The valuation of South Korea's KOSPI 200 has fallen to the 1st percentile over the past decade. The KOSPI Composite Index broke above its 50-day moving average on September 8, supported by slowing foreign selling and a strengthening Korean Won. Bank of America analysis indicates that amid normalizing volatility and a valuation reset, selectively increasing upside exposure to the Korean equity market offers an attractive risk-reward profile. They recommend participating in the upside through a 3-month call option spread.