Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>SK Hynix reported Q325 revenues of ₩34.45 trillion, up +10% QoQ and up 39% YoY representing an all time quarterly revenue record</li>
<li>Now given the customers demand and the company’s capacity for next year not only HBM but DRAM and NAND capacity has essentially been sold out.</li>
<li>DRAM margin could rise closer to HBM but the company does not plan to immediately adjust the capacity mix based on what can be a short-lived change in profitability</li>
</ul>


SK Hynix reported Q325 revenues of ₩34.45 trillion, up +10% QoQ and up 39% YoY representing an all time quarterly revenue record
Now given the customers demand and the company’s capacity for next year not only HBM but DRAM and NAND capacity has essentially been sold out.
DRAM margin could rise closer to HBM but the company does not plan to immediately adjust the capacity mix based on what can be a short-lived change in profitability


SK Hynix Q325. HBM, DRAM, NAND All Sold Out Through 2026

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Nanya Tech 3Q25: Rebounds to Profit Thanks to DDR4 Price Surge Windfall... But Underlying Structural Drivers Remain Unsteady</li>
<li>The World's DDR4 Shortage to Extends Pricing Spike Through 4Q25</li>
<li>Nanya Technology vs SK Hynix -- We Expect Relative Strength Ahead for SK Hynix Over Nanya Tech</li>
</ul>


Nanya Tech 3Q25: Rebounds to Profit Thanks to DDR4 Price Surge Windfall... But Underlying Structural Drivers Remain Unsteady
The World's DDR4 Shortage to Extends Pricing Spike Through 4Q25
Nanya Technology vs SK Hynix -- We Expect Relative Strength Ahead for SK Hynix Over Nanya Tech


Memory Monitor: Nanya Tech Indicates DRAM Price Spike to Persist Longer; SK Hynix Relative Trade

Technology / Semiconductor / Internet Research

Nicolas Baratte

<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?

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix</li>
<li>UST yields declined 3-6 bps yesterday, on the back of the weak ADP employment and initial jobless claims data, despite improvement in the ISM services index. The yield on the 2Y UST fell 3 bps to 3.59%, while the 10Y UST was down 6 bps at 4.16%. Equities rallied on the prospect of impending Fed rate cuts.</li>
<li>The S&amp;P 500 rose 0.8% to a new record high of 6,502, while Nasdaq climbed 1.0% to 21,708. The market focus for today should be on the US August nonfarm payrolls.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix
UST yields declined 3-6 bps yesterday, on the back of the weak ADP employment and initial jobless claims data, despite improvement in the ISM services index. The yield on the 2Y UST fell 3 bps to 3.59%, while the 10Y UST was down 6 bps at 4.16%. Equities rallied on the prospect of impending Fed rate cuts.
The S&amp;P 500 rose 0.8% to a new record high of 6,502, while Nasdaq climbed 1.0% to 21,708. The market focus for today should be on the US August nonfarm payrolls.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix</li>
<li>UST yields declined yesterday, as the market firmed up rate-cut expectations following the weak July JOLTS data. The UST curve bullflattened, with the yield on the 2Y UST declining 2 bps to 3.62% and the yield on the 10Y UST down 4 bps at 4.22%. Equities recovered from Tuesday's decline, with the S&amp;P 500 and Nasdaq up 0.5% and 1.0%, respectively.</li>
<li>Fed Governor Chris Waller said that the Fed needs to start cutting rates at the next meeting. Mr Waller added that the Fed may cut rates by 100-150 bps to get towards the neutral rate, albeit "how fast we get there is going to depend on the data that comes in".</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix
UST yields declined yesterday, as the market firmed up rate-cut expectations following the weak July JOLTS data. The UST curve bullflattened, with the yield on the 2Y UST declining 2 bps to 3.62% and the yield on the 10Y UST down 4 bps at 4.22%. Equities recovered from Tuesday's decline, with the S&amp;P 500 and Nasdaq up 0.5% and 1.0%, respectively.
Fed Governor Chris Waller said that the Fed needs to start cutting rates at the next meeting. Mr Waller added that the Fed may cut rates by 100-150 bps to get towards the neutral rate, albeit "how fast we get there is going to depend on the data that comes in".


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)

SK Hynix Q325. HBM, DRAM, NAND All Sold Out Through 2026

DRAM margin could rise closer to HBM but the company does not plan to immediately adjust the capacity mix based on what can be a short-lived change...

William Keating

Memory Monitor: Nanya Tech Indicates DRAM Price Spike to Persist Longer; SK Hynix Relative Trade

Nanya Tech profits from DDR4 price surge in 3Q25, but faces structural challenges; DDR4 shortage to drive pricing spike through 4Q25; SK Hynix...

Vincent Fernando, CFA

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

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix UST yields declined 3-6 bps...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix UST yields declined yesterday, as...

Lucror Analytics

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SK Hynix Q325. HBM, DRAM, NAND All Sold Out Through 2026

DRAM margin could rise closer to HBM but the company does not plan to immediately adjust the capacity mix based on what can be a short-lived change...

William Keating

Memory Monitor: Nanya Tech Indicates DRAM Price Spike to Persist Longer; SK Hynix Relative Trade

​Nanya Tech profits from DDR4 price surge in 3Q25, but faces structural challenges; DDR4 shortage to drive pricing spike through 4Q25; SK Hynix...

Vincent Fernando, CFA

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

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix UST yields declined 3-6 bps...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: SK Hynix UST yields declined yesterday, as...

Lucror Analytics

Nanya Tech profits from DDR4 price surge in 3Q25, but faces structural challenges; DDR4 shortage to drive pricing spike through 4Q25; SK Hynix...

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