● GOLDMAN SLASHES KOSPI TARGET 25 PERCENT

Goldman Sachs cut its 12-month Kospi target by 25%, to 9,000 points from 12,000, as concerns over AI-driven capex returns at Samsung and SK Hynix rattle Korean equities. The index has already fallen more than 35% from its June peak. Even after the cut, Goldman's strategists still call Korean equities deeply undervalued, with the new target implying over 60% upside for $EWY from current levels.