Nearly 70% of listed Korean firms undervalued 한국의 상장회사 70%, 저평가

[김우정]

우리나라 상장회사의 주식의 70%는 순자산보다 낮게 평가되어 있습니다.
주가를 순자산으로 나눈 주가순자산비율(PBR)이 0.88로 미국 S&P 500의 4.1에 비해 크게 낮습니다.
이른바 "코리아 디스카운트" 입니다.
주가순자산비율(PBR)을 올리기위해 주주의 주권보호, 경영투명성 제고 등의 노력이 필요합니다.
 
Nearly 70% of listed Korean firms undervalued
한국의 상장회사 70%, 저평가

By Yi Whan-woo 이환우 기자
Posted : 2023-11-15 16:11 Updated : 2023-11-15 16:12
Korea Times

 
The Seoul bourse of Busan-headquartered Korea Exchange (KRX) in Yeouido / Yonhap
부산 본사가 있는 한국거래소(KRX)의 여의도에 있는 서울 거래소/연합

Nearly 70 percent of the Korean companies listed on the benchmark KOSPI are valued at less than their liquidation value, data showed, Wednesday, highlighting concerns over the chronic “Korea discount” or tendency for stocks listed on the bourse to be traded at a discount compared to other markets. In the data released by the Korea Exchange (KRX), 541 or 67.7 percent of the 797 domestic stocks on the KOSPI are currently traded below a price-to-book ratio (PBR) of 1.0. The 797 excluded preferred stocks.
수요일 자료에 따르면 기준 코스피에 상장된 한국 기업들의 거의 70%가 청산가치보다 낮게 평가되고 있는 것으로 나타나 거래소에 상장된 주식들이 다른 시장들에 비해 할인된 가격으로 거래되는 경향이나 만성적인 "코리아 디스카운트"에 대한 우려를 부각시켰습니다.
한국거래소(KRX)가 발표한 자료에 따르면 현재 코스피 국내주식 797개 중 67.7%인 541개가 주가순자산비율(PBR) 1.0 이하에서 거래되고 있다. 797개는 우선주를 제외했다.

The PBR is figured out by comparing it with the book value per share (BPS), the value of a company’s equity divided by the number of shares outstanding.
주가순자산비율(PBR)은 기업의 지분가치를 주식 수로 나눈 값인 주당장부가치(BPS)와 비교해 계산한다.

A PBR below 1.0 means a company’s market value is lower than its book value. Under such circumstances, the current stock price is less than the money it would get by selling all its assets at book price.
주가순자산비율(PBR)이 1.0 미만이면 기업의 시장가치가 장부가보다 낮다는 것을 의미합니다. 이런 상황에서 현재 주가는 자산을 모두 장부가로 팔아서 얻는 가치보다 적다.

“The finding reminds us again of the Korea discount, said Chung Eui-jung, head of the Korea Stockholders Alliance, which is comprised of 18,000 retail investors, noting that such a discount persists despite a roster of domestic stocks that includes leading businesses in the world.
18,000명의 개인투자자들로 구성된 한국주주연합의 정의정 대표는 "이번 조사 결과는 코리아 디스카운트를 다시 한번 생각나게 한다,"라고 말하며 세계 유수의 기업들이 포함된 국내 주식들이 목록에 있음에도 불구하고 이러한 디스카운트가 지속되고 있다고 언급했다.
 
For instance, POSCO Holdings, which wholly owns the world’s sixth-largest steelmaker POSCO, had a PBR of 0.6 although its price per share went up 60 percent this year alone.
예를 들어, 세계 6위의 철강회사인 포스코를 전적으로 소유하고 있는 포스코 홀딩스는 올해에만 주당 가격이 60% 올랐지만 주가순자산비율이 0.6이었다.

The flagship affiliate of the world’s third-largest carmaker Hyundai Motor Group, Hyundai Motor had a PBR of 0.43.
세계 3위 자동차회사인 현대자동차그룹의 주력 계열사인 현대자동차의 주가순자산비율(PBR)은 0.43이다.

The group’s smaller affiliate, Kia performed better than Hyundai Motor but still settled at 0.78 in its rating.
그룹의 소규모 계열사인 기아차는 현대 자동차보다 좋은 성적을 거두었지만, 등급에서는 여전히 0.78에 머물렀다.

The underestimation of stock value was the same for the country’s major banking groups. KB Financial Group had a PBR of 0.43, while Shinhan Financial Group's was at 0.37 and Woori Financial Group stood at 0.31.
국내 주요 은행그룹의 주가가 저평가된 것은 KB금융지주의 주가순자산비율(PBR)이 0.43이었고 신한금융지주는 0.37, 우리금융지주는 0.31이다.
 
Of the other big-name firms in the financial and manufacturing sectors, Samsung Life Insurance was rated at 0.56, SK Telecom at 0.96, LG Electronics at 0.89, Korean Air at 0.78 and CJ CheilJedang at 0.66.
금융과 제조업 분야의 다른 대기업 중에서는 삼성생명이 0.56, SK텔레콤이 0.96, LG전자가 0.89, 대한항공이 0.78, CJ제일제당이 0.66으로 평가됐다.

Correspondingly, the PBR of the KOSPI stocks as a whole turned out to be 0.88, far less compared to 4.1 of S&P 500's stocks, which are the 500 largest stocks traded in the U.S. market.
이에 따라 코스피 전체의 주가순자산비율(PBR)은 0.88로 미국 시장에서 거래되는 500대 주식인 S&P500의 주가순자산비율(PBR) 4.1에 비해 크게 낮아졌다.

While the Korea discount is mainly attributable to threats posed by North Korean and the government’s strict regulations, experts said the listed companies also have a job to do to overcome their respective undervaluations.
코리아 디스카운트는 주로 북한과 정부의 엄격한 규제에 의해 제기된 위협에 기인하지만, 전문가들은 상장된 회사들도 각각의 저평가를 극복하기 위해 해야 할 일이 있다고 말했다.

Chung argued that leaders of family-owned conglomerates do not necessarily attempt to boost their firm’s stock value because higher prices will result in higher inheritance tax when managerial succession occurs.
정대표는 재벌총수들이 경영권 승계시 높은 상속세가 발생하기 때문에 반드시 기업의 주식 가치를 높이려고 하는 것은 아니라고 주장했다.

Hong Ki-hoon, a professor at Hongik University’s College of Business, said reckless overexpansion, paid-in capital increase and other management strategies should be refrained by large businesses to avoid negative assessment from foreign investors.
홍기훈 홍익대 경영대학 교수는 외국인 투자자들의 부정적인 평가를 피하기 위해 대기업의 무분별한 과잉확장과 유상증자 등 경영전략은 자제돼야 한다고 말했다.

#KOSPI(코스피) #Price-to-BookRatio(PBR)(주가순자산비율) #KoreaDiscount(코리아디스카운트) #KRX한국거래소 #KoreaStockholdersAlliance(한국주주연합) #paid-incapitalincrease(유상증자)