SK Hynix (000660 KP): Buy: 2Q26 preview – another robust 2Q and ADR premium

研报英文原文证据摘录

SK Hynix (000660 KP): Buy: 2Q26 preview – another robust 2Q and ADR premium

-60% ROE (%) 44.2 96.8 69.5 44.0

market share. HBM has been losing its premium to commodity DRAM despite the 52-WEEK PRICE (KRW)

chip-size penalty; we expect memory makers to raise HBM3E 12-high prices. A 40– 4500000.00

50% HBM4 premium should support an ASP rise: we assume ASP up 35% y-o-y in

2027e, with OP of KRW452trn (+59% y-o-y) on sales of KRW556trn (+59% y-o-y). 2250000.00

0.00

We apply a 20% premium for the ADR listing: The company filed its plans for the 06/25 12/25 06/26

ADR listing on 24 June (see: exhibit 1), and we think it is now appropriate to reflect TargetHigh: 2919000.00price: 4000000.00Low: 245000.00 Current: 2555000.00

this in our valuation. Peer Micron has traded at an average 35% premium to SK Source: LSEG IBES, HSBC estimates

Hynix over the past 13 years, driven by (1) better access to US investors, (2) a more

shareholder-friendly policy, and (3) higher beta supported by a smaller earnings Ricky Seo*

Head of Korea Research, Semiconductor and Display

base. We view Hynix’s potential ADR listing positively; accordingly, we apply a 20% The Hongkong and Shanghai Banking Corporation

premium to our prior P/B multiple of 2.8x, implying 3.4x, reflecting more proactive Limited, Seoul Securities Branch

rickyjuilseo@kr.hsbc.com

shareholder-friendly initiatives and improved accessibility to global investors. +82 2 3706 8777

Han Kil Chang*

Agentic AI and CSP capex drive demand: We see the memory cycle as similar to Research Analyst, Korea Technology

1990-95’s supercycle, while agentic AI lifts general-server unit shipments 20%/21% The Hongkong and Shanghai Banking Corporation

Limited, Seoul Securities Branch

in 2026/27e, supported by sustained CSP investment as ROIC improves.