[Alpha Biz= Kim Jisun] SK Hynix reported first-quarter operating profit of 37.6 trillion won, beating market consensus, but BNK Investment & Securities stood out by downgrading its investment rating amid an otherwise optimistic outlook from brokerages.

Analyst Lee Min-hee lowered the stock’s rating from “Buy” to “Hold” on April 27, maintaining a target price of 1.3 million won. He noted that while earnings slightly exceeded consensus, they fell short of heightened expectations of over 40 trillion won in operating profit.

Lee cited weaker-than-expected profitability improvements, pointing to an 11% quarter-on-quarter decline in NAND shipments and rising per-unit production costs for both DRAM and NAND.

He also expressed a cautious view on the second half, warning that the AI inference cycle—driving recent demand—may be entering its later stages. In addition, the growing share of relatively lower-margin HBM4 products and a slowdown in hyperscalers’ AI capital expenditure since March could weigh on momentum.

Lee added that even with potential catalysts such as ADR issuance, the stock is likely to remain range-bound.

In contrast, most brokerages maintained a bullish stance. Kyobo Securities and Shinhan Investment Corp. raised their target prices to 1.9 million won.

Analysts at these firms expect continued strong demand driven by the expansion of agentic AI, leading to sustained supply shortages and upward pricing momentum for DRAM and NAND in the second half. They also highlighted that diversification of memory applications could further intensify demand, positioning SK Hynix for peak earnings growth.

 

 

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