Samsung Electronics and SK Hynix’s combined shareholder-return plans worth more than 130 trillion won ($97 billion) this year are testing President Lee Jae Myung’s Value-Up programme, which aims to reduce the Korea discount (lower valuations for Korean stocks than global peers). The companies’ payouts have been supported by an AI-driven memory-chip boom, yet investors say larger dividends alone will not resolve concerns over governance, capital allocation, concentrated ownership and minority shareholder protection. The KOSPI remains about 26% below its June record despite South Korean stocks gaining 67% this year, while the index trades at 4.3 times expected 2027 earnings versus 11 times for the Asia-Pacific index, according to Goldman Sachs data. Samsung plans roughly 90 trillion to 110 trillion won in returns for 2026, including about 30 trillion won in cash dividends this quarter, with the remaining details due in January. Investors are particularly focused on the absence of a firm buyback commitment and whether other companies will participate in the voluntary programme. Share buybacks announced in South Korea have reached 39 trillion won ($29.1 billion) this year, surpassing the combined total for 2024 and 2025. Analysts say the reform has moved from policy design to proof that companies can execute their own plans.