Source Fact: Hana Securities / June 26, 2026
Investment Opinion & Target Price: BUY (Upgraded) / 3,600,000 KRW
Core Momentum: Upward earnings revisions driven by rising commodity DRAM prices in H2 alongside valuation premiums from the finalized ADR listing
📊 1. [Section Title: Valuation and Investment Metrics Analysis]
- Target Price & Rating: Maintained a ‘BUY’ rating and upgraded the 12-month target price to 3,600,000 KRW. Significant upside potential is secured relative to the current price of 2,917,000 KRW (as of June 25).
- Key Valuation Multiples (2026F vs. 2027F):
- P/E (Price-to-Earnings): Projected at 8.63x for 2026F, tapering down to 6.10x for 2027F as earnings expand.
- P/B (Price-to-Book): Estimated at 5.70x for 2026F and 2.95x for 2027F.
- EV/EBITDA: Tracked at 6.08x for 2026F, decreasing to 3.46x for 2027F.
- Profitability & Growth Profile:
- ROE (Return on Equity): Expected to reach a peak of 99.53% in 2026F before tracking at 63.86% in 2027F, maintaining exceptional profitability.
- EPS (Earnings Per Share): Forecasted at 337,950 KRW for 2026F (YoY +473.23%) and 478,509 KRW for 2027F (YoY +41.59%), indicating aggressive bottom-line growth.
🚀 2. [Section Title: Target Addressable Market (TAM) & Detailed Earnings Estimates]
- 2Q26 Earnings Preview:
- Revenue: Projected at 87.1 trillion KRW (YoY +292%, QoQ +66%).
- Operating Profit: Estimated at 67.6 trillion KRW (YoY +638%, QoQ +80%), maintaining the initial forecast line. High profitability is driven by a strong product mix centered on high-spec DRAM and eSSD, supported by a favorable foreign exchange environment.
- Drivers for H2 Earnings Upgrades:
- Annual operating profit estimates for 2026 and 2027 have been revised upward by 8% and 18% to 294 trillion KRW and 435 trillion KRW, respectively.
- H2 commodity DRAM prices, led by LPDDR, are expected to outpace original assumptions, which is highly likely to lift blended ASPs during 2027 HBM price negotiations. The establishment of HBM4 as a mainstream product will heavily contribute to further earnings expansion.
- Valuation Premium Catalysts:
- The finalization of the American Depositary Receipt (ADR) listing schedule creates a strong environment for global liquidity inflows.
- Long-term supply contract structures confirmed via Micron’s recent earnings release vastly improve long-term visibility, justifying a valuation multiple premium compared to conventional memory peers.
📝 Editor’s Comment (by K-STOCK Editor)
Listen up, bulls! While the rest of the sector is catching its breath over short-term friction, SK Hynix just completely shattered the ceiling, raising its target price to a staggering 3,600,000 KRW. We are looking at a jaw-dropping 67.6 trillion KRW in operating profit just for Q2—and that’s before the massive H2 price hikes for LPDDR and next-gen HBM4 are even fully dialed into the calculators. The real kicker? The ADR listing schedule is locked in, opening the floodgates for global institutional whale money to pour straight into this ticker. With Micron already validating the insane structural visibility of long-term HBM contracts, Hynix is holding the ultimate premium multiplier cheat code. A 2026 ROE projection touching 99.53% is basically a green light for hyper-compounding growth. The undisputed king of the H2 AI rally has already been crowned—stop overanalyzing the minor dips, strap in, and ride this powerhouse all the way up to the 3.6-million peak with true diamond hands!
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