Added to YB: 2026-06-16
Pitch date: 2026-06-13
000660.KS [neutral]
SK hynix Inc.
-42.09%
current return
Author Info
HatedMoats identifies hated moats. I buy companies when the market panics. Contrarian investor focused on quality, value & long-term growth. Sign up for the newsletter.
Company Info
SK hynix Inc. through its subsidiaries, engages in research, develops, manufactures, distributes, and sells semiconductor devices in Korea, China, rest of Asia, the United States, Europe, and internationally.
Market Cap
KRW 1021.1T
Pitch Price
KRW 2.3M
Price Target
N/A
Dividend
0.21%
EV/EBITDA
6.63
P/E
6.14
EV/Sales
5.03
Sector
Semiconductors and Semiconductor Equipment
Category
value
SK hynix: The First Real Memory Moat?
000660.KS (overview): At ~$970B EV, reverse DCF shows market pricing an AI memory supercycle: ~KRW390T 2030 rev, 46% op margin, KRW100T+ FCFF—still 11% above implied value. Even bullish-but-cyclical case implies 60-76% downside. HBM moat real (40%+ DRAM rev, Nvidia ties), but Samsung/Micron catching up. Q1'26 72% op margin unsustainable. Better business priced for structural reset, not just strong cycle.
Read full article (13 min)