External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>HBM lead should continue to pay off; 1c DRAM transition likely landed softly</li><li>Switch to net cash position slated for the year; NAND getting increasingly competitive </li><li>Target price set at W280,000; Our Top semiconductor pick</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

HBM lead should continue to pay off; 1c DRAM transition likely landed softlySwitch to net cash position slated for the year; NAND getting increasingly competitive Target price set at W280,000; Our Top semiconductor pickContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SK Hynix (000660 KS May 21, 2025) - A Bigger Leap Ahead