{"id":2206107,"date":"2024-08-09T17:04:03","date_gmt":"2024-08-09T08:04:03","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206107"},"modified":"2024-08-12T18:04:02","modified_gmt":"2024-08-12T09:04:02","slug":"south-korea-confronts-underpriced-stock-market-but-shirks-chaebol-reform","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/08\/south-korea-confronts-underpriced-stock-market-but-shirks-chaebol-reform\/","title":{"rendered":"South Korea confronts underpriced stock market, but shirks chaebol reform"},"content":{"rendered":"

The head of South Korea\u2019s Financial Supervisory Service (FSS) <\/span>convened a meeting<\/span><\/a> with the heads of 23 asset management firms on Thursday to tackle the so-called <\/span>Korea Discount<\/span><\/a>, a phenomenon in which South Korean stocks are undervalued relative to global peers.<\/span><\/p>\n

The issue has drawn increasing concern from domestic and international investors, and at the heart of such undervaluations is a deep-rooted problem: the poor corporate governance practices that are especially prevalent among the country\u2019s family-controlled conglomerates, known as chaebol.<\/span><\/p>\n

The meeting spotlights the government\u2019s recognition of this problem and its impact on market valuations.<\/span><\/p>\n

But the approaches discussed at the meeting were symptomatic of an approach that depends on conglomerates\u2019 voluntary participation rather than enforceable reforms, suggesting that the challenge of overcoming the Korea Discount remains steep.<\/span><\/p>\n

THE KOREA DISCOUNT<\/b><\/p>\n

Chaebol, which includes global businesses such as Samsung Electronics and Hyundai Motor, are notorious for their complex cross-shareholding structures that enable founding family members to wield outsized power.<\/span><\/p>\n

Such consolidation of power often takes place at the expense of minority shareholders, and this not only undermines investor confidence but also suppresses the market valuations of South Korean companies, leading to a phenomenon where the KOSPI Index trades at a <\/span>significantly lower price-to-earnings ratio<\/span><\/a> than its global peers.<\/span><\/p>\n

A recent example that highlights how governance issues contribute to the Korea Discount is the controversial <\/span>restructuring plan<\/span><\/a> within Doosan Group. The proposed merger between Doosan Bobcat and Doosan Robotics has sparked significant backlash due to the apparent disparity in the two companies\u2019 financial health.\u00a0<\/span><\/p>\n

Doosan Bobcat, a <\/span>profitable subsidiary<\/span><\/a> with a solid revenue base, is being merged with Doosan Robotics, a company that recorded an operating loss of about $11.5 million (<\/span>15.8 billion won<\/span><\/a>) last year. Doosan Robotics continued its deficit with an operating loss of $5.8 million (<\/span>7.9 billion won<\/span><\/a>) in the second quarter of this year.<\/span><\/p>\n

The <\/span>merger ratio<\/span><\/a>, which calls for 100 shares of Doosan Bobcat to be exchanged for 63 shares of Doosan Robotics, has raised alarm among minority shareholders, who see this as a move that disproportionately benefits controlling shareholders while diluting the value of their own investments.<\/span><\/p>\n

This Doosan merger parallels the contentious <\/span>merger<\/span><\/a> of two Samsung affiliates, Cheil Industries and Samsung C&T, in 2015, which consolidated then-Samsung Vice President Lee Jae-yong\u2019s control of the conglomerate at the expense of minority shareholders.<\/span><\/p>\n

\"\"

A Doosan Robotics booth, May 7, 2024 | Image: Doosan<\/a><\/em><\/p><\/div>\n

INADEQUATE REFORMS<\/b><\/p>\n

The Financial Services Commission launched the <\/span>Corporate Value-up Plan<\/span><\/a> in May to address these governance issues. This initiative aims to enhance corporate transparency, improve shareholder returns and boost overall corporate value.<\/span><\/p>\n

However, the plan relies heavily on companies\u2019 voluntary participation, raising questions about its effectiveness in driving meaningful change. Without mandatory enforcement mechanisms, there is skepticism about whether the plan can truly compel companies to reform their governance structures.<\/span><\/p>\n

Complementing the Corporate Value-up Plan is the <\/span>Korea Stewardship Code<\/span><\/a>, which provides guidelines for institutional investors to engage more actively in corporate governance. The code is designed to protect and enhance shareholder value by encouraging institutional investors to hold companies accountable for their governance practices.<\/span><\/p>\n

During Thursday\u2019s meeting with the 23 asset management firms, FSS governor Lee Bok-hyun strongly urged them to adhere to the stewardship code. However, this code also relies on voluntary participation.<\/span><\/p>\n

INVESTOR DISILLUSIONMENT<\/b><\/p>\n

The continued failure to address the Korea Discount risks eroding investor confidence in the South Korean market. Domestic and international investors have already shown skepticism toward recent reform efforts.<\/span><\/p>\n

Investors have reacted coolly to the Corporate Value-up Plan and the Korea Stewardship Code. Over the past year, Japan\u2019s Topix and Taiwan\u2019s Taiex have seen gains of <\/span>35% and 21%<\/span><\/a>, respectively. Meanwhile, South Korea\u2019s KOSPI has only risen by 9%, indicating global investors\u2019 preference for markets with more robust legal structures.<\/span><\/p>\n

If reforms continue to fall short, investors may increasingly view the South Korean market as resistant to change, leading to reduced capital inflows even as the country experiences <\/span>significant capital outflows<\/span><\/a>.<\/span><\/p>\n

This disillusionment will likely deepen if institutional investors, encouraged by the Stewardship Code to engage more actively in governance, find that their efforts are met with resistance or indifference from entrenched corporate leadership. The result could be a vicious cycle where poor governance further depresses stock valuations, driving investors away and exacerbating the Korea Discount.<\/span><\/p>\n

Further, although the South Korean government has emphasized the long-term nature of the Corporate Value-up Plan, the absence of electoral pressures until 2027 will likely slow down reform momentum. Investors may question whether the government will maintain its commitment to corporate governance improvements without the impetus of an impending election.<\/span><\/p>\n

This uncertainty will likely lead to a cautious approach from investors as they wait to see if the government\u2019s efforts will translate into tangible, lasting changes. In the absence of clear and enforceable measures, investors will likely continue to respond to government measures with indifference.<\/span><\/p>\n

Comparatively, <\/span>Japan\u2019s corporate governance reforms<\/span><\/a>, initiated in 2015 by the Shinzo Abe administration, have gradually built investor confidence and helped to fuel the revival of the country\u2019s stock market. Further, the Tokyo Stock Exchange\u2019s 2023 <\/span>\u201cname-and-shame\u201d<\/span><\/a> tactic and the growing presence of <\/span>activist investors<\/span><\/a> in the country have pressured Japanese companies to adopt more transparent and shareholder-friendly practices.<\/span><\/p>\n

In contrast, South Korea\u2019s attempts to address the Korea Discount seem piecemeal. The failure to implement comprehensive and enforceable governance reforms will likely see South Korea lag behind other markets, particularly in Asia.<\/span><\/p>\n

\"\"

Korea Exchange, July 25. 2024 | Image: Korea Pro<\/em><\/p><\/div>\n

FUTURE OF CORPORATE GOVERNANCE<\/b><\/p>\n

South Korea\u2019s corporate governance reforms depend on whether the current voluntary measures can evolve into enforceable actions that deliver meaningful change.\u00a0<\/span><\/p>\n

The government\u2019s current approach is premised on convincing entrenched corporate leaders, particularly within the chaebol, to adopt practices that genuinely protect minority shareholders and enhance transparency. Failure to do so will likely leave the Korea Discount as a permanent fixture in the market, undermining long-term investor confidence.<\/span><\/p>\n

Moreover, the potential for increased shareholder activism in South Korea appears constrained. The Seoul Central District Court\u2019s decision in February to <\/span>acquit<\/span><\/a> Samsung Electronics Chairman Lee Jae-yong for the 2015 merger, despite earlier <\/span>arbitration in favor<\/span><\/a> of then-minority shareholder Elliott Investment Management, underscores the challenges that activist investors face.<\/span><\/p>\n

The court\u2019s decision to dismiss claims that the merger ratio between Samsung C&T Corp. and Cheil Industries Inc. harmed minority shareholders signals a judicial environment that may continue to favor entrenched corporate interests over the rights of minority stakeholders.<\/span><\/p>\n

Given this context, South Korean conglomerates will likely persist with governance practices that prioritize founding families\u2019 interests. As a result, the chaebol will likely continue leveraging their influence to maintain control at the expense of broader shareholder equity \u2014 at least until they are forced to do otherwise.<\/span><\/p>\n

Edited by Bryan Betts<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

The head of South Korea\u2019s Financial Supervisory Service (FSS) convened a meeting with the heads of 23 asset management firms on Thursday to tackle the so-called Korea Discount, a phenomenon in which South Korean stocks are undervalued relative to global peers. 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