Nuri Alpha

Quick Take South Korea’s corporate governance reform is moving beyond the government’s voluntary Corporate Value-up Program. Since 2025, changes to the Commercial Act, treasury-share rules, board governance, duplicate-listing standards and merger valuation rules have begun to address some of the structural issues behind the so-called Korea Discount . For global investors, the important question is not whether Korean companies suddenly become more “shareholder friendly.” It is whether minority-shareholder risk falls, capital allocation improves, and investors become willing to apply a lower cost of equity to Korean corporate cash flows. That distinction matters. Governance reform cannot turn a weak business into a high-quality company. But for profitable, cash-rich Korean companies that have historically traded at persistent discounts, even a modest improvement in ROE, capital allocation and investor confidence could materially change valuation. Data as of August 22, 2026 What Has Actua...

Quick Take The artificial intelligence investment cycle is no longer only about GPUs and semiconductor capacity. It is increasingly becoming a power infrastructure story. Data centers require new generation, substations, transformers, switchgear and distribution equipment — and many of those assets take longer to manufacture and connect than the servers they ultimately power. The International Energy Agency expects global data-center electricity consumption to more than double to around 945 TWh by 2030, while U.S. data centers alone could consume roughly 9.5%–15.3% of national electricity by the end of the decade under Lawrence Berkeley National Laboratory scenarios. That mismatch between rapidly deployable computing infrastructure and slower-moving power infrastructure is benefiting Korean electrical-equipment manufacturers. HD Hyundai Electric, Hyosung Heavy Industries and LS Electric are exposed to different parts of the opportunity. The important investment question is therefore no...