SK海力士（000660 KP）：买入：全面股东回报刚刚启动

研报英文原文证据摘录

20 August 2026

SK Hynix (000660 KP)

Equities

Semiconductors & Equipment

Buy: Full-fledged shareholder returns just kicked off

Korea

◆ KRW40trn buyback and cancellation give prudent guideline

MAINTAIN BUY

for shareholder returns plan

◆ Sequential earnings growth intact in 3Q26e from higher ASP

from HBM price hike and SO-CAMM2 premium

◆ Preferred pick; maintain Buy rating and KRW3.7m TP

Beginning of full-fledged shareholder return. We reiterate our positive view on

SK Hynix as a preferred pick among Korea tech names. We see it becoming more

attractive not only on stronger ASP increases in 2H26e but also on the more

proactive shareholder return policy it is initiating. The company announced share

buyback and cancellation of cKRW40trn (3.3% of total common shares issued) over

the next three months, and highlighted several positive plans: 1) it will return at least

50% of its FCF generated during 2025-27 (formerly “within 50% of FCF”), 2) it is

considering additional measures to enhance dividends above already promised cash

dividends, and 3) it has already announced potential capital reduction dividend of

around KRW4trn until March 2027. SK Hynix mentioned the share price is trading far

below its intrinsic value and that further shareholder return details will be announced

at the 3Q26 earnings release, adding that it prefers share buybacks to cash

dividends as a return method. Treasury share purchases for employee bonuses will

be completely separate from this programme. We view this as a positive step toward

more shareholder-friendly policy following the ADR listing. Based on guidance, we

assume total FCF of KRW401trn during 2025-27e, of which at least KRW200trn (50%

of FCF) will be returned to shareholders (KRW37trn in cash dividends, KRW163trn in

buybacks and cancellations). Moreover, management likes to express its strong

confidence that the AI upcycle will persist through enhanced shareholder returns.

TARGET PRICE (KRW)

PREVIOUS TARGET (KRW)

3,700,000 3,700,000

SHARE PRICE (KRW)

UPSIDE/DOWNSIDE

1,500,000 +146.7%

(as of 19 Aug 2026)

MARKET DATA

Market cap (KRWb)

Market cap (USDm)

3m ADTV (USDm)

1,095,739

775,546

7,997

Free float

BBG

RIC

67%

000660 KP

000660.KS

…