Lee Jaeman

Based on 2025 KOSPI net profit estimate of 853 trillion KRW and the historical average PER of 9.96x, the KOSPI index can reach approximately 10,379 points. Current PER of 7.7x leaves room for expansion even without a re-rating, and earnings growth supports the target.

Samsung Electronics and SK Hynix together account for 48% of KOSPI market cap but 72% of its net profit, implying the stocks are not overvalued relative to their earnings contribution. The profit share supports further upside, similar to TSMC's relationship with the Taiwan Weighted Index.

Samsung Electronics and SK Hynix together account for 48% of KOSPI market cap but 72% of its net profit, implying the stocks are not overvalued relative to their earnings contribution. The profit share supports further upside, similar to TSMC's relationship with the Taiwan Weighted Index.

Several mid-cap stocks within the top 100 by market cap have higher rankings in sales growth, net profit growth, operating margin, and ROE than their market cap rank, suggesting they are undervalued and could re-rate. Examples include Samsung Heavy Industries, Korea Aerospace Industries, AP (cosmetics), Samsung E&A, and Hyundai Marine Solution.

Several mid-cap stocks within the top 100 by market cap have higher rankings in sales growth, net profit growth, operating margin, and ROE than their market cap rank, suggesting they are undervalued and could re-rate. Examples include Samsung Heavy Industries, Korea Aerospace Industries, AP (cosmetics), Samsung E&A, and Hyundai Marine Solution.

Several mid-cap stocks within the top 100 by market cap have higher rankings in sales growth, net profit growth, operating margin, and ROE than their market cap rank, suggesting they are undervalued and could re-rate. Examples include Samsung Heavy Industries, Korea Aerospace Industries, AP (cosmetics), Samsung E&A, and Hyundai Marine Solution.

Alphabet (Google) has been diversifying its revenue through cloud and AI investments, while Nvidia is heavily dependent on data center sales. As Alphabet's cloud segment grows and its AI investments (OpenAI, Anthropic) gain value, Alphabet could become more attractive than Nvidia and potentially overtake it in market cap.