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 of W3,100,000 for SK Hynix and recommend increasing exposure.</li><li>We raise our 3Q26 operating profit estimate to W77tr (from W73tr).</li><li>With production ramping up at M15X and the transition to advanced DRAM process nodes accelerating, we expect DRAM bit shipments to expand further QoQ in 4Q26. </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 W3,100,000 for SK Hynix and recommend increasing exposure.We raise our 3Q26 operating profit estimate to W77tr (from W73tr).With production ramping up at M15X and the transition to advanced DRAM process nodes accelerating, we expect DRAM bit shipments to expand further QoQ in 4Q26. 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)Looking past Lingering Concerns

<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>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 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

<ul><li>Growth outlook remains intactMaintain Buy and TP of W2,800,000 We maintain our Buy rating on SK Hynix with a target price of W2,800,000</li><li>Despite solid industry conditions, the stock has pulled back sharply relative to its fundamentals amid heightened macro uncertainty</li><li>At the current share price, 12-month forward P/B and P/E stand at only 2</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.

Growth outlook remains intactMaintain Buy and TP of W2,800,000 We maintain our Buy rating on SK Hynix with a target price of W2,800,000Despite solid industry conditions, the stock has pulled back sharply relative to its fundamentals amid heightened macro uncertaintyAt the current share price, 12-month forward P/B and P/E stand at only 2Content 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)Growth outlook remains intact

<ul><li>Multiple uncertainties clearing at onceStrong earnings momentum to continue amid robust DRAM conditions We maintain our Buy rating on SK Hynix with a target price of W2,800,000</li><li>Recent updates from the company’s customers and competitors point to an increasingly favorable environment for both its operations and valuation</li><li>The stock is currently trading at a 12-month forward P/B of 2</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.

Multiple uncertainties clearing at onceStrong earnings momentum to continue amid robust DRAM conditions We maintain our Buy rating on SK Hynix with a target price of W2,800,000Recent updates from the company’s customers and competitors point to an increasingly favorable environment for both its operations and valuationThe stock is currently trading at a 12-month forward P/B of 2Content 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)Multiple Uncertainties Clearing at Once

<ul><li>We maintain our Buy rating on SK Hynix with a target price of W2,800,000, implying nearly 100% upside.</li><li>The stock has fallen 51% from its peak amid profit-taking and unfavorable market flows.</li><li>Given the company’s strong operating conditions and the solid industry outlook, the correction looks overdone. </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 with a target price of W2,800,000, implying nearly 100% upside.The stock has fallen 51% from its peak amid profit-taking and unfavorable market flows.Given the company’s strong operating conditions and the solid industry outlook, the correction looks overdone. 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)A Series of Landmark Achievements

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)