Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>SK Hynix fell 31% from our initiation despite a record 76% Q2 operating margin. Six structural, Korea-specific forces drove the selloff; none touch the investment thesis.</li>
<li>Every pillar confirmed: Q2 OPM 76% (fifth consecutive record), ~10 LTAs signed, Nvidia US$500bn LOI secured, and CEO Kwak commits US$64bn to new capacity — calling shortage "through 2030."</li>
<li>BULLISH maintained; TP revised to ₩2,700,000 on 10× FY2027E EPS ₩270,000. The multiple cut — from 13× — reflects AI sustainability fears and Korea's volatility premium, not earnings deterioration.</li>
</ul>


SK Hynix fell 31% from our initiation despite a record 76% Q2 operating margin. Six structural, Korea-specific forces drove the selloff; none touch the investment thesis.
Every pillar confirmed: Q2 OPM 76% (fifth consecutive record), ~10 LTAs signed, Nvidia US$500bn LOI secured, and CEO Kwak commits US$64bn to new capacity — calling shortage "through 2030."
BULLISH maintained; TP revised to ₩2,700,000 on 10× FY2027E EPS ₩270,000. The multiple cut — from 13× — reflects AI sustainability fears and Korea's volatility premium, not earnings deterioration.


SK HYNIX (000660 KS / SKHY US): TP Revised to ₩2,700,000 | BULLISH Maintained | Thesis Intact

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

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

Hosin Global Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hosin-global-electronics" target="_blank" data-smartkarma-citation="entities:55327:1" rel="noopener">Hosin Global Electronics (HGE)</a>  is looking to raise at least US$500m in its upcoming Hong Kong IPO.</li>
<li>HOSIN Global Electronics is a leading independent memory product enterprise, ranking as the world’s fifth largest and China’s second largest by revenue in 2025, according to Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Hosin Global Electronics (HGE)  is looking to raise at least US$500m in its upcoming Hong Kong IPO.
HOSIN Global Electronics is a leading independent memory product enterprise, ranking as the world’s fifth largest and China’s second largest by revenue in 2025, according to Frost &amp; Sullivan (F&amp;S).
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Hosin Global Electronics Pre-IPO - Current Strong Earnings Growth Might Not Last

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)

HK/China Equity Long-Short

Osbert Tang, CFA

CCSH Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ccsh-corporation" target="_blank" data-smartkarma-citation="entities:58604:1" rel="noopener">CCSH Corporation (CCSH CH)</a> aims to raise Rmb33bn in its IPO in the A-share STAR market. The Shanghai Stock Exchange has accepted its application and started enquiries.</li>
<li>Its leadership position will ride on the encouraging industry outlook. It has the technological strength and a comprehensive product mix which fits well into China's tech self-reliance push.</li>
<li>While loss-making in FY23, it turned into a net profit of Rmb14.2bn in FY25. For 1Q26, net profit reached Rmb33.4bn, or 135% higher than FY25, highlighting its profitability. </li>
</ul>



CCSH Corporation (CCSH CH) aims to raise Rmb33bn in its IPO in the A-share STAR market. The Shanghai Stock Exchange has accepted its application and started enquiries.
Its leadership position will ride on the encouraging industry outlook. It has the technological strength and a comprehensive product mix which fits well into China's tech self-reliance push.
While loss-making in FY23, it turned into a net profit of Rmb14.2bn in FY25. For 1Q26, net profit reached Rmb33.4bn, or 135% higher than FY25, highlighting its profitability. 


CCSH Corporation (长江存储) Pre-IPO: Key Investment Thesis

South Korea

SK hynix Inc. provides products and services for the electronic components industries. 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 (SKHY US)

SK HYNIX (000660 KS / SKHY US): TP Revised to ₩2,700,000 | BULLISH Maintained | Thesis Intact

−31% drawdown on record 76% margins. Six technical forces, no fundamental damage. TP ₩2,430,000 (9× FY2027E). SMH inclusion in 8 days. Bullish.

Mo Aziz

SK Hynix (000660 KS) Profit Targets - Tactical UPDATE

Updating SK Hynix (000660 KS) current uptrend profit targets for the next 3-4 weeks. The stock could rally to 2,000,000 in 3 weeks, detailed...

Nico Rosti

Aequitas: Hosin Global Electronics Pre-IPO - Current Strong Earnings Growth Might Not Last

Hosin Global Electronics (HGE) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we look at the company's past...

Sumeet Singh

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

Combined AUM in 2x leveraged ETFs linked to SK hynix (000660 KS) rebounded 14% in September MTD, driven mainly by performance, while flows and...

Gaudenz Schneider

CCSH Corporation (长江存储) Pre-IPO: Key Investment Thesis

CCSH aims to raise Rmb33bn from an A-share IPO. Its key strengths are its leadership position, technological capability, extensive product...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)