Goldman Sachs raised its KOSPI target to 12,000 from 9,000, citing higher
earnings and a conservative 8x expected forward P/E. It raised its 2026 and 2027
earnings growth forecasts to 320% and 35% respectively and called Korea the
region's strongest earnings performer. Goldman warned market risks remain: KOSPI
has more than doubled YTD, Samsung and SK Hynix now comprise over half of
Korea's market cap, and rising retail speculation increases the chance of a
pullback.