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SK Hynix Inc 000660

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Stock XKRX Rating as of
KRW 207,500.00 +13,800.00 (7.12%)
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As of Delayed Price Closed
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Company Report

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Samsung Electronics and SK Hynix: While Memory Prices Rise in 2024, HBM Competition Will Intensify

Kazunori Ito

According to two South Korean memory suppliers’ earnings, DRAM prices rose by nearly 20% and NAND prices more than 30% sequentially in the March quarter, exceeding the forecasts we made three months ago. While memory suppliers continued to lower capacity utilization to reduce inventories, 1) demand for high-end memory, such as high bandwidth memory, remained robust and contributed to an improved product mix, and 2) smartphone manufacturers procured memory in anticipation of a memory price hike this year, creating a tight supply/demand situation.

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Price vs Fair Value

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000660 is trading at a 149% premium.
Price
KRW 207,500.04
Fair Value
KRW 677,611.00
Uncertainty
High
1-Star Price
KRW 542,236.00
5-Star Price
KRW 76,148.00
Economic Moat
Gcbr
Capital Allocation
Zfmfjcqbg

Bulls Say, Bears Say

Bulls

SK Hynix is able to improve its product mix by closing the gap with Samsung Electronics on microfabrication.

Bears

In the highly cyclical memory industry, manufacturers suffer from intense price competition in downturns.

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Trading Information

Previous Close Price
KRW 193,700.00
Day Range
KRW 197,300.00–207,500.00
52-Week Range
KRW 106,700.00–210,000.00
Bid/Ask
KRW 193,700.00 / KRW 207,500.00
Market Cap
KRW 142.89 Tril
Volume/Avg
4.8 Mil / 4.0 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
3.56
Dividend Yield (Trailing)
0.58%
Dividend Yield (Forward)
0.58%
Total Yield
0.58%

Company Profile

SK Hynix is a semiconductor supplier with around 65%-70% of its revenue from DRAM and 25%-30% of its revenue from NAND flash. SK Hynix is the second-largest DRAM supplier globally with approximately 28% market share and the fifth-largest NAND supplier globally with approximately 19% market share. SK Telecom, the largest telecom carrier in South Korea, became the largest shareholder in 2012 and currently holds 20% of SK Hynix’s shares.
Sector
Technology
Industry
Semiconductors
Stock Style Box
Large Value
Total Number of Employees
32,217
Website
http://www.skhynix.com

Competitors

Valuation

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Metric
000660
005930
MU
Price/Earnings (Normalized)
 —26.73—
Price/Book Value
 2.581.453.28
Price/Sales
 3.561.737.80
Price/Cash Flow
 14.658.8526.74
Price/Earnings
000660
005930
MU

Financial Strength

Metric
000660
005930
MU
Quick Ratio
 ——2.13
Current Ratio
 1.412.553.74
Interest Coverage
 −7.098.15−8.01
Quick Ratio
000660
005930
MU

Profitability

Metric
000660
005930
MU
Return on Assets (Normalized)
 −4.08%4.72%−4.01%
Return on Equity (Normalized)
 −7.40%6.10%−5.85%
Return on Invested Capital (Normalized)
 −3.51%4.99%−4.47%
Return on Assets
000660
005930
MU
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