韩国政变 | AuK

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Can Korea Inc step up ?

韩国企业能否挺身而出？

South Koreans would rather forget most of the past 12 months. Thousands of doctors and teachers took to the streets to air assorted grievances. Catastrophic summer floods ravaged swathes of the country. The president launched a coup, failed, was impeached and, after some constitutional confusion, removed from office. BTS remained disbanded while its K-pop heartthrobs complete their mandatory military service.

韩国人宁愿忘掉过去12个月中的大部分事情。成千上万名医生与教师走上街头表达各种不满；灾难性的夏季洪水席卷全国；韩国总统政变失败，最终遭到弹劾并在一片宪法的混乱状况中被罢免；而防弹少年团仍保持解散状态，其韩国流行音乐的人气偶像正在服强制兵役。

Investors in South Korean businesses, too, have had little to sing of lately. Even before Donald Trump liberated the world from level-headed trade policy on April 2nd, the benchmark KOSPI 200 index of large companies had fallen by 3% relative to the start of 2024 as rival Asian bourses rose. Japan's Nikkei 225 had gone up by 7%, and mainland China's CSI 300 by 16%; Hong Kong's Hang Seng and Taipei's TWSE Taiwan 50 each leapt by nearly 40%. Between mid-July 2024 and early April 2025 shareholders in Samsung Electronics, South Korea's corporate superstar, saw a third of its market value, or some $160bn, melt into oblivion.

韩国企业的投资者们同样没有太多值得庆祝的事。早在唐纳德·特朗普于4月2日"解放"全球的贸易政策之前，韩国大型企业基准指数KOSPI 200就已较2024年年初下跌了3%，而亚洲其他股市纷纷上涨。日本的日经225指数上涨了7%，中国大陆的沪深300指数上涨了16%，香港恒生指数和台湾50指数更是飙升近40%。自2024年7月中旬至2025年4月初，韩国企业明星三星电子的市值蒸发了三分之一，约1600亿美元。

As summer approaches, however, the national mood may be brightening on the streets and in boardrooms alike. Doctors and teachers are back at work. A snap presidential election on June 3rd promises to usher in a modicum of political stability. Better yet, later that month BTS are planning their post-conscription reunion. Bankers and equity analysts are, for their part, beginning to hum one of the boy band's smash hits, "Go Go".

然而，随着夏季临近，街头和董事会会议室内的国民情绪似乎正逐渐回暖。医生与教师已重返岗位，6月3日举行的临时总统大选有望带来些许政治稳定。更好的是，防弹少年团计划于月底完成兵役后重组回归。至于银行家与股市分析师们，则开始哼唱这支男团的热门歌曲——Go Go。

step up：增加；走上前去，挺身而出；

Inc：股份有限公司（incorporated）；

air：使公开，宣扬；

assorted：各种各样的，混杂的；

grievance：不满，不平；委屈，冤情；投诉；

catastrophic：灾难性的；

ravage：毁坏，破坏，劫掠；

swathes of：大片的，大量的；

coup：政变；

impeach：弹劾；

constitutional：宪法的；

confusion：困惑，不明确；混淆，混同；慌乱，窘迫；

disband：解散；遣散；

heartthrobs：柔情；心跳；激情；迷恋的对象；

mandatory：强制的；

military service：兵役；

investor：投资者，投资机构；

liberate：解放，解救；使自由，使摆脱约束；

level-headed：冷静的；清醒的；

trade policy：贸易政策；

benchmark：基准；

index：指数；

relative to：相对于；

bourse：证券交易所；

leap：猛冲，突然而迅速地移动；剧增，猛涨；

shareholder：股东，股票持有者；

superstar：超级明星，巨星；超级星体；

market value：市场价值；

oblivion：遗忘；湮没；赦免；

approach：临近；

brighten：使明亮，使鲜艳；开颜，高兴；好转，变得乐观；

boardroom：会议室；交换场所；

snap：突然的，仓促的；

usher in：引领；迎来；

modicum：少量，一点点；

political stability：政治稳定；

conscription：征兵；征兵制度；征用；

reunion：聚会，团聚；重逢，团圆；再联合，重新统一；

equity analyst：股权分析师；

hum：哼（曲子）；发嗡嗡声；活跃，繁忙；

smash hits：巨大的成功作；轰动一时的成功；

Can Korea Inc step up ?

Asia's faded corporate star gets another chance to shine

South Koreans would rather forget most of the past 12 months. Thousands of doctors and teachers took to the streets to air assorted grievances. Catastrophic summer floods ravaged swathes of the country. The president launched a coup, failed, was impeached and, after some constitutional confusion, removed from office. BTS remained disbanded while its K-pop heartthrobs complete their mandatory military service.

Investors in South Korean businesses, too, have had little to sing of lately. Even before Donald Trump liberated the world from level-headed trade policy on April 2nd, the benchmark KOSPI 200 index of large companies had fallen by 3% relative to the start of 2024 as rival Asian bourses rose. Japan's Nikkei 225 had gone up by 7%, and mainland China's CSI 300 by 16%; Hong Kong's Hang Seng and Taipei's TWSE Taiwan 50 each leapt by nearly 40%. Between mid-July 2024 and early April 2025 shareholders in Samsung Electronics, South Korea's corporate superstar, saw a third of its market value, or some $160bn, melt into oblivion.

As summer approaches, however, the national mood may be brightening on the streets and in boardrooms alike. Doctors and teachers are back at work. A snap presidential election on June 3rd promises to usher in a modicum of political stability. Better yet, later that month BTS are planning their post-conscription reunion. Bankers and equity analysts are, for their part, beginning to hum one of the boy band's smash hits, "Go Go".

On the surface this corporate optimism seems unwarranted. Relative to both forecast earnings and the book value of their assets, South Korean companies' share prices continue to trail those of their rivals in the rest of the rich world, often by some distance. Stocks in more than half of the KOSPI's 178 non-financial constituents, and the index as a whole, trade at a discount to book value. That includes Samsung Electronics, two other of its parent conglomerate's eight listed offspring and six public subsidiaries of Lotte, the country's most troubled chaebol.

Still, the optimists may be on to something. For one thing, large South Korean businesses are clustered in industries exposed to the trendiest of 21st-century megatrends. Samsung Electronics and SK Hynix, the KOSPI's two largest members, manufacture high-bandwidth memory (HBM) chips critical to the artificial-intelligence revolution. Samsung Biologics, ranked third by value, is a biotech powerhouse. LG Energy Solution, number four, makes batteries for the green transition. Two of the top ten manufacture electric vehicles (EVs) for climate-conscious motorists (Hyundai and Kia) and two others build weapons for war-wary governments (Hanwha Aerospace and HD Hyundai Heavy Industries).

Inc：股份有限公司（incorporated）

step up：增加；走上前去，挺身而出

faded：褪色的，衰落的

shine：发光，光彩

air：使公开，宣扬

assorted：各种各样的，混杂的

grievances：不满，怨言

catastrophic：灾难性的

ravaged：毁坏的，蹂躏的

swathes：大片，大量

coup：政变

impeached：弹劾

constitutional：宪法的

confusion：混乱，困惑

disbanded：解散的

heartthrobs：迷恋对象，偶像

mandatory：强制性的

liberated：解放的

level-headed：冷静的

benchmark：基准

relative to：相对于

rival：竞争对手

bourses：证券交易所

leapt：跳跃，猛增

shareholders：股东

superstar：超级明星

melt：融化，消失

oblivion：遗忘，湮没

approaches：接近

mood：情绪，心情

brightening：变亮，好转

boardrooms：董事会会议室

snap：突然的

usher in：引领，带来

modicum：少量

conscription：征兵

reunion：重聚

equity：股权

hum：哼唱

smash hits：热门歌曲

surface：表面

optimism：乐观

unwarranted：无根据的

forecast：预测

assets：资产

trail：落后

rich：富有的

constituents：成分，组成部分

discount：折扣，贬值

conglomerate's：企业集团的

offspring：子公司

subsidiaries：附属公司

chaebol：韩国财阀

clustered：聚集的

exposed：暴露于

trendiest：最流行的

megatrends：大趋势

bandwidth：带宽

critical：关键的

ranked：排名

biotech：生物技术

powerhouse：强国，实力雄厚的机构

transition：过渡，转变

climate-conscious：气候意识强的

motorists：驾车者

war-wary：厌战的

Helpfully, the South Korean firms' competition in many of these areas is limited. Given sky-high barriers to entry in HBM manufacturing, Samsung Electronics and SK Hynix are mainly up against established producers—which is to say themselves. European allies questioning America's trustworthiness under Mr Trump are looking for alternative suppliers of materiel. In March Poland said it would buy another 180 K2 tanks from Hyundai Rotem for $6bn, doubling its fleet of the vehicles.

South Korean companies may struggle to compete head to head with Chinese EVs (from BYD), batteries (from CATL), shipyards (like CSSC) or contract drugmakers (like WuXi Biologics) on price, quality or both. But thanks to growing Western unease over hastening China's rise by patronising its businesses, they don't have to. And non-Chinese competitors are either weak (think American and European EVs), few (Japanese shipbuilders and battery-makers) or nonexistent (in medical contracting).

There is one other, less flattering reason to hope for improvement in Korea Inc's prospects. These had been looking so bleak for so long that the country's political and business leaders could not ignore it any more and finally took action.

A year ago the government launched the "Value-Up" programme of corporate reform. It is modelled on a similar effort starting in the early 2010s to spruce up Japan Inc. At the time the Nikkei looked as knackered as the KOSPI does now. Barely 85 of its 200-odd non-financial stocks traded above their book value. A typical one had highish net debt, of 1.7 times operating profit (before depreciation and amortisation), and free cashflow running at just 1.7% of revenue—figures close to KOSPI's results today.

Then a mix of standards and laws prompted Japanese firms to disclose more information, set performance targets, curb related-party transactions, unwind cross-shareholdings, appoint more independent directors and become less hostile to activist investors. Today the Nikkei's price-to-book ratio averages 1.5 or so, its companies are a third less indebted and generate one and a half times as much free cash as in 2012. In February 2024 the index at last surpassed its previous peak set in December 1989. No less discerning an investor than Warren Buffett is a fan.

Permission to dance

South Korean bosses are getting the message. Although 75% of the index's market capitalisation is in chaebol hands, the groups' current leaders are more open to change and less legacy-obsessed than their grandfathers' founding generation. On May 22nd Samsung Biologics said it would spin off its drug-development arm to focus on its core contracting business.

Firms have begun paying higher dividends and buying back more shares. So far 120 in the KOSPI have published "Value-Up" disclosures, some even in English. Managements faced 137 shareholder proposals last year, an unprecedented third of them from activist investors. A record 24% were adopted. Go go, indeed.

competition：竞争

limited：有限的

sky-high：极高的

barriers：障碍

entry：进入

manufacturing：制造

established：已确立的

allies：盟友

questioning：质疑

trustworthiness：可信度

alternative：替代的

suppliers：供应商

materiel：军事物资

doubling：翻倍

fleet：舰队，车队

struggle：挣扎，努力

compete：竞争

shipyards：造船厂

contract：合同，承包

drugmakers：制药商

unease：不安

hastening：加速

patronising：赞助，光顾

competitors：竞争者

weak：弱的

few：很少

shipbuilders：造船商

nonexistent：不存在的

contracting：承包

flattering：讨好的

improvement：改进

prospects：前景

bleak：暗淡的

ignore：忽视

programme：计划

reform：改革

modelled：模仿

effort：努力

spruce up：整理，改善

knackered：疲惫的，破旧的

highish：较高的

debt：债务

depreciation：折旧

amortisation：摊销

cashflow：现金流

revenue：收入

mix：混合

standards：标准

prompted：促使

disclose：披露

targets：目标

curb：抑制

transactions：交易

unwind：解除

shareholdings：持股

independent：独立的

hostile：敌对的

activist：激进的

ratio：比率

averages：平均

indebted：负债的

generate：产生

surpassed：超过

peak：高峰

discerning：有识别力的

fan：粉丝

capitalisation：资本化

legacy-obsessed：沉迷于传统的

grandfathers'：祖父的

founding：创始

spin off：分拆

arm：部门

core：核心

contracting：承包

dividends：股息

buying back：回购

disclosures：披露

managements：管理层

faced：面临

shareholder：股东

proposals：提案

unprecedented：空前的

adopted：采纳