Goldman Sachs Asia Pacific Chief Strategist: Still optimistic about South Korean stocks, maintaining a target of 12,000 points.

Timothy Moy, Chief Equity Strategist for Goldman Sachs Asia Pacific, remains optimistic about the severely impacted Korean stock market and maintains his target of 12,000 points for the Korea Composite Stock Price Index. Moy stated, "If volatility can decrease, then we believe the fundamentals will start to play a role again, and we think those fundamentals are very attractive." He added, "The market currently expected to have a price-to-earnings ratio of five times is severely underestimated; the market is essentially indicating that it does not believe the semiconductor memory cycle can continue, but we do. We believe the current semiconductor cycle is larger and longer than usual."