Valuation

Semiconductor Large-cap PER

3.9x

Semiconductor 3.9x Non-semiconductor 10.3x

2.6x lower than KOSPI PER excluding Samsung Electronics and SK Hynix

Index Band

September KOSPI upper bound forecast

7,900~8,350

Assuming US 10-year Treasury yield range of 4.0~4.6% (Hana Securities)

Supply and Demand Buffer

Remaining capacity for share buybacks

44.7 trillion KRW

Combined total for Samsung Electronics and SK Hynix, excluding August acquisitions