Market: KOSPI (000660)
Brokerage : Hana Securities
Analyst : Rok-ho Kim (RA : Gyu Kim)
Investment Rating : BUY (Maintained)
Target Price : KRW 1,750,000 (Upgraded)
Core Momentum : Expanding LPDDR adoption in Nvidia’s Vera Rubin systems is expected to accelerate mobile memory procurement and tighten DRAM supply, while simultaneous price and shipment growth supports a sharp Q2 earnings expansion.
📊 1. [Valuation & Key Financial Metrics]
- Equity Research Date: April 24, 2026
- Investment Rating: BUY (Maintained) / Target Price (12M): KRW 1,750,000 (Upgraded)
- Current Price (as of 4/23): KRW 1,225,000
- KOSPI Index (pt): 6,475.81 / 52-Week High / Low (KRW): 1,225,000 / 177,500
- Market Capitalization (KRW bn): 873,060.4 / Market Cap Weight (%): 16.45
- Shares Outstanding (k shares): 712,702.4 / 60-Day Average Trading Value (KRW bn): 4,411.6
- Foreign Ownership (%): 53.05 / Major Shareholders (%): SK Square & 6 others 20.50, National Pension Service 7.50
- FY 2026F Estimates: Revenue KRW 329,812.3 bn, Operating Profit KRW 210,716.9 bn, Net Income KRW 168,220.3 bn, EPS KRW 236,494, PER 4.18x, PBR 2.65x, ROE 93.36%
- FY 2027F Estimates: Revenue KRW 412,265.4 bn, Operating Profit KRW 260,971.5 bn, Net Income KRW 205,728.4 bn, EPS KRW 288,802, PER 3.33x, PBR 1.48x, ROE 57.18%
🚀 2. [Market Opportunities & Business Outlook]
- SK hynix’s 1Q26 revenue recorded KRW 52.6 trillion (YoY +198%, QoQ +60%) and operating profit reached KRW 37.6 trillion (YoY +405%, QoQ +96%).
- While revenue fell slightly short of estimates due to a larger-than-expected decline in NAND shipments from focusing on high-value eSSD products and extended advanced-process lead times, operating profit beat expectations, driven by a 63% QoQ surge in DRAM prices and a 70% QoQ rise in NAND prices.
- 2Q26 revenue is projected at KRW 81.1 trillion (YoY +265%, QoQ +54%) and operating profit at KRW 62 trillion (YoY +577%, QoQ +65%), assuming DRAM and NAND prices will rise by 35% and 50% QoQ, respectively.
- Mobile customers are accelerating procurement starting in 2nd quarter as LPDDR adoption in CPUs, DPUs, and LPX for Nvidia’s Vera Rubin systems in the second half is expected to tighten mobile DRAM supplies further.
- The investment rating is maintained at ‘BUY’ with the target price raised to KRW 1.75 million, reflecting upward revisions of 9% and 8% respectively to 2026 and 2027 operating profit forecasts.
📝 Editor’s Comment (Perspective & Thesis Verification)
The analyst evaluates SK hynix as a prime beneficiary riding powerful price-shipment collaboration momentum into the second quarter following a stellar first-quarter earnings beat. This perspective underscores that expanding LPDDR adoption for Nvidia’s upcoming systems creates structural tightness in mobile DRAM markets.
To determine whether this investment thesis is actively unfolding, key monitoring items include tracking whether projected 2Q operating profit (KRW 62 trillion) materializes, verifying mobile and server DRAM supply tightness, and checking the timeline of LPDDR supply for Nvidia’s Vera Rubin systems. These developments can be tracked through corporate earnings reports and official IR disclosures.
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