South Korea's stock market should no longer trade at valuations closer to emerging markets, as record profitability, stronger shareholder returns and AI-led semiconductor earnings strengthen the case for a broader rerating, Nomura analysts said Friday. Cindy Park, head of Korea equity research at Nomura, said at the brokerage's Korea Equities & Economy Media Briefing in Seoul that the Kospi remains deeply discounted despite its sharp rally and improving earnings outlook. "Korea is now trading at