Market: KOSPI (000660)
Brokerage : Hana Securities
Analyst : Rokho Kim
Investment Rating : BUY (Maintain)
Target Price : KRW 3,600,000 (Maintain)
Core Momentum : Full-scale HBM4 shipments are expected to lift blended ASP and drive strong Q3 earnings growth, while expanded LTAs secure mid-to-long-term earnings visibility and reinforce valuation appeal.
📊 1. [Valuation & Key Financial Metrics]
- Stock Performance & Investment Rating
- Investment Rating: BUY (Maintain)
- Target Price: KRW 3,600,000 (Maintain)
- Current Price (As of 7/29): KRW 1,401,000
- Upside Potential: 156.9%
- Valuation Multiples
- Annual P/E Trend: 2024 6.4x → 2025 11.0x → 2026F 3.7x → 2027F 3.0x
- Annual P/B Trend: 2024 1.66x → 2025 3.88x → 2026F 2.59x → 2027F 1.40x
- Annual EV/EBITDA Trend: 2024 3.87x → 2025 7.66x → 2026F 3.08x → 2027F 1.38x
- Key Financial Forecasts
- 2024: Revenue KRW 66.19T, Operating Profit KRW 23.47T, Pre-tax Profit KRW 23.88T, Net Profit KRW 19.79T, EPS KRW 27,182, ROE 31.06%
- 2025: Revenue KRW 97.15T, Operating Profit KRW 47.21T, Pre-tax Profit KRW 50.47T, Net Profit KRW 42.92T, EPS KRW 58,955, ROE 44.15%
- 2026F: Revenue KRW 352.23T, Operating Profit KRW 270.63T, Pre-tax Profit KRW 351.33T, Net Profit KRW 228.97T, EPS KRW 376,719, ROE 105.53%
- 2027F: Revenue KRW 507.90T, Operating Profit KRW 397.02T, Pre-tax Profit KRW 484.64T, Net Profit KRW 318.35T, EPS KRW 463,912, ROE 60.11%
🚀 2. [Market Opportunities & Business Outlook]
- 2Q26 Review & Key Earnings Characteristics
- 2Q26 revenue reached KRW 79.3T (YoY +257%, QoQ +51%) and operating profit recorded KRW 60.5T (YoY +561%, QoQ +61%), missing consensus estimates.
- While memory price gains were lower than expected due to product mix and long-term supply agreements (LTAs), robust AI demand drove HBM, server DRAM, and eSSD sales up by more than 2x QoQ alongside full-scale SOCAMM2 shipments. Investment-related gains reached KRW 63.3T driven by Kioxia stake sales and valuation gains.
- 3Q26 Preview & Second-Half Outlook
- 3Q26 revenue and operating profit are projected at KRW 103.8T and KRW 81.6T, expanding 31% and 35% QoQ, respectively.
- HBM4 full-scale shipments in Q3 are expected to drive an upward transition in HBM Blended ASP, while NAND will counter spot price concerns by addressing high-capacity/performance eSSD demand with 321-layer products.
- LTAs have been finalized with around 10 clients including hyperscalers, with at least 30% of general memory revenue expected to be bound by long-term supply contracts.
📝 Editor’s Comment (Perspective & Thesis Verification)
The analyst evaluates SK hynix as an enterprise equipped with robust mid-to-long-term earnings stability backed by long-term supply agreements (LTAs), despite minor downward adjustments to 2026 and 2027 operating profit forecasts. Amid multiple contractions driven by global equity pullbacks, this perspective highlights that the stock sits in a clearly undervalued zone where even the operating profit generated solely through LTAs is not fully priced in.
To verify whether this investment thesis unfolds as expected going forward, it is necessary to track the Blended ASP rebound driven by Q3 HBM4 shipments, the maintenance of profitability and expansion of LTA portions, and whether the 3Q operating profit preview of KRW 81.6T is successfully realized. Such changes can be verified through future quarterly earnings releases and official company IR materials.
📢 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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