SK Hynix Tops 1.2 Million Won for First Time as Samsung Securities Lifts Target to 1.8 Million Won

Shares climb above 1.2 million won for the first time, setting another intraday record

Samsung Securities says chip upcycle could last longer, opening room for 1.8 million won

South Korea’s benchmark Kospi index has hit a record high, and SK Hynix has climbed above 1.2 million won for the first time.

As of 9:40 a.m. on April 21, SK Hynix was trading at 1.21 million won on the Korea Exchange, up 44,000 won, or 3.77%, from the previous session. The stock surpassed the prior intraday record of 1.175 million won set a day earlier, breaking above 1.2 million won for the first time.

Investor expectations are rising ahead of the company’s earnings release on April 23. EpicAI data show consensus forecasts for SK Hynix’s first-quarter results at 50.4648 trillion won in revenue and 35.1906 trillion won in operating profit. That would represent increases of 186% and 373%, respectively, from a year earlier.

Optimism is also being fueled by the view that the super semiconductor cycle is still in its early stages. In a report released on April 21, Samsung Securities raised its target price for SK Hynix to 1.8 million won. Analyst Lee Jong-wook wrote that, unlike previous cycles, the current upturn could last structurally longer. The DRAM industry itself is shifting from a price-driven, economically sensitive business to a quality-focused infrastructure business, he wrote.

A planned US listing of American depositary receipts later this year could also provide fresh momentum for the shares. Listing in the US, a larger market than South Korea, may help SK Hynix gain a valuation reassessment alongside global companies such as TSMC.

SK Hynix currently trades at 5.3 times 12-month forward earnings, far below TSMC’s 25.38 times.

Lee Sun-a, Hankyung.com reporter, suna@hankyung.com