Source: Mirae Asset Securities / Issued June 25, 2026
Investment Opinion & Target Price: BUY / 4,200,000 KRW
Key Momentum: Upcoming ADR listing in the U.S. (scheduled for July 10, 2026) and sustained growth in High Bandwidth Memory (HBM) pricing.
📊 1. Valuation & Financial Indicators
- Current Price (as of 6/24): 2,555,000 KRW
- Valuation (2026F):
- P/E: 7.0x
- EPS Growth: 619.7%
- Target Price Adjustment: Raised to 4,200,000 KRW (reflecting 2027 earnings projections).
🚀 2. ADR Listing & Market Opportunity
- ADR Listing Details:
- ADR Ticker: SKHY US.
- Listing Date: Expected July 10, 2026.
- Offering: Approximately 17.9 million shares to be issued.
- HBM & Market Outlook:
- 2027 HBM price increase projection revised upward to 43.7%.
- Anticipation for inclusion in the Philadelphia Semiconductor Index (SOX) due to expected market capitalization size.
- ADR and common stock are mutually convertible, which may drive price convergence between the two markets.
📝 Editor’s Comment (by K-STOCK Editor)
The upcoming ADR listing of SK Hynix on the U.S. market is a significant event that could serve as a catalyst for valuation re-rating. By enabling direct access for global investors and potentially facilitating inclusion in major indices like the SOX, the company is positioning itself to benefit from increased liquidity. From a fundamental perspective, the upward revision of HBM price assumptions for 2027 signals confidence in the long-term semiconductor cycle. However, as with any ADR transition, investors should closely monitor the potential for price arbitrage and the mechanics of the conversion process between the Korean common stock and the U.S.-listed ADRs to navigate potential short-term volatility.
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