Market: KOSPI (000660)
Brokerage : Mirae Asset Securities
Analyst : Younggun Kim
Investment Rating : BUY (Maintain)
Target Price : KRW 2,800,000 (Maintain)
Core Momentum : Persistent DRAM supply tightness and HBM-led ASP increases are expected to sustain earnings growth, while improving AI infrastructure financing conditions support further valuation re-rating.
📊 1. [Valuation & Key Financial Metrics]
- Stock Performance & Investment Rating
- Investment Rating: BUY (Maintain)
- Target Price: KRW 2,800,000 (Maintain)
- Current Price (2026.08.13): KRW 1,593,000
- Upside Potential: 75.8%
- Valuation Multiples
- 12-Month Forward Multiples: 12M forward P/E of 3.9x and P/B of 2.0x, lowered to pre-AI cycle levels, presenting an opportunity for aggressive overweight positioning.
- Annual P/E Trend: 2024 6.4x → 2025 11.0x → 2026(F) 4.4x → 2027(F) 3.7x → 2028(F) 3.7x
- Annual P/B Trend: 2024 1.7x → 2025 3.9x → 2026(F) 3.0x → 2027(F) 1.7x → 2028(F) 1.1x
- Key Financial Forecasts
- 2026(F): Revenue KRW 346.86T, Operating Profit KRW 268.07T (OPM 77.3%), Net Profit KRW 263.39T, EPS KRW 364,482, ROE 103.9%, Dividend Yield 0.3% (Outperforming consensus operating profit of KRW 266.67T).
- 2027(F): Revenue KRW 517.32T, Operating Profit KRW 409.05T (OPM 79.1%), Net Profit KRW 317.51T, EPS KRW 434,650, ROE 58.4%, Dividend Yield 0.5%.
- 2028(F): Revenue KRW 518.19T, Operating Profit KRW 397.93T (OPM 76.8%), Net Profit KRW 317.95T, EPS KRW 435,252, ROE 37.1%, Dividend Yield 0.5%.
🚀 2. [Market Opportunities & Business Outlook]
- DRAM Industry Dynamics & Earnings Outlook
- DRAM supply is estimated to remain tight through 2028, with HBM price increase effects leading continuous DRAM ASP upward trends.
- 3Q26(F) and 2027 operating profits are projected at KRW 79T and KRW 409T, respectively, extending earnings growth momentum through next year.
- Favorable Macro & AI Infrastructure Changes
- NVIDIA signed an MOU with 6 financial institutions (including BlackRock, KKR, and Blackstone) to establish a $500B AI infrastructure financing platform, alleviating capital bottlenecks.
- Capital-constrained neo-cloud and sovereign entities will be able to purchase NVIDIA systems at lower financing costs through GPU-collateralized loans and up to 25% backstop support from NVIDIA, potentially expanding scale depending on the interest rate environment.
- Peer Cash Flow Confirmation & Stake Value
- SanDisk’s Investor Day presentation of mid-to-high teens revenue growth, 75% OPM, and 100% FCF shareholder return plans for FY28–30 confirmed potential regarding the memory sector’s sustained cash generation capability.
- Recovered KRW 40T in 1Q26 via Kioxia investment fund liquidation; holds 100% of the SPC holding a 14.12% stake in Kioxia via convertible bonds. Regardless of common stock conversion, any potential dividend distributions from Kioxia starting this year will be attributed to the SPC.
📝 Editor’s Comment (Perspective & Thesis Verification)
The analyst evaluates SKII hynix within an environment where earnings growth and stability are coupled with consecutive changes that could stimulate valuation re-rating. The core perspective places greater emphasis on continued DRAM strength, ASP upward trends driven by HBM price effects, improved AI infrastructure financing environments, and lower valuation entry points rather than short-term fluctuations.
To verify whether this investment thesis unfolds as expected going forward, it is necessary to key-track whether the tight DRAM supply through 2028 and HBM-led ASP increases continue to materialize, and whether the improved AI infrastructure financing environment potentially supports broader AI infrastructure demand. Such changes can be verified through future quarterly and annual earnings releases, official company IR materials, and regulatory reports.
📢 Disclaimer & Source Notice
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.
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