[Alpha Biz= Paul Lee] Seoul, September 17, 2025 — Hyundai Motor Securities announced on the 17th that it has raised its target price for SK Hynix (KQ: 000660) to KRW 405,000, representing a 24.6% increase from the previous target.



In a research report, Head of Research Noh Geun-chang projected SK Hynix’s third-quarter revenue and operating profit at KRW 24.5 trillion and KRW 11.3 trillion, respectively. These figures are expected to exceed earlier estimates by 4.3% and 1.2%, driven by favorable exchange rates and rising commodity memory prices.



Noh noted that with general-purpose DRAM prices entering a clear upward cycle, the proportion of HBM (High Bandwidth Memory) within SK Hynix’s total DRAM revenue in Q3 is likely to remain similar to Q2 levels. “HBM3e 12-high products accounted for over 60% of HBM sales in the second quarter, and this trend is expected to continue in the third quarter,” he explained.



He further highlighted that despite sluggish consumer demand, NAND prices are also climbing, while demand for inference semiconductors continues to grow with the onset of the “AI-Aerjectic era.”



Looking further ahead, Noh projected that HBM demand will maintain steep growth momentum through 2028, when Rubin Ultra is expected to enter full-scale supply. “NVIDIA forecasts AI infrastructure investment to reach between USD 3 trillion and USD 4 trillion by 2030. Considering additional demand from China, supply-demand conditions for commodity DRAM are also improving,” he said.

 

 

 

 

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