Listagem de ADR da SK Hynix para fechar lacuna de avaliação com a Micron

SK Hynix's upcoming US American Depositary Receipt (ADR) listing is expected to rapidly close the valuation gap with competitor Micron, according to Daeshin Securities. Analyst Ryu Hyung-geun raised the target price to 3.9 million won on the 7th, stating the ADR will provide evaluation under the same conditions as competitors and strengthen global investor accessibility. The analyst attributed the anticipated improvement to SK Hynix's superior business competitiveness and scale, noting the valuation discount should be quickly resolved.

Daeshin Securities also indicated additional upward revisions to earnings forecasts are necessary, as memory semiconductor supply-demand imbalances are expected to widen further and second-half price increases are projected to exceed market expectations.

Daeshin Securities Raises Earnings Forecasts for 2026-2027

Daeshin Securities raised SK Hynix's operating profit forecasts to 291 biliões de won for 2026 and 432 biliões de won for 2027. As revisões refletem as expectativas de que os desequilíbrios de oferta e procura de semicondutores de memória continuarão a expandir-se, com os aumentos de preços no segundo semestre a anteciparem-se para superar as expectativas do mercado.

Second-Half Outlook Projects Strong Price and Volume Growth

Both pricing and volume are expected to improve in the second half. On the pricing front, SK Hynix is projected to achieve industry-leading price increases based on relatively low base effects, revenue recognition from high-priced follow-on HBM3e contracts, and full-scale HBM4 sales starting in the third quarter.

On the volume side, the analysis indicates that initial production contributions from the new plant in the fourth quarter will expand available inventory, enabling flexible responses to strong server-centric demand.

HBM-Led DRAM ASP Expected to Surge 100% in 2027

In 2027, HBM-driven DRAM average selling price (ASP) increases are expected to recur, with HBM ASP projected to rise 100% year-over-year. This projection is based on estimates that SK Hynix is actively pursuing aggressive pricing strategies by leveraging profitability reversals in commodity DRAM and supply shortage conditions across all product lines.

Shareholder Return Policies to Strengthen with Cash Inflows

The expansion of profit-sharing targets to include shareholders was evaluated positively. Considering cash inflows from the partial sale of Kioxia shares, capital raised through ADR issuance, and the booming business environment, achieving the year-start target of 100 biliões de won in net cash is viewed as a matter of time.

Analyst Ryu stated that cash inflows from the third quarter onward will be utilized to strengthen traditional shareholder returns such as share buybacks, cancellations, and special dividends. He assessed that while the direction of mid- to long-term shareholder return policies will depend on ADR performance, share buybacks and cancellations will be conducted in parallel to prevent equity value dilution before expanding the ADR proportion to 10% in the long term.

FAQ

What is the target price Daeshin Securities set for SK Hynix stocks? Daeshin Securities analyst Ryu Hyung-geun raised the target price to 3.9 million won on the 7th, citing the upcoming ADR listing's expected impact on closing the valuation gap with competitor Micron.

What are SK Hynix's projected operating profits for 2026 and 2027? Daeshin Securities raised operating profit forecasts to 291 biliões de won for 2026 and 432 biliões de won for 2027, reflecting expectations of widening supply-demand imbalances and stronger-than-expected price increases in the second half.

How much is HBM ASP expected to increase in 2027? HBM average selling price (ASP) is projected to rise 100% year-over-year in 2027, driven by SK Hynix's aggressive pricing strategies amid profitability reversals in commodity DRAM and supply shortages across product lines.