Korea Meritz Securities: The semiconductor industry peak may occur after 2028

```htmlAccording to Golden Ten Data on May 11, Lee Jin-wo, Head of Research at Meritz Securities in South Korea, stated that the main driving force behind the rise in the South Korean stock market is the earnings revaluation centered around semiconductors. The 12-month forward price-to-earnings ratio of the South Korean KOSPI Index remains close to its lowest level since the global financial crisis, indicating that share prices have still not caught up with earnings growth. He noted that in the short term, the market is in a rebound or overheated phase. By the end of the year, the index may attempt to break through 9,000 points, as its price is gradually reflecting expectations of a net profit of 800 trillion won by 2027. Lee Jin-wo also said that the peak of the semiconductor industry may come after 2028, and pointed out that the chip shortage driven by artificial intelligence is worsening. He further added that the leadership in areas related to artificial intelligence infrastructure—including power infrastructure, electrical and electronic equipment, and telecommunication equipment—remains strong.```