Market: KOSPI (000660)
Brokerage : Daishin Securities
Analyst : Rhyu Hyung-keun
Investment Rating : BUY (Maintained)
Target Price : KRW 3,900,000 (Upgraded)
Core Momentum : The NASDAQ ADR listing is expected to broaden global investor access and reduce the valuation discount, while HBM4 commercialization and stronger memory pricing support earnings upgrades and expanding shareholder return capacity.
📊 1. [Valuation & Key Financial Metrics]
- Market Capitalization: KRW 166,986.2 billion (Market Cap Weight: 25.11%)
- Capital Stock (Common Stock): KRW 367 billion
- 52-Week High / Low: KRW 2,919,000 / KRW 245,000
- 120-Day Average Trading Value: KRW 7,396.9 billion
- Foreign Ownership: 50.17%
- Target Price / Current Price (as of 26.07.06): KRW 3,900,000 / KRW 2,343,000
- Major Shareholders: SK Square and 8 others (20.50%), National Pension Service (7.50%)
- Operating Profit Forecasts: KRW 291 trillion for 2026 and KRW 432 trillion for 2027
🚀 2. [Market Opportunities & Business Outlook]
- The widening supply-demand gap in the memory semiconductor market is expected to drive price increases exceeding market expectations in the second half, while the DRAM ASP uptrend experienced between 2023 and 2025 is projected to recur in 2027.
- In 2H26, lower base effects, expanding follow-up contract inquiries backed by high-priced HBM3e, and the commercialization of HBM4 in 3Q26 are anticipated to drive above-industry average price growth.
- In 4Q26, initial production contributions from new plants and expanded available inventory are expected to enable more flexible responses to server-centric robust demand.
- 2027 HBM ASP is projected to surge 100% year-over-year, supported by industry-leading cost competitiveness and powerful price escalation effects.
- Driven by cash inflows from partial sales of Kioxia stakes and ADR issuance amid super-cycle conditions, achieving the initially targeted KRW 100 trillion in net cash is well within reach, with cash inflows starting from 3Q26 expected to serve as resources for enhanced shareholder returns such as share buybacks/cancellation and special dividends.
📝 Editor’s Comment (Perspective & Thesis Verification)
The analyst evaluates the upcoming NASDAQ ADR listing of SK hynix as a crucial turning point that will enhance global investor accessibility and rapidly resolve the valuation discount relative to peers. The perspective focuses on how the company will receive fair evaluation under identical conditions with global competitors, leading to enhanced corporate value and shareholder returns through the potential long-term expansion of ADR weight up to 10% alongside concurrent share buybacks and cancellations to prevent equity dilution.
To determine whether this investment thesis is actively unfolding, key monitoring items include tracking the pace of global investor accessibility enhancement and valuation discount resolution following the scheduled NASDAQ ADR listing on July 10. In addition, it is necessary to verify whether the long-term expansion of ADR proportion toward 10% is accompanied by concurrent share buybacks and cancellations to prevent potential equity dilution. These developments can be tracked through future corporate earnings releases, official IR materials, and regulatory filings on DART/KRX.
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