Market: KOSPI (000660)
Brokerage : Daishin Securities
Analyst : Hyungkeun Ryu
Investment Rating : BUY (Maintained)
Target Price : 330,000 KRW (Maintained)
Core Momentum : Maintaining solid fundamentals and potential for additional value creation based on clear AI Capex directionality and the top-tier position in HBM
📊 1. [Valuation & Key Financial Metrics]
- Current Price (as of 2025.07.24): 269,500 KRW
- 6-Month Target Price: 330,000 KRW (Maintained)
- Investment Rating: BUY (Maintained)
- Key Earnings Estimates (2025F): Revenue 85,958 billion KRW, Operating Profit 37,238 billion KRW, Pre-tax Profit 38,851 billion KRW, Net Profit attributable to controlling shareholders 30,729 billion KRW
- Key Valuation Metrics (2025F): EPS 42,211 KRW, PER 6.4x, BPS 141,986 KRW, PBR 1.9x, ROE 34.7%
🚀 2. [Market Opportunities & Business Outlook]
- Earnings Performance: Recorded record-high quarterly earnings, while concerns over second-half supply persist due to significant outperformance of NAND sales against guidance amid unclear real demand improvement.
- AI Capex & HBM Competitiveness: Positioned as a stock to approach when AI Capex visibility becomes clear, backed by an unchanging top-tier HBM position and solid supply-demand dynamics. The existence of downside risks for HBM4 also opens up opportunities for additional value creation.
- Legacy Semiconductors & Cycle: Conventional memory prices for 2Q25–1Q26 may experience temporary weakness, but suppliers are responding agilely through flexible supply adjustments, granting higher value to cycle volatility management.
- Financial Structure: Successful navigation through the 2025–2026 period is expected to significantly strengthen financial capacity, paving the way for new growth opportunities.
📝 Editor’s Comment (Perspective)
The reporting analyst evaluates SK hynix not merely as a traditional memory manufacturer whose earnings fluctuate with short-term price swings, but as a high-value semiconductor enterprise maintaining robust fundamentals anchored by its undisputed top-tier HBM position and solid AI Capex momentum. The perspective places greater significance on structural supply management and financial reinforcement over short-term price volatility.
To determine whether this investment thesis is actively unfolding, it is essential to monitor key variables such as the sustainment of HBM supply-demand strength aligned with AI Capex trends, leadership positioning, and how effectively supply adjustments defend earnings during periods of legacy memory price softness. These changes can be tracked through upcoming quarterly and annual earnings releases, official corporate IR materials, and disclosures on DART/KRX.
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