Added to YB: 2026-05-20
Pitch date: 2026-05-18
000660.KS [bullish]
SK hynix Inc.
-2.57%
current return
Author Info
No bio for this author
Company Info
SK hynix Inc. research, develops manufactures, and sells semiconductor devices in Korea, China, rest of Asia, the United States, and Europe.
Market Cap
KRW 1276.4T
Pitch Price
KRW 1.8M
Price Target
N/A
Dividend
0.16%
EV/EBITDA
13.55
P/E
17.06
EV/Sales
9.40
Sector
Semiconductors and Semiconductor Equipment
Category
growth
SK Hynix: the forgotten link of AI and the opportunity that opens up.
000660.KS: HBM memory (not traditional DRAM) is AI infrastructure bottleneck—SK Hynix leads via MR-MUF packaging tech enabling high yields on 12-16 layer stacks. Pricing power: HBM3→HBM4 +40-50% ASP, 60-70% gross margins vs commodity cycle. Demand inelastic (contractualized w/ NVDA/MSFT), supply constrained (1:3 HBM/DDR5 wafer ratio). Trading ~7x EV/EBITDA as cyclical despite infrastructure-like cash flow profile. Base case: re-rate to 9-11x on execution (60% prob). Bull: ADR listing + moat widening → 12-15x (25% prob). Bear: HBM4 yield delays or Samsung catch-up compresses multiples (15% prob). 3-5yr structural hold as critical AI node.
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