South Korean Market Seen As 'Compelling Value' by Causeway Capital

Arjun Jayaraman, portfolio manager at Causeway Capital Management, said risks around the South Korean stock market were now priced in.

Following Yoon's imposition — and then revoking — of martial law late on Dec. 3, the South Korean Kospi stock market index fell around 5.5% before recouping most losses.The recent political turmoil in South Korea looks set to be short-lived, according to fund manager Arjun Jayaraman, who said there are opportunities for investors in the country.

Yoon had strived to boost listed companies — and shareholder returns — via the"Corporate Value Up" program, a Japan-style initiative designed to improve corporate governance and increase investor engagement. South Korea opposition leaders say that Yoon's martial law order was an act of insurrection — a claim denied by Yoon, who in turn accused political rivals of creating"false incitement" to bring him down.

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South Korean Stock Market Seen as Attractive by Causeway CapitalArjun Jayaraman, a portfolio manager at Causeway Capital Management, believes that risks associated with the South Korean stock market are now reflected in its price, making it an attractive investment opportunity. Jayaraman points to President Yoon Suk Yeol's recent attempt to impose martial law and its subsequent revocation as a short-lived political turmoil, stating that the market has already priced in the negativity surrounding the incident. He also highlights the government's 'Corporate Value Up' program aimed at improving corporate governance and combating the 'Korea discount,' which he believes will lead to a market re-rating in the medium to long term.
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