EWY - EWY: South Korean Equities Are Cheap In 2022

• EWY invests in South Korean equities.
• An IRR gauge, even assuming no buybacks, suggests potential returns in the 9-19% range (per annum over the next few years).
• Arguably earnings multiple expansion is also possible, with almost 50% of upside on that basis alone.
• There could also be constructive FX tailwinds going forward, although timing USD weakness will be close to impossible.
• All considered, I think EWY offers great value for international equity investors.

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