Equity Analysis /
South Korea

KR : SK Hynix - Upgrade cycle

    Wonsik Lee
    Wonsik Lee

    Research Analyst

    20 January 2021
    Published byCGS-CIMB

    We expect DRAM contract price to rise above market’s expectation, given the recent rebound in spot price. We expect NAND market to recover in 2H21F due to strong demand for mobile and enterprise SSD and limited supply growth in 2H21F. We reiterate our Add call with a higher TP of W145k, still based on 1.8x FY21F P/BV.