Forwarded from Blanc Charts
GOLDMAN SACHS: KOREAN SEMICONDUCTORS ARE PRICED FOR A 70% EARNINGS COLLAPSE
Goldman's valuation model suggests the #KOSPI semiconductor sector is trading at a P/B multiple consistent with earnings 70% below forward consensus.
Its scenario analysis shows:
• Earnings -90% → 62% downside
• Earnings -70% → 9% upside
• Earnings -50% → 68% upside
• Consensus unchanged → 182% upside
These are model-implied valuation scenarios, NOT price targets.
The market is applying an extraordinary discount to Korean semiconductors.
Source: Goldman Sachs Global Investment Research, Nov. 6.
Goldman's valuation model suggests the #KOSPI semiconductor sector is trading at a P/B multiple consistent with earnings 70% below forward consensus.
Its scenario analysis shows:
• Earnings -90% → 62% downside
• Earnings -70% → 9% upside
• Earnings -50% → 68% upside
• Consensus unchanged → 182% upside
These are model-implied valuation scenarios, NOT price targets.
The market is applying an extraordinary discount to Korean semiconductors.
Source: Goldman Sachs Global Investment Research, Nov. 6.
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