Equity Strategy - Asia Pacific: A tale of two markets: Korea and India conferences feedback

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Equity Strategy - Asia Pacific: A tale of two markets: Korea and India conferences feedback

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Equity Strategy - Asia Pacific

A tale of two markets: Korea and India

conferences feedback

Equity Strategy

Korea vs India: a changing balance in emerging markets 22 June 2026

We hosted our India and Korea Conferences over the past few weeks. India conference

Equity Strategyattendance rose 5% YoY, while investor participation in Korea conference jumped more

Asia Pacificthan 80% YoY, likely reflecting much stronger market sentiment. Korea has now

overtaken China as the second-largest market in MSCI EM, with a 25% weight versus Winnie Wu >>

China’s 19%. Taiwan has risen to 27%, while India has fallen from nearly 20% in 2024 to Research Analyst Merrill Lynch (Hong Kong)

11% currently. Korea’s market cap has nearly tripled YoY, bringing it alongside Taiwan +852 3508 3058

and India at around USD5tn each, making them the world’s 5th to 7th largest equity winnie.wu@bofa.com

markets globally. We summarize feedback from the conference below. Patrick Pan, CFA >> Research Analyst

Korea: seemingly a sweet spot of global CAPEX & exports Merrill+852 3508Lynch4601(Hong Kong)

Korea is viewed as one of the best ways to position for global AI capex and export-led patrick.pan2@bofa.com

re-industrialization, with semis and AI hardware being the focus. Memory commentary Gina Wu >>

continued to point to a multi-year DRAM/HBM upcycle, with tight supply and further StrategistMerrill Lynch (Hong Kong)

upside risk to DRAM pricing. AI demand is also viewed as supporting a wider hardware +852 3508 8008

gina.wu@bofa.com

stack, including substrates, MLCCs, power equipment, transformers, switchgear, cooling

and robotics. Positioning is less stretched than performance suggests. Some US