Goldman Sachs is maintaining its 12,000 target for South Korea’s Kospi index, even after the market’s recent sharp decline, according to comments from Timothy Moe, the bank’s chief Asia-Pacific equity strategist. In an interview, Moe said Goldman still sees value in Korean equities and expects fundamentals to regain control if volatility eases.
He argued that valuations remain compelling, pointing to the market trading at just 5 times earnings. In his view, that level suggests investors do not believe the semiconductor memory cycle can continue. Goldman, however, takes the opposite stance and believes the cycle still has room to run.
Moe also said the current semiconductor cycle is larger and longer than usual. The remarks were cited by Cailian Press in a news brief published by Odaily.
Goldman Sachs is still bullish on South Korean equities after the market’s recent sell-off and is keeping its 12,000 target for the Kospi index, Timothy Moe, the bank’s chief Asia-Pacific equity strategist, said in an interview.
Moe said that if volatility comes down, “we think fundamentals will start to reassert themselves, and we think fundamentals are very attractive.”
He also said the market is trading at only 5 times earnings and is clearly undervalued. According to Moe, that pricing shows the market does not believe the semiconductor memory cycle can be sustained, while Goldman believes it can.
“We think the semiconductor cycle we are in is bigger and longer than normal,” he said.
The remarks were cited by Cailian Press and carried by Odaily.
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