Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

Semiconductor Memory Q324 Revenue Close To Historic Highs Even As Decoupling Intensifies

TSMC, UMC, Global Semi Monthly Sales: Small Acceleration

2025 High Conviction: AI Chip Spend Slows

SK Hynix (000660-KR): Positive Technical Analysis Signals

SK Hynix (000660 KS Oct 17, 2024) - HBM Effect Expected once More

SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

All Is Not Well in Tech Sector, AI Growth Slows, TSMC Expensive. Samsung, SK Hynix More Attractive.

Equity Bottom-Up

<ul>
<li>3Q results inline at Revenue and Operating levels. Net Income 13% above Consensus. SK Hynix doesn’t provide guidance but “indications”, pointing to KRW 20bn revenues in 4Q, close to consensus.</li>
<li>HBM capacity for 2025 is already sold out. Accelerating launch cadence: HBM3e 12Hi in 4Q24, HBM4 in 2H25. This should create a wider gap with competitors Micron and Samsung.</li>
<li>The stock is very cheap and very compelling, trading at 5.3x 2025 EPS and 1.6x book value for 30% ROE. Very cheap considering HBM visibility and leadership. </li>
</ul>


3Q results inline at Revenue and Operating levels. Net Income 13% above Consensus. SK Hynix doesn’t provide guidance but “indications”, pointing to KRW 20bn revenues in 4Q, close to consensus.
HBM capacity for 2025 is already sold out. Accelerating launch cadence: HBM3e 12Hi in 4Q24, HBM4 in 2H25. This should create a wider gap with competitors Micron and Samsung.
The stock is very cheap and very compelling, trading at 5.3x 2025 EPS and 1.6x book value for 30% ROE. Very cheap considering HBM visibility and leadership. 


SKハイニックス2024年第3四半期は予想通り、第4四半期はコンセンサスに近い、HBMの視認性は非常に高く、株価は非常に安い