SK Hynix Seen Benefiting From Prolonged Memory Upcycle, RBC Says

MT Newswires Live10-26 22:57

SK Hynix (SKHY) is positioned to benefit from a prolonged memory upcycle, with artificial intelligence demand continuing to outpace supply and high-bandwidth memory price increases expected to support average selling prices, RBC Capital said in a note Sunday.

RBC expects SK Hynix to slightly beat Q3 consensus, forecasting revenue of 101.2 trillion won and adjusted earnings per ADR of 8,917 South Korean won ($6.72). Pricing strength is expected to offset currency headwinds, with DRAM contracts prices rising 20% sequentially in Q3 and potentially another 15% in Q4.

RBC sees the DRAM upcycle extending another five quarters beyond its current 14th quarter, with supply constraints expected to persist through 2027. HBM prices could rise 80% to 100% in 2027, supporting overall DRAM average selling prices, according to the note.

The analysts expect SK Hynix to retain its HBM leadership through manufacturing yields and execution, while strong free cash flow could support further buybacks or a special dividend following its 40 trillion won share repurchase program. Management is expected to reaffirm its positive outlook on industry fundamentals.

RBC reiterated its outperform rating on the stock with a $200 price target.

Shares of SK Hynix rose more than 2% in Monday trading.

Price: 140.15, Change: +3.13, Percent Change: +2.28

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