Market: KOSPI (000660)
Brokerage : Mirae Asset Securities
Analyst : Younggun Kim
Investment Rating : BUY (Maintain)
Target Price : KRW 2,800,000 (Maintain)
Core Momentum : Solidigm stake monetization and strong FCF generation are expected to expand available capital resources for shareholder returns, supporting valuation appeal following the sharp share-price correction.
📊 1. [Valuation & Key Financial Metrics]
- Stock Performance & Investment Rating
- Investment Rating: BUY (Maintain)
- Target Price: KRW 2,800,000 (Maintain)
- Current Price (2026.08.10): KRW 1,420,000
- Upside Potential: 97.2%
- Valuation Multiples
- 12-Month Forward Multiples: 12M forward P/B of 1.8x and P/E of 3.5x, declining to pre-AI valuation levels.
- Annual P/E Trend: 2024 6.4x → 2025 11.0x → 2026(F) 3.9x → 2027(F) 3.3x → 2028(F) 3.3x
- Annual P/B Trend: 2024 1.7x → 2025 3.9x → 2026(F) 2.7x → 2027(F) 1.5x → 2028(F) 1.0x
- Key Financial Forecasts
- 2026(F): Revenue KRW 346.86T, Operating Profit KRW 268.07T (OPM 77.3%), Net Profit KRW 263.39T, EPS KRW 364,482, ROE 103.9%, Dividend Yield 0.3% (Outperforming consensus operating profit of KRW 266.38T).
- 2027(F): Revenue KRW 517.32T, Operating Profit KRW 409.05T (OPM 79.1%), Net Profit KRW 317.51T, EPS KRW 434,650, ROE 58.4%, Dividend Yield 0.5%.
- 2028(F): Revenue KRW 518.19T, Operating Profit KRW 397.93T (OPM 76.8%), Net Profit KRW 317.95T, EPS KRW 435,252, ROE 37.1%, Dividend Yield 0.5%.
🚀 2. [Market Opportunities & Business Outlook]
- Solidigm Stake Investment and Expansion of US Investment Capacity
- Amid media discussions regarding the potential Pre-IPO and US stock market listing of sub-subsidiary Solidigm, the brokerage views this issue as a recovery of M&A investment funds and reinforcement of subsequent investment resources rather than a subsidiary double-listing case.
- Committed up to $10B in capital contributions to SK hynix NAND Product Solutions (Solidigm’s parent company); monetizing Solidigm’s stake could secure approximately $15B in US investment capacity.
- Shareholder Return Policies and Resource Outlook
- 2026 FCF and accumulated net cash are estimated at KRW 180T and KRW 173T, respectively. Even after retaining KRW 100T in safe-asset cash, KRW 70–80T in available funds remains, making a shareholder return of around KRW 40T (with a maximum dividend yield of up to 3.9%) entirely feasible.
- Track Record of Capital Market Strategies
- Demonstrated multi-dimensional performance in non-core capital strategies, including the 2018 Kioxia stake investment and profit recovery (KRW 62T), the 2020 Intel NAND business acquisition (KRW 10T) and PMI, and the 2026 record-scale (KRW 43T) NASDAQ ADR issuance.
📝 Editor’s Comment (Perspective & Thesis Verification)
The analyst evaluates SK hynix as an enterprise sitting in an over-declined zone—having dropped 51% from its peak due to profit-taking and market supply difficulties—when considering underlying operating environments and industry outlooks. This perspective places greater emphasis on concrete shareholder return capacities driven by robust FCF generation and capital resource expansion achievements rather than short-term price fluctuations.
To verify whether this investment thesis unfolds as expected going forward, it is necessary to key-track whether the funding source expansion and M&A capital recovery related to Solidigm proceed smoothly, and whether estimated net cash and FCF-driven large-scale shareholder return policies are executed in reality. Such changes can be verified through future quarterly and annual earnings releases, official company IR materials, and regulatory filings.
📢 Disclaimer & Source Notice
Source: This content has been structured and newly written based on officially disclosed financial facts and data from brokerage reports.
Investment Risk Notice: This content is provided for informational and linguistic reference purposes only. Under no circumstances does it constitute financial advice or a recommendation to buy or sell any specific securities. All investment decisions and financial responsibilities rest entirely with the investor.
Contact: Compliance and Copyright Inquiries (ksb220805@gmail.com)
