The KOSPI has fallen by 20% from its peak, with a PER of 6~7 times... Multiple diagnoses of reaching a 'bottom' are emerging.
The KOSPI has dropped more than 20% from its peak, and the forward-looking PER over 12 months is at 6~7 times, which is the lowest level since the global financial crisis. Within the securities industry, cautious views are being reported, with diagnoses indicating that the bottom has been passed and a need to resolve the semiconductor concentration.
As the KOSPI has fallen more than 20% from its peak, there are ongoing diagnoses within the securities industry indicating a 'real bottom'. The reason this matters is simple: the stock price level itself has historically become lower.
On 13 day, the securities industry reported that the forward PE ratio for 12 months is at 6~7 times. This figure is assessed to be at the lowest level since the global financial crisis.
The report summarized that there has been a recent extreme drop in stock prices and a supply-demand shock. It explains that the selling pressure has continued, increasing downward pressure on the index.
In the same report, some securities firms saw the current level as creating room for a rebound. On the other hand, a cautious view was presented that a period of adjustment to alleviate sector concentration is inevitable rather than a rapid V-shaped rebound.
The key background for the cautious outlook highlighted the concentration in the semiconductor sector. It was pointed out that if the index rebound does not spread evenly across sectors, recovery could be delayed.
The diagnosis from the securities industry indicates a simultaneous transmission of 'passing the bottom' and 'cautious observation.' It is summarized that additional changes in supply and demand or performance confirmation will determine future trends.
Sources: 파이낸셜뉴스 증권
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