Disclaimer: This article is for informational purposes only and does not constitute financial advice.
Investment Thesis and Target Price
Mirae Asset Securities has raised the Target Price for SK Hynix by 10.7% to 3,100,000 KRW (~$2,310 USD based on 1342 KRW/USD) from the previous 2,800,000 KRW (~$2,086 USD). Despite downward revisions to profit estimates, the current stock price is viewed as absolutely low, trading at 3.1x 27F EPS and 1.6x BPS. Even at the revised target price, these multiples remain modest at 5.9x and 3.0x, respectively.
Earnings Estimates and Financial Preview
Operating Profit (OP) estimates for 26F and 27F have been revised downward by 4.8% and 5.6%, respectively, reflecting a decrease in the exchange rate assumption (from 1,553 KRW to 1,400 KRW). Estimated operating profits for 3Q26F, 4Q26F, and 27F are 73 trillion KRW (~$54.4B USD), 84 trillion KRW (~$62.6B USD), and 386 trillion KRW (~$287.6B USD), respectively. The 12-month forward (12MF) calculation range has been extended from 2Q27 to 3Q27.
Key Semiconductor Drivers and Outlook
The outlook for DRAM ASP remains positive, with projected increases of +15.8% (3Q26F), +7.2% (4Q26F), and +23.9% (27F) compared to the previous period. Additionally, DRAM ASP forecasts for 26F and 27F have been revised upward by +4.4%pt and +1.2%pt, respectively.
🔗 Original Source: View the official filing/article here.