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Nvidia’s Supplier SK Hynix Set for More Gains: Goldman and Citi Forecast

by Team Lumida
July 5, 2024
in AI
Reading Time: 3 mins read
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Nvidia’s Supplier SK Hynix Set for More Gains: Goldman and Citi Forecast

Source: CNBC

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Key Takeaways

  1. SK Hynix shares have surged over 90% in the past year.
  2. Analysts predict further gains, with price targets up to 350,000 won.
  3. Upcoming earnings report expected to show a significant profit jump.

What Happened?

Shares in SK Hynix Inc., Nvidia’s key supplier, soared over 90% in the past year. Wall Street analysts are optimistic, with 19 raising their forecasts in the last month alone. Goldman Sachs set a stock-price target of 290,000 won ($210), implying a 25% potential gain, while Citigroup’s bullish target of 350,000 won predicts more than a 50% increase from current levels.

SK Hynix, the leading supplier of high-bandwidth memory (HBM) chips, is projected to report a second-quarter operating profit of 5 trillion won, the highest in six years, reflecting a robust recovery in memory-chip prices driven by AI demand.

Why It Matters?

The significance of this surge lies in the underappreciated potential of HBM chips. Roh Jongwon, CIO at Infinity Global Asset Management, notes, “The current share valuation isn’t fully reflecting the potential of high-bandwidth memory chips.” HBM chips are nearly twice as profitable as traditional memory chips, suggesting SK Hynix’s valuation could still be undervalued.

As AI technology continues to expand, the demand for high-end memory chips is expected to rise, positioning SK Hynix for sustained growth. The stock’s current valuation at 2.9 times book value, the highest since 2011, indicates strong investor confidence despite potential risks.

What’s Next?

Investors should watch for SK Hynix’s earnings announcement on July 26, expected to confirm a significant profit increase. While the market is optimistic, some caution is warranted due to potential volatility. DS Asset Management’s Yoon Joonwon points out, “We have entered uncharted territory in terms of valuation.”

Moreover, SK Hynix’s $75 billion investment plan through 2028 raises concerns about possible oversupply, which could depress chip prices. However, the AI market’s potential remains largely untapped, with Citigroup’s Peter Lee comparing it to the early days of smartphones. As the AI industry grows, SK Hynix’s strategic position as a leading HBM supplier could drive further gains.

Source: Bloomberg
Tags: AI demandHigh-Bandwidth Memory ChipsNvidiaSK HynixStock Forecast
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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
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