8][9]. - Despite foreign investors net selling 1.37 trillion KRW in October, the KOSPI index maintained its upward momentum, indicating strong domestic support [8][9]. Group 4: Valuation Attractiveness - Despite the significant rise in the stock market, analysts argue that valuations remain attractive, particularly for domestic market-oriented stocks and leading semiconductor companies, which are still undervalued compared to global peers [10][11]. - For instance, Samsung's price-to-book ratio is 1.4, and SK Hynix's is 2.2, while the global semiconductor average is 3.0, suggesting potential for further appreciation [10][11]. Group 5: Future Outlook and Risks - While the factors driving the recent surge in the Korean stock market are expected to persist, analysts caution that geopolitical tensions, U.S. interest rate uncertainties, and domestic asset inflation could increase market volatility [11]. - The long-term growth narrative remains intact, supported by valuation improvements, AI growth prospects, and corporate governance reforms, which are expected to provide strong support for the market [11].