The company's first-mover advantage in the HBM (High Bandwidth Memory) sector and stable process transitions are being highly valued for their long-term growth potential.
SK Hynix has secured the most competitive profitability among the three major DRAM manufacturers, based on its superior cost structure. This first-mover advantage is expected to continue into the HBM4 era. The company has also been praised for successfully achieving a soft landing with its DRAM 1c process, reportedly securing yields in the high 80% range despite being in the early operational phase.
Analyst Commentary
Daishin Securities analyst Ryu Hyung-geun stated, "With profitability strengthening based on HBM and an expected transition to net cash structure within the year, along with improving NAND competitiveness, risk factors are gradually diminishing. While the market is applying conservative valuations to SK Hynix due to its high beta characteristics, revaluation will certainly emerge once the fog over the semiconductor cycle clears."
Daishin Securities recommended SK Hynix as a top pick with a target price of 280,000 won (applying Target P/B of 2x) and a buy rating.
Following the market's long-standing adage of investing in good companies, SK Hynix has proven itself to be a good company across many indicators and possesses sufficient qualities to evolve into a good stock, considering the technological value it holds.
[글로벌에픽 신규섭 금융·연금 CP / wow@globalepic.co.kr]
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