Korea Weekly Kickstart

Goldman Sachs has raised its KOSPI target to 9,000, citing an unprecedented 300% earnings growth outlook for 2026 led by the tech sector. Despite foreign institutional selling, strong exports and the 'Value Up' program provide a supportive backdrop for inexpensive Korean valuations.

Key Takeaways

• 1.Goldman Sachs raised the 12-month KOSPI target to 9,000 from 8,000, representing significant upside.
• 2.Korea's 2026 EPS growth is projected at 300%, driven largely by semiconductor memory stocks and AI capex revisions.
• 3.Valuations remain inexpensive with KOSPI forward P/E around 7x, near historical lows.

Table of Contents

• Charts of the week: Raising KOSPI target to 9000 and Earnings Growth
• Charts of the week: Earnings Revisions Leading Indicator (ERLI) Pulse Check
• Summary
• Investment flows
• Macro Indicators
• Performance
• Valuations
• Valuation discount relative to Global and Asia regional peers
• Flows
• Currency, rates and commodities
• Korea ERB, Credit and Market Technicals
• Disclosure Appendix

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