On the 29th, Korea Investment & Securities projected the expected KOSPI range for April to be between 2650 and 2850 points, forecasting that the KOSPI will continue its upward trend. However, they noted that the upward momentum might slow down due to valuation pressures from the recent rapid rise.
Researcher Kim Dae-jun from Korea Investment & Securities stated, "Based on consensus, this corresponds to a 12-month forward price-to-earnings ratio (12MF PER) of 10.7 to 11.5 times and a 12-month forward price-to-book ratio (12MT PBR) of 0.96 to 1.03 times," adding, "From a value-up perspective, levels above this range are not abnormal, so for the index to rise further, new growth drivers are required either from macroeconomic factors or earnings."
Researcher Kim advised focusing on sectors that could outperform the index this month, highlighting semiconductors as a representative sector. He explained, "The rise of semiconductors is notable in the recovery process of Korean exports," and added, "Korean semiconductors included in the value chain remain beneficiaries."
He particularly emphasized the need to continue increasing the proportion of high-bandwidth memory (HBM), which has seen a rapid rise. He said, "The leading company, Samsung Electronics, is also expected to soon join this trend."
Regarding sectors other than semiconductors, he suggested paying attention to the automobile industry, which could see improved earnings due to export recovery. He assessed, "Although the earnings momentum is weak, improvements in macro indicators such as exports and shipments will likely support further gains."
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