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 Buy rating on SK Hynix and raise our target price by 12% to W1,540,000 (from W1,370,000).</li><li>We revised up our 2026 operating profit forecast by 25% to W185tr while leaving our target P/B unchanged.</li><li>Memory price momentum is proving stronger than previously expected, and we expect this strength to continue into 2H26. </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 on SK Hynix and raise our target price by 12% to W1,540,000 (from W1,370,000).We revised up our 2026 operating profit forecast by 25% to W185tr while leaving our target P/B unchanged.Memory price momentum is proving stronger than previously expected, and we expect this strength to continue into 2H26. 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)Poised to Deliver Industry-Leading Profitability

<ul><li>We maintain our Buy rating on SK Hynix and raise our target price by 43.3% to W1,370,000 (from W956,000).</li><li>We revised up our 2026 operating profit forecast by 4.6% to W148tr while also lifting our target P/B by 36.3% to 4.1x.</li><li>With memory price momentum proving stronger than previously expected, we increased our 2026 DRAM and NAND ASP growth estimates by +3.1%p and +3.8%p, 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 Buy rating on SK Hynix and raise our target price by 43.3% to W1,370,000 (from W956,000).We revised up our 2026 operating profit forecast by 4.6% to W148tr while also lifting our target P/B by 36.3% to 4.1x.With memory price momentum proving stronger than previously expected, we increased our 2026 DRAM and NAND ASP growth estimates by +3.1%p and +3.8%p, 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)Exceptionally High Earnings Visibility

<ul><li>We maintain our Buy rating on SK Hynix and raise our target price by 22.3% to W956,000 (from W782,000).</li><li>We lifted our 2026 operating profit estimate by 17.9% to W128tr while keeping our target P/B largely unchanged at 3x.</li><li>Given that our earnings forecasts do not yet fully reflect the ongoing uptrend in memory prices (leaving room for further upward revisions), we have opted not to make significant changes to our valuation framework for now (global peer average P/B: 3.9x).</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 on SK Hynix and raise our target price by 22.3% to W956,000 (from W782,000).We lifted our 2026 operating profit estimate by 17.9% to W128tr while keeping our target P/B largely unchanged at 3x.Given that our earnings forecasts do not yet fully reflect the ongoing uptrend in memory prices (leaving room for further upward revisions), we have opted not to make significant changes to our valuation framework for now (global peer average P/B: 3.9x).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)Fully Translating Price Strength into Earnings

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>2026 OP forecast at W100tn; growth to sustain on distinctly strong profitability</li><li>Enhanced efforts underway to improve shareholder returns and cycle volatility; room remains for valuation upside</li><li>We maintain BUY rating and raise TP to W840,000</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.

2026 OP forecast at W100tn; growth to sustain on distinctly strong profitabilityEnhanced efforts underway to improve shareholder returns and cycle volatility; room remains for valuation upsideWe maintain BUY rating and raise TP to W840,000Content 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 Jan 2, 2026) - HBM a Lucrative Driver

<ul><li>We raise our target price for SK Hynix by 30.7% to W680,000 (from W520,000).</li><li>We revised up our 2026 operating profit estimate by 4.5% to W62.6tr and our target P/B by 16% to 2.9x.</li><li>Notably, reflecting the strong upward trend in memory contract prices, we have lifted our 4Q25 DRAM and NAND ASP growth assumptions by 4.1%p and 6.9%p, 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 raise our target price for SK Hynix by 30.7% to W680,000 (from W520,000).We revised up our 2026 operating profit estimate by 4.5% to W62.6tr and our target P/B by 16% to 2.9x.Notably, reflecting the strong upward trend in memory contract prices, we have lifted our 4Q25 DRAM and NAND ASP growth assumptions by 4.1%p and 6.9%p, 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)Capacity Fully Booked

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)