晨星维持SK海力士ADR公允价值预测为160美元 估值处于合理水平

Odaily Odaily Stock analyst Jing Jie Yu stated that the bank maintains its fair value estimate for SK Hynix's ADR at $160. After assessing long-term cyclical risks, it believes the valuation is at a reasonable level. SK Hynix plans to use the 40 trillion Korean won raised from this listing for future wafer fab investments. However, the analyst pointed out that the main purpose of this listing is to improve valuation, not to address urgent financing needs. South Korean memory chip companies' valuation multiples have long been lower than their US counterparts, and SK Hynix's existing cash is expected to be sufficient to meet investment needs.

Morningstar forecasts that SK Hynix's EBITDA for 2026 and 2027 will reach 317 trillion Korean won and 474 trillion Korean won, respectively, far exceeding the size of this fundraising. Therefore, the actual contribution of this financing to capacity investment is relatively limited and carries more symbolic significance, though the use of funds remains reasonable.

Looking ahead, Morningstar believes that the profit trends of memory chip manufacturers are highly unpredictable. SK Hynix's ADR and its shares listed in South Korea may continue to experience significant volatility, thus maintaining a "Very High Uncertainty" rating for the company. (Jinshi Data)