Market: KOSPI (000660)
Brokerage : Mirae Asset Securities
Analyst : Younggun Kim
Investment Rating : BUY (Maintained)
Target Price : KRW 3,800,000 (Maintained)
Core Momentum : Accelerating big-tech AI infrastructure investment is driving stronger HBM demand and large-scale LTAs, which are expected to enhance earnings stability while supporting higher memory pricing and profitability.
📊 1. [Valuation & Key Financial Metrics]
- Equity Research Date: June 9, 2026
- Investment Rating: BUY (Maintained) / Target Price: KRW 3,800,000 (Maintained)
- Current Price (as of 26/6/8): KRW 1,911,000 / Upside Potential: 98.8%
- Operating Profit (26F, KRW bn): 299,132 / Consensus Operating Profit (26F, KRW bn): 258,556
- EPS Growth (26F, %): 458.7 / MKT EPS Growth (26F, %): 241.0
- P/E (26F, x): 5.8 / MKT P/E (26F, x): 8.1 / KOSPI: 7,484.41
- Market Capitalization (KRW bn): 1,361,974 / Shares Outstanding (mn shares): 713 / Float Ratio (%): 74.4
- Foreign Ownership (%): 51.2 / Beta (12M) Daily Return: 1.71
- 52-Week Low / High (KRW): 224,500 / 2,363,000
- FY 2026F Estimates: Revenue KRW 375,832 bn, Operating Profit KRW 299,132 bn, Net Income KRW 235,283 bn, EPS KRW 329,362, ROE 98.2%, P/E 5.8x, P/B 3.8x, Dividend Yield 0.2%
- FY 2027F Estimates: Revenue KRW 544,941 bn, Operating Profit KRW 434,877 bn, Net Income KRW 332,320 bn, EPS KRW 466,282, ROE 63.5%, P/E 4.1x, P/B 2.0x, Dividend Yield 0.4%
🚀 2. [Market Opportunities & Business Outlook]
- Big tech data center order backlogs are outpacing Capex expansion rates, leading to a surge in memory LTA contracts designed to secure stable, long-term facility investments.
- Backed by massive order commitments from Alphabet’s TPU v8 and Amazon Trainium, strong HBM demand momentum is expected to persist with NVIDIA’s upcoming Rubin (HBM4 288GB) rollout in the second half and Rubin Ultra (HBM4 1TB) slated for 2027.
- SK Group previously mentioned a two-year LTA with NVIDIA, while SK hynix is separately understood to have entered into LTAs with multiple big tech firms, featuring favorable pricing collar conditions and advance payment ratios that exceed historical norms.
- ASP growth projections (2Q26F/26F/27F) have been revised upward to +41%/+188%/+19% for DRAM and +55%/+250%/+28% for NAND.
- Reflecting these factors, operating profit estimates for 2Q26F and 26F have been raised to KRW 71 trillion and KRW 299 trillion, respectively, while filing an ADR public offering application with the US SEC within the year to capture passive inflows from potential Philadelphia Semiconductor Index inclusion.
📝 Editor’s Comment (Perspective & Thesis Verification)
The analyst evaluates SK hynix as an enterprise maximizing earnings power by combining large-scale Long-Term Agreements (LTAs) and HBM supply leadership amid explosive AI infrastructure investment demand. This perspective places major emphasis on moving past historical cycle-driven earnings volatility into a structural growth phase backed by resilient, binding contract frameworks.
To determine whether this investment thesis is actively unfolding, key monitoring items include tracking whether expanding big tech LTA proportions effectively minimize earnings fluctuations and whether HBM earnings contributions from NVIDIA Rubin and HBM4 mass production meet expectations. In addition, it is necessary to verify the progress of the US SEC ADR filing and subsequent Philadelphia Semiconductor Index inclusion momentum. These developments can be tracked through corporate earnings releases, official IR materials, and regulatory filings.
📢 Disclaimer & Source
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.
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