Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>Profit targets presented in our previous/latest <a href="https://www.smartkarma.com/insights/sk-hynix-000660-ks-uptrend-resuming-tactical-entry-long-term" target="_blank" rel="noopener">insight</a> on <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> were updated last Friday and are presented here, they override any previous profit target presented.</li>
<li>The stock started a strong rally this week, it may continue for 3 weeks, including this week.</li>
<li>The rally could reach 2,000,000 on the third week, but there is a barrier after 2,100,000 so we do not expect this rally to go higher. </li>
</ul>


Profit targets presented in our previous/latest insight on SK Hynix (000660 KS) were updated last Friday and are presented here, they override any previous profit target presented.
The stock started a strong rally this week, it may continue for 3 weeks, including this week.
The rally could reach 2,000,000 on the third week, but there is a barrier after 2,100,000 so we do not expect this rally to go higher. 


SK Hynix (000660 KS) Profit Targets - Tactical UPDATE

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 raise our target price for SK Hynix by 10.7% to W3,100,000 (from W2,800,000).</li><li>While we revised up our DRAM ASP assumptions by 4.4%p for 2026 and 1.2%p for 2027, we trimmed our operating profit forecasts by 4.8% and 5.6%, respectively, reflecting a stronger won (USD/KRW rate assumption lowered from 1,553 to 1,400).</li><li>Meanwhile, with the current quarter entering its final month, our 12-month forward valuation now incorporates earnings through 3Q27 (vs. 2Q27 previously). </li></ul><p><em>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.</em></p>

We raise our target price for SK Hynix by 10.7% to W3,100,000 (from W2,800,000).While we revised up our DRAM ASP assumptions by 4.4%p for 2026 and 1.2%p for 2027, we trimmed our operating profit forecasts by 4.8% and 5.6%, respectively, reflecting a stronger won (USD/KRW rate assumption lowered from 1,553 to 1,400).Meanwhile, with the current quarter entering its final month, our 12-month forward valuation now incorporates earnings through 3Q27 (vs. 2Q27 previously). 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 Customer Diversification Gains Momentum

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>SK Hynix announced a major treasury shares repurchase and cancellation of about 40 trillion won ($29 billion), representing about 3.3% of outstanding shares. </li>
<li>SK Hynix plans to return more than 50% of the cumulative free cash flow (FCF) generated during 2025-2027E to shareholders.</li>
<li>In terms of trading implications in the next several weeks, this could positively boost SK Hynix's share price back to about 2,200,000 won level (about 40-50% upside).</li>
</ul>


SK Hynix announced a major treasury shares repurchase and cancellation of about 40 trillion won ($29 billion), representing about 3.3% of outstanding shares. 
SK Hynix plans to return more than 50% of the cumulative free cash flow (FCF) generated during 2025-2027E to shareholders.
In terms of trading implications in the next several weeks, this could positively boost SK Hynix's share price back to about 2,200,000 won level (about 40-50% upside).


SK Hynix's 40 Trillion Won Share Buyback and Cancellation - Trading Implications

Equity Capital Markets

<ul>
<li>In the past few weeks, there have been increased market chatters about the potential IPO of Solidigm, a U.S. subsidiary of SK Hynix (000660 KS).</li>
<li>I would put a 70-80% probability that SK Hynix CANCELS Solidigm IPO. I also think market is increasingly thinking that SK Hynix is not going to proceed with this IPO. </li>
<li>What makes this decision so challenging for SK Hynix's management team is the pressure from potential pre-IPO investors in Solidigm that may demand an IPO soon. </li>
</ul>


In the past few weeks, there have been increased market chatters about the potential IPO of Solidigm, a U.S. subsidiary of SK Hynix (000660 KS).
I would put a 70-80% probability that SK Hynix CANCELS Solidigm IPO. I also think market is increasingly thinking that SK Hynix is not going to proceed with this IPO. 
What makes this decision so challenging for SK Hynix's management team is the pressure from potential pre-IPO investors in Solidigm that may demand an IPO soon. 


Increasing Probability of Calling Off the Solidigm IPO on NASDAQ?

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> gained 6.5% in September MTD, lifting the 2x Leveraged Index 12.3% and combined ETF AUM 14% to KRW 4.36tn.</li>
<li>The AUM rebound was driven primarily by performance: KODEX units rose just 1%, TIGER was broadly unchanged and the five smaller products recorded reductions.</li>
<li>Daily creations, redemptions and value traded remain subdued after collapsing at the end of July, coinciding with regulatory measures aimed at curbing retail activity in leveraged ETFs.</li>
</ul>



SK Hynix (000660 KS) gained 6.5% in September MTD, lifting the 2x Leveraged Index 12.3% and combined ETF AUM 14% to KRW 4.36tn.
The AUM rebound was driven primarily by performance: KODEX units rose just 1%, TIGER was broadly unchanged and the five smaller products recorded reductions.
Daily creations, redemptions and value traded remain subdued after collapsing at the end of July, coinciding with regulatory measures aimed at curbing retail activity in leveraged ETFs.


SK Hynix (000660 KS): 2x Leveraged ETFs Rebound, but Retail Activity Stays Subdued (9 Sep 2026)

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SK Hynix (000660 KS)