This blog post digs into the latest earnings snapshot for KOSPI-listed firms. A small group of semiconductor heavyweights drove headline gains, but the rest of the market? It’s a mixed bag.
We’ll look at how Samsung Electronics and SK Hynix shaped the year. There’s a real split in profits across the market, and analysts have some thoughts on what’s coming, especially with Q1 signals from FnGuide.
Headline figures and drivers behind the gains
The KOSPI universe saw big gains in aggregate earnings, thanks mostly to a huge surge from just two semiconductor companies. Consolidated operating profit rose about 25.4% to 244.79 trillion won. Consolidated sales increased 6.08% to 3,082.76 trillion won.
Samsung Electronics and SK Hynix made up a hefty chunk—about 13.97% of KOSPI-listed sales.
- Without Samsung Electronics and SK Hynix, consolidated sales grew 4.45%. Operating profit rose 10.76% to 153.98 trillion won, and net income advanced 15.64% to 101.24 trillion won.
- On an individual-company basis (714 firms), total sales climbed 3.48% to 1,611.68 trillion won. Operating profit jumped 29.55% to 137.05 trillion won, and net income rose 35.71% to 137.99 trillion won.
The gains shrink fast if you take out the two giants. Without Samsung and SK Hynix, sales dropped 0.46% and operating profit fell 3.69% to 69.44 trillion won.
Net income barely budged, with just a 1.9% rise. The share of profit-making firms slipped to 77.45% (553 of 714). The number of loss-making companies ticked up from 153 to 161, which really shows how profits are getting more polarized.
Sector dynamics and the financials landscape
KOSPI sector performance was all over the place. The electrical and electronic sector, for example, saw operating profits soar by 103.35%.
But ten sectors—including non-metallics, transportation and warehousing, chemicals, and metals—posted steep profit drops. This kind of split makes you wonder: is semiconductor strength just covering up weakness in older industrial groups?
Financial companies showed some backbone too. Across 42 financial firms, consolidated operating profit rose 9.94% to 55.86 trillion won.
Securities led the way, up 56.39%. Financials are acting as a stabilizer—even as manufacturing and tech-linked sectors grab the headlines thanks to semiconductors.
Outlook and forward guidance
Market analysts think the semiconductor focus will stick around in the first quarter. FnGuide projects a 125.5% YoY jump in estimated operating profit for 243 companies, mostly because semiconductor profits might double again.
It’s looking like the broader market will keep relying on the chipmakers’ outperformance, which could make the gap between them and everyone else even wider.
Implications for investors and the broader market
The latest earnings snapshot really highlights something important for investors. The KOSPI’s headline strength basically leans on just a handful of high-growth players in semiconductors.
This sector keeps driving overall profitability, but plenty of other industries haven’t shown much improvement year over year. Some are even slipping backward, which makes you wonder about risk concentration and what might happen if the semiconductor engine slows down.
On the policy and research front, these results mean folks need to keep a close eye on supply-demand cycles for memory and logic devices. There’s also the matter of global capex trends in chip fabrication, plus the ripple effects for suppliers and downstream manufacturers.
For scientists and analysts, it’s a fascinating real-world example. Just a few high-innovation sectors can end up shaping the entire market’s earnings path, which really shows why you need strong fundamentals across the board if you want lasting value.
Here is the source article for this story: Excluding Samsung Electronics and SK Hynix, KOSPI Growth Fades