Korea no longer fits emerging-market multiples: Nomura

AI핵심 요약

• ·Nomura sees record ROE, stronger shareholder returns and AI-led chip earnings support further market rerating Cindy Park, head of Korea equity research at Nomura, speaks during a press briefing held in Seoul on Friday.
• ·(Choi Ji-won/ The Korea Herald) South Korea's stock market should no longer trade at valuations closer to emerging markets, as record profitability, stronger shareholder returns and AI-led semiconductor earnings strengthen the case for a broader rerating, Nomura analysts said Friday.
• ·Cindy Park, head of Korea equity research at Nomura, said at the brokerage's Korea Equities & Economy Media Briefing in Seoul that the Kospi remains deeply discounted despite its sharp rally and improving earnings outlook.
• ·"Korea is now trading at multiples closer to emerging markets such as the Philippines and Indonesia,” Park said.
• ·"Given Korea's industrial structure and improving earnings, we do not think these multiples are justified.” Nomura raised its Kospi target to 11,000 at the end of May, citing a stronger earnings outlook led by semiconductors.