Independent equity research
Is SK hynix Inc. (000660) a Buy, Hold or Sell?
SK hynix Inc. — our independent, AI-built valuation and rating, in brief.
HOLD (trim into strength)
12-mo fair value
₩1,670,000
To fair value
−8%
By · report dated 2026-08-21 · fair value derived independently of the market price.
The thesis, in brief
SK hynix's 76% operating margin is a DRAM price spike, not a new plateau: at 4.9x 2026E earnings the market already capitalises a permanent ~51% through-cycle operating margin, so the stock only works from here if 2028 revenue holds above 500 trillion won
How we value it
We value SK hynix Inc. using 10-yr DCF on unlevered owner FCF, WACC 12.3%, g 2.0%; peer and mid-cycle cross-checks. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full SK hynix Inc. report
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