Samsung Still a Bargain in Red Hot Korea Market, Dalton Says
- Chaebol stocks are ‘extremely cheap’: Dalton Investments’ Lim
- Dalton added shares of South Korean holding companies in 1Q
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While a flood of retail investing in growth sectors has pushed South Korean stocks near record highs, one hedge fund says there’s still value to be found in the country’s conglomerates.
Heavy individual-investor buying of shares in niche sectors such as electric vehicles and biotechnology helped the Kospi index climb 56% over the past year, making it the world’s sixth-best performing benchmark. Yet Samsung Electronics Co.’s forward earnings multiple is only about half that of Apple Inc., while Hyundai Motor Co. trades at 64% of book value.