Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Equity Bottom-Up

<ul>
<li>SK hynix announced their second-highest revenue and operating profit for the first quarter of 2025</li>
<li>Much of the company's performance is the result of its first-mover advantage and excellent execution in the HBM market</li>
<li>Two issues threaten the company: AI growth may stall, and tariff changes could interfere with the company's global supply chain</li>
</ul>


SK hynix announced their second-highest revenue and operating profit for the first quarter of 2025
Much of the company's performance is the result of its first-mover advantage and excellent execution in the HBM market
Two issues threaten the company: AI growth may stall, and tariff changes could interfere with the company's global supply chain


SK Hynix Earnings Highlights Strong AI Dependence and Tariff Concerns

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Same as last quarter: very strong AI / Server demand, capacity sold out for 12 months, HBM3E 12Hi becomes majority in 2Q25. HBM is the only driver. </li>
<li>Everything else remains weak. The conundrum remains: there is only 1 driver: AI / HBM. SK Hynix is the leading vendor, 12-18 months ahead of competitors. Is it sustainable? </li>
<li>The market thinks not sustainable and the stock is very cheap at 5x 2025 4x 2026 EPS. SK Hynix still trades like a cyclical stock – is it?</li>
</ul>


Same as last quarter: very strong AI / Server demand, capacity sold out for 12 months, HBM3E 12Hi becomes majority in 2Q25. HBM is the only driver. 
Everything else remains weak. The conundrum remains: there is only 1 driver: AI / HBM. SK Hynix is the leading vendor, 12-18 months ahead of competitors. Is it sustainable? 
The market thinks not sustainable and the stock is very cheap at 5x 2025 4x 2026 EPS. SK Hynix still trades like a cyclical stock – is it?


SK Hynix: Record-High Profits, the Stock Gets Cheaper.

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Dassault Systèmes CEO highlights European automaker struggles and growth readiness in US and Asia in January 2025.</li><li>SK Hynix achieves impressive 70% yield in HBM4 testing, signaling advancements in memory technology.</li><li>China's tungsten export controls cause market price fluctuations, disrupting global supply chains. Foxconn partners with Sonora in Mexico for innovative smart city project.</li></ul>

Dassault Systèmes CEO highlights European automaker struggles and growth readiness in US and Asia in January 2025.SK Hynix achieves impressive 70% yield in HBM4 testing, signaling advancements in memory technology.China's tungsten export controls cause market price fluctuations, disrupting global supply chains. Foxconn partners with Sonora in Mexico for innovative smart city project.

Tech Supply Chain Tracker (28-Feb-2025): Jan 2025 notebook shipment update

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 28th. The aggregated short interest was USD11.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 28th. The aggregated short interest was USD11.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.


KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

<ul>
<li>We analysed the earning revision of component stocks of MSCI South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.</li>
</ul>


We analysed the earning revision of component stocks of MSCI South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER, Samsung Elec (PREF), KIA, LG Chem, Naver, Korea Electric Power, Samsung Electronics Non Voting Pre, Kia, Orion.


MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

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 Earnings Highlights Strong AI Dependence and Tariff Concerns

SK hynix reported strong Q1 results driven by HBM market success. But the company faces challenges from a potential AI growth slowdown, and the...

Jim Handy

SK Hynix: Record-High Profits, the Stock Gets Cheaper.

Strong AI and server demand driving SK Hynix's success, but market questions sustainability of HBM as stock remains undervalued.

Nicolas Baratte

Tech Supply Chain Tracker (28-Feb-2025): Jan 2025 notebook shipment update

January 2025 notebook shipment update; Dassault Systèmes CEO comments on European automakers, SK Hynix achieves 70% yield in HBM4 testing, China's...

Tech Supply Chain Tracker

KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD...

Ke Yan, CFA, FRM

MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

We analyzed MSCI South Korea's consensus for Nov 2025 and highlighted changes of EPS in ORION (271560 KS), KEPCO (015760 KS), LG Energy Solution...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SK Hynix Earnings Highlights Strong AI Dependence and Tariff Concerns

​SK hynix reported strong Q1 results driven by HBM market success. But the company faces challenges from a potential AI growth slowdown, and the...

Jim Handy

SK Hynix: Record-High Profits, the Stock Gets Cheaper.

​Strong AI and server demand driving SK Hynix's success, but market questions sustainability of HBM as stock remains undervalued.

Nicolas Baratte

Tech Supply Chain Tracker (28-Feb-2025): Jan 2025 notebook shipment update

January 2025 notebook shipment update; Dassault Systèmes CEO comments on European automakers, SK Hynix achieves 70% yield in HBM4 testing, China's...

Tech Supply Chain Tracker

KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD...

Ke Yan, CFA, FRM

MSCI South Korea Index Earning Revision (Nov): ORION, KEPCO, LG Energy Solution, ECOPROBM, NAVER

We analyzed MSCI South Korea's consensus for Nov 2025 and highlighted changes of EPS in ORION (271560 KS), KEPCO (015760 KS), LG Energy Solution...

Ke Yan, CFA, FRM

SK hynix reported strong Q1 results driven by HBM market success. But the company faces challenges from a potential AI growth slowdown, and the...

Strong AI and server demand driving SK Hynix's success, but market questions sustainability of HBM as stock remains undervalued.