🇰🇷 GOLDMAN SACHS SEES 60% UPSIDE IN SOUTH KOREAN STOCKS Goldman Sachs cut its 12-month KOSPI target to 9,000 from 12,000, but still sees over 60% upside. The index has plunged 40% from its June peak, pushing forward valuations to just 4x earnings, despite record corporate profits. The key takeaway: Goldman believes Korean equities are pricing in an excessively pessimistic outlook, particularly for semiconductors.

Goldman Sachs reduced its 12-month KOSPI target to 9,000 from 12,000 while still projecting upside of more than 60%, implying the index has fallen sharply from its June peak, reportedly by about 40%. The move reflects a valuation reset, as the pullback has compressed forward multiples and made the bank's earlier target look stretched relative to current earnings expectations. The transmission channel here is primarily risk appetite and equity valuation repricing, with foreign capital flows into Korean equities likely sensitive to both the drawdown and the revised earnings outlook. Korean large-cap exporters and semiconductor-linked names within the KOSPI, along with the won, are the most exposed, given their weight in the index and sensitivity to global tech demand and dollar moves. Traders should watch the next Bank of Korea policy decision and monthly export data, since shifts in rate expectations and chip-sector shipments will determine whether the valuation gap closes from the current level.

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