Yuanta Securities Korea said the KOSPI could reach 8,000 points this year, citing a favorable global liquidity backdrop and ongoing structural improvements in Korea's stock market.
On the 27th, Yuanta Securities Korea raised its previously suggested top-end KOSPI band from the 6,300–7,100 range to 7,100–8,000 in a report.
Yuanta Securities Korea said the KOSPI could reach 7,100 if this year's expected net profit for the KOSPI is 684 trillion won and the combined operating profit of Samsung Electronics and SK hynix is around 400 trillion won. It added that if the KOSPI's net profit exceeds 595 trillion won and the two companies' combined operating profit tops 435 trillion won, 8,000 could also become a realistic target.
As drivers of the bull market, it cited: ▲ improvement in the global macro environment ▲ changes in Korea's policy environment ▲ better supply-demand conditions ▲ continued semiconductor growth.
Yuanta Securities Korea assessed that domestic and overseas markets have entered a "quasi-Goldilocks" phase. It noted that governments in major countries, including the United States, are supporting the economy with active fiscal expenditure, and the Central Bank is maintaining an accommodative monetary stance that backs this. It also raised the possibility that as global trade and manufacturing recover, AI-driven productivity gains could lead to a structural disinflation effect that lowers prices.
Under this global liquidity environment, it also assessed that domestic policy changes are lifting the market's fundamentals. Researchers Kim Yong-gu and Shin Hyun-yong said, "Shareholder- and market-friendly financial policy changes, including Commercial Act revisions, value-up initiatives, and the stewardship code, are improving the market's structure," adding, "This will, over the mid to long term, act as a catalyst enabling the MSCI Korea Index to be upgraded to a developed-market index and usher in the 'Korea Premium' era."
On the supply-demand side, it also projected a virtuous cycle forming between foreign and retail investors. The two researchers noted that as of late February, Korea's earnings contribution within the MSCI Emerging Markets Index is 23.7%, while its market-cap ratio is only 16.4%, leaving a 7.3 percentage-point (p) gap. They said the market is structurally undervalued given the low market-cap share relative to earnings contribution, making continued foreign inflows inevitable to narrow that gap.
It also mentioned the possibility that retail investors who experienced gains in the post-2025 domestic rally could re-enter. The two researchers said, "The learning effect from successful investing and restored trust in government policy will align to bring about the return of the so-called 'Donghak ants,'" adding, "In 2026, the supply-demand virtuous cycle between foreigners and individuals will strengthen further."
It expects the semiconductor uptrend sparked by AI to hold. The two researchers said, "Contrary to some concerns, major hyperscalers are set to devote themselves to a mid- to long-term race to expand AI CAPEX," adding, "Accordingly, Korea's memory-semiconductor exports and earnings super-cycle are likely to continue as a trend."
In particular, it said shares of Samsung Electronics and SK hynix remain undervalued versus global semiconductor bellwethers. The two researchers assessed, "Even though the 12-month forward price-earnings ratio (PER) for Korea's semiconductor sector is Nvidia 24.3 times, TSMC 21.4 times, and Micron 11.1 times, Samsung Electronics is at 9 times and SK hynix is at 6.1 times."