South Korea Stock Analysts Increasingly Avoid Ratings, No-Rating Reports Surge to 13.3% in 2026

According to Seoul Economic Daily on July 20, South Korean stock analysts are increasingly sidestepping rating commitments amid mounting pressure from retail investors and companies. The proportion of analyst reports marked "Not Rated (N/R)" nearly doubled to 13.3% as of mid-July 2026, up from 5.7% in 2022, according to F&Guide data.

Analysts cite a hostile environment where negative research reports trigger coordinated attacks on social media, abusive emails, and harassment. Some have faced dozens of complaint calls daily, forcing firms to manage exit routes for safety. Companies responding to negative coverage by barring analysts from earnings calls and site visits further incentivizes rating avoidance. Sell-side reports remain rare, as analysts grow reluctant to contradict market sentiment during volatile trading cycles.