Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Deep Fundamental Analysis

[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

Fabless, Until Capacity Has to Be Financed

Why More ABF Capacity May Still Not Be Enough

Micron Technology (MU US) - A Forensic Read on Its Accounts, Audited for Proof

CXMT’s $8.6B Memory Clock: GigaDevice, Korea and China’s Fourth DRAM Bet

KOPSI's ROLLERCOASTER: Is Korea Uninvestable?

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Thematic (Sector/Industry)

United states Semiconductors and semiconductor equipment / Thematic (Sector/Industry)

<ul>
<li>SK Hynix’s 118% net margin is optical noise. The core 76% operating margin reflects true pricing power, but deferred high-value shipments push the execution burden entirely into H2.</li>
<li>Samsung’s 52.2% operating margin is flattered by deferred costs, creating an H2 headwind. However, exploding cash flows are aggressively funding capex, successfully closing the HBM4 qualification gap.</li>
<li>
<strong>Big-Three:</strong> Micron’s print confirms broad pricing strength, but SK Hynix captures the super-normal HBM profits. Despite record operating leverage, the entire sector remains compressed at single-digit forward P/E multiples.</li>
</ul>


SK Hynix’s 118% net margin is optical noise. The core 76% operating margin reflects true pricing power, but deferred high-value shipments push the execution burden entirely into H2.
Samsung’s 52.2% operating margin is flattered by deferred costs, creating an H2 headwind. However, exploding cash flows are aggressively funding capex, successfully closing the HBM4 qualification gap.

Big-Three: Micron’s print confirms broad pricing strength, but SK Hynix captures the super-normal HBM profits. Despite record operating leverage, the entire sector remains compressed at single-digit forward P/E multiples.


[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints