GOLDMAN SACHS SAYS 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.

S. M. Gold Limited

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