Market: KOSPI (000660)
Brokerage : Hyundai Motor Securities
Analyst : Keun-chang Noh (RA: Dong-wook Yoon)
Investment Rating : BUY (Maintained)
Target Price : 1,000,000 KRW (Raised)
Core Momentum : Intensifying memory supply shortages are expected to drive sharp ASP increases across both commodity and high-value products, while HBM4 shipments and sustained pricing strength support a structural improvement in profitability.
📊 1. [Valuation & Key Financial Metrics]
- Target Price: 1,000,000 KRW (Based on Target P/B 2.94x to 2026F BPS)
- Investment Rating: BUY (Maintained)
- 2026F Financial Outlook: Revenue 295.29 trillion KRW, Operating Profit 148.16 trillion KRW
- EPS: 177,847 KRW (2026F)
- Valuation Multiples: P/E 4.8x, P/B 2.5x, EV/EBITDA 3.3x
🚀 2. [Market Opportunities & Business Outlook]
- Intensifying Supply Shortage: The memory industry is facing a severe supply shortage, suggesting that actual ASP increases for DRAM and NAND could exceed current projections.
- ASP & Product Mix: Q1 DRAM and NAND ASP are expected to rise by 64.8% and 60.0% QoQ, respectively, facilitating a structural level-up in profitability.
- HBM Leadership: HBM4 products are scheduled for delivery to key clients in Q2, with HBM revenue projected to more than double YoY in 2026.
- Earnings Outlook: ASP for product lines including generic DRAM and eSSD is expected to continue its upward trend, rising by over 20% QoQ in Q2 2026.
📝 Editor’s Comment (Perspective)
The analyst views SK hynix not merely as a manufacturer sensitive to short-term memory price fluctuations, but as a company achieving a structural leap in profitability by capturing massive ASP surges across both premium and generic memory products, fueled by aggressive AI infrastructure investment. The analyst emphasizes the high elasticity of profit margins in the current supply-constrained environment.
To verify this investment thesis, one should monitor whether the actual DRAM and NAND ASP growth rates align with the projections, if HBM4 products are successfully supplied to key clients in Q2, and if ASP for generic memory products continues to rise by over 20% QoQ in Q2 2026. These metrics can be tracked through upcoming quarterly earnings releases, official IR materials, and periodic corporate reports.
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