Corporate Logo(source: skhynix.com)
Kiwoom Securities has raised concerns that SK Hynix’s (000660) dominant position in the high-bandwidth memory (HBM) market may face increasing pressure in the second half of the year. The firm did not provide an investment rating or a target price.
In a report released on July 7, Kiwoom projected that SK Hynix’s second-quarter revenue would grow 20% quarter-on-quarter to 21.1 trillion won, with operating profit increasing 22% to 9.1 trillion won—both figures exceeding earlier market expectations.
Analyst Yuak Park attributed the strong performance to better-than-expected shipments of HBM and NAND products. He estimated that DRAM revenue would rise 21% from the previous quarter to 17 trillion won, with operating profit from the DRAM segment climbing 29% to 9.7 trillion won. In the third quarter, DRAM operating profit is projected to surpass 10 trillion won for the first time.
However, Park cautioned that concerns over SK Hynix’s exclusive hold on the HBM market are likely to intensify in the latter half of the year, as competition from Micron and Samsung Electronics is expected to accelerate.
“SK Hynix has maintained strong performance in its HBM division, and the stock has been on an upward trend,” Park noted. “However, Micron is expected to enter the HBM3e market, and Samsung Electronics has begun sample shipments of HBM4.”
He added, “These developments could raise doubts about SK Hynix’s ability to sustain its dominant market position and may limit further upside in the company’s already elevated valuation.”
*[KOSPI] SK hynix(000660) is the second-largest company on the KOSPI specializing in memory semiconductors such as DRAM, NAND flash, and MCP. The market capitalization is 196.925 trillion won (as of July 4, 2025, closing price).
Corporate Logo(source: skhynix.com)
Kiwoom Securities has raised concerns that SK Hynix’s (000660) dominant position in the high-bandwidth memory (HBM) market may face increasing pressure in the second half of the year. The firm did not provide an investment rating or a target price.
In a report released on July 7, Kiwoom projected that SK Hynix’s second-quarter revenue would grow 20% quarter-on-quarter to 21.1 trillion won, with operating profit increasing 22% to 9.1 trillion won—both figures exceeding earlier market expectations.
Analyst Yuak Park attributed the strong performance to better-than-expected shipments of HBM and NAND products. He estimated that DRAM revenue would rise 21% from the previous quarter to 17 trillion won, with operating profit from the DRAM segment climbing 29% to 9.7 trillion won. In the third quarter, DRAM operating profit is projected to surpass 10 trillion won for the first time.
However, Park cautioned that concerns over SK Hynix’s exclusive hold on the HBM market are likely to intensify in the latter half of the year, as competition from Micron and Samsung Electronics is expected to accelerate.
“SK Hynix has maintained strong performance in its HBM division, and the stock has been on an upward trend,” Park noted. “However, Micron is expected to enter the HBM3e market, and Samsung Electronics has begun sample shipments of HBM4.”
He added, “These developments could raise doubts about SK Hynix’s ability to sustain its dominant market position and may limit further upside in the company’s already elevated valuation.”
*[KOSPI] SK hynix(000660) is the second-largest company on the KOSPI specializing in memory semiconductors such as DRAM, NAND flash, and MCP. The market capitalization is 196.925 trillion won (as of July 4, 2025, closing price).