Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<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> (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.</li>
<li>SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Apparently, on news of this new Huawei chip in WSJ, Nvidia’s stock decline -2% yesterday. That’s strange – not new news, the real issue is new US export license requirements.</li>
<li>Nvidia’s problem is not Huawei, but US restrictions on selling GPU to China. Nvidia announced writing off US$5.5bn on 9 April 2025 (for H20). AMD estimates US$800m (for MI308).</li>
<li>Assume that Nvidia and AMD will not sell any AI chips to China. Same for HBM memory.</li>
</ul>


Apparently, on news of this new Huawei chip in WSJ, Nvidia’s stock decline -2% yesterday. That’s strange – not new news, the real issue is new US export license requirements.
Nvidia’s problem is not Huawei, but US restrictions on selling GPU to China. Nvidia announced writing off US$5.5bn on 9 April 2025 (for H20). AMD estimates US$800m (for MI308).
Assume that Nvidia and AMD will not sell any AI chips to China. Same for HBM memory.


Is Huawei New AI Chip Is Bad for Nvidia? New US Export Licensing Is the Real Issue (Part 2)

<ul>
<li>SK hynix derived ~25-30% of revenues from AI in 2024 (HBM, LP-DDR, eSSD). AI revenues will double in 2025. SK hynix’s lead, both roadmap, manufacturing, qualifications extends to 2026.</li>
<li>AI high growth also allows SK hynix to lower its exposure to commodity PC, Mobile, consumer segments. Hence, margins likely continue to increase in 2025-26.</li>
<li>Sk hynix’s lead over Samsung is sustainable for at least 2025-26.  AI-related ASP / margins aren’t cyclical, unlike commodity memory. The stock trades at a miserable 6x 2025 EPS.</li>
</ul>


SK hynix derived ~25-30% of revenues from AI in 2024 (HBM, LP-DDR, eSSD). AI revenues will double in 2025. SK hynix’s lead, both roadmap, manufacturing, qualifications extends to 2026.
AI high growth also allows SK hynix to lower its exposure to commodity PC, Mobile, consumer segments. Hence, margins likely continue to increase in 2025-26.
Sk hynix’s lead over Samsung is sustainable for at least 2025-26.  AI-related ASP / margins aren’t cyclical, unlike commodity memory. The stock trades at a miserable 6x 2025 EPS.


SK Hynix Will Derive ~50% of Revenues from AI in 2025. Why Is the Stock Trading at 6x 2025 EPS?

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul>
<li>Nvidia CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.</li>
<li>While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.</li>
<li>I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.</li>
</ul>


Nvidia CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.
While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.
I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.


The Data Center is the New Compute Unit: Nvidia's Vision for System-Level Scaling

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Earlier expectation on Micron will have rooms to raise becoming a reality, largely driven by over 30% q/q NAND bit price jump for storage business in 1Q24.</li>
<li>10ppts stronger 2Q24 sales guidance and 3-6ppts higher gross margin guidance are driving free cash flow improvement.</li>
<li>AI server, PC, and smartphone driving DRAM bit demand and HBM3e/HBM4 and 1-gamma EUV DRAM slowing bit supply growth both are positive except MOI remains 15% above 5 years average. </li>
</ul>


Earlier expectation on Micron will have rooms to raise becoming a reality, largely driven by over 30% q/q NAND bit price jump for storage business in 1Q24.
10ppts stronger 2Q24 sales guidance and 3-6ppts higher gross margin guidance are driving free cash flow improvement.
AI server, PC, and smartphone driving DRAM bit demand and HBM3e/HBM4 and 1-gamma EUV DRAM slowing bit supply growth both are positive except MOI remains 15% above 5 years average. 


The First Semi-Micron to Guide 2Q24; All Good News Except MOI

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. In this note, we have a look at the...

Sumeet Singh

Is Huawei New AI Chip Is Bad for Nvidia? New US Export Licensing Is the Real Issue (Part 2)

News of Huawei chip impacts Nvidia stock, but real issue is US export restrictions on selling GPUs to China. Nvidia and AMD facing significant...

Nicolas Baratte

SK Hynix Will Derive ~50% of Revenues from AI in 2025. Why Is the Stock Trading at 6x 2025 EPS?

SK hynix's AI revenues set to double in 2025, leading in roadmap and manufacturing, with sustainable lead over Samsung and potential for increased...

Nicolas Baratte

The Data Center is the New Compute Unit: Nvidia's Vision for System-Level Scaling

Copper, Cooling, and Compute Density: The Pillars of Nvidia's Data Center Vision. Nvidia CEO Jensen Huang has repeatedly emphasized that the data...

Fabricated Knowledge

The First Semi-Micron to Guide 2Q24; All Good News Except MOI

The First Semi-Micron to Guide 2Q24; All Good News Except MOI; AI server, PC, and smartphone driving DRAM bit demand and HBM3e/HBM4 and 1-gamma EUV...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. In this note, we have a look at the...

Sumeet Singh

Is Huawei New AI Chip Is Bad for Nvidia? New US Export Licensing Is the Real Issue (Part 2)

​News of Huawei chip impacts Nvidia stock, but real issue is US export restrictions on selling GPUs to China. Nvidia and AMD facing significant...

Nicolas Baratte

SK Hynix Will Derive ~50% of Revenues from AI in 2025. Why Is the Stock Trading at 6x 2025 EPS?

​SK hynix's AI revenues set to double in 2025, leading in roadmap and manufacturing, with sustainable lead over Samsung and potential for increased...

Nicolas Baratte

The Data Center is the New Compute Unit: Nvidia's Vision for System-Level Scaling

Copper, Cooling, and Compute Density: The Pillars of Nvidia's Data Center Vision. Nvidia CEO Jensen Huang has repeatedly emphasized that the data...

Fabricated Knowledge

The First Semi-Micron to Guide 2Q24; All Good News Except MOI

The First Semi-Micron to Guide 2Q24; All Good News Except MOI; AI server, PC, and smartphone driving DRAM bit demand and HBM3e/HBM4 and 1-gamma EUV...

Andrew Lu

News of Huawei chip impacts Nvidia stock, but real issue is US export restrictions on selling GPUs to China. Nvidia and AMD facing significant...

SK hynix's AI revenues set to double in 2025, leading in roadmap and manufacturing, with sustainable lead over Samsung and potential for increased...