KOSPI declined by 8% with KOSPI forward P/E hitting low of 6.2x despite Samsung posting the biggest profit: KOREA WEEKLY KICKSTART

Research evidence excerpt

KOSPI declined by 8% with KOSPI forward P/E hitting low of 6.2x despite Samsung posting the biggest profit: KOREA WEEKLY KICKSTART

Portfolio Strategy Research

10 July 2026 | 11:44PM SGT

KOREA WEEKLY KICKSTART

KOSPI declined by 8% with KOSPI forward P/E hitting low of 6.2x despite Samsung posting the

biggest profit

n KOSPI declined by 8% with KOSPI forward P/E hitting its since 2004 at 6.2x, below even the trough reached Timothy Moe, CFA

+65-6889-1199 | timothy.moe@gs.com

lowest level since 2004 at 6.2x on Wednesday despite during the GFC in 2008 (Exhibit 1). This also holds for Goldman Sachs (Singapore) Pte

Samsung posting its strongest profit. The Banking, Korea’s largest semiconductor name (Samsung John Kwon

+65-6654-6337 |

Telecom and Chemicals sectors outperformed this week, Electronics) whose forward P/E reached its lowest level jongmin.kwon@gs.com Goldman Sachs (Singapore) Pte

while Machinery, Tech and Shipbuilding sectors since 2000 at 4.8x (Exhibit 2). Even excluding the top

underperformed the most (Exhibit 14). two names, Korea 12m and 24m forward P/Es fell to

10.1x and 8.6x respectively. As the largestn Foreign investors continued to sell the KOSPI market,

semiconductor name released 2Q26 pre-earnings driven by outflows for KOSPI Tech (Exhibit 41).

guidance with better-than-expected 2Q26 core OP

n KOSPI 12m-forward EPS was revised up by +1.4%. The

(excluding special bonus provisioning) led by stronger

Securities sector saw the strongest upward earnings

DRAM profit more than offsetting weaker smartphones,

revisions, while the Machinery sector was revised down

our tech team raised their 2026E/2027E/2028E EPS

the most this week (Exhibit 28).

estimates by 0.2%/3.7%/4.4%. Despite constructive

n The KRW strengthened 1.6% vs. USD this week.