Abstract: We analyzed the EPS revision of MS-South Korea index constituents for April 2026, with the index rising 34% from 1,703 to 2,279 and the 2026E index EPS increasing 24% month-on-month from ₩223.2 to ₩276.4, with 40 stocks revised up versus 33 revised down. Individual stock EPS revisions contributed an estimated ₩72.1 to the index EPS change, led by SK Hynix (+₩28.8 index EPS impact, EPS +40.1%) and Samsung Electronics (+₩24.9 index EPS impact, EPS +38.7%), while SK Square (-₩1.96), KEPCO (-₩0.35), and Korean Air Lines (-₩0.30) were the largest negative contributors. On a stock-level basis, the largest EPS upgrades were SK Innovation (+79.3%), Samsung SDI (+48.9%), and SK Hynix (+40.1%), while Korean Air Lines (-48.9%), HYBE (-29.1%), and LG Energy Solution (-25.4%) saw the steepest EPS cuts. Revenue estimates were also broadly lifted, with SK Hynix (+28.7%), Samsung Electronics Preferred (+18.1%), and Samsung Electronics (+16.8%) leading on the upside, and Alteogen (-5.1%) and Samsung Biologics (-3.8%) among the few with revenue downgrades.
LG Energy Solution, KEPCO, SKSQUARE, Samsung Elec (PREF), SK Innovation, Samsung SDI
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