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000660.KRX
SK Hynix
Information Technology Β· Semiconductors

South Korean semiconductor supplier and large memory chip maker specializing in DRAM and NAND flash memory.

HQ: South KoreaListed: South Korea

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Compare independent AI Advisor forecasts, ratings, scenarios, risks, configurations, sources, and step-by-step prediction paths for SK Hynix.

SK Hynix Inc (000660.KRX) AI OPINIONS & ADVISOR ANALYSIS

Read and compare the 14 individual AI Advisor deep-dive reports, including their forecast paths, ratings, price targets, and reasoning.

Updated on 18 September 2026Deep analysis 20 September 2026

PublisherRusslan Ramdowar
25 min readAudit All Past Forecasts

1. Investment Thesis β€” Base Case

The central tension is a company earning like a monopolist while priced like a commodity producer, and both sides of that trade are partly right. Contracted leadership carries earnings through 2027; the KRW 54T of new fab capacity that funds the boom also builds the depreciation base that deepens the 2028-2029 correction. The base case therefore is not a straight line but a further advance into late 2027, a meaningful de-rating through 2028, then recovery on the next AI platform cycle β€” with the share count shrinking and net cash compounding throughout.

  • Annualised Q2 operating profit near KRW 242T implies normalised around KRW 265,000, roughly seven times.
  • A 2031 price near KRW 2.6m assumes about eight times mid-cycle of KRW 330,000.
  • Cumulative through 2028 plausibly exceeds KRW 300T against a KRW 1,354T market capitalisation [1].

Historical prices and published forecast

Historical prices and published forecastObserved prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in KRW.-180.98K586.97K1.35M2.12M2.89MSep 2021Mar 2024Sep 2026Mar 2029Sep 2031Forecast starts
  • Observed price
  • Published advisor forecast
Observed prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in KRW.
View chart values
Historical prices and published forecast β€” published chart values
SeriesDateValue (KRW)
Observed price2021-09-17104,214
Observed price2021-09-21105,071
Observed price2021-10-0795,250
Observed price2021-10-1192,800
Observed price2021-10-31105,250
Observed price2021-11-04106,000
Observed price2021-11-24119,500
Observed price2021-11-28114,750
Observed price2021-12-18122,250
Observed price2021-12-30131,000
Observed price2022-01-07124,875
Observed price2022-01-15128,000
Observed price2022-01-27119,000
Observed price2022-02-12131,000
Observed price2022-02-24122,500
Observed price2022-03-04126,625
Observed price2022-03-16116,500
Observed price2022-03-28118,000
Observed price2022-04-17110,250
Observed price2022-04-21113,000
Observed price2022-04-25108,000
Observed price2022-05-19113,000
Observed price2022-05-27104,000
Observed price2022-06-08104,750
Observed price2022-06-2491,400
Observed price2022-07-0288,750
Observed price2022-07-22101,875
Observed price2022-07-26100,000
Observed price2022-08-1192,550
Observed price2022-08-1996,400
Observed price2022-09-0890,400
Observed price2022-09-1292,133
Observed price2022-09-2881,200
Observed price2022-10-0690,500
Observed price2022-10-1895,800
Observed price2022-11-0382,700
Observed price2022-11-1193,500
Observed price2022-11-2385,200
Observed price2022-12-0581,000
Observed price2022-12-2975,000
Observed price2023-01-0682,550
Observed price2023-01-1885,750
Observed price2023-01-2691,450
Observed price2023-02-1193,475
Observed price2023-02-2390,050
Observed price2023-02-2789,800
Observed price2023-03-1579,100
Observed price2023-04-0484,500
Observed price2023-04-1290,300
Observed price2023-04-2487,200
Observed price2023-05-0289,740
Observed price2023-05-1086,900
Observed price2023-05-26109,200
Observed price2023-06-07108,000
Observed price2023-06-15119,000
Observed price2023-07-09112,600
Observed price2023-07-17117,200
Observed price2023-07-25113,400
Observed price2023-07-29123,700
Observed price2023-08-14114,900
Observed price2023-08-30120,200
Observed price2023-09-15121,400
Observed price2023-09-27115,050
Observed price2023-10-01115,250
Observed price2023-10-17130,000
Observed price2023-10-29117,700
Observed price2023-11-06133,000
Observed price2023-11-30133,900
Observed price2023-12-08127,500
Observed price2023-12-12131,000
Observed price2024-01-01142,067
Observed price2024-01-13133,600
Observed price2024-01-21141,000
Observed price2024-02-02132,600
Observed price2024-02-18150,650
Observed price2024-02-22155,200
Observed price2024-03-05165,800
Observed price2024-03-17160,700
Observed price2024-04-02186,300
Observed price2024-04-14188,250
Observed price2024-04-22171,575
Observed price2024-05-04176,000
Observed price2024-05-24198,600
Observed price2024-06-05193,700
Observed price2024-06-17231,125
Observed price2024-06-25230,000
Observed price2024-07-11236,000
Observed price2024-07-15233,000
Observed price2024-08-04165,400
Observed price2024-08-08170,400
Observed price2024-08-20199,700
Observed price2024-09-01171,000
Observed price2024-09-09157,000
Observed price2024-09-25172,200
Observed price2024-10-15192,900
Observed price2024-10-31186,300
Observed price2024-11-08200,500
Observed price2024-11-12185,800
Observed price2024-12-02158,800
Observed price2024-12-06167,100
Observed price2024-12-18183,500
Observed price2024-12-30172,850
Observed price2025-01-19211,500
Observed price2025-01-23223,250
Observed price2025-02-04194,850
Observed price2025-02-20214,000
Observed price2025-03-04186,100
Observed price2025-03-24211,500
Observed price2025-04-01197,000
Observed price2025-04-09165,000
Observed price2025-04-25184,400
Observed price2025-04-29180,800
Observed price2025-05-15205,250
Observed price2025-05-23198,425
Observed price2025-06-12237,750
Observed price2025-06-16245,625
Observed price2025-06-28284,375
Observed price2025-07-14297,500
Observed price2025-07-26265,125
Observed price2025-08-15273,800
Observed price2025-08-23252,250
Observed price2025-08-27260,000
Observed price2025-09-16348,000
Observed price2025-09-28342,000
Observed price2025-10-10409,682
Observed price2025-10-14418,750
Observed price2025-11-03579,250
Observed price2025-11-11611,500
Observed price2025-11-23532,750
Observed price2025-12-09582,000
Observed price2025-12-17541,000
Observed price2025-12-25598,400
Observed price2026-01-10752,500
Observed price2026-01-26736,000
Observed price2026-01-30909,000
Observed price2026-02-11860,000
Observed price2026-02-27987,800
Observed price2026-03-07888,500
Observed price2026-03-191,000,000
Observed price2026-03-31807,000
Observed price2026-04-201,000,000
Observed price2026-05-141,000,000
Observed price2026-06-071,000,000
Observed price2026-07-011,000,000
Observed price2026-07-051,000,000
Observed price2026-07-092,186,000
Observed price2026-07-291,401,000
Observed price2026-08-181,662,000
Observed price2026-09-031,596,000
Observed price2026-09-111,812,000
Observed price2026-09-151,690,000
Observed price2026-09-211,868,000
Observed price2026-09-231,862,000
Published advisor forecast2026-09-181,857,000
Published advisor forecast2026-12-181,986,990
Published advisor forecast2027-03-182,145,949
Published advisor forecast2027-06-182,274,706
Published advisor forecast2027-09-182,206,465
Published advisor forecast2027-12-182,294,724
Published advisor forecast2028-03-182,065,251
Published advisor forecast2028-06-181,817,421
Published advisor forecast2028-09-181,672,027
Published advisor forecast2028-12-181,621,867
Published advisor forecast2029-03-181,702,960
Published advisor forecast2029-06-181,805,137
Published advisor forecast2029-09-181,931,497
Published advisor forecast2029-12-182,047,387
Published advisor forecast2030-03-182,190,704
Published advisor forecast2030-06-182,322,146
Published advisor forecast2030-09-182,438,254
Published advisor forecast2030-12-182,535,784
Published advisor forecast2031-03-182,459,710
Published advisor forecast2031-06-182,558,099
Published advisor forecast2031-09-182,634,842

2. Scenarios & Signals

Bull case

The bull case activates the day 2028 contracts price flat or higher. Contracted, customer-specific memory would stop behaving like a commodity, and the market would capitalise earnings at ten to twelve times instead of seven. Cancellations of over three percent of shares annually then compound the effect, while net cash funds fabs without . Add a Korean governance re-rating and the shares could double from here without any increase in peak earnings.

Bear case

The bear case ignites when guidance flattens and Samsung qualifies in the same window. Buyers convert scarcity into an auction, conventional DRAM breaks first, and the Y2 and M17 depreciation loads exactly as ASPs fall β€” margins retrace from 76% toward twenty percent. Earnings collapse faster than the multiple expands, the buyback ends, and the widens. A fifty percent drawdown from the 2027 peak becomes the reasonable expectation.

Current crowd narrative

The tell is unanimity: 37 buy ratings, zero sells, an average target of KRW 3,184,025 against a price of KRW 1,857,000 [1]. The crowd treats scarcity as a multi-year annuity yet refuses to pay more than roughly seven times earnings for it. That contradiction is the anchoring bias β€” everyone believes the story, nobody will capitalise it, because 'memory is cyclical' is the settled prior.

Alpha-gap assessment

The crowd modestly underestimates these shares, but the discount is only half undeserved. The overlooked evidence is balance-sheet: net cash reached KRW 69.4T at end-Q2 2026 [11], against a 2023 trough with negative operating income and debt-to-equity of 0.41. A company that now self-funds KRW 54T of fabs and KRW 40T of cancellations from operations cannot trough the way it did before. The pricing consequence: the next down-leg should be a de-rating, not a solvency event.

Convergence catalyst

The late-October Q3 2026 release is the hinge: it must disclose the composition of the roughly KRW 33T non-operating gain and the additional shareholder return the board deferred [13]. Recurring operating earnings plus a credible return framework would be the first observable repricing signal.

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