SK Hynix (0660.KS); 7709.HK (2x); SKHYV; SKHY

[winston]

not vested

<Research> HSBC Research Lifts SK Hynix (000660.KS) TP to KRW2.9 million on Further DRAM Price Upside

HSBC Research issued a report expecting SK Hynix (000660.KS) to further benefit from strong pricing trends in server and mobile DRAM.

It forecast 2Q26 operating profit to reach KRW65 trillion (up 73% QoQ and 606% YoY), 14% above its previous estimate, while revenue is projected at KRW80 trillion (up 52% QoQ and 260% YoY).

The upward revision is mainly driven by a 40% QoQ increase in DRAM average selling prices (vs. prior forecast of 28%), reflecting:
1) stronger price hikes for server and mobile DRAM amid robust general server demand;
2) capacity shifts from PC to server, lifting PC DRAM prices; and
3) a rebound in HBM3e prices, narrowing the discount to PC DRAM.

The broker expects 2026 operating profit to reach KRW265 trillion (up 460% YoY), 13% higher than its previous forecast, with revenue of KRW329 trillion (up 238% YoY).

HSBC Research believes:
1) the current memory cycle resembles the mid-phase of the 1990-95 supercycle, when office automation triggered a six-year DRAM shortage;
2) AI is diversifying memory demand from HBM to SO-CAMM2 and ICMS to lower cost per token and promote AI adoption; and
3) with rising service fees and anticipated ROIC improvement, cloud service providers will continue to expand capital expenditure aggressively.

As costs decline significantly and agentic AI enhances AI usage, leading AI service providers are likely to see margin expansion, making data center investment easier on improved ROIC expectations.

The four major CSPs 2026 capital expenditure growth has risen to USD640 billion (up 70% YoY), compared with 60% before 1Q earnings releases.

HSBC Research maintained a Buy rating on SK Hynix, raising its TP to KRW2.9 million (from KRW1.8 million).

Under stronger DRAM price assumptions, it lifted its 2026-2028 operating profit forecasts by 13%/19%/21%, respectively.

As the market begins to price in a longer and more stable earnings trajectory through 2028, the broker shifted its valuation reference period to the average BVPS for 2027-2028 (previously 2027).

It raised the target PB multiple to 2.8x (from 2.4x), a historical high, reflecting ROE improvement and enhanced comparability with US peers following progress in ADR listing.

Even at the new TP, the implied P/E is only 7x the average EPS for 2027/28. Its 2027-2028 operating profit forecasts are 9% to 13% above market consensus. (ad/j)

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

SK Hynix 1Q Sales to NVIDIA Near USD5.2B, Up 62.6% YoY; Another New Major Client Secured

SK hynix released its quarterly report today (15th), reporting total revenue of KRW52.5763 trillion for 1Q26, Chosun Ilbo reported.

Among which, revenue contributed by NVIDIA (NVDA.US) accounted for 14.8% of the total, reaching KRW7.7806 trillion (approximately USD5.188 billion), up 62.6% YoY, securing its position as the largest single customer.

Following NVIDIA, SK hynix added another new major customer.

This new client contributed 12.4% of the company's total revenue in 1Q26 (approximately KRW6.5365 trillion). Although industry sources speculated that the customer could be Microsoft (MSFT.US) or other global tech giants such as Google, the disclosed filing did not reveal the specific name.

Related News KB Securities Raises SK Hynix TP to 3M won, Expects 2Q26 Operating Profit to Surge 6.6x YoY

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

SK Hynix tells investors its US listing plan wins their strong backing, source says

SK Hynix told investors this week it received “tremendously positive” feedback on its proposed US listing as the chipmaker benefits from strong demand for advanced memory semiconductors needed to run AI data centers, a source familiar with the matter said on Thursday.

The South Korean memory-chipmaker made a confidential filing to list shares in the US this year, which a source said in March could raise as much as US$14 billion. (HK$109.6 billion)

The fundraising follows a blistering 250 percent surge in its share price this year on an AI-driven rally.

Its market value topped US$1 trillion last week, making it the third company in Asia to hit the milestone after Taiwan’s TSMC and Samsung Electronics.

The company, a major supplier to Nvidia, expects a US listing to broaden its investor base, as some US-based institutional investors invest in US-listed stocks only due to internal mandates, the person said.

“SK Hynix plans to issue ADRs within 2026, but the details, including the size and timing, have not yet been decided,” the company said in a statement in response to a Reuters request.

STRONG MEMORY MARKET

The increasing need for memory chips to power AI data centers has caused a severe supply shortage, impacting industries such as smartphones and computers, while top producers of memory chips such as Samsung and SK Hynix have benefited from surging chip prices.

SK Hynix, the source said, told investors it expects a favourable pricing environment for its high-bandwidth memory (HBM) chips to continue into next year, as discussions with customers are underway on future pricing of the advanced chips used in AI chipsets.

It also said strong demand for LPDDR memory, a type of low-power chip normally found in phones and tablets, from Nvidia for the US company’s next-generation Vera Rubin AI platform could tighten supply across the broader memory market from 2027, according to the source.

To counter this, SK Hynix said it plans to adjust investments and product mix to maximise output, the source said.

But SK Hynix also told investors it would be difficult for it to say with certainty that it can fully satisfy all demand, with demand expected to far exceed supply, the source said.

Source: Reuters

https://www.thestandard.com.hk/finance/article/333791/

[winston]

not vested

UBS Recommends Buying SK Hynix ADR, Selling S Korea-listed Shares (000660.KS)

UBS published a report recommending investors buy SK Hynix American Depositary Receipts (ADR) and sell SK Hynix (000660.KS) shares listed in S Korea, as the ADR is likely to trade at a premium.

The report said ADRs may be more attractive than S Korea-listed shares for investors such as hedge funds because holding ADRs is more efficient and carries lower costs.

Some global portfolio managers who do not yet hold the S Korea-listed shares may also consider buying ADRs.

Related News: CLSA: Recent 14% Pullback in Kospi Index Offers Attractive Entry Opportunity

UBS added that buying ADRs and short-selling the S Korea-listed shares from the first trading day of the ADR appears to be an obvious choice, as USD risk is very limited while the possibility of the ADR trading at a discount is extremely low.

At the same time, global retail investors generally have relatively low holdings of S Korea-listed shares and may therefore be attracted to the ADR.

The report mentioned that for investors considering purchasing ADRs, one key consideration is whether they can freely convert S Korea-listed shares into ADRs.

If approval from S Korea regulators is required, investors may not be able to convert ordinary shares into ADRs in the future, which would directly push up the price of the US ADR and result in a clear and sustained premium over the S Korea-listed shares.

Source: AASTOCKS Financial News

https://www.aastocks.com/en/stocks/news ... -news/AAFN

[winston]

not vested

SK Hynix CEO sees worst memory shortage in 2027, demand to outstrip supply beyond 2030

By Heekyong Yang and Kenneth Li

Demand for memory will continue to exceed the company's ability to ⁠produce it well into the next decade despite aggressive capacity expansion.

"We still forecast that customer demand will remain higher than our supply capacity even beyond 2030".

Source: Reuters

https://www.thestar.com.my/tech/tech-ne ... eyond-2030

[winston]

vested

SK Hynix sinks after Nasdaq debut amid profit-taking, easing earnings optimism

By Heekyong Yang

Investors had moderated earnings expectations because SK Hynix, with its greater exposure to the HBM market than cross-town rival Samsung Electronics, was set to benefit less from a recent rise in prices for conventional DRAM chips.

SK Hynix led the market for high bandwidth memory chips with a 58% revenue share in the first quarter, whereas Samsung and US competitor Micron Technology each held 21%, Counterpoint Research data showed.

HBM chips are primarily used in artificial intelligence systems for customers such as Nvidia and Alphabet's Google.

Source: Reuters

https://theedgemalaysia.com/node/810367

[behappyalways]

Record-Breaking Divorce of the Century in Korea! SK’s Chey Tae-won Ordered to Pay Ex-Wife $640 Mi...
https://m.youtube.com/watch?v=X_REcb7sziI

[winston]

not vested

SK Hynix’s Q2 profit rises sixfold to a record high on AI chip demand, but misses forecasts

SK Hynix missed analysts’ forecasts because its higher exposure to high-end memory chips used in AI data centres than rivals meant it benefited less from a stronger price rally in conventional memory chips.

Contract prices for certain dynamic random access memory (DRAM) chips jumped about 52 per cent in the second quarter from the previous quarter, while prices for some Nand products doubled.

SK Hynix invested about 4 trillion won in Kioxia in 2018 through a Bain Capital-led consortium.

Source: Reuters

https://www.businesstimes.com.sg/compan ... -forecasts

[winston]

not vested

Why Americans pay 41% more for SK Hynix shares than Koreans

World’s top AI memory maker is worth far more in New York than in Seoul, a gap that speaks volumes about Korean market access

by David Han

Normally, when an ADR trades above its home shares, brokers buy the local stock and convert it into new ADRs until the gap closes. That route is restricted for SK Hynix.

SK Hynix held 50% of high-bandwidth memory revenue in the second quarter, according to Counterpoint Research, against 33% for Samsung and 18% for Micron.

High-bandwidth memory, or HBM, stacks DRAM chips so they can feed data to AI processors such as Nvidia’s.

In the broader DRAM market, Samsung led with 39.4%, and SK Hynix held 24.9% to Micron’s 23.3%, according to TrendForce.

Source: Asia Times

https://asiatimes.com/2026/10/why-ameri ... 340db87eb1