Market: KOSPI (000660)
Brokerage : Hana Securities
Analyst : Rok-Ho Kim (RA: Myeonggyu Kim)
Investment Rating : BUY (Maintained)
Target Price : 650,000 KRW (Raised)
Core Momentum : Strong demand for high-performance server DRAM and enterprise SSDs is expected to drive simultaneous pricing and product-mix improvements, while secured annual demand and finalized HBM4 contracts support substantial 2026 earnings upgrades.
📊 1. [Valuation & Key Financial Metrics]
- Target Price: 650,000 KRW (Raised)
- Investment Rating: BUY (Maintained)
- 2025F / 2026F Financial Outlook: 2025 Revenue 92.29 trillion KRW, Operating Profit 41.09 trillion KRW / 2026 Revenue 130.09 trillion KRW, Operating Profit 70.22 trillion KRW
- EPS: 53,456 KRW (2025F), 79,067 KRW (2026F)
- Valuation Multiples: PER 9.75x, PBR 3.37x, EV/EBITDA 6.68x, ROE 42.21% (2025F) / PER 6.59x, PBR 2.25x, EV/EBITDA 3.96x, ROE 41.58% (2026F)
🚀 2. [Market Opportunities & Business Outlook]
- 3Q25 Review: Revenue reached 24.5 trillion KRW (+39% YoY, +10% QoQ) and operating profit hit 11.4 trillion KRW (+62% YoY, +24% QoQ). DRAM met expectations with b/g at 7% and a 6% price increase. Net income reached 12.6 trillion KRW, boosted by 3.3 trillion KRW in investment asset valuation gains.
- 4Q25 Preview: Revenue is projected at 27.9 trillion KRW (+41% YoY, +14% QoQ) and operating profit at 13.8 trillion KRW (+71% YoY, +22% QoQ), setting new record highs. Despite year-end inventory adjustments, robust general server demand persists, with DRAM and NAND prices assumed to rise by 9% and 12%, respectively.
- 2026 Earnings Upgrades: The 2026 operating profit forecast is revised upward by 12% to 70.2 trillion KRW. Driven by server-side high-performance DRAM and eSSD demand, pricing and product mix improvements are occurring simultaneously. Annual demand for 2026 has been secured, alongside finalized HBM4 contracts.
📝 Editor’s Comment (Perspective)
The analyst views SK hynix as delivering robust performance in 3Q25 and setting up for record-breaking results in 4Q25, prompting an upward revision in the 2026 operating profit outlook to 70.2 trillion KRW backed by strong server memory demand and secure HBM4 contracts.
To verify this investment thesis, one should track whether 4Q25 operating profit hits the projected 13.8 trillion KRW, if the 2026 annual operating profit target of 70.2 trillion KRW is met, and how pricing trends and demand momentum unfold across DRAM and NAND segments. These indicators can be monitored through upcoming quarterly reports and regulatory filings via DART.
📢 Disclaimer & Source
Source: This content has been structured and newly written based on officially disclosed financial facts and data from brokerage reports.
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