South Korea’s blistering stock rally has left investors facing an unlikely backdrop: equities trading at record-low valuations.
The Kospi has climbed around 80% this year to a series of record highs, yet analyst earnings upgrades have been even faster. Surging profits at memory-chip giants Samsung Electronics Co. and SK Hynix Inc. have driven the benchmark to just 6.4 times forward earnings, below even the levels seen during the 2008 global financial crisis.
