Goldman Sachs analyst Tim Moe stated that despite the recent sharp decline in the South Korean stock market, the sell-off is rooted in a structural absence of buying rather than a fundamental collapse. Therefore, he maintains a one-year bullish target of 12,000 points for the KOSPI. Goldman Sachs noted that KOSPI valuations have fallen to extremely low levels, with a forward P/E ratio of 5.1x, implying approximately 110% upside from the current 5,700 points. Analysts believe that the AI hardware demand cycle will drive high earnings growth in the South Korean market from 2026 to 2028, but the durability of the memory cycle, deleveraging by retail investors, and competition from open-source AI models in China are major risks. SK Hynix is scheduled to announce its third-quarter results on October 27, and Samsung Electronics will pay approximately 40 trillion Korean won in dividends between November 18 and 20.