Market: KOSPI (000660)
Brokerage : IBK Investment & Securities
Analyst : Unokim Kim
Investment Rating : BUY (Maintained)
Target Price : 360,000 KRW (Maintained)
Core Momentum : Sustained differentiated earnings growth driven by strong bit growth in the second quarter and product mix improvements centered on HBM in the third quarter
📊 1. [Valuation & Key Financial Metrics]
- Current Price (as of 2025.07.24): 269,500 KRW
- 6-Month Target Price: 360,000 KRW (Maintained)
- Investment Rating: BUY (Maintained)
- Key Earnings Estimates (2025F): Revenue 88,083 billion KRW, Operating Profit 38,050 billion KRW, Pre-tax Profit 41,041 billion KRW, Net Profit attributable to controlling shareholders 34,333 billion KRW
- Key Valuation Metrics (2025F): EPS 47,160 KRW, PER 5.7x, PBR 1.8x, ROE 38.0%
🚀 2. [Market Opportunities & Business Outlook]
- 2Q 2025 Performance: Revenue increased 26.0% QoQ to 22.232 trillion KRW. DRAM recorded B/G of +24.0% and ASP of +1.4%, while NAND recorded B/G of +72.0% and ASP of -7.0%. Operating profit rose 23.8% QoQ to 9.209 trillion KRW; DRAM operating profit grew 29.9% QoQ, whereas NAND turned into a deficit with an operating loss of 210 billion KRW.
- 3Q 2025 Outlook: Revenue is expected to increase 5.8% QoQ to 23.52 trillion KRW. Both DRAM ASP and Bit Growth are assumed at +4.0%, with rising HBM shipments and HBM3e 12Hi proportion projected to exceed 80%. For NAND, Bit Growth is projected at 0% with a 2.0% increase in ASP.
- Investment Points: Anticipated earnings differentiation driven by High End market growth, valid growth expectations for AI, and sustained competitive differentiation in Bit Growth and ASP compared to peers. The stock is considered undervalued relative to earnings with ample upside room.
📝 Editor’s Comment (Perspective)
The reporting analyst evaluates SK hynix not as a company vulnerable to short-term memory price noises or NAND sluggishness, but as a high-value semiconductor enterprise sustaining earnings growth through clear earnings differentiation in the High End market and product mix improvements centered on premium items like HBM3e 12Hi. This perspective places greater significance on the company’s superior Bit Growth and ASP competitiveness over short-term pricing apprehension.
To determine whether this investment thesis is actively unfolding, it is essential to monitor key variables such as whether the projected increase in HBM shipments and the expansion of the HBM3e 12Hi proportion in the third quarter translate into tangible profitability improvements, and how effectively NAND profitability recovers alongside inventory reductions. These developments can be tracked through upcoming quarterly and annual earnings releases, official corporate IR materials, and official disclosures on DART/KRX.
📢 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.
Contact: Compliance and Copyright Inquiries (ksb220805@gmail.com)
