J.P. Morgan Asset Management - The Weekly Brief

15.07.2024 10:47 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Nach dem erfolgreichen Beispiel der japanischen Marktreformen hat auch Südkorea angedeutet, dass es die Unternehmensführung verbessern und den Shareholder Value steigern möchte. Ähnlich wie beim asiatischen Nachbarn wurde ein Grossteil der koreanischen Aktien in der Vergangenheit zu einem Kurs-Buchwert-Verhältnis von weniger als 1 gehandelt, und die politischen Entscheidungsträger sind bestrebt, diesen so genannten „koreanischen Abschlag“ zu beenden. Das koreanische „ Corporate-Value-Up-Programm“ steckt noch in den Kinderschuhen, aber ähnlich wie in Japan werden die Unternehmen dazu angehalten, ihre relativ niedrigen Bewertungen zu überprüfen und Lösungen anzubieten. Kritisch anzumerken ist jedoch, dass die Teilnahme am koreanischen Programm freiwillig ist und es keine Sanktionen für die Nichterfüllung der Ziele gibt. Während die eingeführten Pläne zweifellos ein positiver Schritt in die richtige Richtung sind, könnte der Freiwilligkeitsgrad des Programms bedeuten, dass es einige Zeit dauert, bis die Vorteile Vollständig zum Tragen kommen.

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