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SK Hynix Inc 000660

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Stock XKRX Rating as of
KRW 191,100.00 −1,900.00 (0.98%)
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As of Delayed Price Open
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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 887% premium.
Price
KRW 193,000.01
Fair Value
KRW 471,832.00
Uncertainty
High
1-Star Price
KRW 447,376.00
5-Star Price
KRW 57,125.00
Economic Moat
Wzl
Capital Allocation
Dfwpmfz

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 193,000.00
Day Range
KRW 190,300.00–193,500.00
52-Week Range
KRW 90,300.00–194,000.00
Bid/Ask
KRW 191,100.00 / KRW 191,200.00
Market Cap
KRW 131.39 Tril
Volume/Avg
2.4 Mil / 4.2 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
3.89
Dividend Yield (Trailing)
0.65%
Dividend Yield (Forward)
0.65%
Total Yield
0.62%

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 Core
Total Number of Employees
32,217
Website
http://www.skhynix.com

Competitors

Valuation

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Metric
000660
005930
MU
Price/Earnings (Normalized)
 —37.01—
Price/Book Value
 2.381.513.15
Price/Sales
 3.891.817.49
Price/Cash Flow
 36.599.4425.66
Price/Earnings
000660
005930
MU

Financial Strength

Metric
000660
005930
MU
Quick Ratio
 0.771.792.13
Current Ratio
 1.452.593.74
Interest Coverage
 −7.098.15−8.01
Quick Ratio
000660
005930
MU

Profitability

Metric
000660
005930
MU
Return on Assets (Normalized)
 −6.96%4.31%−4.01%
Return on Equity (Normalized)
 −12.30%5.57%−5.85%
Return on Invested Capital (Normalized)
 −6.92%4.52%−4.47%
Return on Assets
000660
005930
MU
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