KOSPI rebound led by chipmakers

Apr 09, 2026, 09:49 am

		0
This image was generated using AI.

Earnings of companies listed on South Korea’s KOSPI rebounded sharply last year, but the recovery was largely driven by semiconductor giants Samsung Electronics and SK hynix.

According to data from the Korea Exchange on April 8, 714 listed firms with December fiscal year-end posted a 3.48% increase in revenue, while operating profit and net income surged 29.55% and 35.71%, respectively.

However, excluding Samsung Electronics and SK hynix, the picture was markedly different. Revenue for the remaining companies fell 0.46%, while operating profit declined 3.69%. Total operating profit stood at 137.05 trillion won for all firms combined, but dropped to 69.44 trillion won when the two chipmakers were excluded—highlighting how heavily the market recovery depended on the semiconductor sector.

The trend marks a reversal from 2023, when a downturn in memory chips dragged down overall earnings. That year, SK hynix posted an operating loss of 7.73 trillion won, while Samsung Electronics’ semiconductor division recorded a 14.87 trillion won deficit.

With the memory chip cycle rebounding in 2025, both companies delivered strong performances. Samsung Electronics reported consolidated revenue of 333.61 trillion won, operating profit of 43.60 trillion won, and net income of 45.21 trillion won, up 10.9%, 33.2%, and 31.5% year-on-year, respectively.

SK hynix achieved record-breaking results, with revenue of 97.15 trillion won, operating profit of 47.21 trillion won, and net income of 42.95 trillion won—up 46.8%, 101.2%, and 116.9% from the previous year.

Combined operating profit of the two firms nearly doubled from 33.69 trillion won in 2024 to 67.61 trillion won in 2025.

Outside semiconductors, however, performance remained weak. Among 20 sectors, six saw declining revenue and ten recorded drops in operating profit. The paper and wood sector, in particular, saw operating profit plunge 93.12%. The number of profitable firms also fell slightly to 553.

While headline figures suggest a broad-based recovery, analysts say gains were concentrated in large-cap semiconductor stocks. The KOSPI’s earnings structure remains highly sensitive to the memory chip cycle rather than supported by balanced growth across industries.

This trend is expected to continue this year. Samsung Electronics reported first-quarter revenue of 133 trillion won and operating profit of 57.2 trillion won, up 68% and 755% year-on-year. SK hynix is also expected to post operating profit of around 40 trillion won for the quarter.

“As soon as you exclude the two companies, the overall picture changes significantly,” an industry official said. “The index may look strong, but many businesses still feel the recovery is weak.”

#KOSPI #Samsung Electronics #SK hynix #semiconductors #earnings