External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Equity Bottom-Up

<ul><li>We maintain our target price for SK Hynix at W4,200,000 and believe the recent pullback presents an attractive opportunity to increase exposure to the stock.</li><li>The current weakness appears to reflect an unusually sharp unwinding of optimism surrounding 2Q26 earnings and the ADR listing.</li><li>Although we revised down our earnings forecasts by roughly 12%, we believe the recent sharp decline has already priced in much of the revision. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our target price for SK Hynix at W4,200,000 and believe the recent pullback presents an attractive opportunity to increase exposure to the stock.The current weakness appears to reflect an unusually sharp unwinding of optimism surrounding 2Q26 earnings and the ADR listing.Although we revised down our earnings forecasts by roughly 12%, we believe the recent sharp decline has already priced in much of the revision. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Hynix (000660 KS/Buy)Take a Broader View

<ul><li>We maintain our target price of W3,800,000 for SK Hynix.</li><li>We raised our 2Q26 and 2026 operating profit forecasts by 4.8% and 3.2%, respectively, but left our target price unchanged given the substantial upside from current levels.</li><li>Valuation is not a concern, with the stock currently trading at a 2026F P/B of 3.8x and P/E of 5.8x, well below the peer averages (7.6x and 12.4x, respectively). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our target price of W3,800,000 for SK Hynix.We raised our 2Q26 and 2026 operating profit forecasts by 4.8% and 3.2%, respectively, but left our target price unchanged given the substantial upside from current levels.Valuation is not a concern, with the stock currently trading at a 2026F P/B of 3.8x and P/E of 5.8x, well below the peer averages (7.6x and 12.4x, respectively). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Hynix (000660 KS/Buy)Adoption of Long-Term Supply Agreements Accelerates

<ul><li>We maintain our Buy rating and target price of W1,540,000 on SK Hynix.</li><li>In deriving our target price, we applied the average 2026F P/B of global pure memory peers (Micron, Kioxia, and Nanya) to our 2026F BPS of W447,080.</li><li>Despite recent macro uncertainty and memory spot price declines, we believe the company’s high earnings visibility provides a reasonable basis for maintaining an overweight view.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our Buy rating and target price of W1,540,000 on SK Hynix.In deriving our target price, we applied the average 2026F P/B of global pure memory peers (Micron, Kioxia, and Nanya) to our 2026F BPS of W447,080.Despite recent macro uncertainty and memory spot price declines, we believe the company’s high earnings visibility provides a reasonable basis for maintaining an overweight view.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Hynix (000660 KS/Buy)From Rapid Growth to Sustained High Profitability

<ul><li>We maintain our target price of W1,540,000 for SK Hynix.</li><li>We raised our earnings estimates to reflect the uptrend in memory prices but left our target price unchanged, as it still implies sufficient upside from the current share price.</li><li>The stock’s 12-month forward P/E (2.9x) remains low in absolute terms, while P/B (1.7x) is in line with the historical average and undemanding relative to the company’s elevated ROE level.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our target price of W1,540,000 for SK Hynix.We raised our earnings estimates to reflect the uptrend in memory prices but left our target price unchanged, as it still implies sufficient upside from the current share price.The stock’s 12-month forward P/E (2.9x) remains low in absolute terms, while P/B (1.7x) is in line with the historical average and undemanding relative to the company’s elevated ROE level.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Hynix (000660 KS/Buy)Potential ADR Issuance Could Serve as a New Driver

<ul><li>HBM progress: SK Hynix dismissed concerns over potential quality issues with HBM4 or the possibility that shipments could be delayed to 3Q26, while confirming that there have been no changes to the launch schedule of its largest customer’s next-generation GPU or to the associated HBM4 supply timeline.</li><li>Regarding the possibility that the GPU could be released in two versions, the company indicated that nothing has been confirmed.</li><li>It also reaffirmed that its HBM supply agreement with the customer for 2026 volumes has already been finalized.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HBM progress: SK Hynix dismissed concerns over potential quality issues with HBM4 or the possibility that shipments could be delayed to 3Q26, while confirming that there have been no changes to the launch schedule of its largest customer’s next-generation GPU or to the associated HBM4 supply timeline.Regarding the possibility that the GPU could be released in two versions, the company indicated that nothing has been confirmed.It also reaffirmed that its HBM supply agreement with the customer for 2026 volumes has already been finalized.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Hynix (000660 KS/Buy)HBM Progress Remains on Track

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)