Market sell-off is 'a buying opportunity', South Korea still 'undervalued': Strategist

• The market sell-off is attributed to a 'perfect storm' including Broadcom's guidance, US job report-led rate hike concerns, and stalled US-Iran negotiations impacting oil prices.
• Despite recent corrections, South Korean and Taiwanese tech stocks are considered undervalued due to significant earnings estimate growth, with KOSPI trading at trough P/E multiples.
• The AI boom is expected to continue, driving exponential growth in compute and memory usage, leading to stronger overall earnings and consumption sentiment.
• While acknowledging short-term speculative trading, the strategist anticipates a return to a fundamental earnings-driven rally once current market volatility subsides.

Manishi Raychaudhuri views the current market sell-off in Asia, particularly in tech-led markets like South Korea and Taiwan, as a buying opportunity rather than a long-term concern. He attributes the sell-off to a 'perfect storm' of factors but remains positive on the underlying value and future earnings growth, especially in the context of the AI boom.