Market: KOSPI (000660)
Brokerage : Hana Securities
Analyst : Rokho Kim
Investment Rating : BUY (Maintained)
Target Price : KRW 3,600,000 (Upgraded)
Core Momentum : Stronger commodity DRAM pricing in the second half and an improving HBM4-led product mix are expected to drive further earnings upgrades, while long-term supply agreements and the ADR listing support higher earnings visibility and premium valuation multiples.
📊 1. [Valuation & Key Financial Metrics]
- KOSPI Index (pt): 8,930.30
- 52-Week High / Low (KRW): 2,919,000 / 245,000
- Market Capitalization (KRW bn): 2,078,952.8 (Market Cap Weight (%): 28.44)
- Shares Outstanding (k shares): 730,492.4 / Foreign Ownership (%): 50.78
- 60-Day Average Trading Volume (k shares): 5,226.0 / 60-Day Average Trading Value (KRW bn): 9,419.4
- Major Shareholder Stakes (%): SK Square and 8 others 20.50, National Pension Service 7.50
- 2026F Estimates: Revenue KRW 374,597.3 bn, Operating Profit KRW 265,768.3 bn, Net Income KRW 220,863.8 bn, EPS KRW 305,329, BPS KRW 478,839
- 2027F Estimates: Revenue KRW 543,330.5 bn, Operating Profit KRW 385,285.3 bn, Net Income KRW 309,027.0 bn, EPS KRW 422,175, BPS KRW 899,929
🚀 2. [Market Opportunities & Business Outlook]
- SK hynix’s 2Q26 revenue is projected at KRW 87.1 trillion (YoY +292%, QoQ +66%) and operating profit at KRW 67.6 trillion (YoY +638%, QoQ +80%), maintaining memory price assumptions with minor upward FX adjustments, delivering high profitability driven by product mixes focused on HBM, high-end DRAM, and eSSD.
- Operating profit forecasts for 2026 and 2027 have been revised upward by 8% and 18%, respectively, as general DRAM prices in 2H26 are expected to exceed current baseline assumptions led by LPDDR.
- Amid ongoing 2027 HBM price negotiations, blending ASP increases as HBM4 emerges as a core product and new pricing structures are established are expected to contribute to further 2027 earnings upgrades.
- The ADR listing schedule has been finalized, and details regarding long-term supply agreements were identified through Micron’s earnings release, suggesting that premium valuation multiples are justified given the high earnings visibility tied to long-term supply agreements.
📝 Editor’s Comment (Perspective & Thesis Verification)
The analyst evaluates SK hynix as a high-value memory enterprise whose earnings power is further solidified by general DRAM price recovery in the second half and product mix enhancements centered on HBM4. This perspective places major emphasis on justifying premium multiple expansions backed by high earnings visibility derived from ADR listings and long-term supply agreements, extending beyond near-term earnings beats.
To determine whether this investment thesis is actively unfolding, key monitoring items include tracking whether second-half general DRAM price hikes driven by LPDDR translate into actual earnings improvements, and observing the realization of blended ASP growth and HBM4 adoption during 2027 HBM price negotiations. In addition, it is necessary to verify whether the progression of the ADR listing schedule and high visibility from long-term supply agreements materialize into sustained multiple expansion. These developments can be tracked through quarterly and annual earnings releases, official corporate IR materials, and regulatory filings on DART/KRX.
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