Here are some of the tastiest plates on the investment table:

The market's cheap: The main South Korean stock index, the KOPSI, trades at 13.1 times earnings. That means you pay $13.10 for every dollar of earnings. To buy that from the S&P costs $21.30. In fact, it's been more than 20 years since the S&P has traded below 14 times earnings. Buying a stock in Korea is like finding a 40% price rollback on something you've always wanted. These stocks are a bargain.

The economy's strong: Inflation is moderate, unemployment is low and the country enjoys an export surplus -- something the United States hasn't witnessed since Richard Nixon was in office. Growth in 2007 was +5.0% versus +2.2% stateside. The IMF predicts real U.S. GDP to rise an anemic +0.5% in 2008 and +0.6% in 2009. The Korean picture is far rosier: +4.2% growth is foreseen for 2008 and +4.4% in 2009. That's far above expectations for the world's advanced economies.

The problems have been resolved: The 1997-98 Asian financial crisis exposed weaknesses in South Korea's business practices, including high debt/equity ratios, vast foreign borrowing and a less-than-disciplined financial sector. These have been addressed, and the country's financial system has bounced back stronger than ever.

Its position is good: Korea is located centrally within Northeast Asia, a region with a population of 1.5 billion with a combined GDP of $7.5 trillion, 22% of the world's total. South Korea is a portal to massive markets in China and Japan. Plus, Korea's position is more than geographic: Its reputation is good and its manufacturers' relationships are strong.

The leader's sharp: President Lee Myung Bak is the nation's first president who has a corporate background. This matters because Korean companies have massive amounts of cash. Persuading his former peers to dip into their collective cash hoard -- which Goldman Sachs estimates is equal to 31% of South Korea's GDP -- could have a far greater and faster effect than even the most prescient monetary policy. Lee ran on a platform of boosting growth to +7% a year and upping per-capita GDP from $24,800 to $40,000.

Korea is situated well geographically and is home to some of the most respected industrial enterprises in the world. Its rebuilt financial system is strong and stable, its economy is humming and its market is cheap. These trends are all favorable, and they've been sustained for a long time. To wit: The KOPSI gained +211% since 2003. And even South Korea's pesky northern neighbor is even behaving agreeably these days.

What more could you ask for?

To put it bluntly: Cash.

No problemo, as they say in Seoul. I've found some high-yielding gems in this little juggernaut of a country. Let's take a look ...

11.5% Yields and Amazing Distributions
Finding these opportunities wasn't easy, if you'll pardon me for saying so. That's because Korean companies aren't ATMs, they're vaults. Most are run by executives who weathered Asia's financial meltdown a decade ago, and they'd rather have lots of cash in the till, as I mentioned above, than give it to shareholders. Another reason for low yields is Korea's tech focus: Tech companies generally don't pay out much because of the huge capital requirements of staying competitive in an industry that changes by the nanosecond.

All that being said, double-digit yield enthusiasts will be interested in an Asia/Pacific fund I added to my High-Yield International portfolio earlier this year. This exchange-traded fund provides easy access to Far Eastern markets and carries an impressive 11.5% dividend yield. And for a strictly Korea-focused fund, I found one that has thrown off $17.41 in the past year -- and the fund is currently trading below $25!

If you'd like to find out the names of these funds, and discover other excellent income opportunities in markets all over the globe, then I'd like to invite you to become a subscriber of this premium newsletter. Visit this link to learn more.

Nick Lanyi
Editor
High-Yield International

About High-Yield International

High-Yield International is a monthly investment newsletter focused on bringing subscribers the highest-yield securities in the world. By focusing solely on those securities trading outside of the United States, this newsletter offers a host of relatively unknown investment options that you probably won't find coverage of anywhere else. Many of these securities provide investors with annual dividend yields of 10%, 15%, even 20% or more, while also outperforming the major U.S. averages. 

About Nick Lanyi

Nick Lanyi has spent 17 years researching and analyzing money-making opportunities for three of the most widely read investment advisory services in history. At Louis Rukeyser's Wall Street, Nick spent the better part of a decade as Rukeyser's trusted lieutenant, covering the entire investment waterfront. Earlier, Nick refined his touch at Fidelity Insight, a leading mutual-fund newsletter, and wrote for the venerable general-interest financial newsletter, Personal Finance.

Nick has been quoted in the Wall Street Journal, Boston Globe, Chicago Tribune, Bloomberg and Forbes.com. He has also appeared on CNN/fn and CNBC.

To learn more about Nick Lanyi's premium investing newsletter -- High-Yield International -- please visit this link.