In today’s briefing:
- SK Hynix Will Derive ~50% of Revenues from AI in 2025. Why Is the Stock Trading at 6x 2025 EPS?
- StubWorld: T’Way Air (091810 KS) Takes Off As Key Shareholder Seeks Board Spill
- TXR Robotics IPO Preview
SK Hynix Will Derive ~50% of Revenues from AI in 2025. Why Is the Stock Trading at 6x 2025 EPS?
- 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.
StubWorld: T’Way Air (091810 KS) Takes Off As Key Shareholder Seeks Board Spill
- A double dose of stubs this week! T’Way Air (091810 KS)‘s second-largest shareholder is seeking to spill the board. T’way Air and T’Way Holdings (004870 KS) are up big time.
- Preceding my comments on the T’way Group are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
TXR Robotics IPO Preview
- TXR Robotics is getting ready to complete its IPO in KOSDAQ in March 2025. TXR Robotics is a robot and logistics automation company in Korea.
- The company plans to offer 3.075 million shares in the IPO. The IPO price range is from 11,500 won to 13,500 won.
- The bankers used PSR method to value TXR Robotics. The bankers used five companies including Yuil Robotics, Robotis, Neuromeka Co, Kornic Automation, and Hyundai Movex as comps.
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