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  • seoul_infor1 seoul_infor1 Oct 31, 2007 2:20 AM Flag

    Why Warren Buffett Thinks Korean Stocks Look Good

    Warren Buffett Calls "Korean Stocks'Still Attractive"

    Why Warren Buffett Thinks Korean Stocks Look Good
    Posted By:Alex Crippen
    Topics:Asia | South Korea | Warren Buffett
    Companies:Berkshire Hathaway Inc.

    On the Road with Warren Buffett
    CNBC's Becky Quick traveled exclusively with Warren Buffett on his recently completed whirlwind tour of China and South Korea.

    She's filed a number of video reports from the two countries. I've also posted a report from Korea about why Buffett is excited about a company others might find 'boring.')

    This morning, Squawk Box aired this report featuring Buffett explaining in his own words why he finds Korean stocks generally attractive over the long-term:

    Becky: We're here in Daegu, South Korea with Warren Buffett. And you may remember four years ago, Buffett said South Korea was his favorite stock market in the entire world. So, what does he think about the Korean stock market today?

    Warren: My impression is the Korean market is modestly cheaper than most markets around the world, but I am just looking at price earnings ratios, and you have a flourishing economy here with 50 plus million people that seem to be working very hard. So, ah, I would think that the Korean market would do as well over the next 10 years ... not 10 weeks, 10 months ... but 10 years, as most markets, and perhaps a little better.

    Becky: Monday Morning on Squawk Box, we'll have more on his entire trip to Asia, what he's been saying, what he's been doing and how the markets have been reacting. We'll have all of that for you Monday morning right here on Squawk Box.

    Becky will continue to report on her experiences On the Road with Warren Buffett both on CNBC's Squawk Box (6a-9a ET weekdays) and here on Warren Buffett Watch.
    Warren Buffett Calls Korean Stocks "Still Attractive" Despite Gains
    Topics:China | South Korea | Warren Buffett
    Companies:Berkshire Hathaway Inc.

    On the eve of an Asian trip that will include his first-ever visit to South Korea, Warren Buffett says the stock market there generally looks good, despite big price gains in recent years.

    In an email interview, Buffett tells Korea's Maeil Business Newspaper:

    "The Korean stock market a few years ago was by far the most undervalued market in the world. Since then, there has been a huge advance in the Korean market and the won has appreciated against the dollar. Nevertheless, many Korean stocks still sell at more attractive prices than stocks in other major countries."

    The newspaper notes that while the Benchmark KOPSI stock index has surpassed 2,000 (it was under 1500 at the beginning of the year), the Korean stock market's overall price-to-earnings ratio is just 12.3. That's less than the emerging market average PE of 15.0 and 14.7 for the advanced markets average PE.

    A reminder, that CNBC's Becky Quick will be traveling with Buffett on his trip to China and Korea. We'll have complete coverage here on Warren Buffett Watch and CNBC's Squawk Box will highlight her reports. The program kicks it all off with a preview of the Buffett trip tomorrow (Monday) morning. Squawk Box airs from 6a to 9a ET.

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