KOSPI will go to 10,000" Salaries won't be able to keep up | Dr. Kim Hanjin [Weekend Interview]

Summary

Dr. Kim Hanjin argues that the KOSPI index has structurally re-rated due to improved corporate ROE, the AI semiconductor boom, and US-China tensions benefiting Korea. He targets 10,000 points but sees a 6,000-10,000 range for several years. He advises long-term passive ETF investing and notes that inflation and bond yields are risks but the Fed is unlikely to raise rates soon.

• KOSPI has structurally re-rated with sustainable ROE around 15%.
• AI semiconductor investment of $4 trillion by 2030 supports Korean earnings.
• U.S.-China decoupling provides a tailwind for Korean exports.
• KOSPI valuation remains cheap (PER 8x vs 10.5x average).
• Inflation is supply-driven and not spreading to wages, so the Fed may not hike.
• Long-term passive ETF investing is recommended over active stock picking.
• Bond yields may stay elevated, creating intermittent market stress.
• Productivity gains are shifting income from labor to capital, favoring equity investors.