Market Insight by Daryl Liew - New Moon Arising in Korea

Soohorang, the white tiger, is the official mascot for the Winter Olympics to be held in PyeongChang, South Korea in February 2018. Considered Korea’s guardian animal, the mascot symbolises protection, a much desired quality for athletes and spectators alike considering the current tensions with the North.

Meanwhile, animal spirits have taken over South Korea’s stock market as it has surged 20% in local currency terms this year, making it one of the best performers in Asia in 2017. This price appreciation has been driven by earnings with Korean companies delivering the strongest earnings growth in Asia this year. As a result, the KOSPI remains one of the cheapest markets in the region, trading at a forward price-to-earnings (PE) ratio of just 9.6x.  

Click on the document below to read full comment

Relative publications


Innovative banking

Bank REYL & Cie: a new website highlights its entrepreneurial and international footprint



Jonathan Cohen

Swiss selector hunts for EMD total return ideas



Kinan Khadam-Al-Jame

Market Insight by Kinan Khadam-Al-Jame - Saudi Aramco IPO