🇰🇷 Interactive Brokers just opened direct access to Korean stocks for the first time. No more proxy ETFs.

So what's actually worth buying? Here are observations from my screening of Korea's top 25 by market cap:

1. The median Forward P/E is 20x - NOT cheap vs the global market (16x). The "Korea discount" exists only in specific pockets.

2. Those pockets are absurdly cheap: SK Hynix P/E 4x, Samsung P/E 6x, Kia P/E 7x. Three companies. The rest of the market is fairly valued or expensive.

3. Median 1-year return: +90%. These stocks already moved. You're not early on the broad market.

4. Where you ARE early: shipbuilding. HD Hyundai Heavy has the best combination of growth, efficiency, and risk resilience among Korea's top 25. Post-war reconstruction demand + LNG fleet renewal are structural tailwinds.

5. Best dividend yield: Kia 4.3%, KB Financial 3.4%, Shinhan 2.8%. Korean banks now yield more than most US REITs.

6. Biggest quality trap: Samsung SDI (P/E 422x, FCF -4.1%). Battery maker is burning cash while EV demand growth slows.

7. Quality gem: HD Hyundai Electric. Revenue +19%/yr, P/E 46x, +5,906% in 5 years. Transformer and power equipment maker benefiting from global grid modernization for AI data centers.

Korea is not a blanket "cheap market" play. It's a stock picker's paradise - but you need to know where to look.