Market: KOSPI (000660)
Brokerage : Hana Securities
Analyst : Rokho Kim, Younggyu Kim
Investment Rating : BUY (Maintained)
Target Price : 350,000 KRW (Raised)
Core Momentum : Sustained differentiated HBM performance driven by robust AI demand and ample upside potential based on solid fundamentals
📊 1. [Valuation & Key Financial Metrics]
- Current Price (as of 2025.07.15): 298,500 KRW
- 6-Month Target Price: 350,000 KRW (Raised)
- Investment Rating: BUY (Maintained)
- Key Earnings Estimates (2025F): Revenue 82,690.2 billion KRW, Operating Profit 36,776.6 billion KRW, Net Profit 31,012.5 billion KRW
- Key Valuation Metrics (2025F): EPS 42,231 KRW, PER 7.04x, BPS 145,076 KRW, PBR 2.07x, ROE 34.98%
🚀 2. [Market Opportunities & Business Outlook]
- 2Q25 Preview: Second-quarter revenue is projected at 20.4 trillion KRW (YoY +24%, QoQ +16%) and operating profit at 9.08 trillion KRW (YoY +66%, QoQ +22%). Although operating profit was inevitably adjusted downward by over 300 billion KRW due to currency depreciation exceeding Hana Securities’ previous assumptions, preemptive volume increases in response to tariffs prompted upward adjustments in bit growth estimates to 15% for DRAM (from 11%) and 25% for NAND (from 20%).
- Sustained HBM Performance: The foundation of SK hynix’s differentiated earnings lies in HBM, with HBM’s profit contribution approaching 50%. Shipments of HBM3e 12-hi are proceeding smoothly as scheduled, and the initiation of HBM4 production within the year is also progressing according to initial targets.
- Investment View: The target price is raised to 350,000 KRW, applying a Target PBR of 2.0x to 12-month forward BPS. As AI-related semiconductor supply chains led by Nvidia continue to set new highs, SK hynix is highly likely to follow suit, making it logical to maintain an overweight strategy given its high beneficiary intensity in the AI-driven semiconductor cycle.
📝 Editor’s Comment (Perspective)
The reporting analyst evaluates SK hynix not as an enterprise constrained by short-term currency drops or unstable NAND supply-demand dynamics, but as a high-value semiconductor corporation demonstrating earnings power backed by robust AI demand and differentiated HBM competitiveness, moving in tandem with the global AI supply chain. This perspective places greater significance on the structural beneficiary intensity within the AI-led semiconductor cycle over cautions regarding short-term share price surges.
To determine whether this investment thesis is actively unfolding, it is essential to monitor key variables such as the realization of second-quarter earnings estimates (revenue of 20.4 trillion KRW, operating profit of 9.08 trillion KRW), the seamless execution of HBM3e 12-hi shipments and HBM4 production initiation within the year, and the continuous solidity of AI-related demand. These developments can be tracked through upcoming earnings releases, official corporate IR materials, and official disclosures on DART/KRX.
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