True, but the breadth of the Korean EPS recovery, like the nation’s exports recovery, has been narrow.
The recovery has been primarily driven by high-end memory chips (semiconductor) volume growth and surging prices (Chart). The AI-driven high-end memory boom has greatly benefited SK Hynix and Samsung, which have a very large weight in the Korean equity index.
Outside, these two and a couple of other successful bottom-up stories, EPS recovery has been muted.
